is $18,000 dollars for college enough for 4 years?

[Anonymous]

IF MY DD attends a local SCHOOL like GMU and stays at home will it $18,000 dollars be enough to save up or will we need other loans? grandparents are giving her $1,000 dollars a month to save for college.

[Anonymous]

Not if college starts next year.

[Anonymous]

Look at the tuition rates.

GMU:https://studentaccounts.gmu.edu/tuition-fees/
Right now they are about 5k a semester. It depends on how many hours you take.

[Anonymous]

If you're talking about GMU, it's important to note if you live in VA?

[Anonymous]

Anonymous wrote:Look at the tuition rates.

GMU:https://studentaccounts.gmu.edu/tuition-fees/

Right now they are about 5k a semester. It depends on how many hours you take.

So, assuming this figure is correct, no.

Tuition is $10,000 a year, x 4 = $20,000

But tuition tends to go up each year at most schools.
And kids have to buy books and pay fees (like for labs, course supplies, activities).

So, I would say that right now you don't have enough. But if the grandparents continue to contribute $12K a year, you can do the math and see how that would add up. Good luck.

[Anonymous]

^PP, you have a typo, 10k x 4 = 40k

[Anonymous]

In the GMU example, your student could take the federal student loan, $5,500 for freshman year. If she works over the summer, she should be able to cover spending money and books. You should add up expenses like car/gas, food for having her in the house - they may not be much, but they aren't nothing either.

Don't forget the cost of health insurance, just another add on. Most colleges offer a student policy but it may be cheaper to have her remain on yours. Just little odds and ends to account for when the budget is so tight.

[Anonymous]

Do the first two years at NOVA, it's 50% cheaper than GMU.
https://admissions.nvcc.edu/pay-college/cost-attend

$5,498*2 years at NVCC = $10,966

two years at GMU: ($1,803 student activity fee per semester+$4,755.00 per semester)x4 semesters +one time $275 transfer student fee =$26,507

Total cost of bare bones, cheapest college = $37,473

Incidentally tuition and fees at GMU have gone up 89% since 2004-2005. Back then GMU charged $5,488 dollars a year total for tuition and fees. (NOVA charged $2,030.40 total per year so it's gone up considerably, too.)

[Anonymous]

Anonymous wrote:

Anonymous wrote:Look at the tuition rates.

GMU:https://studentaccounts.gmu.edu/tuition-fees/

Right now they are about 5k a semester. It depends on how many hours you take.

So, assuming this figure is correct, no.

Tuition is $10,000 a year, x 4 = $20,000

But tuition tends to go up each year at most schools.
And kids have to buy books and pay fees (like for labs, course supplies, activities).

So, I would say that right now you don't have enough. But if the grandparents continue to contribute $12K a year, you can do the math and see how that would add up. Good luck.

1k a year she's 13 she would have 18k by the time she turns 18.

[Anonymous]

Anonymous wrote:In the GMU example, your student could take the federal student loan, $5,500 for freshman year. If she works over the summer, she should be able to cover spending money and books. You should add up expenses like car/gas, food for having her in the house - they may not be much, but they aren't nothing either.

Don't forget the cost of health insurance, just another add on. Most colleges offer a student policy but it may be cheaper to have her remain on yours. Just little odds and ends to account for when the budget is so tight.

wouldn't she be in our plan till shes 26?

[Anonymous]

Anonymous wrote:^PP, you have a typo, 10k x 4 = 40k

Thanks! The mistake is that it should read "2 x 10,000" (since there are 2 semesters per academic year).

So $20K is right, but the equation shown was wrong

[Anonymous]

Anonymous wrote:

Anonymous wrote:^PP, you have a typo, 10k x 4 = 40k

Thanks! The mistake is that it should read "2 x 10,000" (since there are 2 semesters per academic year).

So $20K is right, but the equation shown was wrong

No - it's 5k per semester and there are 2 semesters per year and 4 years of college >>>> (5k)x(2)x(4) = 40k

[Anonymous]

Anonymous wrote:

Anonymous wrote:In the GMU example, your student could take the federal student loan, $5,500 for freshman year. If she works over the summer, she should be able to cover spending money and books. You should add up expenses like car/gas, food for having her in the house - they may not be much, but they aren't nothing either.

Don't forget the cost of health insurance, just another add on. Most colleges offer a student policy but it may be cheaper to have her remain on yours. Just little odds and ends to account for when the budget is so tight.

wouldn't she be in our plan till shes 26?

DP. Yes. That has helped immensely with our two college-aged and post-college kids.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Look at the tuition rates.

GMU:https://studentaccounts.gmu.edu/tuition-fees/

Right now they are about 5k a semester. It depends on how many hours you take.

So, assuming this figure is correct, no.

Tuition is $10,000 a year, x 4 = $20,000

But tuition tends to go up each year at most schools.
And kids have to buy books and pay fees (like for labs, course supplies, activities).

So, I would say that right now you don't have enough. But if the grandparents continue to contribute $12K a year, you can do the math and see how that would add up. Good luck.

1k a year she's 13 she would have 18k by the time she turns 18.

Is it $1k/year or $1k/month like you wrote in the original post?

$18k will not pay for 4 years at any school without massive scholarships, but it's a solid start and make the remaining loans at an affordable school reasonable. Everyone does what they can, if this is the most you can save then it will work out.

[Anonymous]

OP, it won't be enough to pay for college. But what is your and her dad's financial situation? She may qualify for grants if low enough. And many people have to take loans.

I would encourage you to put away something, even if it is $20, a month for her college. If she is 13, it will help a lot by the time she is going off to school. Community college, then GWU, is a great idea.