Does it concern people that the cost of a college education is rising faster than inflation? (and by a lot). My children are 6 and almost 4 and I wonder a lot about what it’s going to cost for them to go to college (don’t even get me started on the cost of weddings 
). I’d love to be able to save money for them to goto a good college but the reality is that at today’s rate of increase it’s an uphill battle to save. The frustrating part is that I make a pretty decent living, yet if I want to save for their college I have to sacrifice the present and potentially what I’ll have available when I retire.
I’m not sure what to think about this and am struggling with it a lot. On the one hand, I got scholarships and financial aid. In all I ended up paying for about 1 year of my education, and my parents paid for about a year. Is that a more realistic expectation of what I should plan for?
How do you budget for your children’s education (if at all)?
November 30, 2007 at 1:03 am
Let hope the U.S. economy stays strong. If this happens, you would have saved enough to pay for your children’s education and your retirement.
November 30, 2007 at 3:13 pm
Except that the costs are increasing faster than the income, so savings will only help him keep from being completely doomed.
I’m in the same boat, but we have a 529 set up. It’s better than nothing, but something is going to have to change in the cost of education. I’m considering going for my pHD and getting a faculty position somewhere before my kids are college age. That way they can attend wherever I work.
November 30, 2007 at 5:14 pm
The 529 may eliminate the possibility of financial aid.
My plan: keep working for the university, and have them come here for their undergraduate.
December 3, 2007 at 9:28 am
I agree it’s pretty scary Jay. I don’t have any good answers.
December 18, 2007 at 8:47 am
Even with my status as a part-time employee, the girls can go to UMD. So Bri, I don’t know if that was a joke about getting your PhD, but check out the benefits for part-time faculty at the universities around you. If you can get in, you may not have to worry about tuition (there).
Jay, here are some options: have them attend state school for a couple of years, then transfer to a “better” school. Or stay at a state school. Right now, if their MCAS scores are in the highest level, state tuition is free. So state school, at least for a few years, might be a good alternative.
It seems like something has to give. There is a huge class divide growing in this country. I’m hoping that a more middle-class-friendly administration will straighten things out.