Being the father of new born triplets college is a little ways away for me. However I manage 529 plans for clients and have discussions with people about how to save for college. My wife and I have been having this discussion posted in the WSJ about weather college should be an option for our kids. Many people would think that is ludicrous but when you start to break down college as a value proposition you can begin to see the merit of such an analysis.
A blogger that I follow James Altucher, has a few posts about how college does not work or alternatives to college (Why parents should not send their kids to college, 8-alternatives-to-college). For example if you plan on raising an entrepreneur then college may not be the best option or value. Both my wife and I went to college and as I see it our diplomas were an entry ticket for us to get into the game. I don't think that it necessarily works that way any longer. Even though employment is higher for those with college degrees what was the cost of that degree and what kind of earnings power does it create? You can't just simply get rid of your college debt as you can with a credit card or mortgage debt even if you file for bankruptcy.
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