How should they talk to their young person about their future? You know, if you want to find a good electrician or mechanic, they're usually over 55-years-old, because that's the median age of a skilled laborer. Alex: Whereas, the young ones coming in, there are not enough coming in.
If you have children and you anticipate college is in their future, guess what? And what I talk about in is keeping that number less than half of your full-time income when you graduate. Maybe it's gonna be 40,000, ,000, keeping that debt load less than half of that. There's some websites you can look at to look at different fields and to get some sense of, okay, in this field, I you know, probably be in this kind of range, or you know, engineering versus English teachers are very different obviously, finance, engineering, medical degree's gonna be very, very high-paying and other ones are not gonna be as high paying. The, what they call "the wage premium" or the extra money you can make with a college degree, versus not having a college degree, is very high. But then college has gone up by twice the rate of inflation, so college is very expensive.Alex: Yeah, well, I think from that in engineering for example, I teach my engineering students, helping them realize that if you want to be successful, you're gonna have to be very disciplined.You're gonna have to have some skills and abilities naturally in math and science.I tell my students the first day of class how much they're paying per lecture and they don't skip class as a result. Alex Chediak has some wisdom as we open our program today. They accumulate debt their freshman year, their sophomore year, and again, they might have 15, ,000 worth of debt—Alex: Right. Alex: In fact, the highest default rate right now is for dropouts with small amounts of loans.He'll be sharing more on "Focus on the Family" with your host, Focus president and author, Jim Daly and I'm John Fuller. If I got 10, 15,000 in two years like you're talkin' about and I'm gonna drop out and find out they have no earning power, so I can't even make the payment of 0 a month. So, the default rate among dropouts is really high, even though the default, the amount of debt they have isn't as high as that the graduates have.I mean, you know, that's just not gonna necessarily be as lucrative.