What else could happen in this economic death spiral of an economy? Parents are being laid off in droves and savings are being ravaged to pay for bills and rent. Any retirement plans or stocks are gone and will be difficult to replace. It is hard on the adults of the families affected but what about the children?
Some post-secondary students are finding that their dreams of attending an ivy-league school are dashed. The schools are too far away from home and the tuition is out of this world. Travelling back and forth on holidays would cost a mint and residence in these schools would be prohibitive for many talented students. They have to look closer to home, attend state universities and apply for loans to make ends meet.
Parents are proud that their child was accepted to Notre Dame, for example, into the top notch engineering program of the school, but they feel horrible that they cannot afford to send their child. All of their dreams have been busted and they feel helpless. Children from higher-income families are now feeling the big pinch to meet the fees charged and may have to resort to bank loans or student financial aid.
There is, however, no shame in having to take this road! Most students have to resort to financial aid of some sort, whether or not it is a scholarship, a bursary or a loan based on income. It is often better that the student has to accrue some debt to pay for his or her own education and not to rely on a parent to pay the whole shot. These students are the ones who appreciate what education they receive and get better marks because they have to pay for it themselves.
There is no shame in living closer to home and taking the road less travelled