college savings were less than i thought.
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Anonymous
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I found out last night that we have relatively little college savings. My husband manages all the finances. Our kids are in 10th, 10th and 7th grades.
We have $50K/kid saved and a deceased relative gave 35K per kid. We have an additional $50K per kid in another account that we can use for this. Basically $135K/kid in available funds. Then we have our retirement savings. My husband has always said (about college savings) "we're fine". I didn't know what this meant until last night. Yes, I am STUPID for never asking. Please be kind. We live in DC so don't have a pubic university option. 2 kids go to a private school (we pay for one, family member pays for one). We can't move these kids as they are the high schoolers. So we have this cost ($50K) until the 10th graders graduate. We should not have put them in private but that is water under the bridge and was a Covid-year decision as they were floundering in 18 months of virtual public (again, please be kind). When the 10th graders graduate in 2 years we will be able to apply the private school tuition ($50K/year) to college and probably another $50K if we live REALLY frugally for 4 years. So we will likely have 100K yearly that we can pay out of current income towards college during the college years. year 1) 2 kids in college, $100k current income plus $67.5K savings or $167.5K total to spend on college year 2) 2 kids in college, $100k current income plus $67.5K savings or $167.5K total to spend on college year 3) 2 kids in college, $100k current income plus $67.5K savings or $167.5K total to spend on college year 4) 3 kids in college, $100k current income plus $101.25K savings or $201.35K total to spend on college year 5) 1 kid in college, $100K current income plus $33.75K savings or $133.75k total to spend on college year 6) 1 kid in college, $100K current income plus $33.75K savings or $133.75k total to spend on college year 7) 1 kid in college, $100K current income plus $33.75K savings or $133.75k total to spend on college A couple of things: our jobs are secure and our health is good. We will be about 50-56 during this period of time. One spouse has the potential to to make more money but refuses to consider changing jobs (a point of contention). The second spouse works in a low paying field and is at the max salary and can't really make more without re-training. Does this look reasonable? I realize that the numbers don't look so bad when I write them out. I'm not particularly looking forward to 4 years of living like paupers in my early 50s. The moral of this story is to save for college. I'm really not sure what my husband was thinking. I have asked him FOR YEARS to talk about our future plans, etc but he has refused. He hates heated discussions and hates decision making and thinking beyond today. Always has. So I guess his solution to things was just to ignore it. |
Anonymous
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You seem to have potentially in state tuition costs covered for each kid, and you’re still working.
Are each of your kids going to private university with no merit aid? |
Anonymous
| I don't see the problem. You guys have saved more than the vast, vast majority of people including DMV. Having 135k on hand for 3 kids is great. |
Anonymous
| They need to go to community college and then transfer to an in state school. They should go to NOVA for two years and then transfer to UVA or William and Mary. So many kids from my high school did this and guess what? Their diploma says UVA. |
Anonymous
+1. These numbers sounds great to me. |
Anonymous
| Move to Virginia and use in-state options. |
Anonymous
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Do the Net Price Calculator / FAFSA & see what the family contribution will be then factor in DCTAG amount + whatever you're willing to pay out of current earnings + loans.
It will be a squeeze but it can work. |
Anonymous
She can’t. She’s “forced” to send her kids to an overpriced private high school she can’t afford. |
Anonymous
It’s $135k **per kid.** Yes, this is great. |
Anonymous
+1. You’re crushing it with 3 kids if you move to a state where they can go to state Us. |
Anonymous
Kids can commute in. |
Anonymous
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You are currently managing to pay $50k/year for each kid for private school from current cash flow? You don't need to save anything for college. Your kids will have plenty of college options at that budget. With the savings you do intend for college you would be able to full pay at any school.
FWIW, we pay about $26k/year for one in-state public U and senior DD has offers with merit aid that put the net prices at a range of $17k/year to $39K. |
Anonymous
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Please do not look back because that is not productive. Just start where you are today. I do not think the immediate situation is as bleak as you think, but you say nothing about your expectations, the kids' dreams or talents, and you have yet to fill out the FAFSA, which will determine the amount schools think you can pay (expected family contribution). You do not need to pay full freight for the best school in the land (however you define that). Here are a few points to remember:
Many schools offer financial aid, whether scholarships or loans. Any chance one or more of your three could get an academic/merit scholarship or aid for a sport or talent? Many kids work at least part-time to pay their college costs. Some teens works summers and even part-time during the school year to save a bit for college. Not every school costs 80k per year for everything. Have you planned to cast the net widely in terms of public institutions? Smaller privates that might really seek out your kid? Some argue that their best plan is to have kid attend community college for two years to save money, then transfer for the baccalaureate. Are you asking kids what career paths they are considering? Are you touring schools? There's a lot to unpack, and I realize you just got distressing news. But you can work hard now to determine the path forward as a family. Good luck!! |
Anonymous
+1 With the $50k redirected from private school tuition to college plus the amount you have already saved for each child, I don't see a problem. |
Anonymous
| Apply to private with a lot of merit aid. That’s what we did for our oldest and got enough merit to bring it down to below the cost of in state. My son graduated with a 4.4 (6s on all his APs) and 1500 SATs, so he applied only to schools with merit money. If your kid is a good student they will be in the drivers seat with these private schools. Ticket price on his school is 73kyr all in. We are 20k/yr all in. |