Guide for parents with college bound kids

As parents, we all want the best for our children. As we think about the potential of a child going to college, there are a lot of factors to consider:

• Is College the right choice for my child?
• If so, which colleges are the best fit?
• How will I pay for college?
• Should my child stay close to home or does it matter?
• What about sororities and fraternities?

So, we thought it might be helpful to provide some advice and top resources for parents.

College Cost: Since the 1970’s, the cost of a college education has been rising steadily. Forty or so years later, tuition at American colleges and universities continues to increase and surge, even surpassing the government’s 6% rate of inflation. At Harvard, for instance, matriculation for the year 2015 to 2016 is $45,278. With room, board and other fees, add another $15,000.

However, it is not only in elite universities that tuition fees are rising. The average cost of tuition at private, nonprofit, four year universities is $31,231 a year and at public, four year schools, it’s roughly $9,000 to $20,000 annually, plus the additional $15,000 for room, board, books, etc. And this does not include out-of-state fees which can run up to an additional $$20,000 per year.

The question is “is education still worth it?” This certainly is a legitimate query, especially now when countless number of recent college graduates, most of whom are still debt-laden, are underemployed - no thanks to the recession.

Despite the prohibitive cost, many students and their families still put a premium on a college education and are willing to bite the bullet to pursue a degree. And this despite the influx of jobs that are open to those who took the non-traditional road and pursued a non-degree education. Experts, however, still concede that college graduates do get into better paying jobs compared to those who just have a high school diploma.

So what can an incoming college student and his parents do to mitigate the rising cost of tuition? The following resources are informative and give clear cut suggestions to parents, and students.

Resources and Information On Paying for College In an article that appeared in January 21, 2013 of Forbes, William Baldwin, former editor of Forbes Magazine suggests 12 Insider Tricks to Pay for College. http://www.forbes.com/sites/baldwin/2013/01/02/12-insider-tricks-to-pay-for-college

For a more in-depth guide, The Forbes Guide to Paying for College edited by Rebecca Tapio, Jennifer Eum and Miguel Morales is a good choice. It aims to guide students and parents through the entire gauntlet from navigating through the complicated process of applying for financial aid, to “determining where and how to get a degree cheaply, to putting together an action plan to repay any student loans after graduation.”

U.S. News likewise came out with a comprehensive series on Education - Paying for College which gives tips, tools, and articles to stay up to date on the best ways to pay for college, including scholarships, savings, grants, loans, and more. Read more on this: http://www.usnews.com/education/best-colleges/paying-for-college

To give parents an idea how much a college education would cost taking into consideration the student’s current age, the type of college he may want to attend, the number of years he wishes to attend college and other factors, a calculator designed for this is a great tool. Find it here: http://www.practicalmoneyskills.com/calculators/calculate/howMuchWillCollegeCost.php?calcCategory=budget

Finding the Right Fit

Being able to afford tuition, room and board is just part of the equation. Finding the right school is equally important. However, it is not always about a college’s reputation or its status in a college guide. Finding a school that would be a good fit for the personality and needs of a college bound child is a much better gauge.

Therefore, what are the kinds of things to consider when looking for a best-fit school?

According to the Higher Education Research Institute at UCLA, the top qualities college freshmen seek in a school include:

• Academic reputation
• Availability of financial aid
• Job placement success
• College size

This article written by Rose Rennekamp, chairman of the board for the Iowa College Access Network and the former vice president of communications for ACT provides good insights for parents wanting to find the college that would fulfill the academic, social, and career goals of their child. Read more of it here: http://www.collegeview.com/articles/article/finding-the-right-fit-your-college-bound-teen-and-college

According to W. Kent Barnds, EVP of Augustana College and a contributor to the Huffington Post website, parents wanting to support their children as they decide among offers of admission would want to place forth these questions:

• Will the college offer me the right amount of challenge and support?
• Can I continue to pursue my passion?
• Will I be comfortable being me?
• Is there sufficient proof that the experience will be worth it for me?

Read more on his insights on how to offer guidance to a college bound child in choosing the right school for him here: http://www.huffingtonpost.com/w-kent-barnds/when-helping-your-child-c_b_4732853.html

In State or Out of State Schools? Pros and Cons

There are certainly a myriad of options available to college bound students. For those who chose to venture out and study away from home, it is a time to test their wings, so to speak. There are certainly pros and cons. Read about them here: http://study.com/articles/Pros_and_Cons_of_Going_to_College_Far_From_Home.html

How About Going Greek?

Fraternities or sororities - are they a good idea? It will all depend on a student’s priorities and goals. They have a history of providing social opportunities and leadership development. However, as in all things, there are upsides and downsides to joining.

Check out these sites for insights on this;

http://www.forbes.com/sites/nataliesportelli/2014/06/19/buying-into-greek-life-is-it-worth-it/

http://www.greatvaluecolleges.net/faq/is-joining-a-fraternity-or-sorority-a-good-idea/

Yes, college is a huge decision. Earning college credits through testing before applying can not only improve your child’s chances of acceptance but might also ease the financial burden.

Let us know what your thoughts are on the value of a college education. And if you have other great resources to recommend to help parents, let us know that too.