Saving for College
Is More Expensive “Better”?
Many people assume expensive colleges especially smaller, private, “exclusive” schools provide a better education than, say, a state university. That may or may not be a fact, of course, but what is factual is that attending an expensive school can easily result in larger student loans and, eventually, more debt your son or daughter will have to pay off once they graduate.
Education is an investment in this case, an investment in your child’s future. But every investment should be evaluated on its cost and benefits. Does a $30,000 a year college provide a better education than a $15,000 a year state university? And is the additional cost worth being saddled with loans that must be paid off? Maybe the investment is worth it, and maybe not just make sure you evaluate the cost of education as an investment not only in terms of your child’s future, but also in terms of return on investment.