FAFSA wrong in what a family can afford? Oh gee, what a shock

[ucbalumnus]

@Happytimes2001

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.

But will that make much difference compared to what kids learn from their parents (including by observation)?

@Happytimes2001

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.

If the parents have raised their kids for 17 years giving them the illusion that money does not restrict the kids’ choices and activities, then when the first time the kid’s choice is money limited is college choice, that can be a shock to the kid and parents, or the parents may try to avoid the reckoning with cosigned or parent loans for expensive college.