Ok, so people are supposed to save for their retirement AND for their children's college fund????

[SheilaT]

43. There are several problems about college these days.

First off is that everyone has been bamboozled into thinking a four year degree is the only way to go, whether or not a person is actually interested in spending that time in school.

The second is that it's perfectly okay to borrow for college. Doesn't everyone?

Parents and their college bound children need to educate themselves (irony intended) about what the real costs and benefits are. As I tell young people all the time, it's fine to major in something you love, but never lose sight of the fact that after you get out of school you're going to have to support yourself. So keep that in mind when choosing a major.

Lots of kids would be better off going to a community college and taking a certificate course in something that will lead to a paying job afterwards. And if you love intellectual pursuits, nothing will stop you from continuing to take classes. But don't forget about needing to earn a living.

Kids, If you do go to a four year school, research the actual job opportunities in your intended major. Parents, make it crystal clear that they are on their own after four years. An exception can be made for studies such as engineering, which typically do take five years to complete. But engineers get good jobs that pay well. But anthropology or art history or 17th century French poetry? You're not going to get a job in those fields with just a B.A. So keep that in mind.

Here's my personal experience: Older son (has Asperger's which accounts for a lot) initially flunked out of two different colleges, finally got an associates degree in CAD, computer aided design. He finally got a temporary position in that field, and eventually returned to college for a physics degree, his first love. He has just this week completed the coursework for his bachelor's (he'll be 33 in two weeks) and has his applications in for PhD schools in astrophysics. Meanwhile, he's doing paid research, and previously held various jobs including data input for some physicians, and math tutoring at a junior college. The very nice thing about the hard sciences is that at the graduate level those students no longer have to pay for their degree.

Younger son completed college in four years (hooray!) and graduated cum laude (another hooray!). When he told me he'd decided to major in psychology, he said, "Mom, this is the major for kids who don't know what they want to major in."

So I told him to pick up some sort of business minor, which he did, marketing. He loved all his coursework and learned a lot, but I could not get him to contact his college's placement office for internships or any such thing. Summers he came back home and did pizza delivery. Which is what he does to this day. Pizza delivery. I wish I could brag about his fabulous job somewhere, but he supports himself, because he knows that if he were to ask either me or his father for money we'd tell him to get another job. What he does is honest work, and did I mention he supports himself?

I happen to be equally proud of both sons.

Most people aren't sufficiently practical about the realities of college. Undertaking huge debt is often a mistake, unless it's in a field that will lead directly to highly paid employment. And even that's a risk, if you don't land one of the best jobs in that field.