MS parents: How much have you saved for college (529, etc.)?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Nothing. I don't have any extra money.

Same here. Single parent teacher and I am glad I can pay his HS tuition out of pocket.

You've saved nothing for college, but are sending your kid to a private HS?

Yep. My mom did the same thing. My DS can take out loans for college just like I did. He will work in the summers starting at age 15 and save his money for car insurance and later books and other college expenses. I did it and so do plenty of other people. I don’t know why people are so anti-loans. I took them out for college and grad school and then paid them back by living frugally for about 5 years. Our local HS is meh and I don’t want to send him there. We all make choices and I won’t regret this one at all.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Nothing. I don't have any extra money.

Same here. Single parent teacher and I am glad I can pay his HS tuition out of pocket.

You've saved nothing for college, but are sending your kid to a private HS?

Yep. My mom did the same thing. My DS can take out loans for college just like I did. He will work in the summers starting at age 15 and save his money for car insurance and later books and other college expenses. I did it and so do plenty of other people. I don’t know why people are so anti-loans. I took them out for college and grad school and then paid them back by living frugally for about 5 years. Our local HS is meh and I don’t want to send him there. We all make choices and I won’t regret this one at all.

Np: you do understand that college is much more expensive now then when you went, right? My large, state university education was $28k for 4 years - the same school is now almost $28k for 1 year.

[Anonymous]

Anonymous wrote:Prepaids do not cover special programs like engineering etc. don’t forget to save additional that it does not cover. It is additional 2k per semester for some programs. Check fine print.

Excellent advice. Thank you.

[Anonymous]

Anonymous wrote:

Anonymous wrote:This post makes me anxious! How do you all save that much? We’ve had many setbacks in the last few years between medical bills and unemployment. Some days I feel like I can barely keep my head above water.

Breathe. Where there's a will, there's a way. Many people with no savings still manage to make their way to a degree, so stop paying attention to those for whom the path may be easier.

Yeah, you should probably qualify for serious financial aid (though if you're employed a year before applying it may not be the case).

We've saved $38K for 9th grader and $30K for 7th grader. I though that was pretty good until I came here! Annual income is currently under $130K. Even if husband gets a raise, we'll still be under $150K imcome + we have a big mortgage, so hoping to get decent financial aid (hopefully at an Ivy) or merit aid somewhere. But, we better get more saved.

My dad will have about $10K for each kid as well.

[Anonymous]

Is anyone else a little nervous about trowing a lot of money into a 529 right now? I'm worried markets will plunge with some craziness from Trump. I've been putting money in a regular savings and bough chunks in Jan after the Dec dive (should have bought sooner! & wish I had put in more then). The market inflation worries me. Trump worries me. The effect of a transition (hopefully) to a Dem pres who enforces reasonable business regulations on the market worries me. Ahhhhhhhhhh!

[Anonymous]

Anonymous wrote:Is anyone else a little nervous about trowing a lot of money into a 529 right now? I'm worried markets will plunge with some craziness from Trump. I've been putting money in a regular savings and bough chunks in Jan after the Dec dive (should have bought sooner! & wish I had put in more then). The market inflation worries me. Trump worries me. The effect of a transition (hopefully) to a Dem pres who enforces reasonable business regulations on the market worries me. Ahhhhhhhhhh!

Meant to say bought chunks of 529 in Jan when market was relatively low. And can't type -- sorry!

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Nothing. I don't have any extra money.

Same here. Single parent teacher and I am glad I can pay his HS tuition out of pocket.

You've saved nothing for college, but are sending your kid to a private HS?

Yep. My mom did the same thing. My DS can take out loans for college just like I did. He will work in the summers starting at age 15 and save his money for car insurance and later books and other college expenses. I did it and so do plenty of other people. I don’t know why people are so anti-loans. I took them out for college and grad school and then paid them back by living frugally for about 5 years. Our local HS is meh and I don’t want to send him there. We all make choices and I won’t regret this one at all.

Are you serious? That's super that you made that choice (or had it made for you). But, those loans are a significant obstacle to wealth. I paid my own way through college and grad school (in-state no nothing undergrad, and a good but not private or ivy grad school). I worked every summer since I was 14. I didn't have or do a lot of things my friends whose college was paid for had. And that's fine if it was fine for you. It wasn't for me. It merely demonstrated the difference between the haves and have nots. I want better for my child.

I want DC to come out of undergrad debt free. I intend to assist with grad school, as well, if that is DC's path. I see no need to make DC grind through school and a living eating ramen noodles and water, like I did. I want her to be able to have unpaid internships, if needed, and not worry about paying loans. I want her to be able to start working and saving for retirement, a home, right away. All things I could not do.

I know plenty about work ethic. And working your butt off to just get by, graduating with awards and honors, and having little to show for it. It can be demoralizing. So, again, it's fine to make the choice you made. There is nothing wrong with it. But, you cannot seriously say that you don't understand why someone else may choose differently (no loans for their kids).

[Anonymous]

It's a whole different ball game out there with respect to loans for tuition. For example, in the 1980's, tuition cost me less than $2,000 dollars a year at UVA. I was able to pay this with some assistance from my parents, summer jobs, and by working 10 to 15 hours a week. Now, tuition is over $13,000. A student would have to work about 60 hours a week at minimum wage to cover tuition, let alone room, board, and incidentals.

