How do you prepare your kids for college? And what about you – how do you prepare yourself? In today's episode, hosts Scott Donnell and Chad Willardson discuss what parents should think about and do when it comes to their children potentially going to college.
They share some stats related to education quality and student loan debts, the “financial handcuffs” trap, and what a good gap year actually looks like.
- Scott kicks off the conversation mentioning a few facts about education, like the fact that education rates are higher than ever.
- Even though an impressive amount of families really value education, Scott doesn’t believe that everyone should get thousands of dollars in student loans to get a degree.
- In 2021, the total amount of student debt by 44 million borrowers exceeded $1.7 trillion. However, only about 55% of students pursuing a bachelor’s degree actually complete it.
- Chad raises the question of whether it’s worth paying thousands of dollars while, today, education is really happening online…
- According to a 2021 report of best colleges, 76% of students believe that online learning is actually better and more productive than, or at least equal to, on-campus learning.
- Scott says it clearly: college is not the only answer to ensure a child’s success.
- Scott points out some of the advantages of going to college and warns about what parents should be on the lookout for.
- Chad and Scott mention the fact that many companies don’t look at degrees but focus on people’s attitudes when hiring them.
- Level 7 of the GravyStack app addresses the concept of the ROI of college.
- When approached the wrong way, student loans can be a “financial handcuff” young people will need to deal with for the rest of their life.
- Scott and Chad share their college prep advice, and talk about what a good gap year actually is.
- Chad shares the story of a couple that had a different way to approach their children’s college journey.
Mentioned in This Episode:
gravystack.com/smart
gravystack.com/igniter
smartmoneyparenting.com
smartmoneyparenting.com/followus
Smart, Not Spoiled: The 7 Money Skills Kids Must Master Before Leaving the Nest by Chad Willardson
Value Creation Kid: The Healthy Struggles Your Children Need to Succeed by Scott Donnell and Lee Benson
Scott Donnell on LinkedIn - linkedin.com/in/donnell-scott
Chad Willardson on LinkedIn - linkedin.com/in/chadwillardson
Scott Donnell on Instagram - @imscottdonnell
Chad Willardson on Instagram - @chad.willardson
Scott Donnell on TikTok - @imscottdonnell
