Is An Expensive College Worth It?
July 19, 2018One of our daughters is preparing to head off to college in a few short weeks, which has me reminiscing about my own college days and the experiences and opportunities that await her as she enters this transformative stage of her life. It also has me contemplating the cost of these transformative experiences. Or should I say, “transformative expenses?”
As parents, we want our children to grow into successful, productive adults. For many parents, the path to that future success includes a college education. Unfortunately, the high cost of college can become a dream killer for parents and children alike; doubly-so if those college dreams include attending a prestigious private institution or studying abroad.
Current costs of college
According to the College Board, the annual cost of attending an in-state public college in the U.S. during the 2017-2018 academic year was approximately $14,490. Annual costs for attending a moderately priced private institution were more than twice that amount at $38,690.
Is it worth it? How we helped our daughter decide
When comparing university price tags, the question inevitably arises within the minds of parents – is this high-priced education worth it? In my daughter’s case, she originally applied and was accepted into a language studies program at The American University of Rome (AUR). While it would have been quite the experience for her to study in Rome, the annual $44,530 price tag was a deal breaker. She would also be forfeiting her Florida Bright Futures Scholarship, which pays 100% of her tuition if she attends college in our home state. Another deal breaker.
We encouraged her to look a little closer at some state schools and she found a program of study at Florida State University with an annual cost of $22,575 or about half the cost of attending AUR (even less with her Bright Futures scholarship). Not only is the cost savings significant, but the program she selected is an accelerated BS/MS program – two degrees at once! Lest you think she’s missing out on the opportunity to study abroad, I should add that she recently returned home from spending her high school senior year as an exchange student in Germany.
Re-thinking college altogether
Parents and students may also consider foregoing or postponing a college education, opting to work instead. Some very lucrative career fields do not require a college degree and can pay very well. In a 2017 report, Kiplinger rates their 10 best jobs that do not require a college degree. Many of them do, however, require some specialized training or certification. These jobs include plumber, sales representative, industrial machinery mechanic, aircraft assembler, surgical technologist, and more.
Checking at work
Other employers offer tuition assistance for students who desire to work full-time and attend college part-time. This was the case with our oldest daughter, who quite to my surprise, elected to enlist in the Army right after she graduated from high school. She’s embracing military life these days, and she can begin studying while she’s on active duty (with no small amount of cajoling, er, encouragement from her dad), or she can use her GI Bill benefits to help pay for college if she decides to leave the military and pursue another career.
College vs. retirement
Finally, it is also important for parents to remember there are many ways to pay for a college education, but relatively few ways to finance retirement. Money spent on an expensive college education is money that Mom and Dad did not invest for their own futures in retirement. If they misjudged their priorities and end up with too little retirement savings, their only fallback might be moving in with their well-educated children. This is a choice that is not likely to be popular with either side.
A better idea is to shop around for more affordable schools or consider other education opportunities after first making sure Mom and Dad are on track with their retirement savings.
A version of this article was originally published on Forbes