Costly Myths Scholarships True Cost of College and Dream School

[Music]

october 12

1983 three jobs 35 credit hours

ramen noodles i was one of many students

scraping by to

pay their way through school i was the

real

starving college student i had to lift

food from the college cafeteria

so i could eat on the weekend i held my

breath

hoping my tuition checks would clear

my dream was to have a college degree i

just never

expected the financials troubles that i

would face

later as a parent i wanted the best for

my kids

from the time they were young i had

planned for them to go to college

conversations would begin with when you

go to college

not if you go to college

but what does society tell us about

getting that college degree

of course there’s the ever-popular

having a college degree

ensures your financial success according

to a report by the u.s

board of labor statistics having a

bachelor’s degree

earns an average of 26 thousand dollars

more per year

than a high school diploma alone a

significant amount over a lifetime

but this as well as other studies does

not account

for the effect of college debt in these

figures

another common belief is that the degree

must come from a name recognized

top 20 school there were several

scandals in the last year alone of

parents teachers and counselors cheating

to get their children accepted to these

name brand schools

yet the dale and krueger study of 2011

found that students who were accepted

to name brand schools yet chose to

attend a state university

earned the same average salaries as

those who attended

the name brand schools your success

depends on you

not the name on your diploma and of

course we can’t forget

college is so expensive everyone

has college debt we can’t escape it we

hear it all the time about the high cost

of college the

student loan debt crisis but is it

really

according to the federal reserve 70

of college students graduate with

college debt and the average debt

balance is thirty thousand dollars with

an average monthly payment

of three hundred ninety three dollars

but thirty percent of college students

graduate

debt free let me repeat that

70 percent of college students graduate

with

student loan debt but 30 percent

graduate debt free college

doesn’t have to be a debt sentence

yes i had planned for my children to go

to college

but i failed to plan financially for

college

just before my oldest was to start high

school my husband was laid off

twice then the stock market crashed

we used what was left in savings and the

stock market to pay the bills

but eventually that money ran out

and we had no choice but to declare

bankruptcy

with the bankruptcy we lost

everything

my daughter was just starting high

school college wouldn’t be far away

how would we get her into college would

she be accepted how do we

pay for it that’s when i realized

we couldn’t we had no savings and with a

bankruptcy meant

we had no credit to co-sign for student

loans

what would we do would she have to go

through what i did

to get her degree i felt desperate

but desperation became focused

determination

i was determined to uncover what the

thirty percent are doing

at the seventy percent or not with more

than seven

thousand hours of research i discovered

that nearly six

hundred thousand college students

graduate debt-free

every year and they’re all using a

common strategy

i had cracked the code to free college

in my research i discovered that those

who graduate debt-free understand what i

call

money math why are college loans

such a big deal anyway when i was in

school you

signed a contract for 10 years and you

paid it off in 10 years

today students take an average of 21

years to pay off a bachelor’s degree

while the average college debt is only

30 000

so why 21 years the answer

is simple students are offered repayment

options

that reduce their monthly payment they

can put payments on hold

they can pay a smaller percentage of

their income

options like these remove the incentive

to make wise

financial choices they’re designed to

keep two

students in debt because well that’s how

loan issuers make money

and most students don’t understand the

math

the compound interest continues to build

every day

working against them not only are they

lengthening the loan

they’re increasing the balance those who

graduate debt-free

understand the loan contract and how it

affects

their financial future they did the math

as a parent i understand you want the

best for your kids i get it i did the

same

but sometimes we feel powerless and find

ourselves between a rock and a hard

place

from one parent to another let me share

with you alice’s

dilemma my client’s daughter alice

had an offer to attend a school her mom

could afford

but alice wanted to attend her dream

school

mom didn’t want to be the one to say new

to alice

so she called me i showed alice that the

entry-level salary for her chosen career

is 35 000

the monthly take-home pay will be just

under 2500

now to a teenager that’s a lot of money

now let’s talk about dream school the

four-year cost to attend dream school

is 260 000

and the 10-year monthly note will be

just

under 2 900

in this scenario alice walks out of

college and is immediately

bankrupt even if we lengthen the loan to

15 years or 20 years

she still can’t afford to pay the note

and eat

much less afford a place to live but

what gets forgotten

is the amount of interest paid over the

life of the loan

if alice has a 20-year loan she’ll pay

187 000 in interest alone

but compound interest works for you when

you’re investing

as i said the average debt is 30

000 with an average monthly note just

under 400.

