hbcu
When it came time for Patrick and Doreen to send their third daughter off to hbcu , they were burned-out and cash-poor. They had already put two older daughters through college with meager financial aid offers.
"Frankly, the well is running dry," they said. Unfortunately, the hbcu their daughter was looking at were expecting them to pay even more for their third daughter than what they had expected the first two times.
How did they know this? Both older daughters had attended the same university that their third daughter now was looking at attending. The same one that had two-times-previously had not given them any financial aid assistance besides student loans.
Because of the poor results with the first two girls, Patrick and Doreen had taken out loans of their own to put the first two through school; and, a large amount of their monthly income was now going to the effort of paying those loans off before they retired.
"I just don't see how we could take on new debt since we want to retire in 7 or 8 years."
Daughter #3 was looking at the same exact out-of-state public university - the one that already hadn't given them much in the way of financial aid the first two times!
Banking on the "hope-we-win-the-financial-aid- lottery" college plan was going to yield the exact same results as the first two times they used it.
Doing the same thing over and over again but expecting your results will be different equals insanity.
Whether it's your first time through this or your fifth, here are three steps that can help families "deepen the well" so that they can better afford their child's college education without sacrificing their retirement.
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