Paying for Your Child’s College Education

In many cultures children are sent to college at the parent’s expense which isn’t too bad because it is government subsidized, but in America education is very expensive. I barely made it through college myself, working my way through, paying for some classes and sometimes my employer paid for it. Financial advisor, Tim Maher was on TV giving out advice on financing education recently. Below is what he said.

Parents should save enough for in state college tuition for their children. If the child wants to attend an Ivy League school without a scholarship or even an out of state university, then the child should pay for the difference.

Children should consider spending two years in a community college and then transfer to a university. This is cheaper and will lessen the overall cost of a university educaton and the child will still receive a degree from the university. Even Barak Obama spent 2 years at Occidental College before proceeding Columbia University and then to Harvard.

Parents should consider putting 50% of their savings into a fund like the Maryland Savings fund.

Also, parents should save to ensure that they don’t become a financial liability to their children, which is much worse than not paying for your child’s college education.



A word is enough for the wise...