With college costs ranging from $25K to $75K annually, a natural question for any parent to ask is “what will be the ROI (Return On Investment) for my kid’s college education?” ROI is the measurement of the difference between total earnings in the 10 years post-graduation, divided by the total cost of college. The higher the ROI, the better a financial bet the school is on average. While parents can ask a college admissions office this question, it really should be directed towards their child who has the responsibility of “paying” for their education by multiplying the cost of college by potential professional earnings. Any parent who asks this question is not expecting to break even, but rather they are desiring to see a profitable/fruitful return on their investment.
Money is supposed to be grown, not blown, and within the American higher education system, too often funds that parents have allocated for college are not used to properly prepare a child to secure gainful employment after college. Even worse, too often student loans that are used to pay for college, are often defaulted on, accrue interest at exorbitant rates, and the entire college education and experience can be seen as a financial loss.
For families who are thinking about selecting a college based on ROI, you should consider the following factors: total cost of a college, projected debt (if any), and earning potential.
There are free tools to help:
College Navigator provides insight into a school’s graduation, job placement, and student loan default rates. https://nces.ed.gov/collegenavigator/
College Scorecard provides information on how much money a school’s graduates earn, the student loan debt average students carry and how many students can keep their loans in good standing. https://collegescorecard.ed.gov/
However, given my experience, exclusive tools and expert advice, I think College List Builder can help you even more. So many people ask me, where should my kid apply? And why? This is why I built the College List Builder. To answer these questions. To take into consideration that you, as the parent, want an ROI on your kid’s education which is your investment. If you want a list of colleges that will take this into account as well as match your child’s strengths and interests, click below.
Funding a college education can be tricky, but please, never take it “personal” if a college that you want for your child to attend does not offer what you believe you need. As a simple rule, make sure your child is aware of selecting a major that should lead to a career where they can steadily increase their income. If you're a parent of high school student and you’re struggling with figuring out where your kid should apply and why then you need College List Builder: www.collegelistbuilder.com
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