So You Want to go to College?

The cost of a college education is higher than ever, and there is no relief in sight.  College expenses range from tuition, room, and board, to books, supplies, fees and travel expenses.  The bottom line is that the sooner you start planning for college, whether for your children or yourself, the better prepared you should be to handle the “sticker shock” associated with getting a college education. 1 

There is no doubt that the sooner you start the conversation about college and how it will be paid for, the more realistic the family’s expectations will be about what the family can afford to pay.  In the real world, many families do not start these discussions soon enough. So in the end, the challenge of going to college, to even the least expensive local college, results in great disappointment and even embarrassment for family members.  In fact, it may be impossible for anyone in the family to attend college at all.

Average Cost at Public Colleges

The College Board recently reported that “a moderate college budget for an in-state public college for the 2017–2018 academic year averaged $25,290. A moderate budget at a private college averaged $50,900.” 2  Keep in mind that the $25,290 average cost reported by the Board is for resident students at public colleges.  However, most public colleges charge almost double of out-of-state residents.

Don’t “Plan to Fail”

There is an old adage that says, “If you fail to plan you plan to fail.”  Establishing a plan for the aspiring college students in the family early on is essential to help reduce the challenges, anxiety, and the expenses that the family will incur in obtaining the desired college education for family members.

The Longer You Wait

So don’t give up on the desire to go to college just because of its seemingly unaffordable cost. The longer you wait to make a plan the fewer the options you’ll have when the time comes.

Numerous Aid Options Available

There are several types of aid available to help you pay for your education beyond high school, including grants and scholarships, federal work-study jobs and student loans.  Don’t wait until tomorrow to establish a plan for your college education.  Do it today!3

###Larry W. Marvin

LifeCrafter Money $ense



  1.  ©2016 Larry Marvin,College-Campus-Pic-2.jpg, August 16, 2018, 1 MB 2048 × 1536
  2. © 2018 1st Financial Bank USA, “What’s the Price Tag for a College Education?”
  3. Additional sources include the Federal Deposit Insurance Corporation-FDIC and The US Department of Education

The 1.5 Trillion Dollar Crisis- Student Loan Debt

According to the latest report from the Federal Reserve’s Board of Governors, consumer credit outstanding grew about 4.5% in the second quarter of 2018 to another record. Total consumer debt now sits at $3.91 trillion, which is nearly 50% higher than the previous credit-cycle peak of $2.67 trillion in the summer of 2008.  Second, only to mortgage debt, student loan debt is now $1.53 trillion and is higher than both auto loans and credit cards. 1

Student loans jumped to a new all-time high

Student loans surged to a new all-time high of $1.53 trillion. This level of debt is a new record for the second quarter, and second only to the fourth quarter of last year – which tends to see a seasonal spike due to holiday spending.

According to Make Lemonade, “there are more than 44 million borrowers who collectively owe $1.5 trillion in student loan debt in the U.S. alone. The average student in the Class of 2016 has $37,172 in student loan debt.”2

The Student Loan Reaches Across Age Groups

The latest student loan debt statistics for 2018 show how serious the student loan debt crisis has become – for borrowers across all demographics and age groups. This trend can’t go on forever. Sooner or later, this boom will turn to bust, as they always do. A considerable amount of this debt will go bad, and another crisis will likely follow.

Borrowers Need to be Cautious

Of course, what is far less sure is when. It’s incredibly difficult to predict the timing of these events. And while there are plenty of reasons to be cautious today, most measures of credit-market stress remain relatively low to date.

If you are a student loan borrower, my future blog posts will provide you with the information that can help you make more informed decisions regarding student loan refinance, student loan consolidation, student loan repayment, and student loan forgiveness.

Contact LifeCrafter for More Information

For more information and educational materials on Crafting Wealth and Self, return to the home page for details.


###Larry Marvin
LifeCrafter – Money $ense

  1. ©2018 Larry Marvin, Image Credit:Student-Debt-picture-for-blog-e1533946727827.jpg
  2. ©