By the time their kids are ready for college, many Massachusetts parents are either divorced or in the process of getting one. Just from a financial aid perspective, that can actually be to their benefit.
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.