<p>When we had children, we did not anticipate that college costs would have risen to the obscene level that they are at now. When I attended a small private women’s college 30 years ago, the tuition was $2500. My dad, a school teacher, made around $25,000, and since there were 3 in school at the same time, we also got Pell Grants. We all graduated from college debt-free.</p>
<p>The average teacher’s salary is now $40,000, but the cost of the same school is $20,000, so salaries have less than doubled, but tuition is almost ten times higher! And $20,000 is for a “cheap” private school, most are around $40,000. For someone making a “good salary”, $100,000 or so, it’s 40% of income, not 10% like in my father’s day. </p>
<p>Yes, I’m willing to take on debt for my kid’s education, but I am not willing to deny that higher education is once again becoming only for the elite and that parents and students are now being asked to take on staggering debts.</p>
<p>We did save for our children; it’s just not possible to take care of their needs now, save for retirement, and save all they need for college. In fact, if it weren’t for paycheck withholdings, the retirement savings would be significantly smaller. We only went to Disney once as a family, and that “fancy deck” on our home was actually to replace the one that was collapsing. Our teens share a used 95 Honda, not a brand-new BMW! Not all of us are living high on the hog and crying poor. </p>
<p>Do you suggest that only people who can save $120,000 per child (the cost of 4 years at a private college) have children? As to the suggestion that one send one’s child to a community college, this might make sense if the student is not seriously committed to his high school studies and still needs some direction. But is community college appropriate placement for someone scoring 700+ on SATs and in the top 10% of his or her class? I’ve taught at community college, and many of the students there need considerable remedial help (I’ve spent a lot of time on things they should have learned in high school), or are studying a vocational trade. You’re going to put someone whose curriculum consisted of Honors and AP courses in that type of program? Better to save the $4000 and have the kid take a “break” and just work full-time for a year. That is the other alternative to borrowing and perhaps the reason more and more students are taking the “gap” year.</p>