Kids & Money: Best Posts, 4 of 7 Affording College

student loan debtIt used to be that those who could afford to go to college did, and those who didn’t have the funds didn’t. But the prevalence of student loans has made that a moot point. Now, the question is, “How can you afford NOT to go to college?”

Still, attending college is expensive. Tuition, books, and room and boarding are the big 3. Attending even a public university can cost well over $10,000 a year because rent and food is expensive.

Uncle Leo Rumbles presents the case of borrowing less to pay for college. Rather than going to an Ivy League school and incurring massive amounts of student loan debt, he suggests that you consider a public university (I offer one better: Community college for the first 2 years). You’ll come out with less than half the debt and you’ll be positioned just as well in the job market. He says,

There isn’t much of a relationship between the college or university a person attends and that person’s career success later in life. How hard and effectively you work is much more important to your career success than the sheepskin hanging on your office wall. A CEO of an S&P 500 company is much more likely to have a college degree from a public university than an elite private college. One public school, the University of Wisconsin at Madison, can count as many or more S&P 500 CEOs among its alumni as any Ivy League or other elite private college. And it’s quite a bit less expensive, even if you’re paying out of state tuition.

This is so true. Getting a college degree shows that you have the mental fortitude to set a goal and strive to reach it. It’s less about where you go.

This is a very good article with lots of helpful suggestions.

Uncle Leo Rumbles: Borrow Less to Pay for College

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