My column this week asks IS COLLEGE WORTH IT?
http://www.suntimes.com/business/savage/918870,CST-FIN-terry28.savagearticle
When you think of the huge debt that many students -- or their parents face -- upon graduation, you really have to ask whether it's worth it? Not that education isn't worth all the money in the world -- but that you have to pay it back over 20 or 30 years, at a relatively high interest rate and a huge monthly burden compared to what you can earn because of that education! What do you think? Can you think of alternatives?
Terry Savage writes a syndicated personal finance column for the 
Ms. Savage,
Your article was very interesting. My oldest daughter was currently rethinking law school or graduate school until she found a company that was willing to pay a portion of her grad school. She wondered if the loans were worth it.
Your article discussed the FAFSA form and how that could help you qualify for financial aid or additional financial aid. Let me tell you some information that you many not know about when it comes to the FAFSA. I had three daughters who were all in college at the same time. A freshman at Miami University of Ohio, a sophomore at Southern Illinois and a senior at Miami of Ohio. We qualified for finanicial aid according to our FAFSA score when I had all three daughters in college at the same time. Miami University of Ohio told us that if we wanted to have FAFSA financial aid that we would have to leave Miami and attend an Illinois school. They told us they did not have to honor it. When my husband was then subsequently unemployed, I was told that I would not receive any type of financial aid. He was unemployed for three out of the next four year. My daughters were not smart enough and I didn't qualify for any minority support. I had to support the bill for $90,000 in tuition on my $87,000 per year salary. We were told we could take out loans, which we did. We are now trying to sell our house to help pay off the $120,000.00 in school loans that we incurred in order to give our three daughters a college education.
No one expected the economy to turn. I never thought I would lose my husbands income. I was lucky enought to qualify for loans because of my years of work. I never stayed home with my children. Other friends who were in a similar position were given FAFSA support because the woman never worked outside the home and did not generate any income. I sometimes felt as if I were a fool to work all those years. It cost me any type of financial aid. I never knew that Universities could REFUSE to honor your FAFSA qualifications/score. It was one of those hard life lesssons that you get hit with when you are smack in the middle. Check it out. That would be a very interesting article. If you have any info that would help me qualify for the FAFSA money that I was entiled to receive, please let me know.
I think not. $40,000 could buy one hell of a travel plan for 4 years. That coupled with a proper reading list would dwarf most humanities undergraduate programs.
SAVAGE SAYS: Now that's the kind of creative thinking we need!
Dear Terry,
The knowledge contained in your columns should be college course material themselves! I want to add that my parents believed it was worth it,even though I did not graduate until I was 50 years old.My employer used to believe in paying for tuition,books,and supplies but sadly no longer does.My children attended a community college which cost considerably less than private or even other state universities.
SAVAGE SAYS: Thanks for your kind words. Yes, I agree that college IS "worth it" -- but only if the "it", the cost, is reasonable in relationship to the potential rewards. The fact that you've been smart about community colleges means your kids wiil start out with a great cost/reward basis -- and YOU can someday retire!