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Dear Miss Cynthia, I have a 15-year old daughter and I was submitting a question because since she was 5-years of age I've been saving up for her college education. However, in today's economy and with the future of the economy in question, I'm unsure of what to do as I haven't been able to put anything towards her college fund in the past year and a half as things are getting tougher for us as a family. My daughter has dreams of going to her dream college out of state and I don't think it's going to happen and it makes me sad, but what am I to do now? I've even had to dip in her college fund a few times to pay our mortgage. What other college tuition options are out there that can help my situation?
-Worried Dad in Boston
Dear Worried Dad in Boston,
Like the commercial we used to see, "I've fallen and I can't get up!", we are in a global financial collapse. The mid-'80s and the '90s were altogether different financial situations. In this time period, our children could want for nothing. That financial situation unfortunately no longer exists.
We all have to devise a new game plan to SURVIVE! As a nation, we have gone from plentiful to slim pickings. After saying all that; back to your daughter, I advise all my graduates to go the first 2 years to the most inexpensive community college to get their core requirements. If they keep a high GPA they will have an extremely good chance of getting into a different college with a scholarship. In other words, they have to earn it! You as a dad, have to teach your daughter the reality of the current situation of the world. To now get into thousands of dollars in debt for an education that may not even guarantee her employment is unthinkable! Use the money you earn to survive. Did you know if you pay on extra mortgage payment a year, you can do that by paying 10% extra towards the principal each month, which can knock 9 years off a 30-year mortgage? Your house can be paid off in 21 years. She will be disappointed about college, but trust me, being homeless is much more devastating! You're a wonderful father, and she is blessed to have you!