Rick Reagan, a Certified Financial Planner, joined us on Bridge Street to talk discuss the worth of college at this day and time. The average cost at SUNY school is about $20,000 and private universities can amount up to even more – coming in at close to $40,000. As the cost increases and unemployment soars, the real question is, is it still worth it to pay for the expense of higher education.
It is still worth it, according to Reagan. When one gets out of college, they are more likely to earn $1 million dollars more than a highschool graduate. In this economy, one needs to have more than a high-school degree, according to the following unemployment statistics by education:
- No High School Diploma 13.8%
- High School Diploma 10.1%
- Some College 8.3%
- College Degree 4.5%
According to Reagan, even a bit of college can help one’s chances of getting a job. College education can also help one move from the manufacturing field to service field. Since a lot of parents worry about paying for higher education, Reagan recommends starting a 529 plan early, since the money in the savings account will grow tax-free.
Reagan offerd up a few tips:
