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Wondering if it would help at all if the parents saved up enough for each kid to fully fund their private college, and then when the kid hits high school tell t
by josephjrobison 11y ago
Wondering if it would help at all if the parents saved up enough for each kid to fully fund their private college, and then when the kid hits high school tell them - when you graduate, you'll get $50k/yr towards your college. If you go to a private school it will cover it, but not leave much. If you go to a good public school, the extra $20k/yr is yours. If you get a full ride scholarship, the $50k/yr is all yours. Would that work? I'm assuming for some it would.
- joe5150 11y agoPeople with the means of fully funding their kids' private educations (even if they've "saved up") don't tend to have student loan defaults by definition, so I don't see how that's even relevant. If even a plurality of parents in America could afford to do that, we'd live in a different world.
- meric 11y ago>> If you get a full ride scholarship, the $50k/yr is all yours. Would that work? I'm assuming for some it would. Bitter personal experience taught me using extrinsic motivation destroys intrinsic motivation. The kid will get that scholarship to pocket the $50k/yr. But then the kid won't be motivated to do much more than that afterwards. Now all he or she's thinking is how fast they can spend the $50k.
- douche 11y agoSave money for college, and most schools will just take that directly off the top of your financial aid package...