With the recent increase in University fees, increased poverty, increased Unemployment especially with the young and new Job seekers, lack of study loans programs, it is essential to question if the return on the cost of degree is worth the investment.
This doesn’t mean in any way that we should not educate our young generation, however it is worth finding alternative ways and this can be a part the private investor can dive in.
What can parents or investors do? The following are my suggestions.
Online degree programs.
This can be a fertile ground for investors, the investment capital can be minimal since there is no need for buildings and you can easily get lecturers who will work at home or part time to modulate the classes. With availability of internet the cost of a degree can be reduced dramatically since the student can work at the same time ,can stay at home and finish the degree at a comfortable pace.
For those who want to be a head in the game I think it can be easy to pattern with some other colleges in western countries. There some schools doing this already but the demand will now increase.
If possible degree programs should be segmented into associate degrees. If a 3 year course can be divided into 3 one year segments that can be concluded over a longer period this means that after one year a student will receive an associate degree so they can start working until they get funds to go for another advanced associate degree work again and finally get the final degree if they want or continue working with their associate degrees.
Work for a degree loan program.
Why not start accompany that’s gives out education loans in return for future equivalent work hours. This contract can be modified in that partial or full loans can be given to those students who are interested in taking courses that particular companies need. Go between companies can match students with these companies and help them in acquiring loans and promise for jobs in those companies for a fee. They can either work while at school or work after getting their degrees. Companies can be indigenous or external companies that are always looking for cheaper labor and are ready to outsource their jobs.
Education Savings Bank
What about the idea of an education savings bank. A bank that parents can start investing money in as early as they want and this money with the returns can only be used to educate their children in the future. This bank should also act as a negotiating body for education fees and at the same time it can also be used as a career advising center.
There is a need of more trade training schools, this need will also increase as the country continues to develop. The sky is the limit as to what trades can be trained for with a certificate at the end of the training. Interior designing, Tractor drivers, roofing, baby sitting, home schooling trainers e.t.c This can easily become a trend, it might be churned on at first but depending on what you chose to train it can be done on a part time basis and can become an extra income. The certificate received can be an empowering tool to the recipient. I know we already have many trade schools but there is now a need to expand this field.
This is geared towards the private investor not the government.
Eddie Kayondo, M.D