‘Her life was very challenging before we got custody’: At 62, how can we afford to put our granddaughter through college?
“Neither of us attended college, even though we have done well for ourselves, so we have no experience with this process.”
The concern expressed by the 62-year-old grandparents in this story highlights the financial strain of supporting a grandchild through college. With many Americans struggling to save for their own retirement, let alone their grandchildren's education, this situation is all too common. The grandparents' admission that they didn't attend college themselves and lack experience with the process adds to their uncertainty.
The rising costs of higher education in the United States have made it increasingly difficult for families to afford college, even for those who have achieved financial stability. According to recent data, the average cost of tuition and fees for the 2022-2023 academic year was over $21,000 for in-state students at public four-year colleges and over $53,000 for private non-profit colleges. This financial burden often extends beyond the immediate family, as grandparents like those in this story feel compelled to help.
As the grandparents navigate this challenging situation, they will likely need to explore various financial aid options, such as scholarships, grants, and student loans. They may also want to consider seeking guidance from a financial advisor or college planning expert to help them make informed decisions. What to watch next: The grandparents' ability to balance their own financial security with their desire to support their granddaughter's education, and how policymakers and educators respond to the growing need for affordable higher education solutions.
Originally reported by marketwatch.com. LargecapNews adds analysis for finance & markets readers.