By Andrew Miller
Over the 21st century, the price of attending college has risen nearly 42% faster than inflation.
Going to a public, in-state college costs $11,950 per year, on average. An out of state, four year public college costs nearly three times that. Meanwhile, some private colleges like the University of Southern California cost $99,000 a year when you factor in housing and food.
But some parents are paying even more. Like, over $50,000 more. On top of tuition.
No, they aren’t paying off recruiters. At least, not to our knowledge.
Determined parents are shelling out tens of thousands of dollars to hire a career coach for their children before they graduate. Sometimes as early as freshman year.
That’s because a college degree is hardly enough to guarantee a job anymore. In this market, first-time job seekers are lucky to even make it out of their childhood bedroom.
These pricey career coaches offer personalized, one on one sessions and individual programs designed to help students prepare for and land jobs.
Some coaches charge anywhere from $4,000 to $15,000 for just six months. Their services include interview prep, job application strategies, and access to subject-matter experts in lucrative fields like finance.
Of course, the costs are all relative.
With some jobs on Wall Street paying fresh grads upwards of $180,000, suddenly $50,000 for coaching doesn’t seem too bad. After all, the Ivy League schools they often hire from cost as much as $350,000 for four years of tuition.
So, it’s no wonder many parents see coaching as another investment in their children’s future.
Besides, the freedom of being an empty nester is priceless.
P.S. If you’re a business owner staring down a six-figure tuition bill, you already know how quickly cash flow gets complicated. Signet works with business owners to keep capital accessible when life gets expensive. Contact us now to explore your options.