When did you seriously begin to think about college? For me it was the seventh grade. It was at this time I learned from my dad that there was no college fund for me. I wasn't hurt by it- I mean, I really didn't understand what it meant (at the time). My interpretation? Somehow money, in and of itself, could prevent me from getting the education I know they wanted me to have. In my 12 year old mind, the only way to ensure I went to college was to make good grades, get accepted into a school, and the rest would work itself out. Actually, it's still working itself out- yes, I'm talking about student loans.
The purpose of this blog entry is not about student loans per se, but parents' role in planning for their children's education and economic future. The inspiration for this topic came from a twitter post: The money u borrow for your college loan should not exceed what you plan to make 1st year in the workplace. Don't live in debt! My immediate response was this sounds good in theory, but it's easier said than done. For some reason the discussion in general stayed in my head, which can only mean one thing. And thus, this blog post was born....
The only way to decrease college expenses, such as student loans, is for parents to plan ahead. Of course there are amazing stories of children overcoming adversity to pay their way through college; and while admirable, this isn't the norm. Unfortunately, student loans are a necessary evil. Understanding how to make sensible financial choices is just necessary. College is more expensive. Families are losing jobs and their homes, some even their retirement savings. Planning for your child's future can be done, but at all costs? Planning will always take a second seat to reality.
Am I in debt because of my student loans? Yes. Should my mom and dad have saved for college? My parents would give their life for me, so throwing dollars in an account for my higher education was never the issue. Taking care of my sick grandparents, feeding four children, making sure we had a home....was always the issue, always the reality. Single parents have it even harder [my sister Kim- chime in here!]. Parents lead by example, and if that includes a college fund- perfect! If it doesn't-for whatever reason, as long as you have that conversation (maybe not as bluntly as my father ;-), I foresee a bright future.
Side note: This is not to diminish the importance of saving for your child's future. Parent education on the types of planning options available would be a step in the right direction; rather than a do it or else approach.
Side-Side note: I know my blog entry title is pretty lame, but it's 3am and I couldn't think of anything better. I'm open to suggestions!
2 comments:
Exactly. Reality often trumps plans. I'm more educated than my mother was, earning more, with less children, and still it has been a struggle to pay my loans back, take care of home, and plan for my daughters future. I also had less time to get right because I was a young parent. By the time I'm getting to good on the planning front, she'll be applying to colleges. The conversation I had with her went a little different. I said "Babe, I'll still be paying my loans off by the time you're in college... we need you to earn a scholarship"
Hello everyone,
The truth of the matter is, its hard for many families to save right now because of the economy. The cost of living is increasing while wages haven't increased for many and ceased for some. (Especially NC State Employees)Food, clothes,utilities, before & after school care so I can go to work, gas in the vehicle, insurance, full-price lunch(Yep, single mom getting no government assistance) Doctor visit co-pays, medicine= What ever my paycheck is plus some!!!
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