Skip to main content

  • Home
  • Team
  • Retirement Income Planning
  • Wealth Management
  • Family Legacy Planning
  • Contact Us

    You are here

  1. Home
  2. Blogs
  3. Should My Child Go Back to College This Fall?

Should My Child Go Back to College This Fall?

Submitted by Generational Wealth Group | Eric Nichols | Michael Zurek on August 14th, 2020
  • Share on Facebook
  • Facebook Like
  • Linkedin Share Button

The Coronavirus pandemic has impacted us more than we could ever have imagined in the beginning of 2020. Students and teachers had to quickly transition to online learning. Many people were laid off and furloughed with no financial backup plan. And now we’re facing the tough decision of whether to send our kids back to school in the fall. 

If you have a child starting or going back to college, there are so many factors to consider when thinking about the best plan for continuing their education. Here are some questions you should be asking yourself about the financial impact of sending your child to college this year. 

Were my finances affected by the pandemic? 

When considering whether to send your child back to college in the fall, you should first think about the impact that the pandemic has had on your financial situation. Did you lose your job or any portion of your income? If so, you may not have been able to contribute as much to your student’s college savings account. And further, maybe you had to tap into savings to pay for essentials over the past few months. One study showed that 36% of parents tapped into their child’s college savings to help cover expenses during COVID-19. 

Even if you didn’t have a loss of income and didn’t have to tap into your savings over the past few months, the dramatic market swings may have had an effect on your student’s 529 savings plan. Be sure to check with a financial professional to find out more before your child commits to the fall semester. 

Does my child depend on student loans for tuition assistance?

Whether your student is already enrolled in college or is just starting this fall, they may be required to take out larger loans this year, especially if there has been a financial strain on your family. Carefully consider the effect that student loans may have on your child’s finances down the road when they graduate. The pandemic has led to astronomical unemployment numbers across the country, and while some of those jobs may appear again, most economists believe we’ve dived into another recession. 

It’s important to think about the amount that your student is taking out in loans now so they can be prepared for a potentially tough job market when they graduate. 

If your child is already a student and received federal financial aid for their spring semester, they may be eligible to receive a federal emergency relief grant per the CARES Act. These grants have multiple eligibility requirements, such as having an expense related to the disruption of campus operations due to the pandemic, but could be helpful if you’re under financial strain. Check with the financial aid counselor at your child’s university to determine if they may qualify for an emergency grant. 

Will classes be online only? 

You and your child should also consider the possibility that classes might be online only, or have that as an option, for their specific school. If this is the case, do you feel like they’re getting the most out of their education? Although online education isn’t new, many parents are skeptical about paying the same tuition as they would for traditional in-person classes and the intangible benefits of being on campus. 

Many colleges and universities pride themselves on the quality of their brick-and-mortar education but haven’t made any moves to change tuition to reflect a move to online learning. As of late June, there were at least 60 colleges across the country hit with lawsuits from students asking for tuition refunds for the lack of quality in their new online courses. 

Considering the high cost of tuition, it may make more financial sense for your college freshman to complete their general education courses at a community college instead, or take a gap year to catch up with savings. 

Higher education marks a significant milestone in your child’s life—and also comes at a significant expense. Choosing whether to send your child back to college this fall can be a hard decision, but a financial professional can guide you in the right direction according to your situation. 

*This content is developed from sources believed to be providing accurate information. The information provided is not written or intended as tax or legal advice and may not be relied on for purposes of avoiding any Federal tax penalties. Individuals are encouraged to seek advice from their own tax or legal counsel. Individuals involved in the estate planning process should work with an estate planning team, including their own personal legal or tax counsel. Neither the information presented nor any opinion expressed constitutes a representation by us of a specific investment or the purchase or sale of any securities. Asset allocation and diversification do not ensure a profit or protect against loss in declining markets. This material was developed and produced by Advisor Websites to provide information on a topic that may be of interest. Copyright 2014-2020 Advisor Websites.

