I think that if one decided to have children, in theory, they should be thinking about education cost from when the child was born. Meaning to start saving for college much earlier, and after 18 years they should have something. No one expects a family with an income of say, 100K or even 250K, to pay for college out of their regular paychecks. It’s hard for have an extra 20K - 70K per year sitting around just to pay for college, even with high income.
I also understand that not everyone can start saving if they didn’t make enough money to begin with. I am just saying the threshold the schools give out as to what income is qualified for FA, it’s probably based on the idea that the family has some saving for college, not that they have extra tens of thousands of dollars sitting around and therefore can “afford” it.
I don’t know if I believe this. I heard this before, but I’ve also heard it the other way around. The idea that millennials are spenders not savers, that they change jobs so often, that they are worse off than their parents, etc…I read some articles that this isn’t the case. But we don’t have data to know which is true, or truer? I just don’t know.