With graduation looming, many parents are bracing themselves for the inevitable rollercoaster ride that is the transition from high school to college with their eyes (and wallets) wide open.
For a large number, there’s still ‘parental homework’ left to complete with the myriad of testing, applications, essays, visits, scholarships and financial aid paperwork, many with deadlines approaching over the next several weeks.
But what if your children aren’t quite there yet? Perhaps your child is sophomore or junior and you still have some time before any real decisions need to be made.
Let’s use this time to plan for the next phase in your child’s life.
The best place to start? Begin by determining whether or not you are financially ‘on the bubble.’
In this context, ‘on the bubble’ means you make pretty good money, but not really enough to send your child(ren) to college. You don’t need me to explain this one – you already know if you are there!
So, what’s a parent to do (that doesn’t involve taking on a boatload of debt to finance their child’s education)?
Fortunately, a lot!
To help simplify the process, here’s my list of several alternate college ideas for you to explore and adapt to fit your situation.
What’s the Rush?
It seems like most parents and counselors are of the opinion that if you don’t start college immediately after graduation, you won’t start at all. However, from my experience, that’s just not true. Only about 54% of students graduate within 6 years. Yes, 6 years to get a 4-year degree.
If your student isn’t sure of what they want to do with their life, they may do well to take some time off between high school and college. In fact, an extra year at home may allow them the time they need to make some adult decisions for themselves. And that’s not necessarily a bad thing.
While your teen shouldn’t be required to go to college right out of high school, this doesn’t mean you should let them sit around the house like furniture.
The rule should be: they have to have a full-time job. Not travel around the world on semi-permanent vacation. Here’s why.
Besides learning skills and making some money along the way, your child may actually discover what they don’t want to do in the future.
This is important because many high school graduates choose their major and subsequent career based on what they think they would enjoy doing in the future, only to realize that they really have no interest in their chosen field. Suppose your son wants to be a biochemist but finds out that he really likes web design for classical guitar artists. Better to learn that early on!
Maybe they are unprepared for the more rigorous coursework required. Or maybe they need a year to mature. Or maybe they are burned out on schoolwork for the moment.
By taking a break between high-school and college, kids learn to work and discover what they do, and absolutely do not, want to do in the future. When the time comes for your teen to head off to college they will likely be ready to take their studies more seriously.
Attend Community College
You’ve probably heard that community colleges are an entry vehicle into a 4-year school (which they are) but the truth is, these schools are actually much more than that.
Here are a few benefits of this alternate path:
Saves boatloads of money. It goes without saying that community colleges come at a significant savings over their 4-year counterparts, but did you know that the average credit hour at a community college costs $60, while the average credit hour at a 4-year college cost around $300? Many technical schools offer programs that will funnel them directly into a 4-year program with a local college or university.
Your child will stay close to home which will make the transition to college easier. Not everyone is emotionally ready to be out on their own right after high school. Attending community college allows your child to live at home or at least to live very close to home. This will help them feel less like they’ve been kicked off a cliff into the deep waters of college and will allow them to take on responsibilities of their own at a more manageable pace.
Your child will have enough time to define and refine their interests. Not only can your child take the majority of their basic-level courses at a fraction of the cost, but they will also have time to explore their interests without worrying about racking up massive debt on courses that don’t end up counting towards their degree or major.
In less time your child will be ready to enter in on a path towards success. Many programs at technical schools teach very hands-on skills that are in demand in the local area. In just two years (rather than the traditional 4+), your child could finish school and be ready to start working and earning for themselves.
Join the Military
The final alternative to going straight from high school to college is an excellent option that involves serving your country, receiving college funding assistance and the chance to build your resume.
That is, joining the military.
Here are a few of the benefits of joining the military after high school:
- A salary is between $30-$45k which is on the par with what a new college grad makes.
- Costs of living are minimal, allowing your child to save and grow their nest egg much faster.
- The ability to travel the world, discover new places, and meet new people.
- 30 days of vacation per year.
- Retirement with benefits after 20 years of service. For an 18-year-old that means the possibility of retirement at 38.
- Health care is also free for the military member and his or her family.
- If your teen decides to attend college after joining the military, they would be eligible for financial assistance for tuition, fees, books, supplies, and housing.
To join the military service there are a few requirements that need to be met:
- For starters, your child has to be 18 to join or 17 with your consent.
- They must be a US resident.
- A high school degree is not required.
- They must pass the ASVAB Test – which tests your child’s comprehension in various categories like science, language, technical skills, mechanical skills, etc.
- They must pass a physical. Each branch has different requirements, so know those ahead of time.
While there are many options to pursue in continuing education after high school, hopefully after exploring the options listed above, you and your teen will start to get a better idea of what the best fit is for them.
There’s no doubt the process can be daunting and it can be tempting to cave into societal pressures and pursue the most prestigious degree at the expense of life-altering debt. But at the end of the day, what could be better for your teen than pursuing a path that best fits their individual needs — without the high price tag?
That is, after all, what makes the education worth it!
Speaking of education, wouldn’t it be great if there was a resource — maybe even a course — that could help ease the transition from high school to college with tips on everything from managing money to getting along with roommates?
We thought so too, so we created it.
Click here to get complimentary access for your teen to the first chapter of our course: I’m Going to College, Now What? After they’ve had a chance to try it out, send us a message to let us know what you think!
Pathfinder Planning LLC provides personal financial planning advice and asset management for a simple fee to young adults and working families in North and South Carolina through group classes, one-on-one planning, and ongoing advice.
Your Financial Mom blog posts are not meant to be legal, accounting or other professional service advice. Content represents the opinion of the author only. Pathfinder Planning LLC is not responsible for the accuracy or validity of content contained in third-party comments.