THE COLLEGE DILEMMA
And, in case you’re wondering: the debt is pretty much the same, no matter where your kids go to school—unless he/she qualifies for a few amazing scholarships that are out there for the straight-A kids who play six instruments and five sports and started their own non-profit while in the 9th grade! The fancy private schools offer great financial aid, if they have good endowments—but that only brings down their massive tuition to the same level as the public schools—and the public schools offer only minimal financial aid. We’ve had kids at a big public university and at two small, liberal arts colleges—and the bill has, in each case, been about the same.
I have to say: it’s not hard to envision a time when our colleges, especially fancy private ones like Yale or Princeton or Duke or Davidson, will have as their student body a mix of only extremely wealthy kids, whose parents can pay their way, and extremely poor kids on scholarship. It’s happening!
In any case, back to us: we’re taking on significant new student loan debt—and so we’ll be working until we drop!
I don’t know how people do this in America! All I can say is that some days I wish I’d had the good sense to emigrate to Canada early on—or to any other country that invests in education for its young people!
FIND THE COLLEGE GRADUATE
And I don’t even want to think about graduate school! People say to me, “Just tell your kids they’re on their own for graduate school!” That’s all well and good, until you think about the reality. What if, for instance, our youngest daughter, who really wants to be a doctor, ends up taking out loans for her career with tons and tons of student loan debt, which, under the best of financial circumstances (she delays getting married and having children because her medical practice is such a huge financial success) will take her years to pay off—until about the time that her child goes to college, at which point she’ll be making too much money to qualify for good financial aid, so she won’t be able to afford to pay for her child’s college without student loans, so that child will have to get significant loans for college and graduate school…and the beat will go on and on.
The whole set-up these days is enough to discourage anyone in America’s rapidly disappearing middle class from ever getting anything past a college degree—assuming they make it that far!