Going to College in the United States: Going Into Debt

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My granddaughter is beginning the eleventh grade this year. In crazy, COVID affected USA, life goes on. One of the things we hope that does continue is her education. College looms large on the not-distant horizon.

My granddaughter has expressed an interest in a career path, a very specific one that makes sense in the context of her experience. If she follows this path, there will be at least six years of school ahead. This is quite exciting. Until we look at the price tag.

According to U. S. News and World Report,: These are the costs she can anticipate:

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Tuition and fees, per year

*Private college (average): $35, 087 *Public college (average): for in-state residents: $9,687 *Public college (average): for out-of-state residents: $21,184

And

According to College Data Room and Board, per year

*Private college (average): $12, 990 *Public college (average): $11,510

That's four years. But most parents hope their kids will pursue a professional degree. That can be another 2, 3, or even 4 years. And tuition at professional schools is, on the average, higher than at undergraduate schools.

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Besides the cost of tuition, fees, room and board--there are other expenses, such as books.

What also is left out of the equation is the passive cost, the income forfeited during all those years of schooling.

So what is a middle or low income family to do? In the U. S., plans for this expense begin early--and I'm not talking about saving for college. I'm talking about grooming children so they will be attractive to colleges and will be awarded grants or scholarships.

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For example, it would be difficult to exaggerate the competition in juvenile sports programs to create prodigies who might catch the eye of a college recruiter. The same is true for any extracurricular activity. The students have to "stand out". They have to be "well rounded". By the time they apply to college, the kids not only must have sterling grades, and stellar standardized test scores. They also have to present to colleges a resume that proves their worth as human beings.

All before they are seventeen years old.

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I'd like to note before ending that few people actually pay the full tuition at college. There are combinations of grants and scholarships for just about anyone. Figuring them out actually may require the services of a professional advisor.

However, no matter the amount of scholarships and grants, it is rare for students from economically modest backgrounds to graduate without debt. And that debt is often a shared burden between student and parents.

According to LendingTree: "Among the Class of 2019, 69% of college students took out student loans, and they graduated with an average debt of $29,900...14% of their parents took out an average of $37,200 in federal parent PLUS loans".

So, I'm back where I started. The family is excited about my granddaughter's college plans, whatever they are. But I can't help casting a wistful look at other countries, such as Germany. If we lived there, we could put our sharp pencils away, and not fret about debt. My granddaughter could focus on the important stuff: What does she want to do? What is she suited for? What is the best school to prepare her for her chosen field?

Many questions--none of them having to do with the debt my granddaughter might incur before she even enters the workforce.

*Thank you for reading my blog

Hive on!*