This is Probably NOT the Way to Pay for College September 24, 2009
Did you see this video on the news? It’s a story about a single mom who wants her son to go to a highly selective college, but doesn’t have the money to cover the cost of college, and what she does out of desperation to fund his education.
On the one hand it’s a touching tale of a mother’s love for her child, and the extent to which she’s willing to go to see him achieve his dream. On the other hand, it’s a little unsettling to see this woman out begging on the streets.
Is this woman to be admired, or not? What do you think?
What I tell New Jersey parents every day is, as onerous as it seems, there are many reliable, proven ways to lower the cost of college. If you qualify for federal financial aid, there are ways to increase your financial aid package – often dramatically. If you don’t qualify for federal aid, even more money is available through the colleges as merit aid – and there are tried-and-true ways to get it. And even if you can’t get any financial aid or merit aid, there are still dozens of ways to lower your out-of-pocket costs by thousands of dollars a year.
Just the other day, some parents came in to see us. They have a son who’s a freshman at Notre Dame, and another who will be ready for college next fall. They were worried about being able to afford two kids in college at the same time without draining their retirement fund.
They told me about a phone call they got from their son at Notre Dame. It was during the first football weekend of the year. A gorgeous day and the campus was teeming with visitors. The son said, “So many people travel hundreds or thousands of miles to come to this special place for just one day. And I have the privilege of living here every single day. Thank you, Mom and Dad, for the sacrifices you made that allow me to be at Notre Dame.”
While I was swallowing hard, the mother told me, “We’ll do anything for that kid, and our other children.”
The first thought that flashed through my mind was of the lady panhandling in the streets. But knowing that we could help this family, it felt great to be able to think to myself, “Don’t worry Mom, you won’t have to.”
