Parents: Will You Pay For College?

Do you plan to pay your child’s college tuition? Have you started saving?

I was lucky enough to have my parents pay for my undergraduate degree and I want to do that for my children, but the costs continue to rise.

Paying for their children's college education is not something that many people can afford without saving and it can be a financial hardship even with the saving.

Just this week, the Pennsylvania State System of Higher Education approved a 3 percent tuition increase for the 2012-13 academic year. The total tuition cost for a full time, resident undergraduate student will be $6,428. Taking into account additional fees, room and board, the average total cost for a state university is about $16,000, said PASSHE spokesperson Kenn Marshall.

Compare to: (information on tuition, room, board and fees from university websites)

Do you plan to pay for your children’s college education? Have you started saving?

CDD July 16, 2012 at 06:52 PM
Years ago, when my children were small, a friend and professor at Drexel University said that attending almost any accredited undergraduate college--one you and your family can afford--and doing the best academic work you can do is the route to take at that level. Then, he said, be picky about where you do your graduate work if you want or need to get that additional degree. The graduate institution, program attended, and grades received will be the area where the prospective employers will concentrate when looking at those resumes and job apps. Even if no graduate degree is needed or pursued, a degree from a lesser known undergraduate institution coupled with good grades, the right courses, and with extras like internships and volunteer work is appealing to employers who are looking at the whole person, not just the name of the institution from which the person graduated. This was the best and most helpful advice we could have received, and it still is true.
Shirley July 16, 2012 at 08:16 PM
For my stepkids, we paid the first and last year at state schools, their mother paid one year and they had to pay the fourth. I think it worked out well as, even though they have student loans for that year, the amount is not unmanageable. I personally took 12 years from high school to finish my undergraduate as I worked my way through. As soon as I completed my degree, though, I was able to command an immediate 37.5% salary increase due to the increased marketability (technical field). Certainly helping is a good thing, but it's important to encourage accountability in the college attendee as well.
Ant 3 July 17, 2012 at 05:01 AM
You realize schools set tuition prices high to make students feel they are getting a bargain with higher student aide.
H. Thomson July 18, 2012 at 04:56 PM
Guess you need to factor that in when you look at the big picture then. All the more reason that parents and kids have to really do their homework when trying to figure all of this out and get the best bang for your buck, educationally speaking.
jack July 24, 2012 at 07:19 PM
I can tell from your post.


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