We ask our kids, "What do you want to be when you grow up?" and we hope to guide them into a fulfilling career path. Some kids know what they want to do by the 9th grade. Some follow the career path of their parents. Most kids; however, have no clue what they want out of college, so the goal is set to "money." A high paying career is the desired outcome of going to college.
What kids really need to learn, though, is a comprehensive approach to financial planning that includes learning about school loans and financial aid. Why go to an expensive private school to learn about social services when the most likely outcome will be a post-graduate career filled with insurmountable debt, and an annual income of $20,000 a year.
Kids need to be able to analyze the debt to income ratio for each school he or she chooses, and furthermore, he should be able to focus on learning versus earning.
We should teach them the benefits and disadvantages of obtaining a college degree, and we should teach them to align their goals with their own creative motivation to learn and explore the world. We must teach kids about the types of career choices available to people without college degrees, and how financial well-being can be forecasted by having that kind of job.
When people do not obtain a college degree after high school, the choices become limited. Online education and non-traditional college options become optimal for struggling adults, but the perception of those degrees by potential employees is still dismal. Many online private colleges make it entirely too easy to get wrapped up in student loan debt, even when the career prospects are slim, or the pay for those careers is considerable low compared to the debt associated with those degree programs.
The cost of college must not only be calculated by tuition rates, but by potential future earnings, as well as by job satisfaction.
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