Why Should You Invest in College?
By Dr. Patricia H. Smith
Many parents want their children to experience work and life satisfaction. Career development theorists emphasize that satisfaction depends on establishing oneself in a type of work that provides growth and exploratory experiences. College has long been one of the most effective springboards for this kind of personal and professional growth. I recently spoke with a family who finally admitted that they question the benefit of investing in college. Although they read articles about the benefits of students going to college, talked to college representatives, and visited colleges, making the decision to invest in a college education is stressful.
Ron Lieber, the author of “The Price You Pay for College” emphasizes that paying for college is the biggest financial decision your family will ever make. Therefore, when considering investing in college, there are several factors to consider, such as how much money to invest. Some additional family factors are your child’s 1) happiness and potential, 2) financial stability, 3) personal growth, 4) independence and self-awareness, and 5) career opportunities and advancement. In other words, decide how your family will receive the full value of college that will support growth, exploration experience, and a well-paying career path.
Here are a few tips to assist in the decision-making process to support a more comprehensive family college planning discussion.
Tip #1 – Agree on a decision-making process that will allow for open communications, problem solving, and goal setting.
Tip #2 – Discuss how your family will pay for college for four or six years. For example, what are the financial resources available to pay and how will additional resources (if necessary) be obtained (merit scholarships, community-based scholarships, student loans, grants, etc.).
Tip #3 – Determine if you need a third party, such as a financial planner, to advise you on this financial investment.
Tip #4 – Determine your desired outcome and the student’s future.
Tip #5 – Discuss student’s career opportunities, earning potential and the value of a degree. Use labor market information to discuss entering and advancing in a career, pay and earning potential, career outlook, and work environment.
Tip #6 – Consider consulting with professional resources such as a college planning expert, career development specialist, and a college comparison advisor to assist you in the process.
Conversations are important to have between parents and students. These conversations open the discussion about the student’s future and interests, and they draw alignment between existing and desire talents and skills. Additionally, open conversations allow students the latitude to discuss how they want to experience college and how they will engage in their own career and professional development. Caitlin Zaloom in her book “Indepted” states that in addition to college preparing for work life, parents and students alike, agree that self-awareness and self-improvement are the main reason for pursing higher education.
Bio
Dr. Patricia H. Smith is the CEO/Owner of Holmes Smith Consulting Services, Inc. Holmes Smith Consulting Services is an award-winning firm that offers college planning consulting, career coaching/counseling, and employee development consulting services to families, individuals, and organizations.
Dr. Smith is a Certified Career Counselor, Certified Educational Planner, and Certified Practitioner: Strong Interest Inventory® Assessment. For over thirty years, Dr. Smith has counseled, coached, and equipped countless clients with tools and guidance to achieve their career, educational and life goals. She is often referred to as “Dr. Pat” the expert who brings her authentic and customized approach to help clients. Dr. Pat is also the author of “The Power of Parent Involvement in the College Planning Process.”
Dr. Pat is the current President of the Maryland Career Development Association, a member of the Pennsylvania Career Development Association, National Association for College Admission Counseling, National Association of Career Development, American Counseling Association, Independent Educational Consultants Association, and Organizational Development Network.
For more information call 302-884-6748 or visit HolmesSmithConsulting.com.
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