no extra money for 529. is my kid doomed?

[Anonymous]

Anonymous wrote:

Anonymous wrote:Here is for example a statement from Harvard

We are pleased to announce that beginning in the 2023-24 academic year, families with annual incomes of up to $85,000 (up from $75,000) will be expected to contribute nothing to the cost of their child's education

All you have to do is make sure kid is accepted at Harvard. Problem solved.

That is not the point. The issue is that a lot of low income parents assume they can’t afford to pay for college while in reality many colleges, including the most famous and expensive ones are free to them.

[Anonymous]

Not doomed, but likely looking at being a commuter student to a state college or community college, and taking out the max undergrad loans.

Run the net price calculators to see what you are looking at. I just ran through with your HHI for Frostburg State and you'd be looking at contributing <$10,000 so you might have to borrow, get a second job, or something.

CC and transfering to a state college might be doable but yes, your kid is likely coming out of this with debt if they want a 4 yr degree.

[Anonymous]

Anonymous wrote:That's good news, of course, but not sure if that helps when admission rates are already very low.

I was thinking more about medical school. Do medical schools provide fa, or is it all student loan based?

You need to go to college first before you can go to medical school. Parents are not expected to pay for graduate school although some do. I think most kids get loans for medical schools. Your kid should be able to get a loan too.

[Anonymous]

He will be fine with no savings. But you do need to get your credit card debt under control even if that means big lifestyle changes. Otherwise he'll have to support you.

[Anonymous]

When it is time, have your kid apply to a wide range of schools, including top tier. Many will give financial aid packages.
Many successful, accomplished, well rounded and smart people without a college degree out here too.
If your kid will attend medical school then they likely already are a stellar student.

[Anonymous]

Anonymous wrote:

Anonymous wrote:That's good news, of course, but not sure if that helps when admission rates are already very low.

I was thinking more about medical school. Do medical schools provide fa, or is it all student loan based?

You need to go to college first before you can go to medical school. Parents are not expected to pay for graduate school although some do. I think most kids get loans for medical schools. Your kid should be able to get a loan too.

Naive question: how many years does it take to pay off a typical medical school debt?

Also, if my kid decides to go to dental school, how many years of college does he need? What other professional degrees can maybe entail less student loan debt?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Here is for example a statement from Harvard

We are pleased to announce that beginning in the 2023-24 academic year, families with annual incomes of up to $85,000 (up from $75,000) will be expected to contribute nothing to the cost of their child's education

All you have to do is make sure kid is accepted at Harvard. Problem solved.

That is not the point. The issue is that a lot of low income parents assume they can’t afford to pay for college while in reality many colleges, including the most famous and expensive ones are free to them.

I find it’s actually that wealthy parents naively think there are lots of doors open to low income students when in reality that’s only true for extremely strong students and not great or good students.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:That's good news, of course, but not sure if that helps when admission rates are already very low.

I was thinking more about medical school. Do medical schools provide fa, or is it all student loan based?

You need to go to college first before you can go to medical school. Parents are not expected to pay for graduate school although some do. I think most kids get loans for medical schools. Your kid should be able to get a loan too.

Naive question: how many years does it take to pay off a typical medical school debt?

Also, if my kid decides to go to dental school, how many years of college does he need? What other professional degrees can maybe entail less student loan debt?

Is this still OP??
It can take decades to pay off medical school debt

[Anonymous]

I remember my parents telling me as a kid (still in elementary school) that they could afford community college for me, but beyond that I was on my own, so I needed to work hard so I could get scholarships.

DH’s parents were a little better off but not much. I dual enrolled and got AP credits in high school. We took several of our general classes at the local community college during summers. I graduated a semester early, which saved some money. We worked part time in school, qualified for some aid (quite a bit of merit aid in my case) and got loans to make up the rest.

We both worked full time during grad school and took turns getting our graduate degrees (we married young), which allowed us to pay some as we went.

