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[collegekidsmom]

I have to admit that I would've been somewhat disappointed if my children had not chosen to go to college. Even though I think I am open minded, my attitude about college was pretty obvious I'm sure. I always had education as a top priority in terms of raising my kids.  Luckily, we didn't disagree when the time came, and  they wanted to go. Both are gainfully employed and making good money as recent graduates. However, I have no idea what would've transpired if they had not attended college. Many of their cousins did not attend college, and there is no real family expectation around it. I cared a lot about it on many levels. I'm not really sure why.

My sister left college after one month and makes six figures too. She has an exciting corporate job. She thought college was boring -and the wider world was calling. She's an usually motivated and competent person in my eyes.

[changinggears]

We just started a savings fund for our 7 year old.  We deliberately decided to go with a savings account rather than a college savings fund because, even though I think that college is a hugely beneficial experience and was the best thing to ever happen to me, I am realistic enough to be open-minded about my own child's decision about whether or not he will go to college.  Perhaps that $ would be better spent as a safety net for him to take a year off and work and decide what it is he wants to do with the rest of his life.  I made the mistake of going straight from ug to grad. school and found out after two years and thousands of $ in student loans that the discipline that  I had chosen was not what  I wanted to do for a living.  7 years later, I went back to grad. school to study something that I love and want to do forever.  So, I'm leaving my son's options open and I plan to share my experience with him as he attempts to make an informed decision about his future (and his future debt).  My husband has an associate's degree and does what he loves for a living, so we, too, are aware of the potential options other than a 4 year.  And, from the other side of the desk, I have first-hand knowledge of the misery that kids go through when they go to a 4-year because their parents want them to despite their own wishes or abilities.

[sashford1007]

Certainly!  Many students often are living the dreams of their parents or some other adult who feels that college is the answer to all of their woes, regardless of their readiness or ability to be a productive, successful student.  I believe that students should receive some type of college introductory session to show them what realy happens in higher education institutions.  Many are of the belief that they can go there and party, and not perform up to the high expectations set by the college.  I think the students should be aware of what they are capable of and what they plan to do prior to attending college. They may be able to attend a vocational or trade school and be just as successful. 

[prof_smartypants]

My parents would have killed me if I didn't go to college. When I was 18 I wanted to build my own business, I knew a lot about marketing stuff taking online courses and reading books. I really didn't want to apply to college, I wanted to follow similar steps as in the book "Rich Dad, Poor Dad", but my parents didn't care about what I really wanted to do and obliged me to apply to university. I've studyed medicine for 6 years, and I've just realized that I hate medicine. I now have a steady work, which I hate, and I'm trying to go away from the "rat's race", but it's really difficult since I haven't got time with so many work.
I really think that those who don't want to apply to college and want to do whatever they are passionated, they should do so. I really shouldn't have studyed medicine, I should have done what I really wanted. I will never forgive my parents for this.

Wow. Some truly fascinating spam.

[the_market]

There's another piece to this puzzle that hasn't been addressed yet.  The expense of college!  There are all sorts of statistics that say a college degree will earn you "X" amount more on average per year than someone with a high school diploma.  I have no doubt that these numbers are true, but if you're one of the unfortunate many who has to pay for school mostly, or entirely by loans, than the education might not be worth the money. 

You may indeed end up making more in the long run, but you will forever be restricted by the huge amount of loans you MUST repay.  There is NO way to get out of an education loan besides paying it and dying.  You HAVE to get a high paying job to pay off your loan each month, and it doesn't give you the freedom to do things like travel.  You could be spending $1000/mo on loan paymet. 

Especially in this economy, which has record highs for college degree unemployment, you can only defer loans for so long before they go into forbearance, and then every month you can't pay will just get tacked on the end.  If you were to take out $60,000 in loans, you may end up paying more than $100,000 after it's all said and done. 

The main point though is that there is no financial freedom, even with a decent job, when you consider the burden it will put on your month-to-month bills.

[zharkov]

The main point though is that there is no financial freedom, even with a decent job, when you consider the burden it will put on your month-to-month bills.

Been there, done that....

At 22, the monthly payment seems like a lot, but in 6 or 8 years?  I was making enough to pay my school loans off early, which was pretty typical.  Then you save for a downpayment, then get a house, and etc. etc.  It's all in the game.

[jvano123]

I think (may have been addressed in earlier posts) that it depends on who you are, your position in life, and your ability to successfully function in the higher educational system. I am sure it helps with problem solving, reading and writing, and in many professional venues, however, some may not be ready straight out of high school. Avenues (choices) should be explored and the college door should not be closed permanently. Military, and as was suggested earlier, jobs that will help you get your degree while working.

Loans are a problem with high interest rates and capitalization on the back end. It seems that the FED could lower interest rates (more in line with the prime rate) and eliminate capitalization (multiplying of interest). Currently the interest rate on Stafford loans is approximately 6%. No bank in the country will give you that kind of rate on any amount of money (CD's or investment accounts). It seems as though the Fed is more interested in making money than helping students through college? What happened to lifting the literacy level of society by enabling students to become contributing professionals without saddling them with an enormous debt?

I worked my way through college, with no help from any business, all the way through my Master's degree. I finally bit the bullet and took out a Stafford Loan to finance my EdD. I am hoping to get partial loan forgiveness because I qualify by teaching at a title one school (# of years and certain subjects are qualifying points). Otherwise I would not have taken out the loan with such a ridiculously high interest rate.

[stevep45]

This is a very relevant question. The answer is "of course it is" if you are admin at Univ of Texas El Paso. Unless of course you are doing some hiring. Your relative, friend or lover earns provisional honorary degrees and in that case, its not that important. We hired a director with bachelors degree when the position had a minimum advertised requirement of a masters. All of her subordinates had a minimum of a masters. We don't buy what we sell here. We dont like to hire outsiders either.