Massachusetts parents want to do everything they can to give their kids the best opportunities in life, and some may feel they haven't done a good job if they can't give their student the college experience they want. Meanwhile, college costs have climbed faster than family income, while most new jobs demand some level of postsecondary training.
Whether or not they realize it, Massachusetts parents of only daughters may be harboring an unconscious bias.
$216,000. That's what a 4-year degree at a Massachusetts state college is estimated to cost in 2035, assuming tuition continues to increase at the current annual rate of six percent. Send your Massachusetts kid to a private institution instead, and you can expect to shell out as much as $484,000 ⏤ a number so outrageous that you'd be forgiven if, upon reading it, you decided to skip saving for your kid's education altogether. Why bother?
The decision to save for your Massachusetts' kid's college education seems like a no-brainer. Considering how expensive tuition is these days (the average cost for a degree at a four-year private college is $138,960, according to the College Board), parents capable of doing so want to put money aside to secure their child's academic and eventually professional future and to help their kids avoid student loan debt.
The cost of college continues to skyrocket with no end in sight. Sending a child to college is now one of the most costly expenses that a family will undertake. Planning for and paying for college becomes even more complicated for divorcing parents. Massachusetts Probate and Family Court judges have been confronted with issues concerning the allocation of college education expenses with growing frequency, in large part due to the seemingly ever increasing cost of college and the growing acceptance of college as a necessity to future economic independence.
It can be confusing in a Massachusetts divorce to know who gets what in terms of the equitable division of the marital assets. Bank accounts and the family home need to be divided, and determining how to do that can be hard enough. When you include other types of accounts, such as 529 college savings plans, it becomes even more confusing.
With the explosive growth in the cost of financing a college education, the issue of who will pay those costs after the divorce of the parents is becoming increasingly acute.