Many young people dream of going off to college—leaving home, living in the dorms, exploring an exciting new city, and exercising new found independence. Because of this, community college is often an over looked option.

However, in our struggling economy, going to college isn’t just a rite of passage. It’s also a strategic investment that will affect our children’s financial success and achievements for the rest of their lives. Like any other investment, parents and students are looking to minimize costs while maximizing their returns. For some, community college can be a great way to accomplish this.

Consider the costs

With college costs soaring, community college remains one of the most affordable options—in fact, it can save you a bundle.

• Community college tuition is significantly lower than that of traditional colleges and universities as well as public institutions.
• While attending a local community college, students can often remain living at home saving on room and board which on average is close to $10,000 a year.
• If your child is employed while in high school, they can keep their job by staying local throughout their college years. This income can often go a long way towards helping pay for transportation and college costs.
• If low grades are preventing your child from getting a scholarship at a college or university, attending a community college to earn an associate’s degree can be an affordable stepping-stone.

While you can likely finance an expensive private college or university with federal student loans or private loans—consider too that your child will be one-step ahead financially if they can enter the workforce debt-free.

Getting an education with potential

Gone are the days when masses of young people went to college for a general liberal arts degree with no specific career focus in mind. With the sagging job market, students have their eye on promising careers with upward mobility and lucrative salaries. For students looking to enter rapidly growing job markets, community college can be a viable option.

Students can earn an affordable associate’s degree at a community college and then transfer to a public college or university quite easily. This is an especially good option for students who have low GPAs, but want to ultimately pursue a career that requires a bachelor’s degree like teaching.

Many in-demand, well-paying, jobs require only an associate’s degree. More and more educational programs are offering these career-focused degrees in the healthcare field, such as a medical diagnostic or dental hygiene program.

Community college is also an ideal place to get training in trades. Careers as electricians, plumbers, and mechanics are financially lucrative and major shortages of qualified workers in these fields are on the horizon.

So, should your child consider community college?

Selecting a college is one of the most important decisions you will help your child make. Community college is an especially important option to consider if:

• Your child does not particularly enjoy school, is not confident academically, or has a low GPA.
• Is not yet certain yet what career they are interested in studying.
• They want to pursue a career that does not require a bachelor’s degree.
• They want to pursue a career that only requires a certification or training.
• They are not ready to be independent and could benefit from an easy high school to college transition.
• It’s the right financial decision for your family: community college first, then transfer to a 4-year university for completion.

As you help your child navigate the college selection process, take a second look at community college and see if it might be the right choice for them.