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Health & Fitness

BLOG: College—Whose decision Should It Be?

For high school seniors, May 1 is "National Deposit Day"…the day when families must decide where to send their money…and their student for the next 4-6 years. Whose choice is it?

OK…now high school is here, and for the past decades, the focus has been on getting into a good college.  For younger students, they have no idea what they will do once they “get there”, let alone what they will do when they get out…or even IF a college degree is required or necessary to be productive in their field. 

But for high school seniors, May 1 is “National Deposit Day”…the day when families must decide where to send their money…and their student for the next 4-6 years.  The phone has been ringing all week with parents who have NO idea how they will pay for the next year of college…let alone 4-6.  They are barely making ends meet as it is…So they see their only option as BORROWING the money.

Our advice is that IF you insist on borrowing, do not borrow more (over your whole college career) than you will make your first year on the job. 

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Here is a pretty typical example…students family makes 100k a year, and the student wants to go to UCLA…but the family income is too high for a CalGrant, and because the student did not fall in the top 1.5% of the applicant pool so will not get the small Regents Scholarship either.  So if the family does not have cash flow or savings…the only “award” offered will be DEBT.  The student is on the hook for 5500 of that debt…and the parents for the balance…

The answer to “who should make the final decision” is the one who is writing the check or risking the most financially.  I have said over and over how amazed I am that parents give such weighty power to their teenager.  Children don’t need the pressure of having to make a 100-300k financial decision without any experience or research..

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There is no magic formula…if your family does not have the money to write a check, or the savings to pay…then our advice is to wait a year, and plan correctly.  We call that a GAP year.  The student can work, look into what degree (if any) are required for their future career, look for successful people doing what they want to do…and see about an internship so the student can learn the ropes and get some business mentorship…The student can also visit colleges, find out what financial strategies will make college more affordable, and save like crazy!

In fact, the amount of change and maturity in a GAP year done correctly is astounding.  So when National Deposit Day comes around next week…Don’t let guilt, peer pressure, or teen tantrums cause you to make a financial decision you will regret for many years.

Check out our Zero-Debt College Planning Blog at http://www.getcollegefunding.org/blog/

If you would like us to speak in your local high school, shoot us an e-mail, at support@getcollegefunding.org.

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