For parents who are saving for their child college education, they are mainly concerned about not saving enough. However, I don’t know if that many people think about the flip side. For example, is it possible for some parents to save too much?
I got some great discussion going in my last article, and Chief Family Officer commented that $250,000 may not be enough for a good private school:
“…I do think that $400,000+ is more realistic if your child wants to attend one of the most expensive schools (Cal Tech, for example, is at $40K per year already, if you include room and board)…”
In another related post about my initial calculation for my son’s college costs, TBH offered another perspective:
“…I decided that I don’t have to be prepared to pay for his entire education. My plan is to tell him I can pay for all of a public school education. If he wants to go to a private school for some reason, I will encourage him, but he’ll have to take out loans for part of it. I want to help him keep his loans to a minimum, but I think it’s actually a good thing to put some of the responsibility on him so that he values his education more, etc…”
My wife and I intend to help our son pays for his 4-year college education. However, we have been focusing on the dollar amount and the investment strategy. After reading TBH’s comment, I had an epiphany. I really liked the idea of saving just enough for a good 4-year public college education, and having our son share the responsibility if he wants more.
Here are 4 reasons why I want my son to pay for part of his college expenses:
How about you? How much are you planning to save for your children’s education?
This article was featured in The Carnival Of Education #138 hosted by Global Citizenship in a Virtual World.