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Confession: I Have No Plans to Pay for My Children’s College

July 30, 2020

cover kids's school
College is more expensive, but my children might need to find out a means to cover it. This’s why I won’t pay for my children’s college.

Do I think college is important? Of course. Do I hope my children go? Absolutely. Do I plan on funding the bills for four children for four or more years each?

Um, no. My retirement comes before all else right now.

I have four young kids, I’m a millennial sandwiched in an economy that hasn’t ever been sort, and I’m doing the very best I could. My retirement comes before all else, which’s just how it’s likely to be. Kids, fulfill scholarship programs, since that’s exactly what I needed to perform, and it’ll be just nice for you, also.

I worked his buns off throughout high school to obtain a full-tuition pupil to school. And even though my parents and I actually discussed who’d cover my college education, it had been fairly well known that I had been on my own.

Financial Independence is My Way of Life

This was likely because I had paid for a whole lot of my way through high school today. I paid my cell phone charge, my gasoline to obtain to college, and my clothing and I worked many jobs. I knew my parents couldn’t fund me, and I was OK with that. I was driven and motivated. After researching my choices, I found that a university I was considering awarded one scholarship per year to the valedictorian of each high school.

Can you guess who earned the status of valedictorian at her high school?

Looking back, I can’t believe how blessed I was to create it via a four-year degree with nominal debt, even though I didn’t work hard to make that occur. My lecture coated all my tuition in total. I had additional scholarships to help pay for expenses, along with my parents performed with 2 semesters of board and room.

I chose to function and be frugal as I could. Purchasing books for math? Nah, I’m fine, thanks. I managed to graduate with my mentor’s level with less than $10,000 in debt by a state college and paid off that soon after graduating. My husband had an identical route. From age 28, we’d fully paid off our college loans, an achievement I understand is a rarity nowadays.

The stark reality is that college is going to keep getting more costly. I completely understand that the expense of school for my children would be astronomical. In reality, the federal average of sending a single child to a public school for four decades is $112,000. Private college is much greater, topping out at $236,000. And I have four kids.

That is more than my spouse or I compensated. But we think it’s very important to all of us to make certain that our gift is compensated for and that we’re creating a strategy for our future (i.e., retirement) since none of us knows what’s going to happen.

Doing What We Can for Our Kids

Don’t obtain me defame: I’ve looked into options like college savings plans. But the profits don’t even appear to outweigh the probability of our kids not likely to school in any way, a thing I am not then within this market. I’d rather place my money into good use now than banking it away, just to get it stuck within education-only finance they could ‘t use later.

In the end, I’ve decided to do what I can for each of my four children by stashing away a little at a time. I set up automatic transfers to savings accounts for them so that, at the very least, they have some money ready for them to come to college.

But until then, my focus will be on paying down our own debt and securing our retirement as parents, instead of funding our children’s college education. I believe that if they want to work hard enough for it, there are ways to obtain an education without accumulating massive debts.

It’s called building character, right?

So, sorry, children. Mom and Dad love you, I promise, but you’re on your own for college. May the force (and your computer for those scholarship applications) be with you.

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