The High Cost of College Education in Today’s Society

Consider For Your Childs College ; Did you know that the cost of a 4 year degree program is around $20,000 dollars per year.
The cost of a college education is probably the most expensive item in bringing up children today. When you take into account tuition fees, exam fees, living expenses, accommodation, books and computers it’s not surprising that the average cost of college education is over $20,000 per year and that’s before the social side of college life.

Today we live in a world where only the best educated and most prepared can succeed. The job market is a crucial and competitive aspect of society. A college degree greatly aids success. As our children enter this world, a college education becomes increasingly essential for success.

Consider For Your Childs College, Here are 5 ways to fund your child’s college education.

The usual method of parental funding of college education is out of current income, that is out of your weekly or monthly salary. Most use this method, but it’s feasible mainly for the affluent or highly paid. Even if there are 2 salaries most families find it difficult and will require sacrifices, even more so if you have more than 1 child. At best most parents can only afford to contribute part of the costs of college education out of current income. Additional sources of income will be required.

Your child can work his or her way through college.

Many students have to work whilst studying but many find the experience of juggling a job, lectures and a social life very difficult. Students frequently drop out of college, fail exams, or underperform, leading to suboptimal outcomes..

Your child may have the opportunity to take out student loans to fund their college education.

Today the vast majority of students are forced to take out student loans to fund all or part of their college education. Usually to subsidize parental contributions, student loans are the most common way of students funding their own college education. Many students end up with significant debt after college. Even with low interest rates, today’s students face large monthly payments for years. Consider For Your Childs College.

Your child may receive scholarships or grants from federal or local sources to help cover college costs.

There are many sources of student scholarships or grants and with a bit of research most students today can find some grant funding. Unfortunately, these sources can’t be guaranteed for the future.
Scholarships and grants are preferable to loans as they don’t need repayment. However, they’re not guaranteed, making them risky to rely on.

Take out an education savings plan to fund college education.

An education savings plan is a regular saving plan into which you and your children can contribute. The plans are administered by colleges or state authorities and can be taken out for any child including a newborn babies. The sooner you start your plan, the easier it gets with lower contributions. With funds ready for college, students can focus on studies without needing scholarships or loans.

Consider For Your Childs College, Ensuring Your Child’s College Education with an Education Savings Plan

The best way to ensure funding for your child’s college is through an education savings plan. With the education savings plan you decide what you can invest and your child can also contribute to his or her college education. With luck scholarships and grants will still be available as will loans to top up if necessary. If your child does not go to college the fund can be cashed in.
Taking out an education savings plan early will give your child the real opportunity of a college education and the best prospects for a job when they leave college.

Summary:

1. College education costs, often over $20,000 yearly, cover tuition, living expenses, and study materials.
2. Given the competitive job market, a college degree is increasingly crucial for success.
3. Funding options for college education include parental income, student employment, student loans, scholarships, grants, and education savings plans.
4. Parental funding from current income may be challenging for many families, requiring additional sources of income.
5. Student employment can be difficult to manage alongside studies, potentially impacting academic performance.
6. Student loans are common but may lead to substantial debt post-graduation.
7. Scholarships and grants are beneficial but not guaranteed or predictable.
8. Education savings plans allow for regular contributions from parents and students, with the potential to accumulate funds through compound interest.
9. Education savings plans ensure a reliable funding source for college and can be accessed if the child opts out of higher education. It feels a bit clearer and more direct in conveying the message.
10. Starting an education savings plan early increases the likelihood of affording college education and improves job prospects after graduation.