that doesn’t sound like much so let’s

assume the student

pays the note in 10 years and is done

with it and can begin investing

that 400 per month at age 32.

if they continually invest at four

hundred dollars per month until

retirement

they could reach a one million dollar

net worth by age 63.

that’s great but what if they never have

college debt at all and can begin

investing 10 years earlier

at age 22. alice has that choice

if alice begins investing 400 by age 22

every month and is consistent she could

reach that one million dollar net worth

10 years earlier but the best part is

continuing to invest

through retirement at age 67. then her

net worth could be more than

4 million dollars

the difference because of a 30 000

student loan

is 2.8 million dollars lost that’s what

you lose

by waiting 10 years to begin investing

we’re so caught up in our children

attending the college of their dreams or

having the college experience

we forget that the debt could prevent

them from living

the life of their dreams college

doesn’t have to be a debt sentence

not only do our kids need to learn money

mass

but one of the most important points in

the book cracking the code to free

college

is that those who graduate debt-free

start early

they knew early how much money their

family could or could not invest

in their college education they began

applying for scholarships

very early there are scholarships from

as young as

kindergarten scholarships for red hair

duck calling yodeling a zombie

apocalypse scholarship

most applications are just a short essay

those who graduate debt-free prepared

for college early

they started working on getting good

grades from the moment they walked into

high school

they took college entrance exams from as

early as the seventh grade

taking the exams multiple times knowing

the scores they need for scholarships

those exams combined with good grades

often determine scholarships worth tens

of thousands of dollars

if you don’t like your score you can

take it as often as you like

until you get the score that gets the

money

my daughter took the a.c.t exam

11 times my son took the s.a.t exam

one more time and increased his score

enough for an additional

ten thousand dollar scholarship college

doesn’t have to be a debt sentence

number three those who graduate

debt-free

did the research we research when we buy

a car

is it stylish does it have the right

features is it reliable how much will it

cost

can i afford it most of us wouldn’t walk

into a tesla showroom and say

i’ll take the red one most of us know

we’re only there to drool over the

pretty cars

but we’re not driving out with one but

we’re more emotional when it comes to

choosing a college and we don’t consider

the cost in the same way

college doesn’t have to be a debt

sentence

those who graduate debt-free researched

colleges scholarships college major and

career paths

they made financially sound choices

there are more than

4 000 colleges and universities in the

u.s and nearly 23 billion dollars

in scholarship opportunities we’ve

allowed

social influences and college marketing

to affect our judgment

as parents and advisors our teens are

trusting us

to use our knowledge wisdom and

experience to guide them

it’s not the high cost of college or

student loan programs

that have failed our kids it’s us

not only do our kids need to learn money

math

and start early and do the research

they also need to work

you need to work for the grades and the

test scores during high school

they need to work for applying for

scholarships and doing the research

but it also takes work yes i’m talking

about getting a job and a side gig

but most importantly is the

determination to make it happen

like the 30 percent my kids applied for

scholarships

every week never giving up my daughter’s

first scholarship

that she applied for and won was a ten

thousand dollar national scholarship in

her high school junior year

all combined my kids scholarships

totaled

199 thousand dollars for four years of

college

debt-free with cash left over

years later i’m grateful for the

bankruptcy

i wouldn’t have done the research i

wouldn’t have been

as determined kids

wouldn’t have had this result without it

this strategy is repeatable six hundred

thousand college students graduate debt

free

every year college

doesn’t have to be a debt sentence

i cracked the code to free college for

both my kids

and so can you

you

[音乐]

