Dear Dave,

Our daughter has one year left in college. She’s going to a state school here in Texas, and we’ve already taken out two loans to help her out. She’s living in nice apartment off-campus. She doesn’t work so she can concentrate on her studies. Should we get another loan for her last year?

David

Dear David,

I’ve got a better idea. Keep in mind I said a better idea, not an easier idea.

She needs to be working full-time and then some, all summer long. If she does this and also works part-time during the school year, and you guys chip in a little, you may not need to think about another loan.

I really don’t give a hoot about her lifestyle while she’s in college. No college kid, especially one that’s not working to help make things happen, deserves to be put up in a fancy apartment while her parents go into debt or break their backs working to support them. I worked all the way through college, and so did thousands of other people.

Statistics show that the average, in-state cost of tuition for college in this country is about $6,000 a year. It costs about $5,000 to live in a dorm, plus you’ve got books and food and a few incidentals. So, the average total will be between $12,000 and $15,000 year. That means you guys have to come up with about $1,000 to $1,200 a month. I really believe that if you’ll all work together, and involve everyone in the process, you can make this happen without taking another loan!

In the long run, you’ll all be happier if you do it that way.

- Dave

Dear Dave,

Do you think it would be a good idea to budget a little money each month for playing the lottery? I spent $10 on scratch tickets the other day and won $100. I think it might be a pretty good idea to save $90 and put the other $10 toward more tickets. Continued...