It’s an increasingly common question: Can I afford my child’s dream college? Or a variation of that, should I spend $200,000 for my child to study education, music, psychology, social work (or some other field that is not known to be financially lucrative)?
This wasn’t an issue for us because my boys didn’t really have dream schools, for better or worse. Also, with one boy setting out to study computer science and another engineering, they have potential for well-paying jobs upon graduation that would enable loan repayment if necessary. Still, we encouraged them to find college options that would lead to low or no debt.
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Affording the Dream College
After my college admissions AMA (video below), a parent asked: What do you do if your kid visits a school they love and you realize it’s out of your budget?