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Let your kids pay for their college education

Posted Dec 10 2007, 05:41 PM by Karen Datko
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Mighty Bargain Hunter writes about a family he knows with lots of kids, "somewhere between 'The Brady Bunch' and 'Cheaper by the Dozen.'" How will the parents pay for their children's higher education? They won't. Once the kids reach 18, they're on their own, and they've been told, so they won't be surprised.

This defies the stereotypes of indulgent parents and "it's-all-about-me" teenagers who expect mom and dad to give them whatever they want. MBH makes the case that it's a very good idea. It's fair, it allows the kids to prepare, and it forces them to think seriously about the future. It also will prompt them to look for financial aid for college, which can be found. "Most importantly," MBH writes, "it doesn’t place undue stress on the parents’ retirement. Saving for college is a sacrifice, but it shouldn’t be at the expense of some self-funded financial security in old age."

Comments

 

if you can't help pay for college because you have such a large family, you gotta ask yourself what's important? 10 kids? or being able to help ensure 2 or 3 kids success? you can barely do anything without a college education and paying for a good one doesn't come easy if you can't qualify for financial aid or if say you have a 1290 on the SATs and the cut off for merit aid is 1300.

Stephanie, perhaps the parents raised them to be able to succeed without needing their hands held.  They ought to be old enough to understand that success is not "ensured," you have to accomplish it.  

I know those are novel concepts today, but really...

With two children in college I have learned a lot about financial aid.  When children go to college parents are REQUIRED to fill out the FAFSA.  This determines EFC (estimated family contribution) which is what colleges base (in part) their financial aid package for the student.  Colleges do not offer packages to students for the entire amount of college(unless they are validictorian).  My daughters are paying for their last two years all on their own and they are borrowing over $20,000.00 per year.  And for some of the loans a co-signer is required.  So unless that family doesn't care if their kids go to college then they will either borrow some themselves, or they will have to co-sign for advantage loans.  Kids like that should probably look into the local technical high school, so that they learn a trade and won't have to go to college, or if they really want to they can go to a Tech College, they aren't cheaper but you finish quicker and the expense is about half.  Also, a good commnity college is a good idea for that family.  I wish them luck.

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