The Real Cost of College
College costs have continued to rise, and for many families, the numbers can feel overwhelming. The average published charges for a four-year public university—including tuition, fees, room, and board—can easily exceed $25,000 per year for in-state students, and $45,000 or more for out-of-state. Private universities? Expect $60,000 or more annually. Multiply that by four years—or more—and the question becomes: How do you pay for your child’s education and still stay on track for your own financial freedom?
The answer starts with a powerful question: Should you pay for all of it?
Should You Pay for Your Child’s College?
As a parent, you want to give your child every advantage. But footing the entire bill for college isn’t always the best way to set them up for success. Research shows that when students have some financial “skin in the game,” they’re more engaged and perform better academically. In fact, parental aid can increase graduation odds, but it can also lower student GPAs.
My philosophy: Empower your child to take responsibility for their education. Give them the gift of ownership, not just a free ride.
“When you are committed, there is always a way.” —Tony Robbins
Stop setting goals that don’t work. Use Tony’s interactive Goal Mapping Workshop to set tangible, measurable goals.
Make an Action Plan for your goalsTony’s Wealth Principles for College Planning
1. Don’t Sacrifice Your Financial Freedom
- Your first responsibility is to your own financial security. If you drain your savings or retirement to pay for college, you put your future—and your child’s—at risk.
- Remember: “It’s not about your resources, it’s about your resourcefulness.” Teach your child to be resourceful, too.
