I'm writing on this subject because in the past week, I've spoken with a couple of friends that I hadn't seen in some time. Their children are going to expensive (about $40,000 a year) colleges and they are footing the bill for their children. We didn't start out talking about school tuition, but their life circumstances (one of them is selling their home and moving into a very small townhome, the other is looking for fulltime employment) the subject of money came up. When I asked why they decided to downsize/go to work, it became apparent that they are in debt with student loans for their children.
I know I will not be the one taking out student loans for my children. If they choose a college out of state and that is that expensive, they will have to come up with the money. We live in Virginia, where state schools are some of the best in the country. Why pay $40,000 a year, when you can pay $15,000 and get the same, if not better, education?
We are paying for our daughter's education out of pocket. My oldest is done, and we are paying for my second daughter's. We are fortunate that we are able to do this. If we were not, then they would have to work extra hard to come up with the cash. They are responsible to pay for books, spending money, cell phone and car insurance. And if they couldn't afford it, they would have to go to school locally, and get a job.
I don't understand why parents would put their financial stability on the line for their children's college education. It is not a requirement that parents pay for their children's education, it is a gift, only if it can be afforded.
I paid for 1/2 my colllege education (When it was $3,000 a year to go! :)) and my parents paid for 1/2. It took me two years to pay off my student loan when I graduated.
My younger two now know that they may very well be spending the first two years of their college education at a local community college. If they do well there, they have their pick of the state schools to transfer to. This would, in essence, save $100,000.00 in tuition costs, as I'm assuming by the time they go to school, tuition, room and board will cost about $25,000 a year.
Are they happy about it? Nope. But we are not willing to sacrifice our financial security because of it.
Do you have any stories of parents in hoc over college tuition?
Wednesday, November 26, 2008
Posted by Sharon at 9:03 AM