[Anonymous]

Anonymous wrote:It's a whole different ball game out there with respect to loans for tuition. For example, in the 1980's, tuition cost me less than $2,000 dollars a year at UVA. I was able to pay this with some assistance from my parents, summer jobs, and by working 10 to 15 hours a week. Now, tuition is over $13,000. A student would have to work about 60 hours a week at minimum wage to cover tuition, let alone room, board, and incidentals.

That’s why you take out loans while you are in school and not making much money. You repay them when you have a FT job. Do you understand that this is what the majority of college students do? People have enough trouble paying their bills let alone have extra money to put aside for college.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Nothing. I don't have any extra money.

Same here. Single parent teacher and I am glad I can pay his HS tuition out of pocket.

You've saved nothing for college, but are sending your kid to a private HS?

Yep. My mom did the same thing. My DS can take out loans for college just like I did. He will work in the summers starting at age 15 and save his money for car insurance and later books and other college expenses. I did it and so do plenty of other people. I don’t know why people are so anti-loans. I took them out for college and grad school and then paid them back by living frugally for about 5 years. Our local HS is meh and I don’t want to send him there. We all make choices and I won’t regret this one at all.

Are you serious? That's super that you made that choice (or had it made for you). But, those loans are a significant obstacle to wealth. I paid my own way through college and grad school (in-state no nothing undergrad, and a good but not private or ivy grad school). I worked every summer since I was 14. I didn't have or do a lot of things my friends whose college was paid for had. And that's fine if it was fine for you. It wasn't for me. It merely demonstrated the difference between the haves and have nots. I want better for my child.

I want DC to come out of undergrad debt free. I intend to assist with grad school, as well, if that is DC's path. I see no need to make DC grind through school and a living eating ramen noodles and water, like I did. I want her to be able to have unpaid internships, if needed, and not worry about paying loans. I want her to be able to start working and saving for retirement, a home, right away. All things I could not do.

I know plenty about work ethic. And working your butt off to just get by, graduating with awards and honors, and having little to show for it. It can be demoralizing. So, again, it's fine to make the choice you made. There is nothing wrong with it. But, you cannot seriously say that you don't understand why someone else may choose differently (no loans for their kids).

Sounds like you should’ve made some new friends who weren’t coasting along thanks to their wealthy parents. And as far as “having little to show for it” I don’t understand what you mean. You have two degrees for goodness sake!

[Anonymous]

Anonymous wrote:Maxed out both 5th and 7th graders accounts.

That varies by state. What is it in your state?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Nothing. I don't have any extra money.

Same here. Single parent teacher and I am glad I can pay his HS tuition out of pocket.

You've saved nothing for college, but are sending your kid to a private HS?

Yep. My mom did the same thing. My DS can take out loans for college just like I did. He will work in the summers starting at age 15 and save his money for car insurance and later books and other college expenses. I did it and so do plenty of other people. I don’t know why people are so anti-loans. I took them out for college and grad school and then paid them back by living frugally for about 5 years. Our local HS is meh and I don’t want to send him there. We all make choices and I won’t regret this one at all.

You may not regret it, but he may regret it when he has huge loans. Working summers is fine however, car insurance and a car are luxurious and should not be the priority. College is far more beneficial than high school.

[Anonymous]

Anonymous wrote:Is anyone else a little nervous about trowing a lot of money into a 529 right now? I'm worried markets will plunge with some craziness from Trump. I've been putting money in a regular savings and bough chunks in Jan after the Dec dive (should have bought sooner! & wish I had put in more then). The market inflation worries me. Trump worries me. The effect of a transition (hopefully) to a Dem pres who enforces reasonable business regulations on the market worries me. Ahhhhhhhhhh!

It should worry you if there is a radical Dem president. If they are going for progressive reforms - the market will absolutely tank. Reasonable reforms, nobody has a problem with, progressive financial reforms and policies trying to achieve social justice - watch out.

[Anonymous]

Anonymous wrote:

Anonymous wrote:It's a whole different ball game out there with respect to loans for tuition. For example, in the 1980's, tuition cost me less than $2,000 dollars a year at UVA. I was able to pay this with some assistance from my parents, summer jobs, and by working 10 to 15 hours a week. Now, tuition is over $13,000. A student would have to work about 60 hours a week at minimum wage to cover tuition, let alone room, board, and incidentals.

That’s why you take out loans while you are in school and not making much money. You repay them when you have a FT job. Do you understand that this is what the majority of college students do? People have enough trouble paying their bills let alone have extra money to put aside for college.

I cannot imagine the majority of students do it. I think its a combination of grants, aide, parents helping, etc. and loans. Many people who cannot pay for college either don't go or do something else like the military.

[Anonymous]

Anonymous wrote:

Anonymous wrote:The 1% doing a great job representing in this thread. We should rename this, "How the American 1% Preserves Perpetuates Itself at the Expense of the 99%."

Congratulations to all of you for rigging the game and "earning" the throne. I'm sure your kids will grow up like that entitled MAGA hat kid, Nick Sandmann: after their Ivy League experience, they'll come back to DC as politicians or lawyers to write more laws that keep everything the way it should be.

Who is rigging the game here? I'm confused.

People are saving money for college. How is that rigging the game?

It takes a special kind of idiocy to turn parents saving for their kids' college tuition, and worried that they aren't saving enough, into a bad thing.