[quote=UCGal]. . . And it’s a trend that will be going away… I’ve read so many articles about the boomers underfunding their retirement and living beyond their means. Granted, the boomer generation didn’t start till 1946 – so the oldest are only 64. I’ve seen this myself with older coworkers and family who didn’t get serious about retirement till their late 40’s, and or spent retirement savings on their childrens college fund. Their kids may have good educations, but now the parents have mortgages into retirement years and can’t retire.[/quote](emphasis added)
UCGal, I too, see this happening and do not believe in this if it impovershes the parent just as they are approaching retirement age. My parents were divorced and neither was able to help me with college and I never resented either of them for this. My siblings each put themselves through college. I have one child in college at present who is working FT and will take six years to finish college (approaching sixth yr). This child has a partial scholarship for fees only and will graduate with NO student loan debt. Our family does not believe in student loans because they handicap the student into oblivion just as they are attempting to start out in life.
I would not jeopardize my credit rating or my home to take out HELOCS for “college funds” especially since I must still maintain the home for one remaining minor child.
UCGal, it is unfortunate that even though your co-workers are in the engineering field, they feel they have to resort to mortgaging themselves for college funds for their children. A good portion of college students don’t even graduate or find jobs in the fields they majored in, especially in this economy, so these “investments” may not pay off.
Minor hijack: I think the idea of college is overrated and some fields are glutted with way too many graduates. I know more than a few persons possessing a “bar card” (trained as lawyers but with no work experience) performing the same or lesser tasks than I do. Their student loan payments are $700-$1500 per mo. In some fields, knowledge and experience are more valuable than school. More HS grads should be encouraged to enter 10-12 mo. certificate programs ($4K to $12K) or even a 1-2 yr. ROP program at a local CC (free to $1200 depending on family income). There will always be a need for concrete masons, alignment pros, auto body pros, heating/AC mechanics, 2 stroke eng. mechs, etc. There’s too much pressure and hype among the high schools for students to complete A-G reqs and take adv. math and science when some kids are just not cut out for rigorous academia.
Also, there’s nothing wrong with HS grads working FT instead of immediately going to college after HS in order to decide exactly what it is they want to do for a living BEFORE entering a college.
