Despite presidential campaign rhetoric, it is extremely unlikely that college tuition will be free in the U.S. any time soon (or even in distant future). Remember how much Americans HATE to pay taxes? Taxes are what support our public institutions of higher education. When students complain about minor tuition increases at Utah State (one of the best higher ed bargains in the country) I ask when is the last time their parents, grandparents, relatives and friends voted for candidate who advocated raising taxes.
So the reality is that students and their families will have to pay directly. Kevin McKinley, a financial advisor in Eau Claire, Wisconsin suggests this reasonable plan in a recent New York Times article:
"Save a quarter of the cost over a child’s first 18 years. Pay another
quarter out of current income over the next four years. Borrow the rest,
split among the family."
Read the details at: http://www.nytimes.com/2016/09/24/your-money/paying-for-college/how-to-pay-for-college-with-less-stress.html?WT.mc_id=SmartBriefs-Newsletter&WT.mc_ev=click&ad-keywords=smartbriefsnl&_r=0
If you haven't started a 529 college savings plan for your children... what are you waiting for? Lots of info on 529 plans elsewhere in this blog.
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