Let’s talk college and why it is so expensive. After 10+ years in the business I want to share my perspective on why there is such a staggering amount of student loan debt. In no particular order, here is my list:
- Parents are not saving money (new houses, cars, etc)
- Kids are not saving money (think about Starbucks)
- Choice between creating a legacy or living a lifestyle
- Skipping the talk about finances before applying to a college
- Forgetting that attending school is a privilege not an entitlement
- Parents not saying ‘no’ or making excuses
- Loss of opportunity by kids–take the standardized tests, meet with college reps, market yourself, study, etc
- Yes, your child is wonderful but…..where’s the right school
- Labels do not pay the bills, focus on outcome
- Say no if the school does not make sense socially, academically or financially. It’s okay.
It comes down to having the tough conversations as a family. Often times, it’s simply a matter of everyone sitting down and talking. Review your budget, see how much you have saved for college and then look for ways to save more. We joke in our seminars that SAVE is the new 4 letter word, but it is a foreign concept to most families.
It would be easy to begin a rant, but that isn’t going to solve anything. Attend one of our free workshops, sign up for that free consultation and by all means, start saving.
All the best,
~Marc