<p>thecheckbook, my husband and I are self employed and we have no pensions and no health care provided. We also have no 401Ks. I don’t know the age of you and your spouse. My kids are currently 20 and 22. The youngest is about to graduate college and the oldest graduated college last May but is in a 3.5 year graduate program that we are also funding (part is loans, not all). I am 52 and my husband is 54. Our kids will not be paying any college loans themselves. As well, our kids are expected to support themselves as soon as they finish their schooling. That means my youngest will start supporting herself starting this May 15! </p>
<p>Each person has to do what feels right for them. Yes, we have poured a ton of money into education but that’s what we believe in doing as a gift to our kids and what was done for us years ago. It does mean that we may not have other things like savings for ourselves and what not. But I don’t mean to say this is right for others. It is very much an individualized decision making process. However, those who do not qualify for any financial aid tend to be somewhat “comfortable” and so it is not such a bad place to be in! I’m sure there are still many sacrifices that have to be made too.</p>