Saving for your kids tuition

The cost of college tuition is already off the charts and rising.  I am beginning to wonder if it is even possible for a student to work and pay for their tuition while they are attending school.  In today’s world it is basically impossible when you consider the following costs:

  1. Rent
  2. Food
  3. Tuition
  4. Books

That’s only 4 expenses.  Most students have many more, but even if a student is committed to living in the most basic and simple circumstances, trying to pay for rent, food, tuition, and books while making anything close to minimum wage is out of the question for most universities.

Many parents these days just factor in their budgets that they one day will need to help their children pay for schooling.  I’m on the other side of the fence on this one still.  If my kids want to attend college, they most likely will be paying for it themselves.  Which means that unless they get scholarships or take care of some credits while in high school, it will take them longer than usual to finish their schooling.

For those parents who have a softer heart and are trying to save for their child’s education, There are a few things out there to try and help.  Educational Savings Accounts are offered by most banks and are fairly easy to set up.  There are some websites out their that are attempting to help you save a little.  Mission Tuition is one for example ( http://missiontuition ).  I’ve seen other websites that have a similar program for contributing to charities.  The basic idea is that you create a free account with them.  Then you just go through their website to shop at just about any popular retail store ( complete list of stores ).  It’s a pretty simple process to understand.  You can read about it yourself you want to take the time ( how it works ).

Your other option to pay for college tuition… start buying lotto tickets.

I think the universities have really messed up the “higher education” system.  If they were really interested in anything other than making money, the wouldn’t have you take 2 years worth of general education requirements.  I’m ok with a university trying to be profitable.  But don’t act like your number one priority is education.

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