Vol. 4, No. 1, January 2007
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Education and the American Dream
To most people, the American Dream describes the chance to live a life filled with opportunities for success. Many casino workers are pursuing their version of that dream, and that includes getting a good education for themselves and their children.
Although American public schools provide a good educational foundation, in today’s economy simply having a high school degree isn’t enough to assure a good paying job. Employers are demanding highly skilled, prepared workers. The U.S. government projects that 63 percent of the nearly 19 million new jobs that will be created by 2014 will require some postsecondary education.
The lifetime wage differential for those with just a high school degree and those with some college is dramatic. For example, a worker who completes an associate’s degree (two years college) will earn nearly $400,000 more in a lifetime than one who has a high school degree or GED—a 37 percent difference.
The more higher education obtained, the higher the lifetime earnings, with baccalaureate degree holders (four years college) earning a lifetime average of 67 percent more than high school graduates. And, of course, the reverse is true, with the poorest earners those who have not completed high school or earned a GED.
The critical question is: “How do I afford to get a college education for myself or my children?”
In the past 10 years, average public four-year college tuition and fees rose 38 percent, after adjusting for inflation. If you’re interested in a private college or an Ivy League university for a child, the total cost for one year may be more than you earn in a year or two. This makes it nearly impossible to afford to go to college.
But, it is not impossible! If your child is academically prepared and you are willing to be creative in financing it, you can achieve this piece of the American Dream.
First of all, become knowledgeable about the higher education financial aid system. If you have a talented child, shop the private and public colleges you want and find out what type of scholarship package they can put together. Many pricey colleges and universities “discount” the cost of tuition and fees through internal scholarships. The published price of a Harvard University may be jaw-dropping, but 70 percent of Harvard students receive some level of financial aid and never pay that full price.
And, the lower your family income, the higher your chances of qualifying for government-sponsored grants, like a Pell Grant or an Educational Opportunity Grant. A grant doesn’t have to be paid back; a student loan, like any loan, must be paid back but while a student attends college you may only have to pay interest payments or, if you qualify, no interest or principal payments until after graduation. A combination of grants, college work study, loans and scholarships may bring the cost down to something much more affordable.
But, if you don’t ask, you don’t get. January and February are critical months to fill out the necessary financial aid paperwork, known as FAFSA (Free Application for Federal Student Aid). The deadline to have this paperwork completed and submitted is March 2. Also, be careful—there are scholarship scams out there. To avoid falling for one of those, check out the federal government’s information on “Scholarship Scams” at www.ftc.gov/scholarshipscams and work closely with a college financial aid officer.
Another option may be your home-town community college, like Atlantic Cape Community College. Long an affordable college alternative (tuition is about a third that of a four-year college), today your child might be able to attend totally free if in the top 20 percent of their graduating class. The scholarship program, known as NJ STARS (www.njstars.org) covers up to five semesters and all fees at a New Jersey community college. If the student maintains a 3.0 or B grade average, he or she could also get the third and fourth year free at a New Jersey public four-year college or university. In other words, the entire four years of college for your child could be completely paid for by the NJ STARS program.
In 2007, don’t give up your American Dream—go for it!
