In just the past five years, the percentage of parents who believe they would be able to help their children pay for their college education dropped from about one in two (49%) to one in four (25%). Meanwhile, college seniors who graduated with student loans in 2010 owed an average of $25,250 (another study suggested $22,900).
Kayla Webley goes on to report that “Last week, the total amount of outstanding student debt reached a grim milestone, topping $1 trillion for the first time in history, and last year the total amount of student loans taken out topped $100 billion, also a first. Both totals are sure to increase as students receive less financial assistance from their parents to attend school.”
If you plan to go to college, be realistic about your income prospects. Some careers pay better than others — that doesn’t mean they’re more valuable in God’s eyes, but it does make it easier to pay off debt. Also have a sober estimation of your abilities (Rom. 12:3)–only about 50% of freshmen who set out to be engineers earn a B.S. degree in that field, and only about 10% of freshmen who consider themselves “premed” actually make it through medical school. Ask those with more expertise and experience how likely you are to succeed in more selective fields, and perhaps keep a “plan B” in mind.
(This and more in Thriving at College.)