It's Not Too Late - And It's Never Too Early - to Begin College Financial Planning

Next to buying a house, planning for college expenses can be one of the biggest financial projects that parents and their children uundertake according to Jim Belvin, director of financial aid at Duke University in Durham, NC.

Four years of college costs tens of thousands of dollars, and it is increasingly easy to break into the hundreds-of-thousands range, especially for advanced degrees.

Regardless of what you've heard, Belvin says, it's not too late to find a way to make paying for college manageable -- not easy, but manageable. Paying for college is a family affair -- parents and students work together to make college affordable. Obviously, the earlier you start, the easier it will be. However, it's never too late to make a difference.

The Difference a College Degree Makes

A college degree is still one of the best investments in life

According to a U.S. Census Bureau 2006 report:

• Adults with advanced degrees earn four times more than those with less than a high school diploma.
• Workers 18 and older with a master’s, professional or doctoral degree earned an average of $82,320 in 2006, while those with less than a high school diploma earned $20,873.
• Workers with a bachelor’s degree earned an average of $56,788 in 2006; those with a high school diploma earned $31,071.

 

Other benefits of a college degree
Obtaining a college degree isn’t just about making more money. According to Katharine Hansen at Quintessential Careers, a college education is associated with other benefits, such as:

• Longer life-spans
• Greater economic stability and security
• More prestigious employment and greater job satisfaction
• Less dependency on government assistance
• Greater participation in leisure and artistic activities
• Greater community service and leadership
• More self-confidence