I've had a lot of incoming links to my blog post a while ago about whether or not it makes sense to incur so much college debt.
My thinking: if you're into university for the experience, and you have the money, it may be okay. If you're in it for a specific career that requires it, okay. If you expect that you'll take liberal arts and then be able to get a good paying job, forget it.
I had an email from Marc Scheer, the author of No Sucker Left Behind, who blogs about this very thing. Here's a recent post which is fascinating:
the average college grad does not financially catch up to a same-aged high school grad until they are both aged 33. Those who have higher than average debt, lower than average salaries, or go to grad school may not catch up until they are in their 40's....
In addition, after taxes, a new college grad only earns about $5,000 more per year than a same-aged high school grad. This is why it takes so long to catch up. My book features a nifty chart that displays all of this year by year. Even at the age of 40, an average college grad is 'only' $100,000 ahead of a same-aged high school grad. That's a decent amount of money, but it's much less than people expect
.
Interesting. Find out more about his book here:
And remember: don't send your child to college unless you have the money, have a plan, feeling a calling, and have prayed A LOT!
I've definitely thought about this idea in the past few years as my husband is currently in grad school. I would love to hear what other options you would suggest for individuals graduating from high school. I lived overseas for 2 years after college and learned more in those years than I did in my 4 years getting a degree. Are there other particular forms of training you would recommend?
I too am a Canadian (and a high school teacher), and to be honest, I wouldn't think twice to send my kids to university! It's tougher to swallow the cost when you're married with kids and have a number of other payments to cover! We've experienced it with my husband in school to get his undergrad degree after we had kids... And my brother is regreting not having gone to university when he was younger... now with kids and a mortgage, he's feeling like his job opportunities would be so much better! A university education opens up the doors to so much more... even if you don't end up working in the field of your undergrad studies... Yes, debt can be high, but in my experience in Canada, not out of this world. Well worth it, and that's why we've started RESPs to save up for the kids educations from the time they were born! Not sure that I agree with you about not sending kids to post-secondary... it's too necessary to get ahead in today's world. Yes, there needs to be direction and a game plan - might lead to a gap year when those are lacking... but never sending them to university or college... I don't know about that.
About Me: I'm a Christian author of a bunch of books, and a frequent speaker to women's groups and marriage conferences. Best of all, I love homeschooling my daughters, Rebecca and Katie. And I love to knit. Preferably simultaneously.
Stumble It!
I've definitely thought about this idea in the past few years as my husband is currently in grad school. I would love to hear what other options you would suggest for individuals graduating from high school.
I lived overseas for 2 years after college and learned more in those years than I did in my 4 years getting a degree.
Are there other particular forms of training you would recommend?