Your Plan for College Funding Is Probably Not Happening

That’s right, I said YOUR plan, because I already know my kids aren’t getting any athletic or academic scholarships.

At a Financial Planning Association meeting I picked up this flyer from the nice folks at College Invest.  In the flyer there are several interesting statistics:

  • 83% of Colorado parents expect their child to receive a scholarship to pay for their higher education (source FinAid.org).
  • In reality, only 10% of students receive non-athletic scholarships (source NCAA.org).
  • A measly 2% of high school graduates receive athletic scholarships.

So, what’s a parent to do?

  • Save what you can for college, but not at the expense of your retirement savings.
  • Educate your child on the various costs of higher education as compared with the income he/she may receive for different careers.  A $250,000 tab for college does not justify a job that tops out at $50,000/year earnings.  I don’t care how prestigious the school.
  • RELAX and enjoy your kids’ sports activities.  Don’t be that parent yelling at the referees/coaches/umpires/other team/your own kid.  It really is just a game, not an income stream.  Let it sports be fun, not driven to that scholarship that your kid is 98% likely to not get.

 

If these topics sound like they would be of interest to your employees, sales conference, or professional organization, contact me at 303-324-0014 or kristi@sullivanfinancialplanning.com for more information.

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