Lifetime Salaries Can Literally Vary by Millions

As millions of students prepare to graduate from high school and head off to college, well-meaning parents often encourage them to choose the major of their dreams.  Sometimes, students have known for years the particular career that would be perfect for them.  Other times, students enter college “undecided” and end up making a decision as they move through their coursework. But few students realize the economic impact of their choices.

On average, an individual with a bachelor’s degree earns nearly twice the lifetime income of someone with a high school diploma. But just as significant – from a monetary point of view – is the choice of major that can either launch a student into a high paying career or leave the graduate struggling to pay off skyrocketing student debt. In fact, college graduates with the highest-paying majors earn $3.4 million more than those with the lowest-paying majors, over the course of their careers, according to a study by the Georgetown University Center of Education and the Workforce.

Cut 25% Off The Total Cost of a College Degree

Three million Americans over the age of 60 are still paying off student debt. Approximately 40,000 of them are having Social Security or other government payments garnished.  It shouldn’t be this way.  To avoid the likelihood of joining these ranks, parents and students need to do some careful planning well before deciding on their college of choice.

One of the best ways of reducing the total cost of a college education is reducing the number of years spent acquiring a college degree.  By taking Advanced Placement (AP) courses in high school, taking an extra course (at no extra charge) during some college semesters, and/or taking courses at a college close to home in the summer, students can often complete their college requirements in three years, cutting 25% off what is typically a four-year college bill.

Strategies to Get Accepted to Colleges of Choice

 

The best way to get “Your Accepted” letters is to present yourself as an ideal candidate for each college to which you apply.  If you’re a legacy, let them know.  Many colleges favor applicants whose parents are alumni – especially if they’ve been donating over the years.  If you are the first in your family to seek a college education, let them know.  Most colleges favor students whose parents are not college educated.  If your family can afford to pay the full sticker price and not seek financial aid, let them know.  Some colleges are “need blind,” and admit students regardless of whether or not they are applying for financial aid.  Other colleges are “need-aware” or “need-sensitive,” and may consider financial need when deciding whether or not to admit an applicant.  This category includes American and George Washington universities in Washington D.C., and Tufts University, Mount Holyoke and Smith colleges in Massachusetts, among many others.

Students Get a Second Chance at “Early Decision”

Many college-bound students aim to avoid the stress of waiting all senior year to find out which colleges will accept them.  They apply Early Decision I, meeting a November 1st or November 15th application deadline, and then typically hear back from their college of choice prior to the December holiday break.  If they are accepted, the holidays are a joyful time as they and their families can celebrate that the anxiety-ridden college application process is over.

But, for those students who are turned down by their Early Decision I college, or those who failed to meet the November deadline, all hope is not lost.  Many colleges offer Early Decision II, with a January application deadline and notification in February – close to two months prior to the typical April 1st college response date.

High Schoolers: Lessons to be Learned from COVID

By observing students in the high school class of 2021 anxiously submitting their college applications, there are many lessons to be learned by those who will be following in their footprints.

Don’t procrastinate.  Many students, thinking they had plenty of time to take the SAT, ended up having few or no opportunities.  Since students are allowed to submit their highest test scores on college applications, those who started taking the test early in their high school years enjoyed a significant advantage. Even though many colleges went “test optional,” they will obviously admit – and award scholarship money to -- the most impressive applicants.