Every time the statement comes in the mail I open it, hoping that the money we’ve been saving has grown.
Ugh. A measly few bucks is usually it.
Our 10-year plan to move to the Sunshine State is now a nine-year plan. It’s getting closer!
Out of curiosity I went on the University of Miami’s website and looked up college tuition. I almost threw up. Are they kidding? Over $40,000 per year in tuition alone. There is no way we would be able to afford out-of-state tuition for our son in a decade.
To get in-state tuition at a community college in the Florida Keys, you must have residency in the state for at least one year prior to applying. Maybe Bo can bus tables for a year before going to college near Mom and Dad, if that’s what he wants.
But then I wonder whether college is even worth the money.
Student loan debt in the United States has grown to $1.2 trillion, according to the Consumer Financial Protection Bureau. Tuition climbs at triple the rate of inflation.
“I want to go to the University of Texas and play baseball,” our son has told us. Chances of that are slim. Besides, I’m pretty sure Coach Augie Garrido will be gone by then.
Of course we’ve told our son to have a back-up plan other than sports. And UT ain’t cheap. Tuition averaging $36,000 per year for nonresidents. I checked right after looking at what the Hurricanes wanted.
Cost was nothing I had to worry about when going to college. I had enough scholarships to cover the majority of my tuition, and, of course, it helped I stayed in my hometown. (Go Roos!)
I do hope our son’s goal is to get a degree in something he’s passionate about. The last thing I want is for him to feel trapped in Missouri while Mom and Dad are out on a boat in the ocean.
I think it might be time to up that MOST college savings contribution as well as that percentage going into my 401k.
Who knows, maybe he won’t have to use the money we’ve saved for him for college. Maybe he can use it on a house, car or maybe a wedding?
Wouldn’t it be grand if higher education were free?