I love Suzi Orman- don't get me wrong.
But her advice about kids and college definately comes from a woman with no children.
College costs are NOT what they were when I went to college. The average class (at a junior college on the east coast) is about $500. Tuition for junior college is close to the same as a four year - six years ago. I am in sticker shock!
My son made it through- but my daughter has not. I am afraid that by the time she decides to go the cost will be so high she/we will not be able to afford it.
I love the people who say "the scholarships are all out there- just grab the golden ring!" True, if you are a child who begins college the semester after high school. They disappear soon after. People LOVE giving sholarships tojust graduated freshman and will renew them. A 25 year old freshman- or sophomore- or a transfer student- the money disappears..... They offer loans....with big price tags.
My first years of teaching- if I had taken out loans for college- it would have taken me about 4 years to pay off the $7000. it cost for me to go to four years of public college. The starting teacher's salary is now 3 times what I made 25 years ago. That same college (the cheapest one in my home state) would cost about $40,000. That means that it would take 5.7 years to pay off the debt- dollar for dollar. That is for four years of college- not six. And that is becoming a teacher....
Don't fool yourself that a child can make it through five years of college (the average now for years in college is six years) without help. Sure they can do it- but they will have the debt of a house and will have little chance of getting out from under it easily.