Choosing the right college is a family Investment.
There’s no doubt that postsecondary education can be a worthwhile investment. Not only do university graduates earn almost twice as much as their high school counterparts¹ but a college degree may also offer labor market protection in economic downturns. However, these benefits may apply only to students who actually complete the full program and graduate.
You can increase your child’s likelihood of completing their postsecondary education by helping them choose a school that meets their academic focus, extracurricular interests and personality but it’s also important to choose an institution your family can afford.
Over the last decade, the cost of postsecondary education in North America has far outpaced income growth and more of the financial burden may have shifted to families so it’s important to be realistic when looking at options.
The average annual tuition fee for degree programs at public institutions in North America ranges from $5,000 to $15,000³. Add room and board, books, supplies, trips home and other miscellaneous expenses and it can become a major financial commitment. Here are some things to consider:
Start saving as early as possible. Education savings plans such as the 529 Plan in the US and RESP in Canada offer incentives to saving for your child’s educational future. The earlier you start the better, but it’s never too late.
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Stay close to home. Is there an institution within commuting distance of your home that will meet your child’s needs? Saving room and board costs can significantly lower the annual cost.
Don’t leave the paperwork until the last minute. Familiarize yourself with the financial aid process well in advance so that you know all of the possible options open to your family. For example, Foresters™, an international life insurance provider committed to family well-being, offers the Foresters Competitive Scholarship4 which is worth up to $8,000 and open to eligible members and their spouses, children and grandchildren.
Be honest about how many years you can cover. Some fields of study require graduate degrees so if you’re only able to help pay for an undergraduate degree, let your child know he will be responsible for the additional years.
Encourage your child to contribute through earnings from summer jobs and part-time work during their college years. Not only will it foster independence but a recent study revealed that students whose parents funded the full cost of higher education had lower grades.
Source:www.foresters.com
