Where are you going to get Money for College?
The cost of any college education is rising. In fact, college education costs are rising so fast they make inflation look like it is standing still. Increases in income over the last few years have either been losing ground to inflation or barely keeping up.
Most reports are showing average increases in college tuition at about 6.6 percent for a public four-year college. Are your raises keeping up with that?
I don’t want to dwell on all the bad things, let’s talk about some good things !
College education is still one of the best investment families can make. A college educated worker will make about $1,300,000 more in their lifetime than a worker with a high school education. Another source put the annual earnings at almost double, citing over $23,000 per year difference in earnings between a high school education and a college education.
That difference alone in very nearly equal to Four years worth of average tuition at a Public College. Yes, I know the tuition at a Private College is four times the cost, on average, of a public college. I’ve got some great ideas about private education, but my point is that College Education itself is still a great investment.
But this isn’t about how great an investment college education is. This isn’t about how expensive it is to send your kids to college. It’s really about …. HOW AM I GOING TO PAY FOR IT ?!?
I’ve heard that question a lot. I’ve also heard the question: HOW DID YOU DO IT?
Well, I’m not going to tell you how I did it….yet.
But I will give you some very good information to think about. And my favorite one has got to be — Share the Cost.
Share the Cost? Of College?
Sure, share it. Let’s stop thinking this way – How am I going to Pay? and Where am I going to Borrow?
Sharing is good. We learned that in Kindergarten, if I’m not mistaken. So Let’s Share. It feels better already. Actually, college is starting to feel cheaper. I like sharing.
OK, Mike, give me something I can use. Who is going to share the cost of college for my children?!? Yes, I’ve heard that one a lot, too.
Potential Sharing Partners:
- Schools
- Churches
- Employers
- Hospitals
- Private Foundations
- Corporations
- Service Organizations
- Governments
- Philanthropists
- Non-profits
- Children
Did you catch that last one?
Those are your children I’m talking about. Some people can’t, or won’t, accept their children shouldering any of the burden for college. No problem, scratch that one off your list. I’ve heard many reasons for scratching that off; I respect the decision and don’t have any trouble with it. It can be touchy, so I’ll go there another time.
Most people don’t know how to get others to share in the cost of college. And, most people would gladly share the cost of college if they knew how.
All of those sources on the list above are FREE money, not loan money. Those are scholarship sources and GRANT MONEY, not loan money. I call any money that you get to pay for college that you do NOT have to earn and do NOT have to pay back, FREE money. That’s my kind of sharing partners.
Nearly $8,000,000,000 dollars of GRANT money went unclaimed last year. A tiny sliver of that amount, Shared with you, would go a long way toward the cost of college for your children.
If you don’t have one already, you need a Plan to pay for college. Start it early, get expert help, and you have a good chance of being in better financial shape After your children are out of school. There are many things you can do to make sure you get your Share.
Do you like Sharing?
I do.
