So after nine years of procrastination, I finally started my daughter’s college fund. It’s a paltry amount that I was hoping to increase once I passed my PE exam and received my raise. But it occurred to me that I will be paying for my daughter‘s education at the same time as I’m paying for my own. That is, she will start college in nine years and I will still have another nine years to pay for my own college degree. That sucks. So maybe I should pay off my student loans before I start contributing heavily to Maya’s college fund. But no. that’s selfish. I think I’ll do what I’ve heard Asians do. The parents pay for the oldest to attend college and then once the oldest graduates the son or daughter help pay for the siblings college costs. Yeah, I’ll make Maya help pay for her brother, which should work out nicely because by the time she graduates she’ll have threes years before he goes to college. I’ve also told her she’ll have to go to a community college for a couple of years before she enters a big university. That’s what I did and I loved it. Community colleges typically have smaller classes and she’ll be able to live at home instead of in an expensive dorm room.
According to a few calculators it will cost roughly $25,000 per year for my daughter to go to college, which includes room and board. Now days it takes five or six years to graduate. Yep, I’m definitely sticking with a community college.
http://www.finaid.org/calculators/scripts/costprojector.cgi
http://www.fool.com/college/college02.htm
http://www.fool.com/college/compare.htm
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