You think inflation is driving the cost of milk up? The average cost of a college education has more than doubled in the 21st century – consistently growing at 7% a year.
Many parents and students now fear higher education is out of reach. According to the Education Data Initiative, the average cost of college in the United States is $35,551 per student per year, including books, supplies, and daily living expenses. Over the course of a typical 4-year degree program, this drives the total cost of college to a staggering sum of $140,000.
Fortunately, families have options.
But it's not all gloom and doom. Before collegiate dreams are dashed, let's look at alternative ways to fund a college education or consider if the college degree is worth it after all.
Here are four strategies students and parents should consider.
Just Don't Go
Despite the enormous costs, most people believe college is worth it long-term. It's true that the right degree can greatly increase your income over a lifetime. But is college essential for the entire population? No. Not anymore. Not with 21st-century technology.
It will depend on your career aspirations, but informal education, often freely available on the Internet, might get you to where you want to be. This is especially true for freelancers in graphic design or content writing industries. Once you have a great portfolio and a few testimonials, which you can often get through volunteer work, most clients won't care about your credentials.
If you want the security of being an employee, college still isn't always necessary. We're led to believe that if we don't go to college, we may end up flipping burgers our whole life, but many jobs pay over $75,000 and don't require a college education. Most require practical skills, so there may be a lot of on-the-job training before you earn the big bucks. But on-the-job training doesn't cost you anything. In fact, you'll earn while you learn.
Go Abroad
America has some of the highest college tuition costs in the world. The typical study abroad experience organized by your school, usually for one semester and often undertaken in another rich, Western country, will add even more to your final bill. But there are hacks.
In her book The New Global Student, author Maya Frost describes how she and her husband left their suburban life in the USA and traveled the world with their four teenage daughters in tow. It also describes how they got them through high school and college in an affordable way that gave them authentic global experiences.
Their four daughters went to college, graduated, secured great jobs, learned new languages, and had experiences many traditional college students dream of. This option isn't an easy or straightforward one. However, if you're prepared to research the options, you can put together a set of college credits that earns you a degree for a fraction of the price you'd pay in the USA.
You'll also have a resume full of experiences that will impress future employers far more than being head of your sorority or captain of the debate club. If this interests you in any way, start your research with the book mentioned above.
Go Online
Studying online usually works out cheaper than studying on campus, but there's a huge amount of variation. As with an on-campus degree, your tuition costs depend on the institution you study with, and your cost-per-credit at a top online school will potentially be more than at an on-campus college.
According to US News, the cost-per-credit at online schools can vary from $53 to over $1000, so it's vital to check out a few options if this is something you're planning on.
Many expenses involved in campus living are eliminated when you study online. Another big advantage for most people studying online is that they'll generally be able to continue to work while getting their degree.
Studying online is generally seen as a good way to save money for older students with other commitments and an affordable way to finish a degree for those who already have some college credits.
It can, however, feel like a drastic decision for a new high school graduate. For the average 18-year-old, college is about a lot more than studying, and the ‘college experience' can seem almost as important as getting a degree.
Not everyone wants the college experience, though. If you're someone who doesn't, an online degree could be the answer.
Go to Community College
This option may not sound that drastic, but for some upper-middle-class students at top high schools, it really is. Community college is not even on their radar. But given the current economic climate, maybe it should be.
“If you're adamant about your child attending a four-year university, consider sending them to a local community college for their freshman and sophomore years,” said Jay Rishel, a financial advisor with Overman Capital Management. “Many community colleges offer university transfer programs that make it seamless to earn an associate's degree and then transfer to a four-year school.”
Community college tuition, again, varies, but the National Society of High School Scholars suggests it can be as low as $3,500 a year, which is around a tenth of the cost of an out-of-state public university.
Your long-term objectives will depend on how suitable a community college education is for you.
It's often assumed that community colleges only offer partial four-year degrees, focusing more on two-year associate degrees. This is not true of all colleges, and do you actually need a four-year degree to pursue your chosen career anyway?
There are plenty of reasonably high-paying jobs that you can do with an associate degree. There's also the option of transferring to another, more prestigious school with your community college credits, as long as you meet other admission requirements.
The Path Less Traveled
When it comes to higher education, we often follow the path that has been laid out in front of us by other people. Now is the time to take a step back and think outside the box. Speak with a college guidance counselor for their advice, or consider meeting with a nearby financial advisor knowledgeable in education funding strategies.
Before you commit to a course of action, take a look at all the options open to you. It will put you in a very different position from your peers if you can start your adult life debt-free or close to it, and that doesn't always mean you'll need to spend your life flipping burgers.
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This article was produced by Wealthtender and syndicated by Wealth of Geeks.
source https://wealthofgeeks.com/save-money-on-a-college-education/
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