College funding-- too many folks think that they "owe" their kids a college education. Nothing could be farther from the truth. YOU owe yourself a retirement, not the kids college education.
Interestingly, there is NOTHING WRONG with a "less prestigious" public state school--nothing. If the kid, when he/she is 13-14 thinks that they need to go to Harvard, Yale, Princeton, Dartmouth, MIT, no problem-- strongly encourage them to do so. However, make sure that they understand that you and your spouse do NOT have the resources to send them, however, they have the ability and capability to work after school, breaks, summers to earn the necessary funds to attend those prestigious institutions.
I did my graduate work, initially, at the University of Spoiled Children (Southern California). Interestingly, I receive an alumni magazine every month-- they have an endowment that is now North of $2 Billion dollars-- 78% of all undergrads receive financial aid of some sort. I have a hard time convincing myself to donate to the endowment fund-- $2 Billion dollars is a LOT of money.
There is a lot of financial aid, scholarships and grants available-- you have to look and search, but they are available. The looking and searching should begin in the freshman year of high school and increase the focus and intent each year of high school, so that when the kid is a senior, he/she knows exactly where to apply and what to ask for. High tuition prestigious schools want just common ordinary kids as students also, and they have funding to help most kids.
However, at the end of the day, there is NOTHING wrong with the School of Mines, Texas A&M, Oklahoma State.................................etc.
Pay for your retirement first-- train the kids to save for college at 4-5 years old-- that means putting the money in the bank, not buying the latest toy, game or bubble gum. OK, some tears-- let the bawl it out, dry their eyes and go back to work. No emotions, let them bawl the first couple of times, however, they will get the idea and will become a willing participant in the program.
Other than my experience at USC, all of my education was at public state institutions other than the Naval War College!
