College is so expensive! Since I graduated from college 20 some years ago the cost of tuition has exploded, and it is estimated that tuition has increased over 1000%! But even as expenses have increased having a college degree has become more and more important for finding a good job in this country.
Paying for college is an investment in your child’s future. But like any investment you have to be practical, and look at all the facts and figures. Children need to understand that attending college is a privilege, and they they have to do their part to keep costs down. This means attending an affordable college even it is not their “dream” college, working hard, getting good grades, and managing their schedule so that they actually graduate in as few semesters as possible.
One risk to consider once kids get to college is that they will not finish a semester. Many kids, especially freshman, end up dropping out of college and heading home. The reasons can vary, from serious illness, stress, family problems or just too much socializing and too little studying.
My second daughter was a college freshman last year as a nursing major. Right after arriving at the school she broke her arm roller skating, which put her place in the nursing program in jeopardy. The nursing school actually dropped her from the program, because they were worried she would not be able to do the physical tasks necessary. Luckily she was able to get a doctor to clear her for clinicals and get re-instated since the break was minor. But if she hadn’t been re-instated she would have had to withdraw, and delay college by a semester.
In addition to how upset she would have been about this delay, it would have also been a financial loss for us! Colleges have strict tuition refund policies, and the amount that will be refunded drops quickly as each week of the semester passes.
There are so many things for college parents to worry about – bad roommates, missed classes, teenage drivers, dangerous sports (like roller skating) – the list goes on and on. At least with tuition insurance there is one less thing to worry about!
