The Choose A Life Game

1
The Choose A Life Game
Educational Choices

• Making Sound Choices
• -for your-
• Livelihood and Life

Daniel R. Lofald, PhD
Use Keyboard Arrows to Navigate
2
Thank you!

• Here is the backdrop for the story to come
  Nationally, students who attempt to go to school
  on a part-time basis only have a 15 chance of
  ever getting a college degree.
• This is not only a problem for students who
  attend CVTC, but a problem nationwide.
• For some students, there will be no option but to
  attend part-time. However, for others, options
  are available.
• Please join with us in exploring some of the
  reasons that students attend part-time and some
  of the ways to overcome this inherent hurdle.

3
Your help

• Please go through the presentation and note any
  thoughts (feelings, reactions, questions, etc.,)
  that you have during the scenarios. The pages
  are numbered to help you keep track of the
  screens.
• The presentation should take less than
  20-minutes.
• At the end of the presentation, we would like to
  gather some of your personal take on the message.
  Your opinions are very valuable to us and we
  wish to thank you in advance for your
  contribution.

4
Your Contact

• If you have any questions about this
  presentation, please contact Daniel R. Lofald,
  PhD. Dan is the Faculty Development Coordinator
  at CVTC. Dan can be contacted by telephone at
  extension 715-852-1328, or via email at
  dlofald_at_cvtc.edu.
• -- Thank you!

5
Where will you live?
Basic, Modest or Grand?
6
Dependable Transportation?
Basic, Modest or Grand?
7
Nice Vacations?
Basic, Modest or Grand?
8
Provide for your childrens future?
Basic, Modest or Grand?
9
Does Getting the Degree Matter?
What is the economic impact of acquiring that
credential versus not acquiring the credential?
According to the National Center for
Educational Statistics (NCES), the annual income
for males with Associate degrees in 2003 was 17.4
percent higher as compared to males with a high
school education only. Interestingly enough, the
difference between woman with and without an
Associate degree was slightly higher at 20
percent. (NCES, table 386)
10
Income Over Time?

• According to the Census Bureau, over an adults
  working life, high school graduates earn an
  average of 1.2 million associates degree
  holders earn about 1.6 million and a bachelors
  degree holders earn about 2.1 million (1- see
  also http//www.ericdigests.org/2003-3/value.htm).
  
• With tuition at CVTC less than 150 per credit,
  that is one heck of a return on investment!

11
Other Benefits?

• The Institute of Higher Education Policy reported
  that college graduates enjoy
• higher levels of savings,
• increased personal/professional mobility
• more hobbies and leisure activities (Ibid 1, pg 2)

12
Even the health of your children?

• A number of studies have shown a high
  correlation between completion of higher
  education and good health, not only for oneself,
  but also for ones children (Ibid 1, pg. 2)
• In the same report cited above, college
  graduates appear to have a more optimistic view
  of their past and future personal progress (Ibid
  1, pg. 2)

13
Positive First Step

• You are making positive first steps by
  considering enrollment at CVTC.
• Good for you!
• The probability of having the future you want has
  increased, but by how much?
• This presentation is about improving your odds at
  success!

14
Some Facts to Consider

• The majority of part-time students (64) attend
  two-year colleges.
• Over a six-year period starting in 1995, 1)
  only 15 had completed a degree or
  certification by 2001,
  2) none had earned a bachelors degree,
  and 3) 73 were no longer enrolled and had not
  earned a degree.

15
Some pretty dismal odds

• After 6 years, only 15 people in 100 were
  successful.
• In other words, only 15 out of 100 part-time
  students saw a return for their investment in
  tuition, time, travel and cost of books and
  supplies.
• Furthermore, after 6 years 73 were not enrolled
  at any college.

16
What happened to the

• part-time students not part of the successful
  15?
• Did the remainder decide that a college degree
  was not important for their future or the future
  of their family?
• Did the prospect of a higher quality of life
  become unimportant?

