Paying for and saving for college - how do UMC people do it?

[Anonymous]

Anonymous wrote:

Anonymous wrote:It's amazing how many people attack families for not saving enough, even when they're already saving hundreds or thousands a month. That's blaming the victim.

The real issue is that colleges have become predatory and too damn expense. Colleges are wasting so much money. The brand-new football stadiums, the luxury faculty lounges, all the administrative bloat. Tenured professors barely teaching because they're spending all their time on some pet social justice issue. Your tuition dollars are basically just fueling the culture wars.

Colleges are strip mining the middle class. Middle class parents should not have to basically take a vow of poverty just so that one day they can maybe send their kids to college.

Or, you do what we plan to do. Tell your kids what you can afford, which is our state school and discuss money/debt with them. They can apply out for merit aid but they know we can do $30-40K, not $80K. Agree the fancy stuff is absurd.

+100 My kids are in college and were totally happy with the options that fit our budget. My parents took the same approach back when I went to college. I applied to a bunch of OOS schools but knew the money had to fit the budget. They didn't so I went to my preferred in-state school and had a great 4 years. Happy to not have debt.

[Anonymous]

Anonymous wrote:It's amazing how many people attack families for not saving enough, even when they're already saving hundreds or thousands a month. That's blaming the victim.

The real issue is that colleges have become predatory and too damn expense. Colleges are wasting so much money. The brand-new football stadiums, the luxury faculty lounges, all the administrative bloat. Tenured professors barely teaching because they're spending all their time on some pet social justice issue. Your tuition dollars are basically just fueling the culture wars.

Colleges are strip mining the middle class. Middle class parents should not have to basically take a vow of poverty just so that one day they can maybe send their kids to college.

This. Colleges behave like predatory business where they use the financial aid process to figure out the absolute maximum amount of money they can extract from a family. They will even grab the home equity until there's literally nothing left.

[Anonymous]

We bought and stayed in a house worth much less than we could afford, and put $300 per month per kid into their 529 plans beginning the month they were born, even when we had a full time nanny. One vacation a year, public schools. There's no shortcut. Our HHI was between 300 and 400K most years; we have two children whose public university educations are/will be paid for in full.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:We did not save for kids college, prioritized our investments. We was not eligible for any financial aid with the gross income around $250,000. Both kids got full merit scholarships. There are a lot of free college options, I don't see any need to pay high $$$ for college when there are plenty free options. One kids was admitted to three Ivy league schools, chose to go to the school with full ride instead.

Really gross that you took money from another student who needed it as you were too selfish to save.

I don’t think you understand the term “merit scholarship.”

Yes, I do. Greedy selfish parents who refuse to save a dime and can afford college.

You’re crazy. If anything, current FA practices should take merit into account more rather than less.

[Anonymous]

Anonymous wrote:We bought and stayed in a house worth much less than we could afford, and put $300 per month per kid into their 529 plans beginning the month they were born, even when we had a full time nanny. One vacation a year, public schools. There's no shortcut. Our HHI was between 300 and 400K most years; we have two children whose public university educations are/will be paid for in full.

You could afford to save a lot with that HHI.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:We did not save for kids college, prioritized our investments. We was not eligible for any financial aid with the gross income around $250,000. Both kids got full merit scholarships. There are a lot of free college options, I don't see any need to pay high $$$ for college when there are plenty free options. One kids was admitted to three Ivy league schools, chose to go to the school with full ride instead.

Really gross that you took money from another student who needed it as you were too selfish to save.

I don’t think you understand the term “merit scholarship.”

Yes, I do. Greedy selfish parents who refuse to save a dime and can afford college.

You’re crazy. If anything, current FA practices should take merit into account more rather than less.

You think parents who make a large income, live in a million dollar house and live comfortably shouldn't have to contribute a dime?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:At your income level you are way behind on college and retirement savings. We are late 40s and make about $170,000 combined. We don't have "college" savings, but have put money into 401Ks and Roths. We are at $1.3 million in retirement savings and have been able to cashflow private school and now UMD college park. Since we are heading into a recession, your 529 accounts aren't going to grow as much. Be in a position to cashflow and borrow once your kids get into college. You are in the donut hole friend. You are not getting financial aid.

They are NOT a donut hole. Someone making $320K should have been able to save for both retirement and college and be well positioned at this point. Donut hole is someone making ~$125K in a HCOL area who would have struggled to save fully for college and retirement and own a home, etc. At $320K it's more about their choices that have put them in this position. You can choose the lifestyle or choose retirement/college funds or balance all three things

Have you ever heard of student loans? Have you ever heard of ...NOT MAKING THAT INCOME FOR VERY LONG? Good lord. Maybe you never went to grad school or paid off loans, but most people do - and most people don't make 320k right out of college. Good grief. NUANCE much?

+1 Or having to support aged parents or dependent siblings? Or having had to (gasp!) pay for your own college with loans that you have only recently paid off? Not everyone was born with the benefits you all were, you judgmental DCUM jerks. Take a moment and consider for a moment that not everyone has the same life you do.

People really support adult non special needs siblings instead of saving for their own kids to go to college?

[Anonymous]

Anonymous wrote:We bought and stayed in a house worth much less than we could afford, and put $300 per month per kid into their 529 plans beginning the month they were born, even when we had a full time nanny. One vacation a year, public schools. There's no shortcut. Our HHI was between 300 and 400K most years; we have two children whose public university educations are/will be paid for in full.

