College comes with costs beyond the tuition. The expense may outweigh the benefits for many people. Please research your areas of interest to see if they require a degree. Careers in health, law, and design-related fields will require a degree. Other careers can be pursued without a degree, and some companies offer tuition reimbursement for employees who wish to pursue education.
Parents, before you start saving for your child’s college education, establish a sufficient emergency fund as well as have all debt paid off except the house. The reality may well be that paying for your child’s tuition expenses is not possible. Your child can help pay for college by obtaining grants through financial aid, scholarships, taking AP classes, and working a part-time job.
If you go to college, do not pay for it with student loans. It takes some people 30 years to pay them back. Choose an affordable school, such as starting in community college and transferring those credits to a four-year school. You will also need to consider books, meals, transportation, and housing. Consider the costs of in-state college and a private or out-of-state school.
It’s never too early to start thinking about saving for college. Don’t wait until your child is a senior in high school or at the college orientation. It’s never too early to start thinking about a college savings plan. Once your finances are in order, review your budget and research the cost of going to college. Set up a college savings plan, whether it is an Education IRA or a student checking account. It offers basic checking, debit card services, and can link to a savings account.
Despite what you may have thought in the past, going to college is not necessarily the only way to obtain a career that you enjoy and earn a good income. You are the key to your own success in life and how you define that success. Education can come in many forms. It can be a college degree, job training, or certification in a field, or getting hands-on knowledge without a degree. It’s more important to choose a path that is meaningful to you and to do the work you love. You will feel more fulfilled at your job, and that will be success in itself.