17
Absolutely Not!!!!

• For the most part, students know that other than
  inheriting money from a long-lost rich uncle
  (what is the chance of that) or
• . winning the lottery

the only sure way of getting ahead in this world
is to get a college education and a career (jobs
do not pay well, but careers do!).
Look closely to the fine print. The chances of
winning the Power Ball jackpot on this ticket
are 1 chance in one billion, one-hundred and
forty-six million, one-hundred and seven
thousand, nine-hundred and sixty two. 1
1,146,107,962
You have 10s of thousands times greater chance
of getting hit by lightening.
18
The Truth

• The Truth that you know so well is that most
  part-time students would prefer to go to school
  full-time, but believe they are unable.
• unable because of the demands to earn money for
  rent, for food, to pay for an automobile,
  insurance and more
• unable because they must continue to live if
  going to school is going to be a possibility for
  them.

19
But what if there was a way

• But what if there was a way to increase your
  chances of getting the degree
• a way to improve your chances to something
  better than 15.
• sure- there is food to buy, rent to pay and a
  whole host of expenses. However, what if there
  was a way to enjoy the rewards of a college
  degree sooner?

20
We will not mislead you

• We will not mislead you. Yes, part of the story
  we have for you has to do with potentially
  (maybe) borrowing money, or more money, to
  complete your education quicker.
• However- please do not be too quick to discount
  our argument. Here is a little teaser to think
  about
• Why is it that wealthy people often borrow money
  to purchase goods and services that they could
  easily pay cash for?
• Is it that they know something about the nature
  of money that some of us who are less wealthy do
  not think about?
• Let me introduce you to some hypothetical
  students

21
Hypothetical CVTC Students
Mike
Jim
Eric
Supervisory Management
Refrigeration AC.
Welding
Who?
Kayla
Steven
Information Technology
Practical Nursing
What Program?
Images compliments of BarrysClipart.com
22
Mike is
Mike

• Mike is currently 19 years old,
• He works for his father when the work is
  available (he does not enjoy the work much).
• He makes enough money to pay for his car
  insurance and to have some fun money.
• His parents are not shy about sharing the view
  that Mike-- since he now past 18 and an adult--
  should
• 1) either be in college full-time, or
• 2) supporting himself (not hanging out at home)

Mikes parents said they will support him if hes
in schoolMike is fortunate.
He is considering the Refrigeration, AC
Heating Program Monthly income range reported by
CVTC graduates of this program is between a low
of 1907 to a high of 2860 with average monthly
income reported from graduates being 2244.
Mike has options
23
Mikes Options
Mike
Refrigeration, AC Heating Program Monthly
income range reported by CVTC graduates of this
program is between a low of 1907 to a high of
2860 per month with average monthly income
reported from graduates is 2244.
Option1 If Mike starts at CVTC full-time in
January 2008 and goes to work in January 2009,
Mike will have accumulated between just over 60
thousand at the low end to over 100 thousand at
the upper end of earnings as a Refrigeration, AC
Heating Specialist at year 3.
102,960
68,652
24
Mikes Options cont.,
Mike
Option2 If Mike starts at CVTC part-time in
January 2008 and goes to work in January 2010,
Mike will have accumulated between just over 60
thousand at the low end to over 100 thousand at
the upper end of earnings as a Refrigeration, AC
Heating Specialist at year 3.
68,640
4,5768
25
Mikes Cont.,
Most people would conclude that there is not much
of a contest between option 1 and option 2. Mom
and Dad are willing to help out with option 1
will probably be less kindly towards option
2. Mike acquires the independence of adulthood
(and the benefits that come with that) at least a
year earlier. AND-statistically speaking, Mike
has only a 15 chance at succeeding with the
part-time option.
Option1
102,960
68,652
Option2
68,640
45768
26
Mike Cont.,
Mike
Since Mike is now past 18 and an adult his
parents present the options as 1) either be in
college full-time, or 2) supporting himself (not
hanging out at home)
Mike has given some thought to option3
Option3 Mike finds some buddies, they all go
find some jobs (read as Minimum Wage or only
slightly better). They split the rent,
utilities, groceries, --no health insurance--
AND Three years from now, it will probably
feel less like a party, but right now Party on
Dude!
Mike has options
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Linda is

