One of the most stressful parts about planning to go to college is figuring out exactly how you’ll pay your tuition. It’s an intimidating and scary process, especially because tuition costs keep rising yearly.
One man is at a standstill with his youngest daughter, who is upset after finding out she’ll have to take out more in student loans than her two older sisters.
He has three daughters. The eldest is 27, the middle child is 25, and his youngest is 18. He and his wife had their first two daughters biologically and adopted their youngest when she was seven.
When his two oldest daughters were born, his wealthy in-laws opened a college fund for each of them. His parents and, eventually, he and his wife contributed to the accounts as well, but mostly his in-laws did the bulk of the funding.
“The problem is that my wife’s parents passed before we adopted our youngest daughter, and therefore they did not set up a fund for her,” he explained.
“My wife and I created one for her when we adopted her, but with less time and without my in-laws’ help.”
His two eldest daughters went to a state school. The oldest one was able to pay for the first three years of school through her fund, then took out loans for the last year.
His second daughter was able to cover her transfer from community college to a state school, then used student loans to go to graduate school.
Unfortunately, his youngest daughter’s college fund will only cover three semesters at the private school she wants to go to.
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