Filed under: Careers, Dr. Boyce Money
1) Thinking of college as a party fest: Many people see college as a place to party until you drop, without making much time to think about the work you are supposed to do in between. College is a great place to become an alcoholic, pick up a drug addiction or catch a nice set of venereal diseases. While I'm the last one to tell students they shouldn't have fun in college, I am the first to say that any fun should be balanced with the importance of remembering that your educational experience is forming the foundation for your future. Also, unhealthy habits like binge drinking and irresponsible sexual behavior have ruined quite a few lives and even caused deaths on campuses all across America.
2) Choosing a major without considering the professional and financial ramifications: I never cease to be amazed at how many people choose a major that isn't going to pay the salary they want and then end up shocked that they are broke after graduation. This is not to say that money should be your driving factor when choosing a major, but if money matters to you, you may want to avoid majors that don't finance the lifestyle you'd like to have after college. Research the major in advance to make sure that the money and workload match that with which you are most comfortable.
3) Binding yourself with massive amounts of unnecessary debt: Unless you are attending an Ivy League school or something close to it, I don't see any reason for people to leave their home state for college. Why spend $25,000 per year to get what you can also have for just $8,000 per year? For example, I had a "friend" in college who attended the University of Kentucky for three times the price she would have paid by staying in her home state and attending The University of Tennessee. UT and UK are almost equivalent in nearly every meaningful way. But now, that friend is nearly 40 years old and likely still dealing with student loans that she accumulated by paying double the necessary amount for a college education.
The bottom line is that the investment in education is critical to your future and that of your children. Therefore, thinking carefully about this investment will make the difference between a life of fulfillment and a life of regrets. Don't make this decision lightly and starting preparing your kids right now.
Dr. Boyce Watkins is the founder of the Your Black World Coalition and a Scholarship in Action Resident of the Institute for Black Public Policy. To have Dr. Boyce commentary delivered to your email, please click here.