• Linda is currently 22 years old and happily
  married
• Linda did well in high school and considers
  herself bright
• She currently works for a furniture manufacturer
  (rotates between day and afternoon shifts) and
  makes just over 26 thousand a year.
• Her husband (Jim) is a route salesman also makes
  about 26 thousand a year.
• The couple has health insurance and both have an
  opportunity to take part in 401K programs through
  their employer-there is a bit of a glitch on this
  issue.

The situation , from Lindas point of
view, is more complicated than would first
appear to others.
28
Linda Cont.,
Linda
. . . is more complicated than would first appear
to others. Here is the broader story--It gets
dicey!

• Linda does not like her job!
• She finds the work boring, and the people she
  works with (although nice) a bit dull with
  little in the way of ambitions or goals.
• Despite having worked at the company for two
  years, she still has to put up with crude, if not
  sexist, behavior on occasionnot blatant enough
  for her to report, but always enough to make her
  feel bad.
• Linda has goals and professional aspirations
• She would like a career rather than a job. She
  would like to do something that will allow her to
  use her mind.
• She hopes to work in an environment where the
  conversation is a bit more stimulating.
• Linda believes she would like to go to Law School
  some day
• She knows that getting a two-year degree would be
  a lot less expensive than going directly to a
  four-year school.

Lindas Complications Continue
29
Linda Cont.,
Linda
It gets even more dicey!

• Linda would like a reasonable middle-class life
  that
• will hopefully include children some day
• She would also like reasonable middle-class
  creature comforts like a nice house
• Collectively, she sees her and Jim going nowhere
  professionally
• While the prospect of pay increases for both her
  and Jim is possible, if not probable in their
  union environment, she knows that in reality
  these pay increases will come in increments of a
  few cents more per hour as the years move
  forward and her and Jim just get older.
• Her husband Jim, is a lovely man, but
• Linda describes Jim as a great guy, but kind of
  a child.
• Lindas less kindly girlfriends describe him as
  a tool.

I told you it was going to get dicey!
30
Linda Cont.,
Linda
Jims part in this equation

• Linda believes that
• if Jim has an extra twenty-dollars in his
  pocket, he will find a way to spend it.
• Despite her best reasoning with him, Jim still
  bought a newer truck than she believed they could
  reasonably affordhis need for big boy toys
  seems insatiable.
• After three years of marriage, they have less
  than three hundred dollars in savings, have not
  yet participated in their employee sponsored
  401K. Essentially, they live paycheck to paycheck.

Linda is considering CVTCs Paralegal
program Monthly income range reported by CVTC
graduates of this program is between a low of
1733 to a high of 2946 with average monthly
income reported from graduates is 2070.
What do you imagine was Jims response?
31
Linda Cont.,
Linda
Jims response

• What do you imagine Jims response was
• It took Jim less than five-minutes to point out
  to Linda that she is already making more money
  than that at the factory.
• Jim does not understand Lindas desire for a
  different quality of work life.
• However, if she is going to go to college, he
  thinks that she should work part-time at the
  factory and go part-time to college.

• Linda believes
• Linda believes that Jim will find a way to spend
  whatever money that she earns while working
  part-time at the factory. For Linda, Jims
  option means postponing her dream for a higher
  quality of lifeshe sees it as a dream
  deferred.

32
Linda Cont.,
Linda
Linda has made up her mind

• Linda views the Paralegal program at CVTC perfect
  for her needs.
• She can earn her associates and enter the legal
  field in a manner that will allow her to
  reality test her interest in further education
• and potentially a Law degree in the future.
• Doing the first two years of her college work at
  CVTC will be financially a lot better idea than
  the tuition she would pay at a four-year school.
• Linda is going to finish the Paralegal program
  and take advantage of some of the University
  Transfer courses offered at CVTC saving her even
  more money in the pursuit of her future.
• Linda is a woman with a mission.

