Getting the best college education for the price for your son or daughter is no easy prospect. With private tuition averaging $33,480 annually and state schools topping out at $9,600 a year, it makes sense to think carefully about what you are buying and how much you will pay for it. For some, it means considering whether a four-year college degree makes sense, for others the question is where they go to get that degree. Two people helped me with this podcast, the super smart Rob Franek, Princeton Review editor in chief, and Ethan Klein, who recently graduated from high school and recently had to make all these tough decisions.
Getting value for money when it comes to paying for college is possible, but it takes some work. Fortunately, Rob and Ethan can help. Take a listen!
Here are the takeaways:
#1) It's never too early to start readying your soon-to-be college frosh for finding the school that is the right fit in terms of career services, financially and even personally. Most prospects will apply to seven to nine schools.
#2) As a rule of thumb, you'll want to make sure that the amount of debt that your son or daughter graduates with is no more than a full year's starting salary in their chosen vocation. You'll want to run these numbers before they enroll in college.
#3) Think of published tuition prices as the starting point in a negotiation. Only a third of students pay full tuition costs.
Bottom line, I want to hear from you - what money issues do you want to explore? Tell me, and we will get it on the podcast. Have a great day and remember, Rich is NOT A Four Letter Word!
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