It is against the odds today to enroll in college and graduate with a good job. If you are poor or a first generation college student the odds can be even longer. There is one major variable that determines who graduates from college and who doesn’t–your parent’s income. If your parents don’t make much money (lowest quintle), your chances of graduating are about one in eleven. (And even if you earn that diploma it doesn’t automatically mean you are going to get a good job. Only about half of college graduates are fully employed.)

To overcome these odds requires rigorous planning. Here are the five elements to consider:

Advocacy

Selecting a college, applying for acceptance, choosing a marketable major, creating a financial plan, applying for financial aid, and getting a job have become very complicated in today’s world. A teenager cannot be expected to navigate these waters alone. Your parents, even if they attended college, may have trouble navigating these troubled waters. (The college landscaped has completely changed in the last thirty years.) You will need a mentor. Teachers and high school guidance counselors can help, but they don’t have the time to provide the necessary attention. You need a college educated adult willing to work with you for several years. This may be a retired business person or, perhaps, a recent college graduate.

Academics

Just how good of a high school education are you getting? Your parent’s income impacts your school district, and, unfortunately, not all high schools are created equal. How good are your grades? Your test scores? Will you have to take remedial classes upon enrolling in college? Do you have good study habits?  It is a lot easier to graduate from college now than it was thirty years ago, but it is harder to get a good job. It is a highly competitive job market. Academic performance is critical.

Motivation

College is a marathon, not a sprint. For four years being a student will be your job. Do you have the will to persevere? How well motivated are you to meet this challenge?

Financial Planning

The sticker cost of a four year degree at a state college runs about $100,000.  You can buy a house for less. Planning the finances and maneuvering through the financial aid swamp has become unbelievably complex.

Social Integration

Most colleges have embraced racial diversity. They have organizations and programs to help minorities assimilate. The issue of socioeconomic diversity is less widely recognized. Being poor on campus can be difficult. You may not have the funds to go out with your friends on a Friday night. You may not have the appropriate clothes for a job interview. Some students will find this very difficult.

Family

Your family may not be able to provide much in the way of financial support, but will they support your goal of a college degree?

 

“I had no concept of the hurdles I would face.” Louisa, a daughter of a single African-American woman, graduated with honors from high school. Five years later she is part of the army of college dropouts working in a service sector job making minimum wage. To make matters worse she has $50,000 in student loan debt.

She had the ability and the motivation. A lack of advocacy, poor financial planning, and social integration issues wrecked her chances to achieve social mobility and a middle-class life.

Her mother was proud that she was going to college. However, as a blue collar worker, she didn’t have the experience to guide her daughter on the difficult path to a BA degree and financial self-sufficiency.

Louisa was eligible for financial aid, but she did not understand the procedures and forms and received only a fraction of what she might have. This resulted in student loans. Compounding the problem, her targeted career, social work, was never going to pay enough to meet the loan obligations.

As Louisa was reaching out to a new life her high school boyfriend kept dragging her back to her former life in the projects.

It takes careful planning to make the investment in college payoff today. If you are poor or a first generation student, it will be even more challenging. Ask for help.