We paid our student loans off by 40, would have been sooner if not for daycare costs and a career switch. Current household income is about 350K. We’re putting as much as we can in 529s for our own kids so they can start off ahead of where we did and hopefully save up for a home earlier instead of spending so long paying off loans.

Loans are not the end of the world, but minimizing them is smart. Community college for general requirements is also a good idea.

[Anonymous]

Are you an immigrant? My parents were and I got here in high school. 0 savings, all I worked at Jack in Box I gave to my parents to pay the bills. I went to college with scholarships AND lots of loans. Then I went to law school with lots of loans. Then I chose to work in federal government and am now in the highest payment and it will be 10 years of public service and my loans will be forgiven. Your child is not doomed but also not blessed like the rich are. You’ll figure out and so will your kid and he’ll enviously watch his peers do something else they love or travel the world bc they were rich and their parents paid it all and they have loans. But that’s another story…

[Anonymous]

Loans are not a death sentence, especially if you keep them under 50k, graduate, and major in a field that will guarantee you a job after college. Ask me how I know!

[Anonymous]

Anonymous wrote:I remember my parents telling me as a kid (still in elementary school) that they could afford community college for me, but beyond that I was on my own, so I needed to work hard so I could get scholarships.

DH’s parents were a little better off but not much. I dual enrolled and got AP credits in high school. We took several of our general classes at the local community college during summers. I graduated a semester early, which saved some money. We worked part time in school, qualified for some aid (quite a bit of merit aid in my case) and got loans to make up the rest.

We both worked full time during grad school and took turns getting our graduate degrees (we married young), which allowed us to pay some as we went.

We paid our student loans off by 40, would have been sooner if not for daycare costs and a career switch. Current household income is about 350K. We’re putting as much as we can in 529s for our own kids so they can start off ahead of where we did and hopefully save up for a home earlier instead of spending so long paying off loans.

Loans are not the end of the world, but minimizing them is smart. Community college for general requirements is also a good idea.

Also— majoring in something that will make you employable. I’m a teacher (certainly not a huge income but my cost of college wasn’t high either), DH is a software engineer.

[Anonymous]

Anonymous wrote:Are you an immigrant? My parents were and I got here in high school. 0 savings, all I worked at Jack in Box I gave to my parents to pay the bills. I went to college with scholarships AND lots of loans. Then I went to law school with lots of loans. Then I chose to work in federal government and am now in the highest payment and it will be 10 years of public service and my loans will be forgiven. Your child is not doomed but also not blessed like the rich are. You’ll figure out and so will your kid and he’ll enviously watch his peers do something else they love or travel the world bc they were rich and their parents paid it all and they have loans. But that’s another story…

Yes, an immigrant. The loans really scare me as I am myself drowning in cc debt. In my home country, my kid could probably get into medical school with full scholarship so I have a big question about whether he should go there and get free education or stay for the loan-laden American dream

[Anonymous]

It’s not normally DCUM advice but another path is the US Military. Four years of active duty will get you GI bill. You also will have a more mature you entering college. And like being selected for anything they will place you in an MOS - from flight mechanic to cook - with a lot depending on your ASFAB score.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Here is for example a statement from Harvard

We are pleased to announce that beginning in the 2023-24 academic year, families with annual incomes of up to $85,000 (up from $75,000) will be expected to contribute nothing to the cost of their child's education

All you have to do is make sure kid is accepted at Harvard. Problem solved.

That is not the point. The issue is that a lot of low income parents assume they can’t afford to pay for college while in reality many colleges, including the most famous and expensive ones are free to them.

I find it’s actually that wealthy parents naively think there are lots of doors open to low income students when in reality that’s only true for extremely strong students and not great or good students.

The reality is that there is a lot of FA aid available to low income families with great, good and not so good students and that a lot of private universities are more generous with FA than the government. So going to a private school could be cheaper than going to a state school.