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Dr. D. Marcinko MBA [Publisher-in-Chief] Innovate-2-Educate
Dr. David Edward Marcinko FACFAS MBA CMP™ MBBS [HON] is founding CEO of iMBA Inc, a leading national scope provider of health industry education, medical practice management reports, books, dictionaries, white-papers, financial planning and advisory opinions, FMV appraisals and educational seminars. The firm serves physicians, nurses and medical societies; RIAs, BDs, wealth and hedge fund managers; accountants, insurance agents and financial services providers; emerging healthcare entities, hospitals, clinics and IPAs; the press and related e-media. iMBA Inc also offers an experienced yet innovative consulting approach that evaluates opportunities to redesign healthcare processes and provide solutions that can be put into action to affect organizational change. Previously, Dr. Marcinko was a financial analyst, professor of healthcare administration and economics, and co-founder of an Ambulatory Surgery Center [ASC] sold to a public company. Today, as ME-P Publishing Editor, he is a popular futurist, speaker, virtual consultant, thought leader and best selling author integrating population health, medical economics, finance and modern transformational healthcare 2.0 business and education strategies [Phone: 1-770.448.0769].
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Do you want to give your children the best possible chance to do well in college, earn higher salaries, and save more for their retirement? Then, don’t pay for their college education.
One of the most popular money scripts I encounter is the notion that being a good parent means paying for your child’s college. Many parents do this at the expense of taking care of themselves in retirement, which is a very high price to pay.
The most popular reason I hear from clients for funding children’s’ education is empowerment. They want to spare kids the burden of repaying school loans after graduation. They also want them to be able to focus on their studies without the distraction of having to work to put themselves through college. For most parents, allowing students to concentrate on classes so they can perform well, make better grades, and obtain better jobs, is a sacrifice worth making.
There’s just one problem with this scenario. It’s a myth.
In most cases, parents who fund their kid’s’ college education are insuring they will actually do worse in school than those who have to pay their own way. This is the finding of new research conducted by Laura T. Hamilton, published January 7, 2012, by The American Sociological Review under the title “More Is More or More Is Less?” Her study shows that students whose education is funded by parents or through student loans actually have lower GPA’s than students who in some way must work to put themselves through school.
Hamilton found that students who have to “do something” requiring them to take personal responsibility for obtaining the funds for their education do best and carry higher GPA’s. This includes those who receive grants, scholarships, or veteran’s benefits, or who participate in work-study programs.
Parental funds or borrowing “provide the time, money, and proximity (i.e., living on or near campus) necessary to delve deeply into college peer cultures,” Hamilton notes. The gift of time that student loans and parental funding provide isn’t usually poured into studies. Instead, students tend to focus that extra time on increasing their social life. The average college student receiving money from loans or parents spends less time on studies in college than in high school. Even though they spend about 28 hours a week attending class and studying, the research found they devote a full 41 hours a week to social and recreational endeavors.
Put more succinctly, students who have to work to pay their way through college spend slightly more time studying and significantly less time partying.
The net result in this is a big personal and societal lose-lose. Those of you who have sacrificed your retirement to help your children through college have potentially done harm to both your children and yourselves. Your kids have probably done worse in college, thus obtaining lower paying jobs. This loss of potential income has downsides for both children and parents. Previous research has shown that parents who don’t fully fund their own retirement years will actually end up costing their children five times as much as the kids would have spent by funding their own college education.
Understandably, a few of you are now choking on your last sip of coffee as you read the last paragraph. This is not at all the outcome you intended.
The evidence is clear. Parents who take care of fully funding their own retirement instead of sacrificing to pay for their kids’ education are not being selfish. Instead, they give their children something far more valuable than the cost of tuition: the gift of success and achievement.
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Speaker: If you need a moderator or speaker for an upcoming event, Dr. David E. Marcinko; MBA – Publisher-in-Chief of the Medical Executive-Post – is available for seminar or speaking engagements. Contact: MarcinkoAdvisors@msn.com
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They have their work cut out for them as college fees, often well-disguised, continue to explode.
The Admission Arms Race – Six Ways Colleges Can Game Their Numbers
According to Marian Wang, prospective students have long looked to low acceptance rates, high number of applications and other factors to determine how prestigious a college is and whether they should apply.
As the U.S. continues on its path of economic recovery, there are certain occupations that will be a driving force behind the rebuilding and strengthening of our economy.
The technological innovations, new products and discoveries that come from STEM (science, technology, engineering and math) occupations help fuel economic growth and keep the U.S. competitive in a global marketplace.
These occupations, which have been a major focus in the past several years, will continue to remain center stage, with more than one in four employers (26 percent) planning to create jobs in these areas over the next 12 months.
Do College Loans Beget More Debt?
Young adults who took out loans for college have significantly more overall debt than those who didn’t have to borrow for their education, researchers report.
Earning a college degree is one of the best investments you can make in your future. College graduates may have many more opportunities available to them and, on average, the earning potential of a college graduate exceeds the earnings potential of without a degree. Think about it from an employers prospective: if you were choosing a job candidate from a stack of 100’s of resumes, who would make it to the top of the stack?
It’s crucial for you as the student or parent to understand the process of student financial aid to make sure you explore all the options available to you.
The options begin with a FAFSA: Free Application for Federal Student Aid. All students are expected to contribute towards the cost of their college education. Just how much depends on your financial situation and the financial situation of your family. This is referred to as the Expected Family Contribution or EFC.
The Free Application for Federal Student Aid is the form that the Department of Education uses to evaluate and determine the EFC (Expected Family Contribution). Therefore, your process for determining how you will fund your (your child’s) education starts by filling out a FAFSA. The analysis that is then performed by the Dep’t of Education is based upon your assets, income and other household information. You need to only fill out the FAFSA one time and the Department of Education will communicate directly with the College(s) and University(s) of your choice. You can list these on your application so that the application is transmitted directly to these schools. The FAFSA is the standard that nearly all colleges and universities use to determine eligibility for federal, state, and college-sponsored financial aid which includes loans and GRANTS.
Types of Student Financial Aid
The cost of education continues to rise. Therefore, figuring out how you’re going to finance your education can see like a tough task. The good news is that nearly every student is eligible for some type of financial aid regardless of your income circumstances.
If you qualify, the options available may include:
• Federal Pell Grants
• Stafford Loan
• Parent Plus loan
To be eligible for some form of student financial aid, you must:
• be a U.S. citizen or an eligible Non-U.S. citizen
• have a valid Social Security number
• have a high school diploma or a GED
• be registered with the U.S. Selective Service (if you are a male between the ages of 18-25)
• complete a FAFSA promising to use any federal aid for educational purposes only
• not owe refunds on any student loans
• have not been found guilty of the sale or possession of illegal drugs during a period in which federal aid was being received.
Quick information on Pell Grants:
• A Pell Grant, unlike a loan does not have to be repaid.
• The maximum Pell grant for the 2011-2012 award year (July 1, 2011, to June 30, 2012) is $5,500 – The amount depends on your financial need, costs to attend school, status as a full-time or part-time student, and plans to attend school for a full academic year or less.
• The US government also offers student loans to fund your education. You can pay these back at very low interest rates.