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College in 2020

Going to college has been a dream of many from all walks of life. It is part of the American dream. But this year things are very different. Coronavirus has been a huge disruptor, and there are a lot of folks reconsidering their goals for the next year and perhaps even further down the line. As an indicator,  college football has been affected drastically. Two of the five wealthiest U.S. college sports conferences postponed the fall football season, citing the COVID-19 pandemic. College is not the same in 2020, and who knows what it will be like next year.

The fact remains that these are incredibly uncertain times, and while going to college is about education, it is also about socializing, sports, and exploring the world and finding yourself. You can’t do that by getting your classes online. Research shows only 16 percent of students still plan to return to campus but will take courses online. Roughly 29 percent plan to study online from home. Over 65 percent of students think getting remote classes is not as good as those classes that are held in person. It’s no wonder some are calling for tuition costs to be reduced or taking a gap year and waiting for the dust to settle. Statistics have shown how much the virus disrupted enrollment. A tenth of seniors who were college-bound and planned to enroll at a four-year college before the COVID-19 outbreak decided to make alternative arrangements for the year. In mid-April, 26 percent of the students who were already enrolled in college said they were unlikely to return to their current college or university in the fall.

Depending on what you are studying and where you are studying will have a huge impact on the choice you make. If you don’t have to go back to dorm living and can stay at home and attend day classes, that might be a way to minimize the effect of the virus on daily student life. Many schools will be implementing a test system as well as sequestering and quarantine if you test positive. Some larger schools with connections to labs, health programs, or medical schools are capable of processing large numbers of COVID tests in 24 to 48 hours. Testing backlogs could create a situation at a school or dorm that is possibly dangerous or even catastrophic. Inside prison and jails, the pandemic has spread like wildfire. If you live, work, and eat in close quarters, it will inevitably infect more and more people. San Quentin is a perfect example of what could happen if people are in close proximity for long periods.

No matter what you decide about college, make sure you are safe, and that you are planning for your future in the best possible way. No one decision is the right one. Everyone is different and is in varying circumstances. One undeniable thing, 2020 has seen a huge college shakeup.

 

 

IMPORTANT DISCLOSURES

Material contained in this article is provided for information purposes only and is not intended to be used in connection with the evaluation of any investments offered by David Lerner Associates, Inc. This material does not constitute an offer or recommendation to buy or sell securities and should not be considered in connection with the purchase or sale of securities.

To the extent that this material concerns tax matters, it is not intended or written to be used, and cannot be used, by a taxpayer for the purpose of avoiding penalties that may be imposed by law. 

Each taxpayer should seek independent advice from a tax professional based on his or her individual circumstances.

These materials are provided for general information and educational purposes based upon publicly available information from sources believed to be reliable– we cannot assure the accuracy or completeness of these materials. The information in these materials may change at any time and without notice.

David Lerner Associates does not provide tax or legal advice. The information presented here is not specific to any individual's personal circumstances. Member FINRA & SIPC

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