Graduation Season
“What lies behind you and what lies in front of you, pales in comparison to what lies inside of you.”
Earlier this week, our youngest son graduated from high school. I had a mix of emotions. I feel like it was just yesterday when I was holding him for the first time at the hospital. Having watched him grow up from that cute little boy with floppy hair, running around the house to a young man driving himself to school, I realized that one chapter of his life had come to an end, but a new one was just beginning.
As a father, who is also a financial planner, I realized that the sooner we started to save up for his college expenses, the easier it would be. So I established a UTMA account for him shortly after he was born and kept adding any money or gifts he received throughout the years.
Working with many of our clients, I saw firsthand how expensive college was and how quickly the cost to attend a 4 year college was rising. A recent stat showed that the cost of tuition at a public 4-year institution increased 9.24% from 2010 to 2022. That is just mind boggling!
Besides the stress of these increasing costs to attend college, there is the stress of paying off the school loans for those who are not fortunate enough to get a scholarship or have funds saved to pay for these expenses. I’ve also witnessed how this can affect a person’s cash flow and ability to save for the future.
Today, I don’t want to talk about how to save for college. We’ll save that topic for another day. What I wanted to discuss is the stigma around attending a community college instead of a 4-year university. Community colleges often face stereotypes of being a “lesser” choice, despite their vital role in providing accessible education.
Unfortunately I have seen the school a child gets accepted to, turn into bragging rights for parents and grandparents. “Oh, where did you kid get accepted to? Well my kid got accepted to…” This does nothing but give the child more anxiety.
I am proud to say that when I graduated high school back in 1994 (yes, I’m old), I got accepted to a 4-year college, but opted to go to my local community college then transfer to a university. Back then I wasn’t sure what I wanted to do. I thought I would study to become an accountant, but we all know that didn’t happen. I used those 2 years to figure things out and see what I was passionate about. In the meantime, I paid a lot less money on tuition and avoided getting into student loan debt. I think things turned out alright for me.
That’s why I was also proud of my two oldest boys who decided they wanted to attend our local community college and get their general courses out of the way, while they figured out what direction they wanted to go.
To be clear, had my boys received a scholarship to a university, I would have encouraged them to take advantage of the opportunity.
Circling back to earlier this week at my youngest son’s graduation, I saw a number of students that had gotten accepted to prestigious colleges. He told me that some of his classmates were going to Harvard, Stanford, Yale, Princeton, NYU, UCLA, USC and so on.
Like me, my youngest had gotten accepted to a 4-year university, but opted to go to community college. He isn’t quite sure what career path he would like to take, but my hope is that he uses these next couple of years to figure that out. I never want him to be ashamed of that decision. I rather he takes his time and figures things out at his own pace. The last thing I want as a parent is to force him in a direction that he might hate later on.
Unfortunately, community colleges are sometimes viewed as a last resort for those who couldn’t secure admission to a 4-year institution. Me and my kids are proof that this is not always the case.
Action Items
Some of the main benefits of starting at a community college before transferring to a 4-year university include:
Cost savings: Community colleges have significantly lower tuition and fees compared to 4-year universities, allowing students to save money on general education and prerequisite courses. This can help reduce overall college debt.
Flexible schedules: Community colleges often offer evening, weekend, and online classes to accommodate students who work or have other commitments. This flexibility can be beneficial for non-traditional students.
Smaller class sizes: Community colleges typically have smaller class sizes, providing a more personalized learning experience and greater access to instructors for support.
Academic preparation: Community colleges offer academic support services to help students strengthen their skills before transferring to a 4-year university.
Exploration of interests: With a wide range of courses and programs, community colleges allow students to explore different fields of study before committing to a specific major.
Transitional support: Community colleges often have resources and programs specifically designed to help students transition from a 2-year to a 4-year institution, such as academic advising and transfer assistance.
Local and commuter-friendly: Community colleges are typically located nearby, allowing students to live at home and save on housing and meal costs.
Associate's degree or transfer pathways: Students can earn an associate's degree at a community college or complete general education requirements before transferring to a 4-year university.
Community colleges offer a range of benefits, including lower tuition costs, flexible scheduling, and the opportunity to transfer to 4-year universities after completing general education requirements. And most importantly, you should never feel embarrassed to attend one yourself or send your kids.
~Alex
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