A New Twist on College Requirements

This time of year, as seniors graduate from high school, we get calls from their parents asking how they can now pay the bill (due in August).  Many are ready to take out loans, home equity or raid their retirement...and for WHAT????  They don't even consider taking a "gap year" (where the student has time to research schools, do focused internships and visit colleges)...yet are more than willing to put their family's financial health in jeopardy.  

An interesting idea some families are doing is to have the student write a business plan of sorts...think of college as an investment, and have the student tell the investors (parents) how they plan to make the best return on that investment, how long it will take to break even, and the process they have in mind to achieve success.  

If done like that, parents would feel really foolish to subsidize a lifestyle choice of "college experience" (AKA partying, unhealthy eating and sleeping habits, and cram studying).  If parents knew that the students college of choice...say San Francisco State, graduated only 13% of their student body in 4 years, wouldn't they want to know what the student is going to do to ensure that they will be in that 13% that graduates?  And would parents be so willing to go into debt...or spend their retirement with no plan...or at least some research into the return on their investment?

What about work?  After sending your money to SFSU for 4 years, don't you want to see that your child has a marketable future?  Either a great job, or paid graduate opportunity?  

So in this season of the high school grad....perhaps a summer assignment for your student...which would include a business plan...or a gap year...

Lawrene Bottorf is the co founder of GetCollegeFunding-Admissions and financial aid experts.  Check out the free report on "How to Graduate from College Debt Free"
www.GetCollegeFunding.org