College Is Worth It, But Start Salting Away Early

CollegeBankIn the last 10 years, college costs have more than doubled. More and more students are graduating from college shackled to debt. Even families with above average incomes need financial help. According to the National Center for Education Statistics, the average annual tuition and fees in North Dakota is about $6,000. That does not include room, board, books, and supplies.

Going to college and picking the right major can make a huge difference in work income. So there is more incentive to go to college even though it is expensive. The easiest way to pay for college is to start saving early, the day your child is born.

A Pew Research study states, “In a modern, knowledge-based economy, the only thing more expensive than going to college is not going to college.” The study found that millennial college graduates make about $17,500 more a year than their contemporaries with only a high school diploma. However, today’s college educated are not doing better than their parent’s generation. Yesterday’s well-paying blue collar jobs, that built the American middle class, have mostly vanished. Today, wages have stagnated and purchasing power has declined.

The bottom line: Yes, college is becoming grossly expensive but it still is a good investment for the long haul. It is also important to pick the right major in a field that is growing and looks bright.

“Don’t own so much clutter that you will be relieved to see your house catch fire.”  – Wendell Berry

 

 

 

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