“Years ago, friends of ours had 7 kids, and they expected all of them to go to college.”

This comment was by Tom B. on the post The Case Against Saving for College

Years ago, friends of ours who had 7 kids, and they expected all of them to go to college. These people were by no means wealthy. Nonetheless, they did sock money away into college funds for the kids. Keeping in mind that stats show a high percentage of kids drop out of college in the first two years, the parents were concerned with throwing their money away on tuition where the kids would drop out before completing school.

So, the arrangement they made with the kids was that the kids would have to pay for the first two years of school. Year three and four were paid by the parents and if they graduated, the parents would reimburse the kids for the first two years. 5 out of the 7 graduated. The other two dropped out within the first two years. BTW, the dad worked for the IRS.

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photo: shilad / flickr

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  1. Chances are that even if they only got a few college courses they would do better in life than if they had none. A large percentage of people also go back to school if their work demands it. A better ploy is to pay for 50% up front and 50% if/when they pass. Perhaps they dropped out because it is very hard to work and study at the same time.
    My parents did not support me past 18; I paid my own way through College, University and Grad school, but it took me until 45 because I did most of it part-time. Even with College and a year of University there were opportunities offered to me that wouldn’t have happened without any PS training. On the down side I had many years of near poverty and didn’t earn a great salary until after 45, giving me only 20 years to really put money away.

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