High Tuition Costs Create Havoc on Household Finances

by Lauren
(Philadelphia PA)

Parents are trying to help their children become productive, educated members of society, but at what cost? Those of us who have always saved for emergencies are now depleting our savings to pay high college expenses. Even so, our children are saddled with high-interest student loans and will have trouble launching their lives when they graduate.

When baby boomers suffer from college loan debt, our housing and other necessities are jeopardized. Around the world, other societies handle higher education in a more reasonable way, but here in the US, it throws a family's finances into turmoil.

We need tax relief in order to stabilize our own economic situations as well as the country's economic situation. Please extend the American Opportunity Tax Credit.
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I support the college tax credit; I think it is useful. But it shouldn't be used to prop up questionable decisions, either. Some people use it to make the difference in their lives- to be able to actually afford higher education when they wouldn't without it. Others waste it going to expensive schools that they still can't afford; getting degrees in fields that will not help them improve their lives in any way.

Depleting your savings or jeopardizing your home for an expensive school (or one that will not give some institutional aid) may not be the best use of your money- or your college tax credit. Students who go to more affordable schools can still be productive members of society.