The just be rich solutions are my favorite

[Anonymous]

Anonymous wrote:

Anonymous wrote:We bought and stayed in a house worth much less than we could afford, and put $300 per month per kid into their 529 plans beginning the month they were born, even when we had a full time nanny. One vacation a year, public schools. There's no shortcut. Our HHI was between 300 and 400K most years; we have two children whose public university educations are/will be paid for in full.

You could afford to save a lot with that HHI.

As could OP

[Anonymous]

Anonymous wrote:

Anonymous wrote:We bought and stayed in a house worth much less than we could afford, and put $300 per month per kid into their 529 plans beginning the month they were born, even when we had a full time nanny. One vacation a year, public schools. There's no shortcut. Our HHI was between 300 and 400K most years; we have two children whose public university educations are/will be paid for in full.

The just be rich solutions are my favorite

You’re obtuse. They sacrificed a larger home and continued contributions even when they were strapped for cash due to childcare.

A nanny does not equal rich.

Think outside of the box and maybe you won’t be poor.

[Anonymous]

Anonymous wrote:

Anonymous wrote:We bought and stayed in a house worth much less than we could afford, and put $300 per month per kid into their 529 plans beginning the month they were born, even when we had a full time nanny. One vacation a year, public schools. There's no shortcut. Our HHI was between 300 and 400K most years; we have two children whose public university educations are/will be paid for in full.

The just be rich solutions are my favorite

Our nanny cost more than our mortgage. We weren't rich at 300-400K. Did you even read the OP? Her HHI is 320K a year.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:We did not save for kids college, prioritized our investments. We was not eligible for any financial aid with the gross income around $250,000. Both kids got full merit scholarships. There are a lot of free college options, I don't see any need to pay high $$$ for college when there are plenty free options. One kids was admitted to three Ivy league schools, chose to go to the school with full ride instead.

Really gross that you took money from another student who needed it as you were too selfish to save.

I don’t think you understand the term “merit scholarship.”

Yes, I do. Greedy selfish parents who refuse to save a dime and can afford college.

You’re crazy. If anything, current FA practices should take merit into account more rather than less.

You think parents who make a large income, live in a million dollar house and live comfortably shouldn't have to contribute a dime?

Correct, if their student is meritorious enough.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:We did not save for kids college, prioritized our investments. We was not eligible for any financial aid with the gross income around $250,000. Both kids got full merit scholarships. There are a lot of free college options, I don't see any need to pay high $$$ for college when there are plenty free options. One kids was admitted to three Ivy league schools, chose to go to the school with full ride instead.

Really gross that you took money from another student who needed it as you were too selfish to save.

I don’t think you understand the term “merit scholarship.”

Yes, I do. Greedy selfish parents who refuse to save a dime and can afford college.

Way to prove the PP's point.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:We did not save for kids college, prioritized our investments. We was not eligible for any financial aid with the gross income around $250,000. Both kids got full merit scholarships. There are a lot of free college options, I don't see any need to pay high $$$ for college when there are plenty free options. One kids was admitted to three Ivy league schools, chose to go to the school with full ride instead.

Really gross that you took money from another student who needed it as you were too selfish to save.

I don’t think you understand the term “merit scholarship.”

Yes, I do. Greedy selfish parents who refuse to save a dime and can afford college.

You’re crazy. If anything, current FA practices should take merit into account more rather than less.

You think parents who make a large income, live in a million dollar house and live comfortably shouldn't have to contribute a dime?

Do you have any idea how much someone who “makes a large income and lives in a million dollar house” pays in taxes? Hint: A LOT. Not to mention, their child is far more likely to complete college, making a scholarship a good use of money.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:It's amazing how many people attack families for not saving enough, even when they're already saving hundreds or thousands a month. That's blaming the victim.

The real issue is that colleges have become predatory and too damn expense. Colleges are wasting so much money. The brand-new football stadiums, the luxury faculty lounges, all the administrative bloat. Tenured professors barely teaching because they're spending all their time on some pet social justice issue. Your tuition dollars are basically just fueling the culture wars.

Colleges are strip mining the middle class. Middle class parents should not have to basically take a vow of poverty just so that one day they can maybe send their kids to college.

Or, you do what we plan to do. Tell your kids what you can afford, which is our state school and discuss money/debt with them. They can apply out for merit aid but they know we can do $30-40K, not $80K. Agree the fancy stuff is absurd.

+100 My kids are in college and were totally happy with the options that fit our budget. My parents took the same approach back when I went to college. I applied to a bunch of OOS schools but knew the money had to fit the budget. They didn't so I went to my preferred in-state school and had a great 4 years. Happy to not have debt.

This will be our plan, as well. I listened to a great podcast a while back with a NYT writer who has expertise in advising parents to save for college. He made a big point of using the phrase “what we’re willing to pay for college” as opposed to what they could pay. I mean, we COULD use our retirement savings, take out a second mortgage, etc., but that would be financially irresponsible. We’re aiming to have ~$120K/kid saved (three kids, currently 11, 9, and 6). We make about $300K now in HHI, but that’s only been the last year or two. When we started having kids our HHI was more like $180K.

I don’t think any undergraduate education is worth $80K/year. I know others feel differently, but that’s not going to be a reasonable expectation for our kids to have. College tuition is unconscionably high.