Is anyone not saving to pay for all of their kids' college?

[Anonymous]

OP here. We aren't intentionally not saving. Our HHI is 105k with two kids in childcare. Theres just not much to go around.

[Anonymous]

We are pay as we go parents of 3DC. One college graduate and one rising college sophomore. One rising sophomore in HS.

I was a SAHM for 18 years. My new salary pays for in state tuition.

Also our DC are required to have summer jobs to supplement spending money and incidentals at college.

[Anonymous]

Something in your household finances is going to have to sacrifice here somewhere - either your kids will have to take out huge student loans a.k.a debt, you will not be able to retire early as you’d like, or the kids will have to pursue more economical options the first 2 years, but quite often financially more sound options in your situation like community college, or going in for skilled trades and establish their own business down the road. Or combination of those.

[Anonymous]

We only have 1 kid because that was all we could realistically afford to send to college. It worked—we have enough to cover undergrad + 2 years of grad school anywhere he gets in.

[Anonymous]

When the children were really little we did not save for college. I had a very PT job while DH worked FT with a good salary but retirement was the priority at that point. I went back to work FT when our youngest was in kindergarten and we then earmarked most of my salary for a home renovation and college savings. Similar to many people I know who did not save at all for college until they could stop paying for daycare.

We originally planned to save enough to cover about 80% of an in-state college, figuring the kids could handle loans for the balance. But then my parents gave each grandchild a lump sum that essentially covers one year in-state. With that plus our 529 savings plus them working summer jobs and some on campus to cover personal expenses we don't need to take loans (1 at in-state public U, 1 at a LAC w/ large merit that makes it equivalent to that).

Both DH and I had college paid for by our parents. We are very grateful we didn't have to be burdened with student loans and, even though college is much more expensive now, feel it's important to do as much as we can to cover it.

[Anonymous]

Anonymous wrote:We didn’t save at all. When kids were in MS/HS, DW got a job after being SAH. Learned to live off my salary, now we’re pay as you go.

We are doing same. Went from very part time to full time Nurse. Pay as we go and plow into retirement.

[Anonymous]

We save as we go, never sacrificing our retirement.

[Anonymous]

I’m aiming for $55k per child per year. Enough to get them through state school. Anything more will require a very serious conversation about a specific need for a more expensive school, like a top specialized degree opportunity.

[Anonymous]

What do you consider solid middle class? I consider it making under $100-125K Max living in a $400K or under house. Many people pretend to be middle class and aren't.

We have about $125-150K income and we have done a prepaid for each kid and saved additional money for room/board/a year or so of grad school for each child. We don't really take vacations and live very modestly in a tiny house, etc. I think more people can do it but it involves "sacrifices"

We get zero help from grandparents. Two are able and don't even give so much as a birthday gift for the kids.

[Anonymous]

Anonymous wrote:OP here. We aren't intentionally not saving. Our HHI is 105k with two kids in childcare. Theres just not much to go around.

When you get done with child care, don't adjust your spending and take that money you'd pay for child care and save for college. It is very hard in this area to save on that income so doing what you are doing is great.

[Anonymous]

We don't set aside a set dollar amount earmarked for college, nor do we have a 529 set up. We have one child and will pay as they go. We can afford to send her anywhere so we don't feel that it's a monthly action item.

[Anonymous]

Anonymous wrote:

Anonymous wrote:I thought college will be free and all college debt will be erased...per the Dems, no?

Yeah some progress in that direction would be the case if Republicans stopped being such myopic arseholes and would stop blocking every bit of progress ever.

That's not progress. Nothing is 'free' in this world. Why should I pay for students loans for someone who went to Brown University to get an art history degree, to have a low income job. Think about your notion of free being progress. Does progress mean getting strapped with others' debt? If so, not smart nor advisable. Go to a school you can afford or don't complain about your student loans or expect someone else to pay YOUR obligation. Do you go into a restaurant and order whatever you want and expect the table across the room to pay your tab?!?

[Anonymous]

I’m not saving yet — two kids in daycare eats the vast majority of our disposable income. What I’m doing now is shoving any windfall funds — cash gifts at Christmas and the like — into 529s. It’s not a lot (a couple thousand dollars total each so far) but I figure that every little bit helps. When my older goes to public school I’ll replan to incorporate monthly contributions. I doubt I’ll be able to save enough for private university and I don’t want all of it in 529s because I don’t want to track my kids into college if an alternative life path (trades, art, whatever) ends up being a better choice for them.

[Anonymous]

We saved enough for fours years at in state public. We ended up with more (5 years) because market was good. But if they wanted private or something more expensive they needed to take out loans.

[Anonymous]

I hope my child doesn't do college and doesn't work for anybody else for the rest of her life. I want her to be an entrepreneur. Kids don't have to go to college.