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Family Spends $1.5 Million on College for Five Daughters

A "really conservative" estimate

Marc and Beverly Ostrofsky of Houston, Texas have five daughters.

When the time came, each one of them opted for pricey, out of state universities, and while the parents are proud, they're also stunned at the price of today's undergraduate education.

After tuition, housing, food, and spending money, Ostrofsky estimates, he and his wife are easily spending $60,000-$70,000 a year on each girl, per year-- and that's a "really conservative" estimate.

This means, then, that the family will have spent nearly $1.5 million on their daughters' college careers, after taxes, when all is said and done.

It's unclear whether they'll also foot the bill for graduate school, but one of the girls is already talking about getting her PhD., according to reports.

“We’re fortunate that we can take care of it,” Beverly said, according to ABC. “We decided a long time ago we didn’t want the girls to take out college loans, so that was our commitment to them.”

Two of the girls are graduating from Washington University in St. Louis and Duke University, respectively, this year, while the eldest graduated from Berklee College of Music in 2011.  Another is still enrolled at the University of Denver, while the youngest will head to Boston University in the fall.

ABC elaborates:

Though the greatest expense is room and board, the family also picks up the tab for many other miscellaneous expenses such as food, clothing and three of the girls have cars.

“I’ve got five daughters so let’s put a separate line item for shoes,” Marc said. “At one point we had four different colleges going at the same time. It’s a little bit hectic.” Marc added he also picks up the cost of other activities such as sorority participation and athletics such as snowboarding.

With the last child leaving home for college, Marc says he and Beverly are going to “take a breather.”

“It’s like wipe the sweat off the brow now—it’s time think about what can mom and dad do,” he said.

But what about all of the families who could never afford such an expense, and the students who balk at such debt hanging over their heads?

"I think in the future it’s going to be different. I don’t think a lot of people are going to play that game," Ostrofsky speculated. Rather, he thinks, a combination of online and traditional classes will emerge.

The best-selling author of "Get Rich Click," Ostrofsky warns families about encouraging their kids to stay in school.

"Be careful what you wish for!"

One last thing…
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