ST. CROIX INSIGHTS

The Concern About Paying for College

BY BRETT ANDERSON/ST.CROIX ADVISORS, LLC

paying for college

It’s a real worry parents have today, and it’s not surprising, considering college can cost upwards of $100,000 or more. Paying for college has become very worrisome, and we’ve created a system that encourages you to want others to help pay for some or all of your child’s education.

It’s a natural question to ask where a high school graduate is going to college. And if the response is anything but a four-year degree, it seems like, as a society, we look down on them. Not every student is destined for a four-year program, and that’s perfectly okay.

Technical schools can provide the education and skills necessary to obtain many high-paying jobs, such as auto mechanics, HVAC, LPN, RN, plumbers, linemen, etc. I know because I hire many individuals from these fields, as I lack the expertise to perform these tasks myself.

College tuition has gotten out of control and I suspect that will never change in our society.

Here are a few ways to help you plan for paying for college.

  1. Start setting money aside the day children are born.
  2. Start at a two-year program if needed and then transfer to a four-year program.
  3. Explore options at technical colleges.
  4. Consider not going to college. Many of my most financially successful clients do not have formal educations and instead pursued their passions and worked hard.
  5. Find an employer who offers tuition reimbursement or on-the-job training.

Today’s youth have more educational options than ever before. If your child’s education is a top priority, you may need to redirect your financial resources to saving for their education.