EPISODE 6 – College: Is It Worth It?

Presented by Lance Edwards and Randy Luebke

In this episode of “Financial Independence – A Better Perspective”, Lance and Randy discuss the various options available to college students and how to get the most bang for your buck. They review financial aid and financing, public vs. private universities, and the importance of the college experience. Additionally, they discuss the impact of COVID on the value of education today.

What you’ll learn in this episode:

• Funding your retirement and managing the expense of sending children to college.
• College is generally set up as an after-tax cost.
• As a financial advisor, Randy’s role is to help clients find ways to pay for college with pre-tax dollars.
• While some students receive grants and scholarships, most are not eligible for the popular, top-level ones. So the search for scholarships and funding among the lesser-known options has to begin early. 
• The “sticker price” for college is not what you end up paying for it. 
• Randy discusses the importance of figuring out the benefits of college for each child individually. 
• There is a downside to the fact that financing has become very easy to get. And you pay those loans after-tax dollars.
• Public vs. private school; there is a big price difference. 
• Benefits of starting at community college.
• Lifelong relationships from college.
• Parents’ involvement in a child’s decision to go to college.
• Lance breaks down the cost-effectiveness of leaving college for a $60,000 a year job vs. earning that same amount as a welder coming out of a much less expensive trade school.
• COVID-19’s effect on education and online learning.