I’ve heard more than a few recent high school grads say they’re going to take a year to work and then head off to college.
These particular students have an idea of what they want to major in and where they want to attend school. Their primary motivation for waiting a year is to save money to help pay for college.
While avoiding student loan debt sounds like a wise idea, I don’t know if it is the best move.
Consider this:
The jobs you’ll work without a college education while you are trying to save money typically pay less than those you can find with a college degree.
The longer you’re out of school the harder it is (and less likely you are) to go back. As John Lennon said, “Life is what happens when you’re busy making other plans.”
Each year you’re not working in your desired career choice will mean a loss of higher income and other benefits such as health insurance and retirement funds. (And remember, retirement plans such as 401Ks have the beauty of compound interest working for them!)
So what should you do if you’re looking to get through college with as little debt as possible?
Consider starting your college education at a community college and work hard while you’re there. Then transfer to a four-year college with some transfer scholarship options.
Stay out of credit card debt and work your way through school as fast as you can. Treat your schooling as if it were your job. Show up on time, work hard and get as much as you can from the experience.
I used to be an academic adviser at a community college, and I saw both traditional and non-traditional-aged students waste years of their lives “working” to pay their way through college. Their grades suffered and they were miserable.
I’m not a big proponent of student loans, but I think that if they get you into a high paying job faster, they can be a useful tool for creating a better life.
Not all debt is bad. It’s your approach to managing it that can be.
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We’ve got yet another approach to college costs. Get as much college credit as you can before the age of 18. My 12-yr-old just finished his first college course at our local community college. Algebra. And he made an A. And now he has 3 college credit hours. If he does this every summer, in addition to doing AP classes in high school, he should have his associates degree when he graduates from high school. Then I’m only paying for 2 years of college for him! Which means I only have to save half as much as originally anticipated.
I’d advocate to get your smart kids signed up for DUKE University TIP program so that they can take the ACT in 7th grade. Use a score of 19 or higher (the national average for an 18-yr-old on the ACT) to convince your local community college to take your middle schooler in as a student. Community college is cheaper than summer camp.
@ Lea Ann – Wow! I would have never thought of that…. congrats to your son on his college experience. In Minnesota, there is a program called Post Secondary Enrollment Options (PSEO) where you can take up to two full years of college classes while you’re still in high school. I did it my senior year, and it was a huge time and money-saver for me and I loved the experience. But I’d caution that not every person is ready for college at a young age… when I was a community college adviser I saw a few PSEO students completely botch their high school AND college transcripts because they just weren’t ready and didn’t know what they wanted to do. It ended up being a waste.
If your child really wants to do college, then that’s awesome! But there’s something to be said for letting a kid have a summer vacation, too. I think I spent the summer I was 12 playing video games. LOL.
I agree on starting at a community college and PSEO. I started at a CC when I was 16 and liked it a lot more than high school. Books are even paid for!
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