You Have A Problem And You Don’t Even Know It.

I know…YOUR child is different…and is going to be in the 10% who enter 4-year college and actually graduates in 4 years without debt and great post graduate opportunities….(35% graduate in 4 years, and 29% of those have no student loans)

Rememnber the brainiac kid who always got A’s???   Even back in my idealistic youth, if I got a B or a C and the brainiac got an A, I would know that generally, the grade was deliberate, and the culmination of good study habits and discipline.  90% used to represent an A grade…so the brainiac was one of the 10%.   

So…in a nutshell, to graduate in 4 years with no debt takes a deliberate plan…if you want to be in the norm…and your child will graduate in 6+ years, buried in debt…and move back home…you will have plenty of company.  The brainiac didn’t just “hope for the best”, or “wait and see”, they took action. 

I cannot emphasize strongly enough to choose schools wisely.  And while a seasoned college counselor used to be a luxury, they are now a necessity for most families. 

Let me give you a car analogy.  Remember (even us girls) when we used to change our own oil and gap our own plugs back in the day?  Now cars have gotten so complex, most people have to take theirs in to a professional.  Even changing tires…most of us used to do that…but today, the cost of triple A is well worth someone who has all the equipment, and can come pop a new tire on your car without you getting your hands dirty.

Let me give you some dismal state….

·         Financial pressure is #1 reason for Drop out

·         80% of parents expect that their children will receive scholarships, but only about 7% of students actually receive private sector scholarships

·         Avg debt upon graduation:  35200

·         Nearly 50% College Grads move home..

Think  your Guidance Counselor at your local high school can help??

·         Ratio of Guidance Counselors to Students:  476:1

·         TOTAL Time spent by Guidance Counselors in college advising:  38 minutes

·         4 in 10 HS students reported getting ANY college info from school counselor

·         Half HS students see counselor as uninformed or unapproachable, saying they were a “face in the crowd”

So please…get some help!  As in any profession, there are those who are reputable, and those who are not.  Most don’t deal with the financial piece at all, and some are really financial planners or insurance sales people, and will talk you into a whole life insurance policy as a way of paying for college.  Do your homework, study, discipline yourself, and you may come out of this thing with an “A”.

Tom and Lawrene Bottorf are the co-founders of GetCollegeFunding in Dana Point, CA.  Send your questions for this column to questions@mygcf.org and visit www.getcollegefunding.org to learn your EFC before the senior year.