Should you encourage your children to college or not? Given the rising debt burden of many students and the lack of labor guarantee, once you get this slip, is it really worth it?
In this episode and the following post, we will post some amazing statistics and other ideas that go beyond the conclusion.
Stories of stress
My dad's 48-day podcast, which you love, is a format similar to our podcast, in which the listener sends questions to him to tell about it.
Here are just a few that he recently joined:
- I have a degree in education, but I do not want to be a teacher.
- From an insider on higher education: I see many examples of the waste of the college visit.
PIN for later:
- I'm a 45-year-old lawyer (married, four children) who works for a non-profit organization that earns $ 48,000 a year. I owe more student loans than I did 11 years ago. Should I work for a poisonous employer again because I need the money?
- My son has two degrees, one in communication and one in theater. He sees himself as an actor and makes short films in our country as a side that does not pay off. He has $ 83,000 of college debt and can not imagine climbing out of the black hole soon, if at all.
Go here Watch this podcast episode, in which Dan Miller addresses these and other questions.
I wrote two years ago this piece this will continue to be entered. This week, I share current questions from graduates who feel trapped by their degree. But nobody is caught. We all have so many opportunities to use our personal talents and move to our dream position.
I am not against making a college degree. I have more degrees than anyone else, but not with the idea that they would give me a job. I only have these degrees for learning and sharing with others.
Where are we this week?
Massive, massive college debt
We are stuck in this trap that we In case you do not want to get any furtherIn case you do not want to get any furtherIn case you do not want to get any furtherneedIn case you do not want to get any furtherIn case you do not want to get any further a degree more than we have to pay for it. So we borrow money from someone else so we have the life someone else has.
Nathan is a fan of this Amish concept:In case you do not want to get any furtherIn case you do not want to get any furtherIn case you do not want to get any further
You build your business in front of your house.
More than 2.3 million people a year complete a college. 61% of Americans have at least a university education. (Source: collegestats.org)
Almost seven out of ten seniors (68%) who had completed their studies at public and non-profit universities in 2015 Student loan debt, Public universities: 66% of borrowers who have graduated from public universities Student loan debt,
The average college debt at public universities is $ 25,550, up 25% from the 2008 level. https://studentloanhero.com/student-loan-debt-statistics/)
Yikes. College debts are serious. Nathan was a banker for years and he breaks this up in the podcast a bit more. College debts are unsecured debts. A lot of college debt is not tied to anything. It is not connected to your house or anything else. We have this massive ball of college debt without the ability to repay it.
Some additional resources for you
College debt statistics
Let's start with a general overview of the credit / college debt landscape. The latest reports show that:
- A total of $ 1.56 trillion in student loans
- 44.7 million Americans have student loans
- 11.5% of student loans are in default or in arrears for 90 days or more
- Average Monthly Student Loan (Unhindered): $ 393
- Median monthly student loan payment (among which not deferred): $ 222
More shocking student loan debt statistics
If these numbers are not startling enough, look at how the students are indebted, depending on the type of school they visit.
- 65% of seniors who graduated from public and non-profit institutions in 2017 had student loans.
- 66% of public university graduates had loans (average college debt of $ 25,550)
- 75% of private nonprofit graduates had loans (average college debt of $ 32,300)
- 88% of nonprofit graduates had loans (average college debt of $ 39,950)
- About 15% of the student debt held by the senior year in 2017 was private.
- 48% of borrowers who have participated in for-profit universities are in default within 12 years, compared to 12% of public sector students and 14% of non-profit institutions.
Alumni who received Pell Grants were probably more likely to borrow:
- 88% of the graduates who received Pell Grants had 2012 student loans with an average balance of $ 31,200.
- 53% of those who did not receive a Pell scholarship had a student loan debt and averaged $ 26,450 ($ 4,750 less than those with Pell scholarships).
Combined debts of primary and tertiary graduates after graduation:
- MBA = $ 42,000 COLLEGE DEBT (11% of graduate degrees)
- Master of Education = 50,879 USD DEBT (16%)
- Master of Science = 50,400 USD DEBT (18%)
- Master of Arts = 58,539 USD DEBT (8%)
- Law = 140,616 USD DEBTS (4%)
- Medicine and Health Sciences = 161,772 USD DEBT (5%)
- Other Master Degrees = 55,489 USD DEBT (15%)
Think outside the box
Once you've graduated from high school, you should go to college, graduate, get a job, marry, have children … that's a perfect recipe for success and happiness. Law?
Ouch – if college students have never known how much money they have in their bank account, do we really want to equip our children to start adulthood?
No pressure. We just assume that a 17 to 19-year-old who has just graduated from high school will decide on his path for the rest of his life and take on so many college debts that he can no longer remedy them. Welcome "golden" handcuffs!
I am so thankful that I had the grace to grow and not limit myself to the choices I made at the age of 17. If you have a child that is not yet grown up, how can it have the wisdom to know exactly which way to go?
There is more than one way …
There are many more ways in life than just one way. Not only that, there are seasons in life. What works or what you are interested in at a certain point in your life can change. In case you do not want to get any furtherAnd that's okay.
