Financing an Education

I have an upcoming dilemma.  My son is now 15 years old, and I don't have anything set back for his college savings.  My financial woes aren't the focus ... his education is.

There has been much talk, in recent years, about the value of a college education.  Much of that discussion -- or at least the parts of which I have been aware -- raise the question whether a university degree has value.  The vast majority of students leave college encumbered with a student-loan debt that will take many years to pay off.  And that is true whether they ultimately graduate or not.

Many point to the data showing that having a college degree virtually guarantees a greater earning potential.  What is not clear is whether degree-holders earn more because their education gave them abilities that others lacked, or because employers only offer certain opportunities to those who have jumped through the educational hoops.

At the same time, I remember seeing a report a couple of years ago (although I wasn't able to find it again in a quick search while writing this entry) which said that about 60% of the jobs in Texas require some training beyond high school, but not a four-year degree.  (According to this report, only 20% of the jobs in Texas require a four-year degree or better.)  And it is true that a good career in a high-paying job can be secured with a two-year degree or training certificate in a technical field.

I happen to think that this debate (like many) has lost sight of the focal point that needs to be addressed.  The question is not about a four-year degree versus no training beyond high school.  It seems that the point is to find a desirable vocation and achieve the training required for success in that field.  If I want to be a diesel mechanic, I could get a degree in mechanical engineering -- but it is it worth my while to do so?  Will that really make me a better mechanic?  Or will I be over-qualified for the job I'm truly seeking?  Perhaps what is needed is to do away with the expectation that everyone needs a university degree, requiring students to obtain -- and pay for -- more education than needed.

But I digress.

My problem is that I see the value of a technical education.  But my son is a history buff.  He would like to be a history teacher ... and possibly a coach.  Teaching is one of the fields that does, for good reason, require a four-year degree.  And I have no resources to help provide that for him.

I feel as though I've let him down ... even before we arrive at that bridge.  I am encouraging him to do well in school, so that scholarships will be available.  But one of the things I would do differently, were I given a chance to do it again, is that I would be a better manager of my finances ... and I would have followed through on the goal of establishing a college fund early on.  I hope my failure to do so does not ultimately restrict my son's opportunities to do what he most loves.