At 62, a couple who never attended college is navigating one of the most complex financial challenges modern families face: paying for higher education.
The grandparents, who have had custody of their granddaughter since midway through her freshman year of high school, are now confronting college costs with little personal experience to guide them.
Their granddaughter completed her coursework in January and is set to graduate in June, with plans to pursue a Psy.D, a doctoral-level degree in psychology that can take five to seven years to complete.
The couple, who say they have done well financially despite never attending college themselves, are seeking guidance on scholarships and student loans available to students in their granddaughter’s position.
The situation reflects a growing reality across the United States, where millions of grandparents serve as primary caregivers for their grandchildren, often stepping into parenting roles with little institutional support.
When it comes to financing a graduate-level degree like a Psy.D, the costs can be substantial, with tuition and fees at accredited programs often running well into six figures over the full duration of the program.
Grandparents in a legal custody arrangement may have different options available to them than biological parents, and understanding the distinction can significantly affect how financial aid applications are structured and assessed.
The Free Application for Federal Student Aid, commonly known as the FAFSA, is the critical first step for any student seeking federal grants, work-study programs, or subsidized loan options at either the undergraduate or graduate level.
Graduate students pursuing a Psy.D may also be eligible for teaching or research assistantships, fellowships, and program-specific scholarships that do not require repayment and can meaningfully offset tuition costs.
The question submitted to The Moneyist advice column, written by Quentin Fottrell on MarketWatch, touches on a financial planning gap that many non-traditional families encounter when a student’s college enrollment arrives without years of prior savings or preparation.
Financial advisors generally recommend that families in this situation consult with a college financial aid counselor early in the process, as many schools have dedicated staff to help families understand their options before enrollment.
For grandparents who have built assets over a lifetime of working, careful planning around those assets is important, since certain holdings can affect a student’s eligibility for need-based aid if not properly structured.
The granddaughter’s pursuit of a doctoral degree in psychology represents a long-term investment, as licensed psychologists with a Psy.D credential typically command strong earning potential, particularly in clinical and private practice settings.
While the road ahead involves navigating unfamiliar financial terrain, the couple’s commitment to supporting their granddaughter through a challenging chapter of her life underscores the depth of family bonds that often go uncounted in traditional financial planning conversations.
