Why You Should Pay for College Yourself

Modern sensibilities and needs lead the reasons why you should pay for college yourself. Since 1990, the number of adults returning to college is on par with the number of 18 year olds entering college. According to the National Center for Education Statistics, college students over the age of 22 will make up 53 percent of college enrollments for both first-time college admissions and non-traditional students returning to college.

Distance learning is one option for do it yourselfers.

College is an expensive proposition. The average college education costs 10,000 to 12,000 dollars per year in tuition alone. The average college student will spend 50,000 to 60,000 dollars to attend four years of college. They will spend even more on general living expenses and books. Students who plan to attend more than four years of school will spend exponentially more. On the surface, this is not as unreasonable as it sounds.

A college education costs about:

• The same as three economy-sized vehicles
• A third of a house in the state of Texas
• Six years of minimum wage salary
• Yearly vacations for four to Disney World every year for twenty years

When you compare the cost of college versus what that money can buy, it really is a good bargain. While college loans are certainly one way to pay for college, a college loan turns 60,000 dollars in debt into 100,000 dollars or more when compounding interest over the time it takes to pay back the loan. Does that mean you shouldn’t get a college loan? Of course, not! But it is definitely among the top reasons why you should pay for college yourself as much as you are able.

College is expensive. Whether the economy is booming or depressed, the cost of school is always going to seem more than the average person can generate. Students who attend the University of Phoenix, for example, can expect to spend 1500 dollars every five to six weeks. That’s a mortgage payment.

Maintain a college savings fund in order to pay for school. Kids preparing for college should dedicate at least fifty percent of all after school and summer earnings towards college funds. Granted, going to college isn’t as glamorous as concert tickets or a new car, but the less debt you accrue while in college, the greater the returns you experience upon graduation.

College is an independent experiment in adulthood. While fifty percent of all students in college by the year 2010 will be over the age of 22, the other fifty percent are learning to balance their income versus their outgoing payments. They are living away from home for the first time, and they are exploring what they want to be when they grow up. It’s better to use scholarship funds and your own money as judiciously as you can, particularly if you plan to go on to law school or medical school where your costs will double and you’re going to need those college loans.

When you pay for something, you value it more. Ask many students who get a free ride from their parents; they don’t put much stock in missing classes, failing grades or not taking care of their things. When you pay for college yourself, you’ll value the education.

Most parents save up towards their child’s college education. They can often afford one to two years without any support from the student directly. If you take advantage of this and work diligently, your own money will cover the last couple of years of college. For adults returning to college, use every resource available to you, from home equity loans to having your work pay for the classes. In some cases, you can make one 1500 dollar investment pay for four years of college as you are reimbursed for your education.

There is no such thing as a free lunch. Education costs money. By investing in your education, you are investing in your future whether you begin that investment at age 20, 30, 40 or 60. You are never too old to benefit from doing it yourself.

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