Why do so many financial advisors preach saving for your kids education?

I paid my own way through school, and they can too..is that so wrong? I would rather put that money towards retiring at a younger age when i can still be healthy enough to enjoy my savings.|||Because that's something most people want to do for their kids.





You are smart, because there's only one way to pay for retirement (savings), and lots of ways to pay for college. We have suggested parents save half of what they think the kids will need; or save for a public college and let the kids pay the overage if they want to go to a private school; or pay 100% the first yr, 75% the 2d yr, 50%, etc. Anyway, it's good experience for them to work--as long as it doesn't interfere with or postpone their graduation. The worst are the kids whose parents pay for 5-6 yrs and then they move back home. Don't understand this!|||I believe it's because college is becoming so expensive... your children may end up owing $80,000 - $150,000 in student loans over 4 years (just for tuition, room and board) -- and that's in the current times. Can you imagine what it might be in 18 years (for those who are still infants)? It's often not possible to "work your way through college" without taking out loans (especially if they aren't eligible for financial aid). Plus, if they are not eligible for financial aid, they may not even be able to get a loan in their name (if they haven't established good credit). Therefore, they will need a cosigner, or you'll have to take out a PLUS loan if you want your child to attend college. At least if you are saving, you can experience the tax benefits... and, not be paying interest.





I'm currently a mother, full-time employee, and full-time student... who is paying her own way through college. I'm attending a small school; however, I already have several thousands on a student loan (and that's with the maximum finanical aid package). I believe in working your way through school to pay your books and living expenses; however, unless you attend an inexpensive community college or have a full-ride scholarship, it's impossible to keep up with the tuition rates.|||So, you have have turned down the money if your parents tried to give it to you? Of course not. If you have an emergency fund, no debt, retirement funds building each pay period and everything else taken care of financially then why wouldn't save now for your childs education? Also, with tax deferred education savings plans you can put your money to work without paying taxes on it until much later.


If you can do it it's a win-win situation. My parents didn't have any money. I worked throughout college except for one summer because I couldn't get a job( I admit I didn't try real hard that year). I also owed student loans when I graduated. It would have been nice not to have to pay loans back with interest. Also, tuitions and the cost of living in college keeps increasing. I know people that will owe 100k and more when they get out. Why not try to get a handle on it early?|||college is expensive and a lot of people want their kids to have better lives than they did. however my rents made me pay my way and i did just fine. it gave me a sense of responsibility. i teach my boy how to save his money and he is only 8 so i think if i keep teaching him this he will have his own savings for a car and college. This way he will become a responsible adult