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Equipping people worldwide to learn, apply, and teach God's financial principles so they may know Christ more intimately, be free to serve Him, and help fund the Great Commission.
Today on MoneyLife with Chuck Bentley
Weekend, October 31 - November 1, 2009
Joseph Slife: Is College Still Worth the Cost?
He also served here at Crown Financial Ministries for 15 years and was the Executive Producer of Crown's radio programs. Joseph is here to talk about whether a college education is still worth the cost. He's written an article on the subject which is available at SoundMindInvesting.com.
The percentage of college students was small until after WWII. The GI Bill provided a way for soldiers to go to college. Education was seen as a way to improve. The number of people going to college kept expanding. There are thousands of colleges now in the U.S. and it's assumed you must go to college for career success, that it’s best for everyone. Some people are questioning whether that expectation is fair. The current dropout rate for college students averages around 50%. Those who drop out end up with debt but don’t have a degree. Joseph teaches a lot of freshmen classes. Many are academically unprepared and are in need of remedial classes. Many end up extending a a degree program to 5 or 6 years. The longer you are in school, the more expensive it is, and the more debt you have. Those who are unprepared academically are often gifted in other ways and there may be better education alternatives for them. College graduates make more money on average than high school graduates, but it takes an average of 14 years before the college graduate moves ahead. That’s because college graduates usually don’t work much while they are in school while high school graduates are working full-time and college graduates have debt payments to make. Once that is subtracted, they aren’t making as much as high school graduates for a time. When considering college, students first need to evaluate whether they are academically prepared and what they are gifted to pursue. All Christians should discover how God has gifted them, what He designed them to do. Joseph recommends parents of high school students invest in Career Direct®. You want to do everything you can to make sure your children are headed in the right direction. You want to match up their giftedness with the best education option available for them. The cost of college is rising faster than inflation. Part of it is that colleges keep pricing themselves higher because of the perceived value of more expensive tuition. Federal money given to colleges also can drive up costs. There are lower cost options for higher education, such as community or commuter college where you can live at home, tuition is less expensive. Many have two-year and four-year programs. There are also certification programs and night programs at traditional colleges. For-profit colleges, have an incentive to hold costs down, example is University of Phoenix. Traditional colleges are offering lower cost options too. There are special programs and online options. Some schools realize they must be cost competitive in the current environment. Prospective college students really need to know themselves and understand what God wants them to do. Use a career assessment. Pray for and with your children.
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Borrowing for EducationIf it is truly God’s will for individuals or their children to attend college, He will supply the funds. |
Paying for CollegeHow will we ever pay for our children’s college education? |
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Repaying Student LoansWhat can we do about our student loans? |
Avoid College DebtYou can graduate from the college or university of your choice without financial bondage. |
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Other Resources: |
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