Last summer I took two boys to a Sky Sox baseball game. I told them if we parked at a friend’s house and walked to the ballpark, we would save $5, and I would give each of them $2.50 that they could spend now or save for college. The 9-year-old said he would spend the money when he was going to college online. My job as a Financial Advisor is to let a child know that online college can cost a lot of money.
Work for Moms and Dads with small children – a big part of your job in raising kids is to explain that they have to earn money. (i.e., it doesn’t just come from a bank machine) and advise them that online college courses are not free for credit. My son is taking online-classes at Texas State. Tuition runs $1000-$1250 for each course, and costs an additional $150 if the class is online. So online classes can actually be more expensive. Then you will add the cost of the books. A friend says that a BA degree in graphic design costs $53,000 (preparatory classes in other areas can cost up to $120,000). It adds that following a step through online courses is very hard; it takes training and time management and does not include the high-value trade that takes place on campus.
There are a growing number of free online classes with a full line from iTunes University. The problem is that none of these classes offer credit at the level. The state of Minnesota recently banned its universities from handing out free credit to classes. Also, online classes, even those from accredited universities, don’t have the same impact with hiring companies as a degree from a traditional school. To establish the university’s reputation for “real” and social interaction, which graduates receive while attending (Online Universities: why they still don’t measure up, Cormac Foster, November 9, 2012).
Every family needs a plan to get their kids through college, and the kids themselves must participate:
When a child reaches Middle School, he understands that he has to work hard and learn as much as he can. Good grades are essential. Even AP (Advanced Placement) courses in High School can often count for college credit, free of charge.
If money for college is a problem, encourage your teen to spend the first two years in Junior College, a big money saver.
college savings should start the day after the son or daughter is born. And once your child starts earning money, the college fund should contribute.
Look at this picture of me and my 10 eight year old grandson. I say to him, “Education is the key to a successful life. We want you to go to college, and college will be a common effort. It is difficult to study at school. We will put some money for college, but you must contribute.”
