We need to do some heavy lifting here, because the ideas presented are not in the mainstream. We have allowed the problem to be defined as such:

1. All high school graduates go directly to college. Whether they are ready or not.
2. All funds come from the parents.
3. Or massive, lifetime Student Loans.
4. Or as a free ride from guilt ridden ivy league schools overflowing with endowment money. (available to trophy kid low income families only). You wish.

Let’s invert the premise and first ask ourselves…

1. Who would benefit from a hiatus between high school and college?
2. Who could possibly appreciate this extravagant gift without some skin in the game?
3. What other options are there for high paying jobs that cannot be out-sourced twelve time zones removed?

In no particular order, here are the issues you should examine.

A 4-Year College Program Isn’t Always The Best Option

In the two years I served as adjunct university lecturer, I saw scores of young kids who were miserable and clueless. They were in college because their parents sent them there. It wasn’t up for a vote. Nice kids, but just not mature enough at this point in their lives.

There were no options even discussed. What if…

1. They had signed up for service to their country. Take your choice. VISTA. The Peace Corps. The Marine Corps. Anything with the promise of introducing them to a higher purpose in life. The fact is that many of these programs have educational funding bonuses as their golden parachute when they bail out.The gains are twofold. A quantum leap in maturity coupled with a parting dedicated education fund.
2. They attended a two year community college first, to defray the monstrous costs of four years at Enormous State University. There are several advantages to this approach, not the least of which is savings on room and board. There are kids who can transition smoothly to dorm life at 18, and there are many who are just not ready.

Adolescence is steadily being defined downward, extending nearly to thirty in many cases. Don’t put them in a situation they are poorly equipped to handle.

The other bonus is that if their grade average in high school was not spectacular, they have two non threatening years in which to repair the damage. And many such schools offer an easier transfer to the four year schools, than trying to squeeze in the narrow gate with the crushing freshman enrollment.

Better still, it’s time for some serious introspection. Our kids are not all Lake Wobegon kids, all above average. One less sociology major will not threaten our mighty economy. The associate degree in medical or dental technology, auto or computer repair….these are solid way-points leading to long lasting, lucrative, non-transferable jobs.

Nothing to turn your nose up when examining your options.

If You Do Go the 4-Year Route…

It’s time for a family meeting. All three generations, if you are fortunate enough to have your extended family nearby.

If all the options are on the table, and the pricey four year degree (or beyond) is the unshakable goal, let’s get everyone involved.

1. The student. Start by working summers as soon as you have transportation to work. You can then qualify for your own ROTH IRA, and you can continue to feed this kitty so long as you can maintain part time work. Nothing will confirm the value of your educational experience as well as personal sacrifice.
2. The parents. Take a breather. You have bigger fish to fry. Just as it is appallingly easy to qualify for a student loan, there is no such thing as a retirement loan. You want to give your kids the gift that keeps on giving?….Then ensure your own financial independence, so that you won’t end up sleeping on the sofa in their guest room when your roles are reversed.
3. Grandparents. Take a look next time you go to a funeral. You will not see luggage racks on the hearse. Knowing you can’t take it with you, pitch in if you can, what you can, without seriously endangering your own status. The hoary old statistic still reigns. Over a working lifetime, the college grad should earn a million more than the high school grad. It’s the most fitting legacy you can leave your grand-kids, and their need is urgent.

Finally, something must be said about the bizarre industry of leaches who have intruded on the college selection process. The SAT coaches, the scholarship coaches, the essay editors…the entire bogus tribe… all promise to turn your kid into something approaching perfection.

They initiate and feed the innate fear that your kid will be a failure if they don’t get into a top rated school.

Reality Check

Reality teaches us a different lesson.

1. Only a small percentage of kids get into the elite schools, no matter how much you fret, sweat, spend or sacrifice in trying to squeeze them in.
2. The degree from the prestige school will give a new graduate a leg up only in their first job. After that, it’s all based on performance, acquired skills and inner drive. The playing field levels out dramatically, and no one wants to read your admission essay any more. Next time you are having lunch in Aspen, ask the waitperson how that Ivy league degree deal is working.
3. Grade inflation is so rampant, that employers have learned to discount it entirely.
4. Here is the real shocker: Most of what you will learn as you advance in your career will not derive from your formal education. Your real education starts with the first job.

And the fun part is that now they are paying you to learn!

Posted: 05|15|08 at 6:15 am. Filed under: budgeting, education.
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