The path in the next few years from high school to college may be very different than the previous generation.
The nest eggs set aside by the Baby Boomer generation for their children’s education is gone with the recent crisis in the economy with the stock market and stock options for many households being negatively affected.
The increase in job layoffs of many top executives in large corporations has forced many parents to change their philosophy of paying high tuitions for private universities.
In addition, many cannot mortgage their homes as in the past to help finance the monies needed for college tuitions. Many banks are not eager to refinance and even the threat for thousands is the possibility of losing their homes.
The new slogan should read, Do I Need It, or Do I Want It?
What does this mean? In the past when high school seniors applied to college and the larger envelope arrived in the mail everyone had smiles. The reality of today is the look of fear and anxiety, as parents have to tell their children you cannot go away to college right now.
The students of 2009 will thus be attending Junior Colleges and working to help their families as they did prior to the Baby Boomer generation. The reality is many students may be working while their parents are unemployed.
The budget cuts that have hit our California State, University of California and Junior College campuses are causing all to be over crowded. In addition with people out of work they too are returning to college.
We will all have to watch the trends and reports across the nation as the graduating high school classes of 2009 will be making their decisions over the next few months.