Four "NO-GO" college concerns.
Everywhere I go there is a shortage of workers, truck drivers, servers, professional team members, etc. This fall, they are talking about candy shortages, and rumors are that the Christmas Polar Express may be delayed (sorry, Tom Hanks!) Most wages have been bumped up in all entry positions, and depending on the shortage, there are signing bonuses.
If EVER there was a time to re-think the automatic move from high school to college it is now. It is especially important to put on the brakes if ANY of the following scenarios apply.
Your student is not prepared to “hit the ground running" in college. If you have any real reservations about their commitment, especially to the study hours, hold up. I laid out for my student what her “college workweek” could look like. I told her it was her job, and I expected her to focus on doing it well. In her discipline, her “work” took a lot of “overtime”, but she tackled it with energy & commitment.
You/your student are borrowing lots of money for college. Here’s an easy way to look at this- for every $10,000 you borrow, you will have a monthly repayment of around $130/month on the 10-year repayment plan. Keep this in mind when you sign your paperwork. What would 2 years of full-time work do for their/your financial future?
Your student needs to demonstrate greater responsibility. College does NOT teach responsibility; it expects it. No one wakes you up, does your laundry, does your errands, studies for you, or solves your issues and situations. That’s up to each student. If you don’t know how to be responsible for yourself and your actions, college may not be a good decision right now.
Your student is simply not mature enough for college right now. I’m not talking about the normal immaturities of the college-age. I’m talking about your student managing and directing themselves in their studies and college life. People “grow up” at different rates. You likely know where they are on that sliding scale. Take that into account.
College is too expensive today to “practice growing up.” One good option is to talk with your student about working in the real world for one to two years, and banking that money for school. If your household can handle having your young adult around, consider it. I suggest charging a nominal “room & board” to cover costs. Your working young adult should also keep some pocket money. BUT, if they can get full-time work at $15-$20/hour, that is a gross income of $30-40k year. Net sock away money should easily be $20k+ a year after taxes, bills, and fun money. That could almost cover 2 years at a public university in my state. AND- if they use their free time to take and get CLEP credits, they can shorten their time at college. You can read about that terrific tip in Chapter 13 of my book, ENOUGH! The College Cost Crisis.
Anything you can do to reduce & eliminate education debt is worth the effort. Stepping aside and working for 2 years could supercharge the next 40 career years of your life. And it could put you and your student way ahead financially.
Don’t follow the herd into college unless you are ready mentally, financially, emotionally, and health-wise.
Next week, college road trips!
Until Next Time,
All My Best,
Bonnie Burkett
