Smart Money: ; Stepkids Should Help Pay for Their College Education
Charleston Daily Mail › August 29, 2007
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Summary
DEAR BRUCE: My stepchildren are a year apart in age. The oldest will begin college in fall 2008. The younger child will begin a year later. Their parents didn't put any money away for college. My husband and I have about $160,000 in retirement savings and six months' worth of expenses in our "emergency" account: not very much for two people in their early 50s. I am retired on disability and am earning only a small pension and an equally small disability- insurance benefit. I don't want to jeopardize our retirement by spending the modest amount we have already put away.
The children's mother is notoriously bad at money management and has nothing saved and poor credit, so we don't anticipate her contributing anything. On the plus side, she works for a private university, so the kids will be entitled to approximately 50 percent off their college tuition wherever they go. My husband isn't worried because he is sure the children will be able to get student loans to pay for everything. I believe he is mistaken. Do you have any advice?See the full content of this document
Extract
Smart Money: ; Stepkids Should Help Pay for Their College Education
B.B.
via e-mailDEAR B.B.: First of all, you are doing things in reverse. In my opinion, no one is obliged to impoverish themselves to put their kids through school. Whether or not your kids will ...See the full content of this document
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