We'll cover traditional college financial aid (and there is a lot to be
taken advantage of) in a few moments.
Children sure are expensive. Here we are talking about zillions of dollars for college, and we are
already spending a bundle for the children's every day expenses. How much does it cost to raise a child?
According to a federal government study, the average middle income family will spend $128,000 to
raise a child born in 2000. And this does not include any college expense. According to this study,
this breaks down to $53,000 for housing, $28,000 for food, $23,000 for transportation (really?),
$12,000 for clothes, and $12,000 for miscellaneous. What about the big one - diapers?
And keep in mind that this 128 grand is only for the kid that leaves home at 18. My younger brother
lived at home until he was 35 (they finally sold the house to get him to move out).
I know several 30-something boomerang children who've moved back in with their parents when things
got rough. You need a big calculator to add up what these kids have cost their parents to raise.
And here's a thought. How can anyone afford more than one child?
Fortunately, there are some wonderful ways to help pay for your children's education.
Other Financing a College Education Topics:
-
Financing a College Education
- Coverdell Education Savings Account
- Section 529 Plans
- Scholarships
- Help from your college's financial aid office
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