Tags:
  • College Planning
  • COVID19
  • Financial Planning

Recent Blog Posts

  • Investment Strategy: Where You Are Now vs. Where You're Headed
  • What does "Wealth" Mean to You?
  • Preparing for Lifetime Income in Retirement

Archived Blog

  • May 2023 (1)
  • January 2023 (1)
  • August 2022 (2)
  • July 2022 (2)
  • June 2022 (2)
  • May 2022 (3)
  • April 2022 (4)
  • March 2022 (5)
  • February 2022 (2)
  • January 2022 (4)
  • December 2021 (4)
  • November 2021 (3)

Categories

  • Article (1)
  • Budgeting (11)
  • College (1)
  • College Planning (3)
  • COVID19 (1)
  • Estate Planning (1)
  • Financial Literacy (6)
  • Financial Planning (20)
  • General (31)
  • Goals (5)
  • Health (1)
  • Insurance (1)
  • Investing (10)
  • Long-Term Care (4)
  • Medicaid (3)
  • Medicare (3)
  • Philanthropy (1)
  • Retirement (23)
  • Saving and Investing (8)
  • Social Security (2)
  • Student Loans (1)
  • Taxes (4)

Contact Us

Contact Us Today to Learn More

  • Sitemap
  • Legal, privacy, copyright and trademark information

Securities and Advisory Services are offered through United Planners Financial Services, member FINRA/SIPC. Nichols Financial, Inc. and United Planners are independent companies. Generational Wealth Group and and United Planners are independent companies.

Eric Nichols is registered to conduct securities business in Arizona (AZ), California (CA), Colorado (CO), Florida (FL), Georgia (GA), Idaho (ID), Iowa (IA), Kansas (KS), Maryland (MD), Massachusetts (MA), Michigan (MI), Missouri (MO), North Carolina (NC), Ohio (OH), South Carolina (SC), Texas (TX), Vermont (VT), Virginia (VA), and West Virginia (WV). This communication is strictly intended for individuals residing in the states listed. No offers may be made or accepted from outside the specific states referenced.

Insurance-related services may not be provided to individuals residing in any states other than Michigan (MI) and Ohio (OH).

Michael T. Zurek is registered to conduct securities business in Michigan (MI) and Ohio (OH). This communication is strictly intended for individuals residing in the states listed. No offers may be made or accepted from outside the specific states referenced.

Insurance-related services may not be provided to individuals residing in any states other than Florida (FL), Michigan (MI), Ohio (OH), and Wisconsin (WI).

A broker-dealer, investment advisor, BD agent, or IA representative may only transact business in a state if first registered appropriately. Follow-up or individualized responses to persons in a state by such a firm or individual that involve either effecting or attempting to effect transactions in securities, or the rendering of personalized investment advice for compensation, will not be made without first complying with appropriate registration requirements.

Links are provided for informational purposes only and should not be viewed as an endorsement, sponsorship, solicitation, or other affiliation with respect to any third parties or their content. When you link to any of the web sites provided here, you are leaving this web site. We make no representation as to the completeness or accuracy of information provided at these web sites. Nor is the company liable for any direct or indirect technical or system issues or any consequences arising out of your access to, or your use of third-party technologies, websites, information, and programs made available through this web site. When you access one of these web sites, you are leaving our web site and assume total responsibility and risk for your use of the web sites you are linking to.

Certified Financial Planner Board of Standards Center for Financial Planning, Inc. owns and licenses the certification marks CFP®, CERTIFIED FINANCIAL PLANNER®, and CFP® (with plaque design) in the United States to Certified Financial Planner Board of Standards, Inc., which authorizes individuals who successfully complete the organization’s initial and ongoing certification requirements to use the certification marks.

Get to know us

Phone: (248) 684-2274
Fax: (248) 685-2237

Email: team@generationalwealthgroup.net

155 E. Commerce St., #103, Milford, MI 48381

Get Directions

© 2025 Generational Wealth Group. All rights reserved.

Website Design For Financial Services Professionals