College Education Financial Outcome
The Investment of Education
Many people overlook or minimize the financial outcome of a college education. Due to recent economic conditions, tuition increases, a global economy and other factors, the cost of an education is one of the most expensive and difficult decisions a family will make. Parents and students need to change their perceptions of getting a college degree. Just as with any other expenditure proper planning and research needs to be done.
A common mistake of families is to focus primarily on the admission process and not to consider the end result of the education. Today, more careers require advanced degrees. This has been increasing over the past few years. Finding the school that has the best combination of environment, academics and finances will normally be your best value.
We often tell our clients to envision the student’s life at 25. Here are some questions you need to consider in your college decision process.
Are their jobs in the majors you are considering?
Are you studying what you want to do?
How much debt will you have?
What is your current quality of life today and with this degree what will it be in the future?
Parents need to have an open discussion on the college outcome. This needs to continue each year while your child is in college. The student should be making progress to their education and career goals.