I’m really surprised how many people don’t save for college

[Anonymous]

We know so many people who live lavish lifestyles and end up not having enough saved to pay for college. These same people earn too much to qualify for financial aid. It is one thing to struggle financially and then your kid will likely receive a good financial aid package. I’m talking people who earn 200, 300, 400k+. I think what surprises me the most are those who paid for private school k-12 at the expense of college savings and retirement.

I feel bad for those kids who are told they have to take out $$$ loans or only go to public college.

If you cannot full pay and don’t qualify for financial aid, I wonder why college was not the priority.

[Anonymous]

You are a very nosy person if you know that much detail about “so many people” and their finances. You might want to mind your own business for a change.

[Anonymous]

How do you know this OP? Weird.

[Anonymous]

It's because they want to keep up with the Jonses and the Jonses never mentioned college savings.

[Anonymous]

Anonymous wrote:How do you know this OP? Weird.

I have a teenager and the topic of college tuition and inability to pay tuition is a big topic.

Actually many people talk about having multiple kids starting college.

Look at these boards even, how many posters mention looking for merit aid and parents having to take out loans for private university.

[Anonymous]

Sigh. Stop trolling.

[Anonymous]

Anonymous wrote:

Anonymous wrote:How do you know this OP? Weird.

I have a teenager and the topic of college tuition and inability to pay tuition is a big topic.

Actually many people talk about having multiple kids starting college.

Look at these boards even, how many posters mention looking for merit aid and parents having to take out loans for private university.

You tell your country club buddies that you can’t afford college and are making your kid take out a loan? Yeah right.

[Anonymous]

Anonymous wrote:Sigh. Stop trolling.

I’m not trolling. I’m genuinely surprised how shortsighted people are with relatively high incomes. If you had a lower income, you would qualify for financial aid.

I’m specifically thinking of people who dress well, drive nice cars, vacation often, kids do expensive extracurricular activities, maybe go to private school. They have UMC lifestyles and didn’t save for college.

[Anonymous]

I think it is good for kids to have a financial stake in their education.

[Anonymous]

Ok, so I guess I’m ‘one of those people’. I’m a single parent that’s made 200+ since my kids were born. I save $1,500 per child per month and - guess what - that’s still not enough.

Why? Why, you ask? Why am I not saving more? Because I want to retire at 62. I want to live in a modest house and travel internationally. I want to support my kids in their (expensive) activities. I want them to live independently at an amazing camp in Maine 4 weeks every summer so they can meet people outside our suburban town. I want to enjoy dinners out with them, and theatre, and fun days at the spa.

So yes, op. My measly $1,500 will not be sufficient and we will not qualify for financial aid. But you know what? I was raised with a work ethic that allowed me to pay off 6 figure debt. This is not what I want my kids to face, but if they do, I’d like to think they have the work ethic and possibly my support to pay it off.

[Anonymous]

Anonymous wrote:Ok, so I guess I’m ‘one of those people’. I’m a single parent that’s made 200+ since my kids were born. I save $1,500 per child per month and - guess what - that’s still not enough.

Why? Why, you ask? Why am I not saving more? Because I want to retire at 62. I want to live in a modest house and travel internationally. I want to support my kids in their (expensive) activities. I want them to live independently at an amazing camp in Maine 4 weeks every summer so they can meet people outside our suburban town. I want to enjoy dinners out with them, and theatre, and fun days at the spa.

So yes, op. My measly $1,500 will not be sufficient and we will not qualify for financial aid. But you know what? I was raised with a work ethic that allowed me to pay off 6 figure debt. This is not what I want my kids to face, but if they do, I’d like to think they have the work ethic and possibly my support to pay it off.

Ummm...so I don't think the OP is talking about someone saving $18K per year per kid.

[Anonymous]

Anonymous wrote:I think it is good for kids to have a financial stake in their education.

I think it’s good for kids to have financial freedom and be debt free at 21

[Anonymous]

Anonymous wrote:

Anonymous wrote:Ok, so I guess I’m ‘one of those people’. I’m a single parent that’s made 200+ since my kids were born. I save $1,500 per child per month and - guess what - that’s still not enough.

Why? Why, you ask? Why am I not saving more? Because I want to retire at 62. I want to live in a modest house and travel internationally. I want to support my kids in their (expensive) activities. I want them to live independently at an amazing camp in Maine 4 weeks every summer so they can meet people outside our suburban town. I want to enjoy dinners out with them, and theatre, and fun days at the spa.

So yes, op. My measly $1,500 will not be sufficient and we will not qualify for financial aid. But you know what? I was raised with a work ethic that allowed me to pay off 6 figure debt. This is not what I want my kids to face, but if they do, I’d like to think they have the work ethic and possibly my support to pay it off.

Ummm...so I don't think the OP is talking about someone saving $18K per year per kid.

+1 you should have a minimum of 400 K if this money is in an interest-bearing account

[Anonymous]

Anonymous wrote:

Anonymous wrote:Sigh. Stop trolling.

I’m not trolling. I’m genuinely surprised how shortsighted people are with relatively high incomes. If you had a lower income, you would qualify for financial aid.

I’m specifically thinking of people who dress well, drive nice cars, vacation often, kids do expensive extracurricular activities, maybe go to private school. They have UMC lifestyles and didn’t save for college.

Yes, you are trolling. And the reason why you are trolling is you have no idea what other people’s finances really are. And you have no idea what goes into their thinking, planning and reasoning when it comes to THEIR kids’ college education. Your son doesn’t either. You both know nothing. Worry about yourself and stop worrying about everybody else. They will be fine without your judgment.

[Anonymous]

Anonymous wrote:Ok, so I guess I’m ‘one of those people’. I’m a single parent that’s made 200+ since my kids were born. I save $1,500 per child per month and - guess what - that’s still not enough.

Why? Why, you ask? Why am I not saving more? Because I want to retire at 62. I want to live in a modest house and travel internationally. I want to support my kids in their (expensive) activities. I want them to live independently at an amazing camp in Maine 4 weeks every summer so they can meet people outside our suburban town. I want to enjoy dinners out with them, and theatre, and fun days at the spa.

So yes, op. My measly $1,500 will not be sufficient and we will not qualify for financial aid. But you know what? I was raised with a work ethic that allowed me to pay off 6 figure debt. This is not what I want my kids to face, but if they do, I’d like to think they have the work ethic and possibly my support to pay it off.

Adding to PP's poignant description, I will add that it's a shitty country that makes people choose between enjoying their hard-earned income, and tightening their belts to send the next generation to earn their expensive degrees.

Other wealthy nations subsidize universities and lower tuition costs. The USA should do the same.