33
Angela

• Angela is 20 and among other things fortunate!
• She knows that she wants to be in a helping
  profession.
• She worked the last two years in a retirement
  facility with elderly patients and enjoyed what
  she did.
• She would like to work in clinical office and
  have more variety in patient contact and type of
  responsibilities expected of her.
• Angela wants to be a Medical Assistant and work
  in a doctors office.
• Currently, she is living in a comfortable
  apartment with three wonderful friends from
  high-school.

• What makes Angela fortunate is
• She flunked out of CVTCs Medical Assistant
  program six months ago
• and more importantly
• 2) Angelas Mother. Her name is Shirley!

This makes her fortunate?
34
Angela Cont.,
Angela

• Angela finished her preparatory course work the
  previous year. When admitted to the Medical
  Assistant program, she was both excited and
  nervous. As mentioned, Angela was working
  full-time at the retirement home. Her employer
  was delighted to help her arrange her forty-hour
  a week schedule around her school schedule. With
  the news from her employer, her nervousness faded
  as now Angela knew she could still pay her rent,
  car payment (etc.,) and go to school.

• For the first four-weeks, Angela was able to keep
  up on her reading and studying. Her performance
  on mid-terms was not encouraging. As the term
  progressed, Angela struggled more and more with
  getting her studies done. As she described it,
  it is blasted difficult to read and study when
  they only thing your brain wants to do is get
  some sleep.

35
Angela Cont.,
Angela

• Angela passed all of her first semester Medical
  Assistance courses, but just barely.
  Angelas teachers were sympathetic about her need
  to work, but also reminded her that the course
  work would be more difficult in the second term.

• Angela started the second term in the M.A.
  program with every intention of doing better.
  At the same time, she felt resentment building.
  Again, using Angelas own words, I used to have
  a social life. Since starting this program, I
  have been out with friends only a few timesand
  then when I do, I end up just feeling guilty
  about it . . . and I am still behind in my
  studies.

• Angela started missing classes sometimes just to
  get some more sleep sometimes she did not want
  to face her classmates since she did not get her
  part of group projects completed. Last week, she
  missed an important test and made up a whopper
  of a story. Angela was trying to buy time so
  she could pass a test! On the makeup- she still
  failed.

36
Angela Cont.,
Angela

• Angela withdrew from CVTCs Medical Assistant
  program.

• Angela did some soul searching.

• Enter Angels mother, Shirley, who we
  mentioned earlier.

• As mentioned, Angelas mother has been a Medical
  Assistant for years and is proud of her work
  history and the role she plays. The advice Angela
  received from her mother (below) is what makes
  her fortunate.

Shirley Angela, trying to attend college
part-time, was not the best idea in the world.
If you want to be a successful Medical Assistant,
. . . someone who is safe around patients and is
the type of professional others want to work
with, . . . it is not enough to just barely
graduate from your program. You need to finish
that program strong. Shirley In addition,
Angela, college should be enjoyable experience
not a non-stop party, but something memorable in
your life. You have to admit that trying to go
to school part-time and work part-time was not
enjoyable!
37
Angela Cont.,
Angela
Does Angela have a cool mom or what! Angela is
returning to CVTCs Medical Assistant program,
but this time as a full-time student.
She will be able to devote her full attention to
her studies will become an excellent Medical
Assistant and enjoy her college days more
richly.
With her moms help, Angela has figured out that
graduating sooner means that she will be making
substantially more money sooner. After a monthly
student loan payment, Angela will still have more
money in her pocket than she ever had before.
Go Angela!
38
Kayla is
Kayla

• Kayla is currently 29 years, divorced and has two
  children ages 5 and 7wonderful kids.
• While we will not go into the whole story, about
  anything unfortunate that could happen to a
  young woman, has happen to Kayla.

