Rethinking College: An Investment in Your Future
With rising tuition costs and student debt at an all-time high, many are questioning whether college is worth it. But what if the problem isn’t college itself, but how we approach it? What if we treated college like we treat sports with our children?
When your child shows interest in a specific sport, they try out and begin practicing with the team. Over time, they gravitate toward a position that aligns with their natural strengths. As a parent, you encourage their growth, investing time and sometimes money to help them improve. This hard work increases their chances of playing in college, perhaps even earning a scholarship.
Why not apply this process to preparing for college?
Finding the Right Fit
Start by helping your child discover their natural talents and aptitudes. A tool like the Johnson O’Connor aptitude test, available for students as young as 14, can provide valuable insights into careers where your child might thrive. This foundational knowledge helps align their college path with their inherent strengths and interests.
Becoming a Competitive Applicant
Just as extra training gives athletes an edge, additional academic preparation can help your child stand out. Encourage them to use school-provided tutors not only for subjects they struggle with but for all core areas. SAT/ACT scores and GPA remain critical factors in both admissions and financial aid decisions. The better your child performs, the more competitive their application will be—and the more likely they are to secure scholarships and grants.
Avoiding Unnecessary Costs
You don’t need a big-name university to get a quality education. Dual-credit courses in high school and starting at a community college can significantly cut costs. Many community colleges have established transfer agreements with state universities, allowing students to earn their bachelor’s degree at a fraction of the price.
Prioritizing Return on Investment
Once your child’s strengths and interests are identified, use that information to evaluate potential college majors. It’s important to consider which degrees offer a strong return on investment. Websites like College NPV rank degree programs based on return on investment, making it easier to understand the financial outcomes of various majors. For example, a computer science degree from Harvard University boasts a return on investment of $4,166,575, while a music degree from Johns Hopkins University has a return on investment of -$511,245.
This doesn’t mean your child should chase the highest-paying major if it doesn’t align with their interests. But with a four-year college degree often requiring north of a $100,000 investment, why not be prudent with the time and money spent?
Exploring Unique Opportunities
Don’t overlook the military academies. They provide a unique return on investment by offering tuition-free education, a salary, and guaranteed employment as a commissioned officer upon graduation. For students interested in serving, it’s one of the best deals available.
Understand the Growing Costs
The need to approach college as an investment has never been more urgent. According to J.P. Morgan’s College Planning Essentials, college tuition inflation has risen 873% since 1983, with an annualized growth rate of 5.7%. In contrast, the consumer price index (CPI) grew at just 2.82% annually in the same period. With tuition costs increasing at twice the rate of CPI, families must approach higher education with a strategic mindset.
College as a Unique Investment
College is one of the few investments where millions of Americans are willing to spend hundreds of thousands of dollars without conducting due diligence. If you were to spend $250,000 on a home, you’d thoroughly research your options to ensure you’re getting value for your money. Why should college be any different?
Shifting the Conversation
When discussing college, are you focusing on the return on investment compared to entering the workforce after high school? Or are you prioritizing family traditions such as attending Texas A&M or University of Texas? It’s time to shift the conversation.
Treat college like the investment it is: research, prepare, and strategize. By aligning your child’s strengths with a prudent educational path, you can ensure that their college experience is not just an expectation, but a valuable steppingstone toward their future.