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Originally Posted by DapperButch
This is another topic I have been reading a bit about in the financial magazines. As stepfordfemme noted, the cost of college is ridiculously high now.
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Right now the trend is towards parents putting every dime into paying for their children's college and not funding their retirement. The economy/advice experts are suggesting that parents fund their retirement first and then give to the kids what they can for college.
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Public colleges and universities are still affordable and even though the interest rate on college loans just went up a little, it's still about half the interest most loans incur.
I work in a college where over half the students attend tuition-free because they income qualify. Most of the rest benefit from some kind of scholarship fund and even those who pay full tuition pay only about $4,000 a year.
Start at a community college and save money on your transferable, intro- level classes. Transfer to a public university and meanwhile, research what kind of merit fellowships are out there as you gain credibility with a high GPA and the other stuff you accrue—a record of public service, etc.
Anyway that's what I recommend for people entering college. Unless of course they get some kind of incredible deal at a private college right at the start, based on their remarkable high school record and often, ethnic identity.
My point is, families don't have to lose their savings to put their kids through college. I never knew that till I fell ass backwards into fellowships and later, worked in a public university system.