President’s Two New College Affordability Proposals
As college tuition continues to increase more people are looking for options on how to pay for school. The biggest issue is many students and families focus on the admission to the college and not the outcome. This thought process can lead to possible higher tuition and debt after college.
To properly pay for college you need to create a financial plan. A college financial plan should bring together the financial aid process, college saving options, tax strategies, financing options, and loan repayment. The plan needs to cover a time period of at least four years.
It is my opinion that just having a college degree will not always guarantee your child a job. Factors such as the major studied and the geographic area often factor into possible career opportunities. The world had changed since we were in school in the 80’s. The current college student will be competing in a global economy and there are more college graduates living in it.
The outcome of the education will dictate how to pay for college the best way. A plan my require you to select a series of schools to minimize the cost and avoid significant amount of debt. As an example, more careers require a master’s degree in order to do the job. Having the knowledge of this further Knowing this may change the path you take for your undergraduate degree. If cost is a factor, one option would be to go to a community college for two years and then transfer to a university.
Another method maybe to select a specific college where your special talent will give you merit money for that unique ability. This is where doing research can help you save money.
The next step of paying for college would be to approach the financial payment as a $100,000 to $250,000 personal investment. To properly pay for college you will need to use all of the financial strategies listed above and they need to be customized for your situation. There is more information on these strategies on our College Affordability website. Please go to the resource page.