<p>I’m surprised that I never noticed this thread before.</p>
<p>This whole discussion makes me kind of sad.</p>
<p>I am a parent who sympathizes greatly with the kids. I think that the students should pay as much as reasonably possible towards their college educations… But that amount is not likely to be large.</p>
<p>Our family is in the less-than-$100K/annually income range. Middle-class. Our “new” car is now seven years old. No family money. No investments. One child in college; the next one applying as I write.</p>
<p>If we paid after-tax, out-of-pocket money for college tuition, we would have literally about $8,000 a year to live on (pre-tax!). So, it’s loans and some work-study, and whatever-whatever. (Have never had a lavish lifestyle – not much to cut back on.) And grants and more loans. And more whatever.</p>
<p>BUT… I absolutely want my children to go to the schools that best fit their desires and their abilities. And in that sense, cost is a very secondary consideration. (DS turned down full and partial scholarships at three excellent schools in order to go to a “dream school.” Even though I actually liked one of the less-expensive options better. But DS did not.)</p>
<p>My own parents (farmer & teacher) could not easily afford college for multiple children. But they told us that our education IS our inheritance.</p>
<p>I have told my kids the same: Their education is their inheritance. First of all, it is (IMHO) the greatest gift I could give them (help them to get, anyway). Second of all, a good education will be an important tool to allow them to create their own “inheritances.” If our retirement fund is zero, so be it. We’ll work longer. We’ll sell the house and move into a one-bedroom condo. Whatever. But, by God, our children will be as well-educated as their abilities and motivation allow!</p>
<p>Two interesting follow-ups: </p>
<p>(1) Remember that I have said that my parents sacrificed much to educate me and my several siblings. Then my father died suddenly and unexpectedly when my youngest brother was just finishing college (Harvard University, thank you very much!). The rest of us were barely out of college, and several had young children. But ALL of us contributed to my mother’s financial welfare, and she is living comfortably 21 years after being unexpectedly widowed.</p>
<p>(2) As a direct result of being a sophomore at a very prestigious university, my DS was offered a killer summer job last summer. He earned enough money to pay for a full third of what the university wants as our “family contribution” this year. (He was recruited on campus.) That was partly luck and partly being IN THE RIGHT PLACE at a good time. The “right place” in that instance is a very expensive school.</p>
<p>That said, I know many people whom I consider to have superior educations, who went to relatively unknown schools. Neither a school’s high cost nor its snob-appeal reputation is necessary to a good education. (But a really good school/good fit is SUCH a jump-start…!)</p>
<p>I also know that even at our relatively modest income, we have more wiggle room than do some other families; no one “answer” fits all incomes or all families.</p>
<p>I do wish everyone well… And I also wish that I could adopt some of you student posters. Maybe even more than that, I wish that I could communicate to all parents the profound joy of rewarding a high-achieving student with the gift of the college education of that kid’s choice. It is, to me, a parental high second to almost none… And it lasts!!! (As does the education, presumably…)</p>