1983 年 10 月 12 日 三份工作 35 学分

拉面 我是许多

勉强

上学的学生之一 我是

真正

挨饿的大学生 我不得不

从大学食堂拿起食物,

这样我才能在周末吃饭 我

屏住呼吸,

希望我的学费支票能实现

我的梦想是获得大学学位我

只是没

想到我

以后作为父母会面临财务问题我想

从我计划的孩子小的时候起就给他们最好

的 他们上大学的

谈话会从你上大学时开始

根据美国

劳工统计局的统计,拥有

学士学位的人

每年平均

比高中文凭

多赚 26,000 美元 我,

但这项研究以及其他研究并

没有说明

这些数字中大学债务的影响

另一个普遍的看法是学位

必须来自公认的

前 20 名学校,

仅去年一年就发生了几起关于

父母教师和辅导员的丑闻

欺骗让他们的孩子被这些

名牌学校录取

但戴尔和克鲁格 2011 年的研究

发现,被

名牌学校录取但选择

就读州立大学的学生

的平均工资与

那些

就读名牌学校的学生相同 成功

取决于你

而不是你文凭上的名字

当然我们不能忘记

大学是如此昂贵每个人

都有大学债务我们无法逃避

它我们一直听到关于大学的高成本

学生贷款债务危机但是

真的是

根据美联储的数据,70

名大学生毕业时

背负大学债务,平均债务

余额为三万美元

。 年龄 每月

支付 393 美元,

但 30% 的大学生

毕业时没有

债务 让我再说一遍,

70% 的大学生

带着

学生贷款债务毕业,但 30% 的

毕业生没有债务 大学

不一定是债务句子

是的,我 曾计划让我的孩子

上大学,但在我最大的孩子上高中之前

,我没有为大学做财务计划,

我丈夫两次被解雇,

然后股市崩盘,

我们用剩下的储蓄和

股市来支付 账单,

但最终钱用完了

,我们别无选择,只能宣布

破产破产我们失去了

一切

我的女儿刚刚开始

高中 大学不会很远

我们如何让她上大学

她会被录取怎么办 我们

为此付出了代价,那时我意识到

我们做不到我们没有积蓄,而

破产意味着

我们没有信用可以共同签署学生

贷款

我们会怎么做 她必须

经历我所做的一切

才能获得她的学位我感到绝望,

但绝望变成了集中的

决心

我决心通过七千多个小时的研究来揭示

百分之三十的人在做什么

每年有十万大学生

无债务毕业

,他们都在使用一个

共同的策略

我在研究中破解了免费大学的密码

我发现

那些无债务毕业的人明白我

所说的

金钱数学为什么大学贷款

如此 无论如何,当我在

学校的时候,你

签了一份为期 10 年的合同,你

在 10 年内还清了

今天的学生平均需要 21

年才能还清学士学位,

而平均大学债务只有

30

000,为什么 21 几年 答案

很简单 为学生提供还款

选择 减少每月还款 他们

可以暂缓还款

他们可以支付收入的较小比例

像这样的选择消除了

做出明智

财务选择的动力,它们旨在

让两个

学生负债累累,因为这就是

贷款发行人赚钱的方式,

而且大多数学生不理解

复利每天继续建立的数学,

对他们不利 只是他们

延长了贷款

他们增加了余额那些

无债务毕业的人

了解贷款合同以及它如何

影响

他们的财务未来他们作为父母做了数学

我知道你想

给你的孩子最好的我明白我做到了

一样,

但有时我们感到无能为力,发现

自己

在一个父母到另一个父母之间陷入困境让我

与你分享爱丽丝的

困境 我客户的女儿爱丽丝

收到了她妈妈负担得起的学校的邀请,

但爱丽丝想上她 梦想

学校的

妈妈不想成为那个对爱丽丝说新的

所以她打电话给我我告诉爱丽丝

她选择的职业的入门级工资

是 35 000

吨 他现在每月的实得工资将

低于

2500 对一个青少年来说是很多钱

现在让我们谈谈梦想学校 上梦想学校的

四年费用

是 260 000

并且 10 年月薪将

