My son can barely pronouce milk at this point (he say’s “mee”), and I’m already thinking about college. I’ve recently opened a 529 account for A, so college is on my mind at the moment. I have two nieces who recently graduated from a prestigious state university. One incurred $30k in debt for an Art related major. I advised her against this major when she was in college but she reasoned that it was her passion. I don’t know how much the other niece owes, if any, but this niece graduated with a Sociology major. Both of these majors, although well intended, typically does not fetch jobs with high salaries.
The Art major decided to become a teacher. She’s a teaching assistant getting paid a low wage working multiple jobs. She’s a hardworking girl but does not want to do any other type of work. I advised her to find a higher paying profession until she pays off her loan and return to teaching once it is paid. I hope she will heed my advice. Otherwise, it will take her a long time to pay off her loan and end up owing more. The Sociology major does not currently work. She has yet to apply her hard earned degree into a gainful profession.
I reflect on these two examples because although I admire and am very proud of them for graduating college, neither is getting a return on their investment monetarily. College is a costly investment. When you go to college, you are investing not only in your education but in your future capacity to make a living. Thus, one must consider your job and salary prospects after graduating. Is college worth the money and time investment? Here are a few thoughts on this subject.
For me, college is a must. However, when it is time for my son to enter college. I will work with him to create a strategy that would allow him to pursue his interests and yet be able to make a return on his investment money wise.