Don't overpay for college
Personal finance columnist Ron Lieber delivers a must-read for parents of high school kids.
The Price You Pay for College: An Entirely New Road Map for the Biggest Financial Decision Your Family Will Ever Make
By Ron Lieber
Grade: 95
I read The Price you Pay for College during the months leading up to my oldest daughter applying to college. The book was a welcome addition to the ongoing national conversation about the exorbitant costs of higher ed. Lieber, a columnist for the New York Times, brings incisive analytical skills to bear on the daunting financial challenges that confront American families seeking to secure a college education for their children.
For example, he meticulously dissects the tangled web of financial aid, student loans, and the ever-rising tuition fees that burden both parents and students alike, providing readers with a comprehensive roadmap for navigating this treacherous terrain, including offering practical advice on how to make the best financial decisions.
What I enjoyed most
One of the book's strengths is its thorough examination of different college funding options, from traditional savings to scholarships and work-study programs. Lieber's ability to break down complex financial concepts into easily digestible morsels is both impressive and reassuring, especially for parents whose heads are already swimming with information.
He underscores the importance of making wise choices early in the college planning process and encourages families to prioritize their financial stability. This is an important point. All too often, parents and their college-age kids allow emotions to override common sense when selecting colleges and universities.
Given the exorbitant costs of higher ed today, parents should be prepared to make college choices with financial considerations top of mind. But, tough as it might be, these choices must be made with as little emotion as possible to prevent over-payment, a fact made all the more difficult when institutions understand the value placed on name brands and the ease with which kids and families are attracted to them.
“There is a system at work here,” writes Lieber, a personal finance columnist for NYT. “Why not treat the process of trying to beat it … as a family project that is actually fun?”
Other areas that Lieber handles deftly and in-depth are the societal issues—politics, declining state appropriations, etc.— surrounding the current college cost crisis, prompting readers to question the system that has allowed these exorbitant costs to persist.
I belong to a Facebook Group for high-earning parents of college-age kids. This is the book I wish everyone in the group would read; it answers 90%-plus of the questions asked in the group.