Well, there should be basic financial literacy taught in public schools. Just basic things like writing a check, saving money and how interest makes it grow, how to budget would go a long way. Limiting credit cards would help immensely esp for those under 25.
There are definitely jobs which need access to expensive parts of the country. I have one. Yep, some people need access and can’t move. Doesn’t matter to us as we have made good decisions. And believe me, not everyone in every area is living above their means. Many do have the resources to pay for the expensive house and send their kids to private college.
Where it gets ugly is the expectation by many people that these very expensive private schools are options for their children without the saved resources they need. ( They aren’t much as buying a Rolls isn’t an option for many families). Maybe, they remember a time when you could get merit money ( with less loans and more grants) and they have heard and read about kids only paying X or Y. This family used the available data and came up with one number only to be told the number was double. That’s pretty rough.
The choice of an expensive art school might not seem strange to them. That’s the field their daughter is interested in and she’ll need a BA just to get a basic job. And to @“aunt bea” 's point that a CC degree in animation is going to cut it, I would highly doubt it. In many parts of the country, CC degrees are looked upon with some disdain ( especially if the state colleges are good).
Sadly, these parents have the combination of many factors hitting them hard. If the mom weren’t sick her income could likely help a lot.
I feel for them. And I feel for everyone who wants an expensive education and has no money saved to obtain it. There are always options like working multiple jobs while in college ( I worked 2 or 3 every semester) and living off campus. The daughter could work as a waitress and make quite a bit of money in cash.
How did so many Americans convince themselves that they could offer their kids the best education available with no money to pay for it? Seems like a leftover idea that is pretty pervasive on these boards. And so many cannot reassess so they go into massive debt rather than change their thinking. Then they blame everyone for massive student loan debt.
And the cycle continues. Their kids now owe too much to get a decent start in life.
Bad financial decisions seem to replicate across generations. And so do good ones. Friends of mine whose parents were generally more financially literate are generally the same. They learned from their parents you cannot spend more than you make ( wherever you live). And you cannot buy the shiny car even if it’s pretty.