Yes, you have to plan ahead. And it is also important to enjoy the moment. Life is fleeting, the seasons change and your circumstances will be. As you grow and learn, you may discover something about yourself and your passions that opens up new possibilities for you. Do you create a space for serendipity in your life??
College is a way. And it can be incredible. But look at your WHY. Why are you going? what do you hope to achieve? How much head start do you have – college debt? Are you really invested in the college process? Do you In case you do not want to get any furtherwantIn case you do not want to get any further a return based on what it took to be there? In case you do not want to get any further
College Debt = "free" ride?
If you study on a loan basis, where is your "skin in the game" – how are you invested in the process? How often do we pave the road so perfectly for our children that we are in danger of becoming them "Snowplow" parents It makes everything so easy that our children have no opportunity to defend themselves.
If you do not "pay to play," your investment in the process usually reflects the effort put into it. Too often, the college is over-indebted and can be more of an excuse for postponing adulthood than a springboard.
Do not go to college to get a note. Do not expect the college to prove your worth or your future employment. Go and learn. Go to be challenged. To broaden your thinking. Go to college with the attitude that every dollar spent is a coin in your knowledge base.
What do you want your children to learn?
What is really important for your child in adulthood? Let's go beyond biology or astronomy and look at basic skills of life. How well do you know your child? Read their unique personality style – how they are motivated, how they learn and how they grow?
What about trust? This can be an absolute change in our society. Is your child insecure or motivated? Are you confident that you think independently and critically?
When you leave college, you will not be "What have you learned?" In life. but "What did you do?"
If life skills are the most important component and you look at what I've listed above, college is just one way to achieve it. Maybe the college grades and examinations will send waves of inadequacy about your child. My brothers have just graduated from high school – the traditional lesson model was not for them. Yet, both lived abroad for years, collecting a world perspective far greater than that of their protected friends who had never left their hometown.
Podcasts of my "uneducated" brothers:
How do you allow your child to gain "life experience"? Do not just throw the college out, but do not look at it as a "life experience." It's "college experience".
You have to have social skills. Connections. Relationships with others who get their foot in the door. Honestly, if you think that learning stops once you've graduated, you might as well not waste your money (or your college debt). Learning is a lifetime, and right now it may be that a college degree in technology is outdated before you even complete the program!
Sheet music and numbers are not the only things that get you there. Letters behind your name mean nothing without the action and implementation … and In case you do not want to get any furtherstruggleIn case you do not want to get any further out there and apply the knowledge you have acquired. In our 48 Days Coaching Mastery Programwe need 48+ hours In case you do not want to get any furtherpaidIn case you do not want to get any further Coaching before anyone ever gets certified. It's not just about knowing that you know how to train, but looking for the actual application. In case you do not want to get any further
Failure is a valuable life lesson
One of the most important lessons we can give our children is to "fail" them. Let her fight. And I put "mistakes" in quotes, because I only consider it a real mistake if they do not learn from it. Otherwise, it is a springboard in their lifetime that helps them grow. It can be a lesson in learning what works or what it does Not want – that can be a powerful process! Give mercy to grow. Consider things as "learning opportunities".
Do you have a growth setting or a permanent setting?
Ask questions like:
- What makes this possible?
- Where can I go from here (maybe it's just up, but that's a start!)
- What can I learn from this?
If you give your children a sense of growth, the pressure on the way they go after school is not so high. You will learn it anyway.
With Functional Education, there are no walls in the classroom about what you can learn. There are no grade levels that tell you when you've learned enough. And no matter where they are or what they do, they have the opportunity to learn something.
After high school you can …
- To go to college (without college debt – Take a look at all available scholarships!)
- Go overseas – dive into another culture – for school or just for life!
- Apprentice / Shadow / Volunteer – test your desired occupations and see if they really suit you.
- Use your college money to create the first movie, write the first book, and so on – immerse yourself and learn the same content as when creating your first job, rather than paying for the lesson before you apply it. Dive in and learn from your mistakes. Sometimes you have to be the director to know you do not want to be the director!
- Get a job – jump in and have some experience to learn what you really need (and whether a degree is necessary).
- Start your own business – start a business effort and see what you can do.
- Travel – travel your state, your country, your world. Discover and observe – and find out what really matters to you.
What does your child need most?
What are your wishes? What are they passionate about? What life skills do you need to develop? Maybe a "gap year" is crucial for their growth … and for the budget of all!
Paying for your own phone, insurance, medical bills, car maintenance, rent … You can do your own laundry, prepare your own meals and decide what you invest and what you do not … all this is Aspect of your child's adulthood will have to learn – where do they stand with these?
Your weekly challenge: a competition!
Send me an email with your story. Tell me what's going on with your kids – where they want to go (and why). Share your own experiences – what you did after graduation (and what you might do differently for your own children).
Talk to your children about their future this week. What do you imagine? Have you already planned an agenda for her? Have you ever sat down and talked to them about it?
I'm thrilled that each of us has our own strengths that are important to sharing. They are immeasurably powerful. They make an impression, And everyone else in your family too. The better you understand that, know how to network, and how to have mercy, the more your family will thrive. After all, the uniqueness in each of us strengthens everyone.
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