"College is just around the corner, and we have no college fund started.  I am starting to panic, and don't know where to begin!”

Hello, my name is Ron Blue, and one of the questions that I get a lot is about funding college education. Obviously, to fund a college education, the earlier you start the better off you are. But a lot of people say, “you know what, I didn't do that, and now I've got a senior in high school, and I don't know how we are going to fund the college education.” There are alternatives; of course, you can borrow the money to send them to college. Or, maybe they can get a scholarship of some sort.

But I would say this: I would never communicate to my children that a college education is a right. I believe that a college education is a privilege. I've raised five children, and they're all adults now. They went to different schools at various times because of the needs that they had individually. But, as I have worked in the business world for over 40 years, I know that where people get their education really only counts on that first job. If I wanted to work on Wall Street, maybe I need to go to Harvard or Princeton. But, if I'm not going to work on Wall Street, where I go to school is less important. I can get as good an education in a community college or a junior college as I can a very exclusive private school.

Now, if you can afford to send your children to private school, fine. But I don't think it's necessary for their future success. So, what you need to communicate with your children is "We can't afford to do this. Therefore, you're going to have to delay college, work part time, or go part time/work part time in order to fund the college education.” Never, ever put a college education in the category of being a necessity and a right. It may be important, but it's not a right that we have.

Click here for the April 9, 2009 Blog Entry