True cost of attending college in virginia - college savings/529 question
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Anonymous
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we have two kids currently in 9th and 6th grades. I am trying to know the full cost of attending an engineering or biological sciences ( mentioning bcos it seems colleges charge more for some majors) major in public colleges in Virginia and may be comparable colleges out of state like UMD, Purdue, Georgia tech etc
Some say it costs around 80k per year including boarding and lodging making it about 640k for two kids. Is this really true? We won’t qualify for any need based scholarships so just want to hear from folks who have the latest information. |
Anonymous
| This is easily knowable information. Just look up the schools you are interested in. Even the most expensive in-state VA options right now don’t break $45k with living expenses. |
Anonymous
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Take W&M’s posted in state costs for example:
In-State Undergraduate Tuition & Fees Direct Costs Tuition 19,178 Fees 7,278 Housing 9,871 Food 6,730 Total Direct Costs $43,057 Indirect Costs Books & Supplies 1,050 Transportation 660 Personal Expenses 1,800 Loan Fees (if applicable) 72 Total Indirect Costs $3,582 TOTAL ESTIMATED COSTS $46,639 Indirect costs are understated so at least $50k today. Given how college tuition tends to rise you are probably looking at $70K a year to start for that 6th grader. |
Anonymous
| Focus on direct costs. Indirect costs are offset by indirect costs that are reduced when the kid leaves home. Sports and activities costs, gas, tolls, meals away from home, party busses for homecoming, etc. I consider it a wash and ignore them. |
Anonymous
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This is the net price calculator. Very useful.
https://collegecost.ed.gov/net-price |
Anonymous
Google "<school of interest> coa". Of course you will have to make assumptions for the increase when your two are in school. |
Anonymous
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Why can't they start with community college and then go instate? Invest the difference.
DC started community college with 30 credits, just finished another 10, and will transfer to $20k public school. We will use up the 529 money for that. DC is also working because CC is easy with lots of free time. He seems to like work/school balance. We are concentrating on investing his earning into Roth. Should be set by 30. You sure your kids want the 'full college experience'? Mine chose CC for now, new car, investing, and work. |
Anonymous
| UvA in-state engineering $30,738 a year. |
Anonymous
| Umm, do your own homework. |
Anonymous
Not sure the point of this post, but COA for in state engineering at UVA is about $45k |
Anonymous
Total UVA engineering cost: School of Engineering & Applied Science School of Engineering, First-Year Virginian Tuition 26,938 Fees 3,800 Subtotal 30,738 Additional Categories 20,422 Total 51,160 School of Engineering, All Other Years Virginian Tuition 26,938 Fees 3,800 Subtotal 30,738 Additional Categories 21,538 Total 52,276 |
Anonymous
| I’m confused by how OP knows enough about in-state VA publics to be certain they won’t be eligible for need-based aid but knows so little as to be not even in the ballpark regarding estimated costs. |
Anonymous
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One tip - if your child lives off-campus and their costs exceed what the college publishes as estimated costs (often kept artificially low to make the school look cheaper) you cannot use your 529. This can apply to rent, groceries, eating out, etc.
We have more than enough money in our 529 for four years of college, but I wish we would have saved a small portion of that ($25k) for that kind of stuff. |
Anonymous
+1. Does your kid go to UMD too?! |