Should You Send Your Kid to College? Consult AI and Your Wallet First
Written by
Lydia Kibet
Edited by
Jenna Klaverweiden
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For decades, sending your kid to college was a no-brainer. But today, with sky-high tuition and a fast-changing job market, that decision feels more complicated than ever. If you’re in this exact situation, you’re not alone.
So should you send your child to college? Here’s what AI is saying you do.
Also see whether college is worth the money, according to Suze Orman.
The Real Cost of College
When parents think of the cost of college, they often focus only on tuition. However, the real cost of sending your kid to college includes several other expenses that add up fast. According to the Education Data Initiative, the average annual cost of attending a four-year college in the U.S. is around $27,146 at in-state public schools, $45,708 at out-of-state public schools and $56,628 at private nonprofit colleges.
Tuition is just one part of the equation. Room and board alone can run over $12,000 per year, and students also face the cost of books, supplies, transportation, personal expenses and technology. These add-ons can easily push the total cost of attendance much higher than expected.
What Is AI Saying?
GOBankingRates asked ChatGPT its thoughts on whether you should send your kid to college. Here’s what it said.
When College Is Worth It
It outlined a few situations in which sending your kid to college could be worth it.
- Your child wants a career that requires a college degree, like engineering, healthcare or finance.
- They’re motivated and likely to graduate without dropping out midway.
- They choose a major that’s high in demand, and earning potential is high.
- You can afford the cost of college without drowning in debt.
When It Might Not Be
On the other hand, it also highlighted some circumstances in which college might not be worth it.
- Your kid is unsure of what they want to do.
- They’re leaning toward low-paying fields without a clear plan.
- They could thrive in an alternative path. Trade schools, apprenticeships, bootcamps or starting a business may lead to faster, cheaper success.
ChatGPT continued to say that parents should treat college like a major financial investment because it is. And the best decision is the one that aligns with your child’s ambition and your current financial situation.
Alternative Pathways
College isn’t the only path to a high-paying career. There are several pathways your kid can take and still succeed in life. One popular option is trade school, where students can train to become electricians, plumbers, mechanics or HVAC technicians. These programs typically take six months to two years and cost a fraction of the cost of college.
Apprenticeships are another solid path, especially in fields like construction and manufacturing. These programs let students earn while they learn, gaining hands-on experience and a paycheck without going into debt.
Coding bootcamps and online tech certifications are also great alternatives to college degrees. In just a few months, someone can learn in-demand skills in areas like software development, app development, data analytics and cybersecurity.
There’s also the entrepreneurial route. Some kids have skills that they can use to launch a small business. While it comes with risk, the overhead is often low, and the potential upside is unlimited.
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