COVID-19 has caused shifts and pivots across organizations and even whole industries. Along the way, many folks have decided to delay or cancel what would’ve been some wonderful milestones: a long-awaited family trip, a wedding, a move across country.
Some families will still be wrestling with such decisions for the months—and maybe years!—to come.
A college education is a common enough savings category, but some are rethinking their investment goals with so many changes coming for institutions.
We realize it can be hard to get perspective right now. The stress of the upcoming school year is looming, and prospective students will be making huge decisions based on information that seems to keep changing.
We wouldn’t dream of suggesting the “right answer” for you or your family. Here, however, we’d like to offer a little distance on some of the issues at the heart of this topic.
Is it worth it? Schools are being forced to experiment with how they will structure classes and campus life, so as consumers, many families are questioning the value of the experience they’re paying for. To zoom out, we recommend remembering what a degree will mean for a person after they’re done with it.
Yes, we want students across the country to enjoy a safe, rich, and rewarding couple of years at school, but both the journey and the destination should be part of the equation.
One thing that the pandemic won’t suddenly change? The long-term value of a college degree.
“The lifetime payoff to earning a college degree is so very large, in health and wealth, that it dwarfs even high tuition costs,” writes economist Susan Dynarski. “College is an especially smart choice during a terrible job market.”
An education is not armor against all the problems ahead, but it may still be a sound investment and worthy savings goal for you or your family.
Clients, if you want to talk through this or anything else, call or write.
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