By now, both the husband and I are actively saving for baby’s college. I have used one of those online college savings calculators. The tragedy is that at 6 months, we are already behind. According to the savings calculator, the cost of university in 2028, when baby goes to college (InshAllah), four years of school will cost just a little under $400,000! For us to achieve that in 18 years, the husband and I have to put in $662 per month. Sadly, we do not have that kind of money. Maybe in a few years, when hopefully my earning potential will be more, we can put that kind of money away. Right now baby has a 529 plan, which is something; though like a 401k, the 529 plan fluctuates with the market and in the last quarter we lost money, ugh.
All of this is to preface what I am actually writing about; college athletes. I recently heard how there is some talk of giving top college athletes money, paying them. The reason behind this is because these students, i.e. the football or basketball players, are bringing in millions and millions of dollars for the college. Grant you, that statement is true, but to me these college athletes are already making money in that they are getting a free education! That is an average of a $100,000 savings. They will graduate with no student loans – a clean slate! As someone who has a student loan, I must say not having a loan would be amazing! Most of these kids, these college sports kids, will not make it to the big professional leagues, so they should consider it a great gift to get a free education. The school is setting them up to make money, to go right into the plus column upon graduation. That is a great pay-off as far as I’m concerned, better than money that most of these kids would squander anyway.