By: Catherine Olivia
http://www.university-phoenix.com
It cannot be stressed enough to young people
that a college education is the only way to obtain a good job
and the type of job that will allow for a comfortable lifetime
income and a secure future. My nephew said just last night that
he wanted to be a fork lift operator at a local marina, "they
make $19.00 an hour" he said. Well, $19.00 an hour seems
like a fortune to a young teenager, but what happens when this
teenager grows up and gets married and has several children? We
stressed to him that college is the only way to go.
Needless to say, college is one of the biggest
expenses a parent will be faced with. The cost of colleges vary
widely. A four year private college can cost $25,000.00 or more
a year. A four year public college is in the $10,000.00 a year
range. However, there are ways parents can prepare for college
expenses. Saving money is the primary way parents pay for college.
Setting up a savings plan specifically for a child's education.
Assuming you start when your child is born, and you have a saving
account with an interest rate of 4%, a monthly deposit of only
$29.00 will in 18 years amount to $10,000.00. Quite a nice chunk
of change to help offset college expenses. There are federal Parents
Loans available that offer low interest rates and give parents
the advantage of spreading costs over time.
There are ways the student himself or herself
can help with the cost of college. Financial aid is available
through numerous grants, scholarships and student loans. Grants
and scholarships are monies that do not have to be repaid, but
they are based on students maintaining certain grade averages
and courses. Student loan rates are generally lower than rates
for other types of loans and are repaid after the student finishes
college. Some colleges offer work-study programs where students
can work during the summer to help pay their college expenses.
A US Census Bureau Report in 2002 showed that
on average, workers who graduated high school earned a yearly
salary of $26,800.00. Those with a Bachelor's Degree earned an
average yearly income of $50,650.00, and those with degrees in
business, law, or medicine, earned on average $101,400.00. Today,
those with Bachelor's Degrees earn 70% more than those with just
a high school education.
The short term hardship of paying for a college
education is obviously outweighed by long term rewards.
NBA
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Scholarship Program
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a Goal?
Reprint
of this article does not constitute an endorsement by the National
Business Association; the article is for informational purposes
for our members and viewers of our Web site.