略低于 2 900

在这种情况下,爱丽丝走出

大学并立即

破产,即使我们将贷款延长至

15 年或 20 年,

她仍然付不起账单

,吃得

更少,买不起住的地方,

但被遗忘的

如果爱丽丝有 20 年的贷款,她将支付

187,000 的利息,

但在您投资时,复利对您有效,

因为我说平均债务为

30,000,平均 每月的票据

不到 400。

这听起来并不多,所以

假设学生

在 10 年内支付了票据并且完成

了它并且可以

在 32 岁时开始每月投资 400。

如果他们继续以

每人 400 美元的价格投资 直到退休一个月,

他们可以 到 63 岁时达到 100 万

美元的净资产。

这很好,但如果他们根本没有

大学债务,并且可以在 22

岁时提前 10 年开始投资,那该怎么办。

如果爱丽丝在 22 岁时每个月开始投资 400 美元

并且是 一致,她可以

在 10 年前达到 100 万美元的净资产,

但最好的部分是

在 67 岁退休后继续投资。那么她的

净资产可能超过

400 万美元

,因为 30 000 学生贷款的差异

是 280 万美元 损失的美元 这就是

等待 10 年才开始投资

所损失的钱 我们如此沉迷于我们的孩子

上他们梦想

的大学或拥有大学经历

我们忘记了债务可能会阻止

他们过上梦想的生活 大学

没有 不必成为债务句子,

不仅我们的孩子需要学习大量金钱,

而且在破解免费大学密码的书中最重要的一点

是那些毕业的人 无债务

起步

很早 他们很早就知道他们的

家庭可以或不可以

为他们的大学教育投资多少钱 他们

很早就开始申请奖学金 从

幼儿园就有奖学金 红毛

鸭的奖学金称约德尔为僵尸

启示录奖学金

大多数申请 只是一篇短文

那些无债务

毕业的人很早就为大学做好了准备

他们从进入高中的那一刻起就开始努力取得好成绩 他们

早在七年级就

参加了大学入学考试 多次参加考试

知道分数 他们需要奖学金

那些考试加上好成绩

通常决定了价值

数万美元的奖学金

如果你不喜欢你的分数你可以

随心所欲地拿它

直到你得到的分数得到

我女儿采取行动的钱 考试

11 次 我儿子又参加了一次SAT考试

,他的分数提高

到足以加分

一万美元奖学金大学

不一定是债务

第三号那些

无债务毕业

的人我们在买车时做过研究

吗它是否时尚它是否具有正确的

功能它是否可靠它要花多少钱

我能负担得起吗 我们大多数人都不会

走进特斯拉展厅说

我要买红色的 我们大多数人都知道

我们只是在那里为漂亮的汽车流口水,

但我们没有开一辆,但

我们 “在

选择一所大学时更加情绪化,我们不

考虑成本,就像

大学不必成为债务

判决

一样 合理的选择 美国

4000 多所

大学和近 230 亿美元

的奖学金机会 我们

允许

社会影响和大学

营销影响我们

作为父母和顾问的判断,我们的青少年是

信任的 让

我们用我们的知识智慧和

经验来指导

他们 让我们的孩子失败的不是大学或学生贷款计划的高昂成本,

而是我们的

孩子不仅需要学习金钱

数学

并尽早开始并进行

他们也需要的研究 要工作,

你需要为高中的成绩和

考试成绩

而努力,他们需要为申请

奖学金和进行研究

而努力,但这也需要努力,是的,我说

的是找工作和兼职,

但最重要的是

实现这一目标的决心

就像我的孩子每周申请奖学金的 30%

从未放弃我女儿申请并获得的

第一个奖学金

是她在高中三年级时获得的一

万美元国家奖学金

加起来我孩子的奖学金

总计

199 四年大学无债一千美元,

几年后还剩下现金我很感激

破产

我不会做研究我

不会

一直坚信孩子

们不会有这个结果没有它

这个策略是可重复的 每年有 60

万大学生无债务毕业

大学

不一定是债务判决

我破解了密码,

为我的孩子

和 你也可以