A path to making college more affordable for families
Families committed to college, but with the good sense to also know that cost matters, have long had motivation to consider community college. The case for community college is even stronger today, with the economic impact of the coronavirus crisis upending household finances.
And this is so not about settling. There are plenty of great careers that require only a two-year associate’s degree. Or, if the end goal is a bachelor’s degree, spending two years at a community college and then transferring to finish up a bachelor’s at a four-year public university can be a financially wily move, especially if your kid lives at home for the first two years.
Here is a cheat sheet for this decision:
but that doesn’t mean it must be from a four-year school. The median entry level salary for someone with a high school degree last year was $38,000, according to official government data. The median entry level salary for someone with a two-year associate’s degree was $55,000.
Sure, a four-year bachelor’s degree will typically lead to an even higher salary: $75,000 median starting salary. But here’s where parents need to push themselves rather than their kid: If you’re insisting on a four-year school, and your kid is resistant, are you really sure you are doing right by them? A two-year associate’s degree might be the goldilocks. Or it might be the right choice now if your household is juggling new financial challenges in this new recession.