We had a hard time saving money because of student loans. We couldn't save for a house and pay student loans at the same time. Looking back on it, I wish I had gone to a cheaper college, but we bought into the pricey-private-college-as-status-symbol BS.
Now all the people I know are mortgaging themselves to the hilt to put their kids into expensive colleges, and I told my kids "no", if they can get a scholarship, fine, otherwise, go to the local college (George Mason University), and live at home. We live two miles from George Mason, they can walk, ride a bike, or take the bus.
I will pay for a fancy college for a Ph.D. Ben is talking about Chicago for his Ph.D. in economics, which makes sense, as it is one of the few free market economics departments, like George Mason.
In contrast, none of the parents I know are offering their kids support for advanced degrees because they can't afford it! What is the point of just paying for a BA or BS in a field that requires an advanced degree?
Your kids are better off if you help them through law school or med school or vet school or business school, whatever professional school, CPA, help them get a Masters, better off than a fancy BA or BS.
At least, that's my opinion. |
