A young adult’s decision to attend college is an important financial choice in their life. When you understand the true cost of college, you can plan a budget accordingly, whether that is years before or during college. Affordability is what every student or parent wants but it takes research and patience. Aimlessly wandering into debt via student loans or improper planning is setting oneself up for a financial nightmare.
Does the average student or parent know the cost of a college or university education?
If you asked hundreds of college students and parents that question, one would think each individual would have an exact answer. However, this is unlikely to be the case. Students and parents are dealing with other stressful situation and do not take the time to consider an appropriate answer.
The price of college is dependent on a number of potentially controllable factors. Three of the biggest being the location of the school (out of state or in state), the type of college (private or public) and the degree program of interest.
If you were to add up all the hidden costs, it can cause a student’s tuition to skyrocket. For some reason, many fail to understand living expenses play a huge role in the final cost. Living on campus is not cheap. The cost of dormitory living is included in the sticker price of a college’s tuition. However, if you subtract that from the total, you could potentially see that renting or staying at home is a much better option.
How many jobs actually require a college degree?
A reasonable estimation is fifty percent.
Not many people actually do work that uses the full potential of a diploma or degree acquired in two to four years of study. For example, the workforce is spilling over with recent graduates in information technology. These graduates end up working at big-box retailers like Best Buy fixing grandma’s computer. The skills acquired studying four years of computer science are better put to use designing robotics, but so few jobs actually exist. A computer technician job at Best Buy is more customer service orientated than building computer systems.
Here is the cold and hard reality behind post-secondary: a college is a business. In order for a business to survive, in our capitalistic society, it needs to generate a profit. Nevertheless, if this fixation with greedy profiteering continues, the price of college will continue to skyrocket. This will have damaging consequences for future generations. When you understand this motif, you can come to your own conclusion about attending post-secondary education.