Oh, Mother!: School Daze

I’m a product of public schooling through and through, but when my daughter was accepted at a private middle school she really wanted to go to, it seemed like the thing to do. She even kicked in $500 of her own money for tuition. I couldn’t say no.

My regular paycheck wouldn’t quite cover the cost, but I was confident of getting a pay increase soon enough and had the cash reserve to handle tuition for 2 years if needed. My fallback for the rest of it would be some of the proceeds from selling the rental apartment I own.

I applied for financial aid and thought I was a slam dunk to get something as a single parent solely responsible for the support of her child. But apparently I can afford to contribute $34,000 a year! Maybe if we moved into a tent and ate nothing but ramen noodles.

I know. I know. You’re all laughing out loud. I sure wish I were.

Now that the world as we know it is coming to an end, I might need that cash cushion sooner than later for the cost of living alone. Our town is raising property taxes by 50% to cover an ongoing budget deficit. If the rental apartment ever gets out of environmental gridlock, its value will be substantially lower than it was 2 years ago.

Did I mention the mold growing in the bathroom? I really envy renters these days.

We’ll figure out the next 2 years - and if absolutely forced I could try to take a loan from the Bank of Grandma and Grandpa. The world wouldn’t end if my daughter returned to the charter school she was attending (if we’re lucky enough to get back in). It’s a lottery system, and competition for the older grades will be stiffer than usual given the economy.

Still, I consider myself lucky compared to my friends who have kids in -- or about to enter --college. For parents of prospective students, the choice of where to start applying or touring campuses has shifted. Will there still be a job? Will there be any financial aid available?

I may need to move towns for high school, depending on whether my daughter gets in to the county’s competitive public institution she has her eye on. I’m already wondering: Will I be able to sell my place? Would I be able to rent it for enough to cover my costs?

I took the proceeds from a CD that matured this week to pay off my daughter’s second year of private-school tuition. While at the bank, I opted for a new low-interest credit card and applied for a home equity line of credit while my credit rating is still stellar. I have no intentions of using either, but you just never know.

For parents whose kids have already started college, the focus is: I just hope I can keep them there.

It’s crazy-making for sure.

How is the economy causing you to alter your kids' education plans? Weigh in on The Exchange.