• Unlike Angela in the previous scenario, Kayla
  does not have a wonderful mom. In fact, Kayla
  has almost nothing by way of a support network
  from family. She has some good friends, but they
  are struggling too. Kayla is feeling a bit alone
  in the world.
• Kayla is intrigued by the CVTCs practical
  nursing program. Shes talked to other nurses
  and visited the CVTC website and knows that she
  could make between 2,253 and 2,946 per month
  once she has graduated.

39
Kayla is
Kayla

• Kayla receives various forms of public assistance
  for her and her children. While she is not
  particularly proud of the situation that she
  finds herself, she also knows that there is no
  way for her or her children to get by without the
  government help that she is currently receiving.
  

Kayla wants to be self-supporting and she wants a
job that will make her proud and her children
secure.

• Kayla has an advocate inside social services who
  shared some advice Basically, letting her know
  that she would be in a better situation by going
  to school full-time and getting off of assistance
  as quickly as possible than trying to work
  part-time. It is not that the government
  services dries up, but it is just going to be
  so much less stress on her and her children if
  she enters the workplace sooner rather than
  later.

Kayla has seen her share of hard times. Now it
is time for a change!
40
Jim is
Jim

• Jim is currently 34 years old, he is married and
  has a daughter who is 11.
• Jim has been involved in sales for almost his
  entire life and is currently working in sales.
• Jim is not a happy camper. A few years back,
  he missed a promotion that he thought should
  have been his to a younger sales associate.

Supervisory Management

• About six months ago, Jim was passed over again,
  but this time his boss told him straight out it
  was because he did not have his college degree.

• Jim has been attending CVTCs marketing program
  part-time for what now seems like too long. This
  is no longer about the added income he can earn
  by a college degree. Its now about pride. Jim
  is going to take a leave from work and finish
  this degree once and for all. Family finances
  will be tough for a while, but he figures hes
  getting too old to mess around any more.

Jim is enrolled next term full-time and then
some. As he says, Its time to bag this degree!
41
Steven
Steven

• Steven is 19 and by all accounts is an extremely
  bright guy.
• Like all of us in our own way, Steven has his
  share of difficulty.
• He has worked with computers since middle-school
  and knows he has a lot of skills with them and
  knows that he wants a career in computers.

