I put money in my sons 529s this year so I had my financial planner do some modeling. Apparently- they want to go to Michigan and Harvard. How cute. The planner came back, handed me the model and told me it will cost $390,000 per kid. Not a typo. I’ll send the model if you want.

Think about that! What job with what degree pays that debt? At 5%, you have to make $30,000/year before tax just to pay the interest!

Way back when, I was recruited to Princeton to play squash (and presumably get a degree). I toured campus and stayed overnight. Amazing place! Then my dad saw the tuition: $30,000 per year. The other option was to stay at home and go to University of Calgary at $1,800 per year. (These are 1995 dollars) My dad and I discussed it and eventually I said – “give me the money and I’ll educate myself”. He never did – but assuming he put the $110,000 difference in tuition in a stock account – it’s probably worth $400,000 today and that means he and my mom don’t have to move in with me now! Win-win.

Would my life have been different going to Princeton? I hope not.

Needless to say – I told my boys to start looking into University or Phoenix – it is, after all, the Harvard of the online world.