Can you afford College for your kids?

I graduated from St Johns University in 1998. Back then, the University was still considered one of the most affordable private universities in NY. Who knows where it stands today.

Well, I was on my way to work today and listening to the news on the radio. Apparently an independent agency went out and surveyed colleges in all 50 states to assess the level of affordability for the typical American household. They completed the study. Of all 50 states ONE state got a passing grade at C-. That was California. The remaining 49 failed. According to the report, sending someone to college today would require 41% of the household money to achieve!!! WOW!

Last time I checked, I think a decent bank wont lend out money for your mortgage if your debt to income ratio is at or above 35%. So if BEFORE your mortgage your at 25 or 30%, take on the mortgage. Then try and FIND 41% more money! I dont see how the math adds up. Where would I find it? Where would anyone?

My co-worker, a part time pharmacist who is married to a man who owns his own pharmacy just told me last week that if the financial problems continue, she is going to have to have a talk with her younger daughter and tell her that certain options she wont be to take. That is a hard thing to do and an unfortunate reality for most now.

I am positioning myself in a home business now that has the potential to provide great residual income for myself and family. I want MY children, the families I help to be able to afford to give their kids the choices they want and should have. My advice: DONT WAIT FOR A BAILOUT!