It’s no secret that college tuition and expenses have been on the rise for many years. This has many families concerned that they will not be able to afford to send their children to college. Many even avoid encouraging their children to dream of a college education. Business skills are almost taking over from the younger generation. The overwhelming and staggering costs of college are changing the way we raise our children.
Imagine if they told you not to dream. What if you told your parents that you want to be a doctor and they just had to turn you down? What does this do to a young child’s self-esteem? Many families, college educated or not, have a hard time keeping up with housing costs and the cost of living in general. Saving for college is simply not in the cards for many more families than many would like to believe. What does this mean for the future of our country?
We have a trend toward generation after generation of workers at minimum wage and poverty levels. What happens then? They cannot afford college for their children and so the cycle continues. If you’ve been worried about paying for college for your kids, then there are a few things to keep in mind.
So, you’re wondering if college is really worth it. View college as an investment. College is not only an investment in your child’s self-esteem and job satisfaction, it is also an investment in your family and country. College graduates earn an average of 60 percent more than their peers. This makes an income difference of almost a million dollars over a lifetime. With all the college scholarships, financial aid, student and parent loans, there is almost no excuse for denying your child this investment in their future.
You may have to make short-term sacrifices to pay your loan payments, but the effort should be worth it. Students may defer payments until after graduation. There are even payment plans that are based on income, which means your child won’t have to pay more than he can afford as he gets older. If you’re worried about being responsible for large loan payments between periods of employment, don’t worry too much. Most student loans have deferment periods that can suspend your payments until you’re back in employment. The government and loan companies have all kinds of special benefits and payment waivers for student loans.
Our government wants our children to be able to afford college. We need professionals in our society to function. This does not mean that the rich are the only ones capable of getting educated and staying rich. Many loans are based on income and your child can get all the help he needs. If you’re not getting as much as you need for the actual costs of college, then there are parent PLUS loans and private student loans to consider. These are available in addition to Federal Student Loans, scholarships, and financial aid. Don’t drown your child’s dreams. Encourage them to make a better life for themselves, as well as their children and grandchildren. Choosing to go to college can affect many generations to come, and yes, our families’ future is worth it.