The article in the Times is based on a study that also found more tuition dollars going to pay for administrative expenses as opposed to instructional expenses. For me, I find this to be a bit of a concern since I always want to see more dollars spent on instructional expenses and not administrative costs, but anyone who knows how to run a good business knows that you have to retain good talent administratively if you want to keep things moving smoothly. That said, I can take some of the increased administrative fees so long as it leads to better instructional results.

I’m glad to hear that students are shouldering more of their college costs, though. The current economy has so many problems that citing any one of them as “among the worst” puts it in the company of dozens. However, one of the worst problems that some young professionals are facing is their lack of ability to live on their own. In other words, there are college graduates out there who are living off of an allowance from their parents. No, the allowance isn’t their only form of income. There are young twenty somethings who actually have a job in this economy, but are still living lifestyles that are outside of their means.

As someone who spent the last 6 years advising college students around New Jersey, trust me – I’ve seen these folks! They are the ones who are still driving around in brand new cars and purchasing homes as the economy is going to shit – and they’re doing it on an entry-level salary? I don’t think so. These kids have the luxury of getting their car payment, gas expenses, and mortgage payments financed by the national bank of Mom and/or Dad.

Don’t get me wrong. I don’t begrudge those whose families have enough money to pay for these expenses, but let’s look at the long-term prospects of this scenario. You have middle class parents who are subsidizing expenses which their children are incurring that their children really can’t afford. This means that the parents are saving less for their own retirements, which ultimately leads to parents turning the tables and needing their children to give them an allowance at some point!

Again, I’m not totally opposed to this structure, but my problem exists in the fact that those young professionals who fall into this category are not being trained properly on how to manage their income and expenses. Improper financial training and irresponsible financing are the EXACT same problems that led to the mortgage meltdown in this country. By not allowing young adults to either make it or break it on their own, the problem will only perpetuate itself in a different form.

That’s why I was glad to read the Times article linked above. Let college students begin this new revolution in financial education by learning how to shoulder the burden of their education expenses. It’s a great way to kick start their lives in the real world and while it may be stifling at times, learning to manage money and live on a strict budget will only help – not hurt – the entire financial system.

It’s called a “gap year.” And while it’s been a common and popular rite of passage in Australia and the U.K. for decades, the concept is now starting to gain significant steam here in America.

A gap year, huh? Lump me into that portion of the American public who went to nursery school, then immediately to preschool, then immediately to grade school, then immediately to high school, then immediately to college, then immediately to graduate school, and then immediately into the full-time workforce. I started my education at 2 years old and I finished it (for the time being) at age 25. No “gap” year for me…or most of the people that I know, quite frankly. More from the article:

A growing number of high school seniors are balking at riding the academic conveyer belt from preschool all the way to university. They’re burnt out. Or not quite ready. Or they want to explore a few interests before deciding what to study in college. So instead of packing their bags in anticipation of freshman year, they’re volunteering in New Orleans or teaching in Thailand. They’re starting the great American novel, or interning to help figure out what they want to do with their lives.

I love it!

What a brilliant idea, if you can afford it. Using hindsight as 20/20, I would have loved to travel for a little bit before going to college or before going to graduate school. Of course, I couldn’t do that before graduate school because if you don’t go back to school, then you have to start paying back your loans. However, taking a year off before college to do something else would have been a good idea – especially this idea of trying to get an internship or two in the off year. Good thinking.

I would have loved that internship idea because honestly, at 27 years old, I’m not entirely sure that my current field is one that I want to stay in for the long-term. Anyway, this is an interesting idea and I wish that there was some data to show that taking a year off after high school provided a net benefit for the student. I’m also lured by the idea of a “gap” year where you have no “real world” responsibilities! I was just telling one of my roommates that once I pay off my student loans and all other major outstanding debts AND I put aside enough money to live a scant life off of the interest, it has always been my plan to either take a sabbatical from my job or leave the workforce for about a year. Again, I’ve never really had a “break” from school or athletics or work and I’m not willing to wait until I’m 67 for my first long-term vacation!

But I have to get there first… Wish me luck!