In this housing market, many sellers wonder if it is worth selling their property now, or if the return on their investment will be higher if they wait.
People are asking the same question in terms of college education.
In these economic times, with student loan debt topping $1 trillion dollars and tuition increasing at four times the inflation rate, many parents are wondering if it’s worth sending their child to college.
According to U.S. Bureau of Labor Statistics (BLS), the answer is yes. The unemployment rate for college graduates is half that of those with no college experience.
However, solely obtaining a college degree does not guarantee a job. Here are 2 things to consider in order to get the most out of your investment:
1. Pick your major wisely: Weigh the cost of college against your potential future salary. It makes no sense to borrow $100k in order to become a teacher. Find salary approximations on websites such as Salary.com or Payscale.com and see if going to a university is worth it.
2. Consider your loans: Calculate the reasonable amount that you could pay back and how long it will take to pay off with your potential future salary. Don’t forget the cost of interest rates.
For more information on navigating the college financial scene, read the full blog post here.
Do you have any tips for finding money to save for college, such as favorite scholarship websites or databases, that would decrease your debt?
Ilyce Glink is the author of several books, including 100 Questions Every First-Time Home Buyer Should Ask and Buy, Close, Move In!. She blogs about money and real estate at ThinkGlink.com, The Equifax Personal Finance Blogand CBS Moneywatch She is Chief Content Strategist at RealtyJoin.com, a community for real estate investors.
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