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Why Should You Consider a College Plan Now?

Gerber Life College Plan – seniors graduating

As our world becomes increasingly competitive and higher education more important than ever, planning for your child’s future should start now. The Gerber Life College Plan is a great way to help tackle the rising cost of higher education, whether or not your child decides to go to college.

College Tuition on the Rise

The average cost of attending a four-year university is steadily increasing. For 2018, the figure is around $20,000 for a public, in-state school and up to an average of $47,000 for a private school. For Associate degrees, the cost also is increasing – although more affordable – to an average of $3,570 per year at a public college.1

In addition to juggling college, work and a social life can make it hard for some students to maintain academic performance, so they might need longer than four years to complete the requirements to graduate.

The longer it takes to earn a college degree, the more debt your child could accrue. Earning that degree, however, could put them in a better position for finding a job after graduation.

Higher Education Brings Better Job Opportunities

It’s no secret that a Bachelor degree can help a child to land a higher-paying job. The Bureau of Labor Statistics found that in 2017, those who graduated with only a high school diploma will be more than twice as likely to struggle with unemployment as will someone with a Bachelor degree.2

Here’s a breakdown from a Georgetown University study of Americans with and without college degrees:

  • 36% of Americans hold a Bachelor degree or higher.
  • 30% have an Associate degree.
  • 34% did not attend higher education after graduating from high school.

Following the Great Recession of 2008, out of the 11.6 million jobs created, 8.4 million went to holders of a Bachelor degree – or 72%. Although that number speaks volumes, college isn’t for everyone.3

Will the Gerber Life College Plan Pay for Technical School?

Yes. Not every child will want to go to a four-year university. In fact, many technical professions and trades are struggling to find qualified candidates.

The Gerber Life College Plan is a way to put money aside for your child’s future, not necessarily just for college. It’s an individual endowment life insurance policy that allows you to use money for any purpose, trade schools included.

It might seem like your child’s life after high school is far away, but don’t blink — the time to make plans for after high school will be here soon.

Gerber Life Insurance wants to help prepare you and your child for the future, so that your child can get the needed education without the burden of rising debt.

To learn more about our College Plan, we’re here to help. Just call us at 1-800-704-2180.

 

Sources:

1 Goldy-Brown, Sarah, The Average Cost of College in 2018, Student Debt Relief, 28 July 2018;
https://www.studentdebtrelief.us/news/average-cost-of-college-2018/

2 Torpey, Elka, Measuring the Value of Education, Career Outlook, April 2018;
https://www.bls.gov/careeroutlook/2018/data-on-display/education-pays.htm

3 Carnevale, Anthony P., et al, America's Divided Recovery: College Haves and Have-Nots 2016, Georgetown University, Center on Education and the Workforce, 30 June 2016;
cew.georgetown.edu/cew-reports/americas-divided-recovery/#full-report

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