When our oldest daughter was in her senior year of high school, we had a lot of questions about whether she should go away to college or stay close to home. On one hand, we wanted her to make the decision on whether she was ready to go away to college. After all, she will have to make decisions for herself in the future. However, she was only 16 years old and we didn’t feel too comfortable with her going far away, at least not yet. Thankfully, after some conversations with her, she decided that she wasn’t ready and made the choice of attending the local university. She will graduate in 2020 with her bachelor’s degree and she plans on going away for her master’s degree, all at the age of 19. Most importantly, she will graduate with zero debt!
So what are some factors parents and students should consider in deciding whether to stay or go? Here are a few:
Maturity level
If you are still waking up your child to go to school or he or she still needs reminders to finish homework, that’s an indication that your child is not ready to go on his or her own. Gradually increase responsibility so your child can become more independent.
Finances
It is always cheaper to live at home. Will parents have to choose between funding retirement or funding college? If that is the case, students should consider staying close to home. Students can transfer to a 4-year university with an associate of arts degree. Also, those few years at a community college or local university can save you a bundle of money and help you reduce debt.
Program of Study
Is the major your child is interested in available at the local university? Must she or he go away to college for their program of study? If so, try to minimize cost. The biggest cost in getting a college degree is tuition & fees and room & board. Carefully review each university’s financial aid packages. Reach out to the financial aid office if you have questions. Also, to reduce room & board, consider applying for housing scholarships if they are available in your state.
Even in the best families, these discussions may be hard and uncomfortable at times. Keep the communication lines open and do what is best for your family.
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