Your column on two young men who chose different paths to college was not my favorite because you made it seem as if the first young man was morally inferior because he "had" to have a first-rate college experience. What about the notion that education is a worthwhile end in itself, not just a means to make a buck?
Of course, we all admire the second young man for making the most of what he had. But we also suspect that he will regret missing out on an important life experience.
I believe that how we spend our money should reflect what we value most in life. And many of us highly value education. I'm proud and glad that was the choice that my daughter made, too.
From just $107.88 $24.99 for Kiplinger Personal Finance
Become a smarter, better informed investor. Subscribe from just $107.88 $24.99, plus get up to 4 Special Issues
Sign up for Kiplinger’s Free Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
I certainly sympathize with your sentiments about education being a worthwhile end in itself. But I don't think you can conclude that the first young man had a first-rate college experience because he attended an expensive, "name" school (and owes $100,000 in student loans), and the second young man somehow missed out because he attended a community college and then transferred to a state university. That smacks of educational elitism. And I'll wager that the second young man, who graduated with just $9,000 in debt, would disagree with you.
Like it or not, attending college today is an economic decision as well as an educational one. Students and their families need to balance a lot of factors in order to get the best possible education without breaking the bank.
Paying your own way
I appreciated your column on how students paid for their own education. It always gets under my skin when people assume that parents will foot the bill. In my house (and in my hometown, for that matter), that just wasn't the reality. There were six children in my family, my dad was a high school teacher, and my mom stayed home with us kids. My parents encouraged us to save money and to get good grades for scholarships because we would be on our own.
I didn't get a scholarship. So how did I pay for school? Hard work! I saved enough working as a grocery bagger in high school to cover my first semester's tuition. I attended college year-round and graduated in three years. I didn't own a money-sucking car.
And I worked part-time on campus: cleaning toilets at the basketball arena (honestly, the most fun job I ever had), working as a secretary in a campus office and working various jobs on the student newspaper. All told, I graduated with only $9,000 in debt, which I paid off in three years, and priceless experience. For me, it was a personal triumph.
My thanks to my Kiplinger colleague, Erin Burt, for sharing her personal triumph. For more advice tailored to young adults, check out her Starting Out column.
-
Quiz: Do You Really Know How Social Security Benefits Are Taxed?Quiz Social Security benefits often come with confusing IRS tax rules that can trip up financially savvy retirees and near-retirees.
-
Are You Ready for 65? The Medicare Initial Enrollment Period QuizQuiz Turning 65 soon? Test your basic knowledge of Medicare's Initial Enrollment Period (IEP) rules in our quick quiz.
-
3 Ways to Stretch the 2026 Social Security COLA For Your BudgetThree steps retirees can take to stretch the Social Security COLA to fit their budgets.
-
New Ways to Use 529 PlansTax-free withdrawals from 529 plans could help you sharpen your job skills.
-
Smart Strategies for Paying Your Child an AllowanceBy giving your kids money to spend and save, you’ll help them sharpen their financial skills at an early age.
-
I Want to Help Pay for My Grandkids' College. Should I Make a Lump-Sum 529 Plan Contribution or Spread Funds out Through the Years?We asked a college savings professional and a financial planning expert for their advice.
-
How Intrafamily Loans Can Bridge the Education Funding GapTo avoid triggering federal gift taxes, a family member can lend a student money for education at IRS-set interest rates. Here's what to keep in mind.
-
How an Irrevocable Trust Could Pay for EducationAn education trust can be set up for one person or multiple people, and the trust maker decides how the money should be used and at what age.
-
UTMA: A Flexible Alternative for Education Expenses and MoreThis custodial account can be used to pay for anything once the beneficiary is considered an adult in their state. There are some considerations, though.
-
Coverdell Education Savings Accounts: A Deep DiveWhile there are some limitations on income and contributions, as well as other restrictions, a Coverdell can be a bit more flexible than a 529 plan.
-
529 Plans: A Powerful Way to Tackle Rising Education CostsContributions to 529 plans grow tax-free and are not taxed when they are used to pay for qualified educational expenses for the beneficiary.
