What is the number one thing parents should be thinking about when sending their kids to school?
Return on Investment!
Does it make sense to send your child to a private university to study early childhood education when they are likely to make less than $30,000 per year? Maybe, maybe not.
Parents want the best for their children and they want them to have a great college experience. However, when paying for school, parents need to weigh the cost against the benefit in these situations.
What is the cost? For a Hawaii resident, tuition and associated expenses for an undergraduate degree could add up to more than $50,000 per person. That is a big amount for a lot of people in Hawaii. This cost gets higher when the child is going to school out-of-state. The parents who take on this burden should be compensated with a successful kid who makes enough money to be independent when they are out of school (and perhaps help with repaying student loans.) Return on investment!
How to increase return on investment:
Cutting costs – One way parents can cut costs is to send their kids to community college for two years. Another is to make sure the education track can be completed in four years.
Increasing potential earnings – consider the earning potential of the career associated with a given major. The difference between the highest-paying college majors for 2019, versus the lowest-paying college majors is tens of thousands of dollars annually.