Information Technology
For Steven, the problem is the family, in
particular his Dad. He loves his Dad and thinks
the world of him, but this idea of Steven going
to college is not sitting well with Dad or the
extended family.
Here is how Steven describes the situation I
would be the first person in my family to earn a
college degree. I do not think my family ever
mentioned college as a possibility for my sisters
or me, although I have been thinking about it
since 10th grade. When I first mentioned about
going to college, I believe they laughed at the
idea if not at me. I think they said, Why
would you want to go to college, you can earn a
good living right here in _____ County. I left
the idea alone for a while, but brought it up
repeatedly the last year.
42
Steven Cont.,
Steven
Steven continues, From things said, I get the
impression that my parents feel I am abandoning
their way of life, that I am somehow turning away
from the things that they value. The fact that I
will work with computers is like salt in a wound
for them. In their world, men work with their
hands and other people work in offices and with
their head.
Information Technology
Steven says, I could not have their way of life
even if I wanted it. My parents bought their
home 19 years ago and their mortgage was 112.00
per month! My Dad worked his entire life in a
union shop with good pay, incredible health
benefits and a pension . When my Dad worked, he
made a comfortable middle class life. My mom
did not have to work, and did not, and they still
were able to save money and go on nice vacations.
1-- If I had the exact job at the same company
my dad worked now, my pay would not be good.
The cost of living has long since outpaced the
pay at that company. What for my dad was a
middle class wage, would be for me, a lower class
wage.
Pay
Steven says, My dad just does not understand
this cold fact.
43
Steven Cont.,
Steven
2- I would be paying a significant sum
each month toward my health benefits, which also
includes a big deductable if I were to use the
insurance. 3- Dads company no longer has
a pension, but an employer sponsored 401(k)and
not very generous match at that. Job security?
I do not think so, my dad was in the very type
of job that is being sent overseas to cheap
labor.
Health
Information Technology
Retirement
4- If I was in my dads job now, and fortunate
enough to marry some day, my wife would have to
workthis would not be an option.
Steven says, If I want the same quality of life
as my parents, I have no real choice about
getting a college degree and trying to find a
reasonably well-paying job. The days they lived
in are gone.
44
Steven Cont.,
Steven
So what is Steven going to do? Although it has
not been pleasant, Steven has convinced (sort of)
his parents that going to college is probably a
reasonable idea.
Information Technology
Steven adds, However, I get the impression that
they have concerns that I am not smart enough for
college. Unknowingly, I think they are passing
their own insecurities about higher education on
to me. I am not buying it! Im definitely
bright enough for college.
For Steven, the negotiation with his parents
continues
Steven, When I told my parents I wanted to take
out a guaranteed student loan to go school, I
thought they were going to have a stroke. They
told me that going to college was one thing, but
going in debt at this point in my life made no
sense.
45
Steven Cont.,
Steven
Steven perseveres, Here is the facts I put
before Mom and Dad.
The Facts As of 2008, the projected total cost
(books and fees) of the Information
Technology/Network Specialist degree is
8,539.00.
Information Technology
I make minimum wage at the grocery store (6.50
per hour), work 20 hours per week, or 80 hours in
a month. My job is secure and I can work as many
as 11 months in a year. My pre-tax income is
5,720.
Using my parents plan of paying for college with
my savings, it would mean that I would have to
save every dollar I make for the next 1.49
years (or essentially a year and a half). Does
that make financial sense?
5,720.00 Wages 1 Year of Work
8,539.00 Total Cost of School 1.49 Years
of Work

46
Steven Cont.,
Steven
The Facts Graduates of the Information
Technology program report monthly incomes of
between 2,500 and 7,583 per month. I will plan
conservatively and estimate my monthly wage half
way between those two figures at 3,500 per
month. Again- total cost for 2-year program
8,539
Mom and Dads Plan Save for
School Pay with savings 1.5 Years
starting now
1
.5
Attend CVTC 2 Year program Graduate!
So, with Stevens parents plan of savings for
school, attending school and then working for
four years, Steven will have earned 168,000 in
gross salary and owe no one. Let us see how
Stevens plan compares to his parents and in
particular what the picture would look like at
year 7.5 so we can have a direct comparison.
1
1
Work as I.T. Professional 4 Years (3,500 x 48
months) 168,000 in 7.5 years
4
7.5 total
47
Steven Cont.,
Steven
Note There are different student loan types.
For purposes of this scenario, we are going to
use something highly likely for Stevens
situation. Specifically, Steven qualifying for
3,500 for year 1 and year 2 (interest free while
in school) and the remainder (1,539) borrowed at
6.8 interest and pays on interest while in
school. (Contact your student loan representative
for variations of this basic theme). Steven is
going to borrow the 7,000 from the government
and 1,539 from his parents. He will pay them
both back in 4 years at the going interest rate
of 6.8. --Government--
--Parents--
Stevens Plan Attend School w/ student
loan _at_ ½ of 8,539 4,269.00 Attend
School w/ student loan _at_ ½ of 8,539
4,269.00
1
1
Graduate!
Work as I.T. Professional 3.5 Years (3,500 x
42 months) 231,000 in 7.5 years
Over 4 years, Steven will repay interest of
1,015 339 or - 1,354 He was paying the same
principle under his both his and his parents
plans. Gross Difference in Salary Earned
231,000 - 168,000 63,000.00 Gross
Difference in Salary Earned 231,000 - 168,000
- 1,354.00 Did Stevens Plan Make
Financial Sense ((Oh Yea!!)) 61,646.00
5.5
168,000 in 7.5 years
-vs.-
Click here to use the same calculator used above.
48
Steven Cont.,
Steven
Steven is confident that showing his parents his
calculations will be persuasive. The simple
difference of more than sixty-one thousand
dollars is not easily ignored. Borrowing the
money to go to school now also means that he will
have an additional 1.5 more years on the job than
his parents plan. He sees this difference in
seniority to be worth at least one promotion,
which means an even bigger total pay advantage.
Information Technology
Steven says, The idea of 1.5 more years in the
grocery store is more unappealing than you can
imagine. I am ready to move my life
forward. However, I will do my best to be
sensitive to my parents feelings in all of this.
As mentioned, I think they feel like I am
turning away from values that they hold dear.
Best of Luck Steven!
49
Eric is
Eric

