Of all the things grandparents do for their grandchildren, preparing them for college is one of the most important. If you want to measure it in cold, hard cash, the U.S. Department of Commerce estimates that college graduates receive an average of $2.1 million in lifetime earnings, compared with $1.2 million for high-school graduates. Post-graduate education pays off even more: People with master's degrees earn $2.5 million, while individuals with doctorates earn $3.4 million, and those with professional degrees earn $4.4 million.
But even if your grandchildren opt for noble but low-paying jobs like teaching, the psychic rewards of a college education are immeasurable. They will broaden their horizons and develop relationships with people who may have a tremendous influence over the direction of their lives. Grandparents offer the gift of perspective. While kids are focused on school and friends, and parents are busy with work and daily activities, grandparents can offer the wisdom of a lifetime. By looking ahead to the future stages of your grandchildren's lives, you can prepare them for what is to come and help them make wise choices.
College prep begins long before high school. Even before they are old enough to comprehend the various stages of education, you can start talking about college in your informal conversations. Explain what college is, and tell stories from your own experiences — maybe not the beer busts, but some of the interesting things you learned and the fascinating people you met. You don't have to necessarily oversell the idea of college but rather instill the presumption that college will be an important and exciting part of the child's education.
Visit welcoming college campuses whenever you have the chance. Walk around, have lunch, explore the library, and just hang out. Engage some students in conversation and ask them why they chose that college and what they plan to do after they graduate. The experience of being on a college campus and witnessing college life first-hand will leave a strong impression on your grandchildren, even before they are old enough to schedule a formal campus tour. Remember, you are not ramming the idea down the child's throat but enjoying a fun outing together and creating lasting memories of the experience.
As the child gets older and begins thinking about which college to attend, make yourself available to serve as a resource and a sounding board. Help the child gather information and evaluate key criteria such as size, location, prestige, cost, and other factors that go into choosing a college. Share information about any colleges you know of, but also encourage the child to talk to other people and do independent research on the Internet. One point that bears reinforcing is that the student's choice of college will have a lifelong impact as it will influence prospective employers who sift through dozens or hundreds of résumés in search of the right candidate.
Of course, figuring out how to pay for it is an important part of preparing for college. While you may wish to spare young grandchildren the hard realities of the high cost of college, older children should be aware of the big expenses that lie ahead. In my next column I will discuss several ways you can encourage your grandchildren to get involved in saving for college.
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