By Ben Rodgers
Editor
GREEN BAY – With ink still drying on the diplomas for the latest crop of high school graduates, now is the time for parents and students to start thinking about life after graduation, and more importantly, how to pay for it.
The average annual in-state college tuition in Wisconsin was $15,572 for the 2017-18 academic year, according to CollegeCalc.org.
Even technical colleges, while more affordable than four-year schools, have tuition in the thousands.
Cindi Witt, Unison Credit Union community relations coordinator, said it is never too early to start thinking about paying for school.
She said most planning should start by the time students reach their junior year of high school.
“Even if it’s sooner than that, it’s a good idea,” Witt said. “You can’t start too soon. I know people who start already when their kids are in grade school, to kind of get a grasp on what the cost of college really is and what the options are for financing that.”
She said the first step is having a talk with your children to find out what their career ambitions are and what educational opportunities best align with them.
“Try to match their schooling to their career goals,” Witt said. “One of the big things right now is that student loan debt is huge for a lot of people. It really isn’t a matter of looking for smart ways to pay, but it’s a matter of looking for strategic ways to pay for education.”
After the talk, she said the best approach is to go after the low hanging fruit.
Local high schools have information available on scholarships in the community and every little bit helps chip away at the cost of post-secondary education.
With school choice in mind, and scholarships at the ready, Witt said it’s time to consider options to save even more.
“You have to be realistic about what fits into your family’s income, and again choice of school will factor into that, too,” she said. “Can you start out at a two-year university and then transfer over? Can you live at home for a year? That will save you some money. Even if you haven’t started saving yet, there’s still opportunity out there.”
The savings portion is where Unison can help lessen the financial burden.
“You always want to be saving some money for college because college is an expensive endeavor,” Witt said. “Even if you do have a scholarship, chances are you are going to pay for a certain portion of your schooling.”
If high schoolers have a part-time job, she suggests saving a portion of every check in a dedicated savings account for college.
Choices beyond that become more complex based on investment type, interest rates and tax implications.
To navigate those uncharted waters, Witt suggests Unison members come in for a consultation. If someone is not a member, it costs $5 to join.
“Our member advisors are always ready to sit down and talk with you and help you figure out a plan,” she said. “It’s a great place to start.”
Just because college may not have been a walk in the park scholastically, doesn’t mean paying for it requires the same headaches.
“It’s not a one-time shot,” Witt said. “You can come back to talk to us more than once. We’re here if you have questions as you go.”