• Eric is . . . the most entertaining story of all.
• If his story was not tragic at so many levels, it
  would
• qualify as dark comedy version of National
  Lampoons Animal House or Van Wilder.

Welding

• Unlike the characters in these movies, Eric
  does not have a trust fund and his parents will
  not be bailing him out of the mess he made for
  himself.
• There is no happy ending to this story unless
  Eric makes it a happy ending.

• Partying, while not an inherently bad thing, can
  turn disastrous without sufficient attention to
  this thing called realityharsh as it may be.

50
Eric is
Eric

• Eric is not in the Welding program presently
  actually, hes not in any program.
• Erics parents are probably not a couple of the
  sharpest crayons in the box.

Welding

• When Eric graduated from High School which was a
  just barely his parents told him that if he
  enrolled in college, they would be able to keep
  him on their insurance.
• This is probably not a sufficient motivation for
  attending college. However, Eric did as his
  parent requested and enrolled, he also applied
  for Federal financial aid and received 3500.
• And then he only attended class a couple of
  times, and received Fs for all of his classes.

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Eric is
Eric

• What did Eric do with his student loan?
• He bought a car that he now cannot afford.
• He partied like an animal!
• After some time, Eric was once again encouraged
  to enroll in college.

Welding
There is no need to continue with the nasty
details of this story. Eric is in debt up to his
eyeballs. What Eric does not understand is that
this debt is going to follow him forever. Eric
is under some misguided notion that he can just
not pay the debt. However, what he does not
understand is that traditional chapter 7
bankruptcies are now essentially impossible.
Furthermore, the only debt that can never be
discharged in bankruptcy (under normal
circumstances) is student loans. The government
has no intention to walk away from a debt they
guaranteed. They will get their money one way or
another!
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Eric is
Eric

• Eric has choices to make
• He has to figure out how to make a reasonable
  living and now pay off the debt he has acquired.
• While mom and dad were not that attentive during
  Erics early days in school, they are now of the
  mind that he should be supporting himself.

Welding

• They most certainly have no interest in
  supporting his partying lifestyle.
• Erics parents now think he should now attend the
  College of Hard Knocks the same school they
  attended at his age.

Will Eric pull it together or will he be one of
those middle aged men telling stories how he was
wronged by the system and only has debt to show
for his college experience. Life is tough!
53
Summary so far

• By choosing to attend college, you have increased
  your odds at a good salaryboth in the short-run
  and throughout your life. Indeed, you have
  increased your chances at a higher overall
  quality of life for you and your family good for
  you and good for your family!
• If you choose to go to college part-time, you are
  now of a student cohort where only 15 will ever
  achieve a college degree not good odds!

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54
Summary so far

• The primary reason students report for going to
  school part time is they do not feel that they
  can afford to do otherwise.
• However, in many if not most instances, it does
  not make financial sense to go to school
  part-time.
• There is a time honored piece of advice that
  holds,
• Do not go into debt for a depreciating
  asset!
• However, few things appreciate better
  than higher education.

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8th scenario, your story
Remington College - 2009
You have read through seven scenarios describing
situations that are not unlike the stories told
by students at CVTC. However, your story is
likely to differ. We would like to hear a bit
more about your story and ask you to complete a
short survey. Click here to begin. Thank you
very much for your participation. Your thoughts
might help us help you and future classmates.