Making Cents out of College (Part 1 of 2)

A new study released about Massachusetts high-school graduates indicates that the real value of college is being wasted by many. The article describes the landscape for many college grads. It is a landscape of high expectations, sats and act standardized tests (similar to other schools nationwide) and also a requirement of statewide assessment tests in the form of MCAS. These tests provide benchmarks that students must pass in order to graduate and thereby get in to college.

Unfortunate Surprises

The reality for many students, however, is that upon arriving at their college, they are once again faced with placement tests. And these tests, if not passed, will put many, many students back into remedial courses in subjects that they’ve already learned. And according to the article, this is a contributing factor for more than 10 percent of students to quit the program that is leading to their degree.

It is a waste of money to start a degree program and then not finish it. Obviously, there are circumstances where it makes sense and works out. But for the general population, you are best off if you avoid the unnecessary expense. Thinking about your individual situation when it comes to school and making smart choices is critical; no less important than shopping around for a car. But in fact, probably more important. The financial implications of choices made at schools will continue to impact students for years into the future.

Self Assessment

Being honest about your skills and disposition is critical before enrolling or committing to a course of study. Here are some tips that might help with that assessment:

- What do you like to do in your spare time? What is it about these activities that you enjoy?
- Do you like working with other people or do you prefer to work alone?
- What is more important to you, money or being happy at work? Have you ever worked before? How many jobs have you had and whom did you work for?
- Are you rich or poor?
- Who will be paying for your college expenses? Have you accounted for pocket money, transportation costs, and miscellaneous fees?

If you don’t have enough experience or knowledge to answer these questions and really think about them, that is ok. If it is simple information, find out from a trusted resource at the university you’re considering, a parent or perhaps a college-aged friend that might have good information. There are also excellent books out there that help with this type of soul-searching.

Before you can honestly commit to a change that is as life-changing and expensive as college, it is important to think about the financial implications too. A pretty campus and great clubs and parties will do nothing for you when you get out. But considering those factors, in addition to how a potential university or college will improve the quality of your life when you get out may be the most profitable thinking you will ever do. A good, flexible plan for college means many great opportunities and choices later on which often translates into lucrative job opportunities and an enriching set of life-experiences.

In a subsequent article I will give some specific examples of freshman pitfalls and ways to avoid them.

Source: http://www.boston.com/news/local/massachusetts/articles/2007/01/19/many_hub_graduates_struggle_in_college/?page=2