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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowPodcast host Mason King recently used an online calculator to estimate what it might cost to send his 5-year-old son to college someday—and the answer shocked him.
So he’s talking with Peter “Pete the Planner” Dunn this week about when parents need to start saving, what savings vehicles to use and whether parents should go into debt to fund their kids’ education.
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ot discussed in this podcast is the importance that, even if the parents can comfortable afford to food the entire bill of their child’s education, is the need for the student to have “skin in the game.” In our daughter’s case, we were in a position to fully fund four years of an in-state university education without negatively impacting our present or future (i.e., retirement) lifestyle. But we decided that wherever she chose to go to college she would be responsible for 25-percent of the cost. Knowing this upfront made her make a more intelligent decision on where she would ultimately go, and made her a more serious college student as well. She ultimately was accepted and chose to attend McGill University in Montreal which, after accounting for the exchange rate, costs roughly the same as Indiana University (where she had also been accepted). She took out students loans for that experience, and is today paying them off. She had a wonderful college education and experience at McGill, and graduated with a degree in International Development. Today she is a successful comedy writer and performer in Chicago. Go figure!