Things to think about when considering college
MINOT, N.D. (KMOT) - College graduates on average make $1.2 million more throughout their work careers than those without a college degree, according to findings from APLU.
The organization said college is an investment, but how much of an investment varies from person to person.
Robert Farrington, the founder of The College Investor, said to calculate your return on investment, figure out how much you expect to earn during your first year on the job after graduation. Then, don’t borrow more than that.
He said when students borrow more than their annual salary, graduates struggle to pay it off.
He said people who borrow less than $20,000 almost always get a return on the investment.
“It’s really important to ask yourself, why am I going to college? What am I going to earn? What’s the cost? See if you can lower the cost, because there’s lots of ways to lower the cost as well,” said Farrington.
He advises people who don’t know what career path they want to take to avoid borrowing too much.
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