After a Degree Our Kids Will Still Be Behind, But College Is Still Worth
We all want our children to go to college right? But quiet as its kept funding college is not like funding a trip to the prom or a school sponsored excursion. In 2011-2012 the average tuition for a public four year college/university was $9,300 and $28,800 for a private four year. Times those numbers by 6 (as this is the average number of years it takes one to complete college) and then have a seat. I know, for us to fund three kids’ college ventures it will be like the cost of three or four nice sized three bedroom homes or at the very least hybrid cars. Yet in 2011, 34 percent of Whites completed a four-year college degree, compared to just 20 percent of Blacks and 13 percent of Latinos. That’s not even the most shocking part! How about a four year degree isn’t worth the same to my child as it is to a white child, meaning:
- At the median, a White family sees a return of $55,869 in wealth from completing a four-year college degree, while the median Black and Latino families attain just a small fraction of this return: $4,846 and $4,191 respectively.
- For every $1 in wealth that accrues to median Black households associated with a college degree, median White households accrue $11.49. For every $1 for Latinos, $13.33 for Whites.
What do you think about the power of a four year degree for your child?