Does everyone on here with kids applying to top 50 schools really have the $80K per year to spend?

[Anonymous]

We currently pay nearly $70 for the older one in a T20 school. The younger is in a local private for another 2 years. We began their 529 when the older was born. Funded the max allowed possibly 2-3x over the years. If there is not enough left for the last year of college, then the kids can take out a loan. The older one has been working summer internships for a few years now. Most of that money goes towards his rent and food.

I would imagine this is quite the norm in the DMV.

[Anonymous]

This is why many are doing 2 years at a community college and then 2 years at their preferred institution—-just to keep costs down.

[Anonymous]

Anonymous wrote:I'm realizing that the top 50 or so schools are all about $80K+ and none of them offer merit aid, outside of maybe CWRU.
The rest have 20-50 full-ride scholarships for their most elite students but that's pretty much it for merit aid.
Then of course there is UVA and W&M which are instate. And UMD which is ranked just above 50.
We've in DC so none of these in-states are particularly relevant.


So all this constant chatter about this or that top50 school----are you all paying the $80K/+year sticker price(s)?

College is around the corner for us and I'm realizing that yes indeed, they're all about that much. Guess I knew that in theory but it's another thing
entirely to think "huh, they're asking $360K for undergrad. Are we really going to pay it?"
Sobering.
Are people really paying it?

If all you care about is top 50 and cost…there are options. GA Tech is $50k OOS (total cost) so $40k for you with DC TAG. UMD is top ranked for a number of programs, so that’s $57k OOS (again deduct $10k). UVA is unfortunately quite expensive OOS…$87k for engineering and business (o think like $77k for other majors), but W&M is cheaper.

[Anonymous]

Anonymous wrote:Yup, we are a full pay family. The money is coming from a 529.

Same. We have put in $10k/year annually since 2005. 19 years of contributions + growth = pretty much entirely covered & can cash flow the rest.

We lived very frugally the first few years; thankfully our financial position improved over time.

[Anonymous]

Anonymous wrote:Also, to above PP, DC Tag is limited to private university that are local. My read of the website is that it only provides $ for private HBCU for full $10K. Only $2500 for local, nonprofit colleges like Georgetown and GW. Would confirm that, but that is my read / understanding.

No no. DCTAG is good for 10k at any state school in the country and $2500 for private schools yearly. You have to meet the continuing lower income requirement unlike any state in the country.

We do a combo of 529 and high income.

[Anonymous]

OP I hear you. We have two kids who will be graduating 2025 and going to college at the same time (obviously). We do not have over $500k to spend on their 4 years post HS, not even mentioning grad school.

They will be applying in-state (CA). We have plenty of options here. That's going to be it. They are both completely aware of the situation and have been for some time.

[Anonymous]

Lots of military in the area using GI Bill transfer benefits, which covers full tuition for many private schools and all public schools.

[Anonymous]

Yes, we can afford it. Is it worth it? I’m not sure.

[Anonymous]

Anonymous wrote:

Anonymous wrote:I'm realizing that the top 50 or so schools are all about $80K+ and none of them offer merit aid, outside of maybe CWRU.
The rest have 20-50 full-ride scholarships for their most elite students but that's pretty much it for merit aid.
Then of course there is UVA and W&M which are instate. And UMD which is ranked just above 50.
We've in DC so none of these in-states are particularly relevant.


So all this constant chatter about this or that top50 school----are you all paying the $80K/+year sticker price(s)?

College is around the corner for us and I'm realizing that yes indeed, they're all about that much. Guess I knew that in theory but it's another thing
entirely to think "huh, they're asking $360K for undergrad. Are we really going to pay it?"
Sobering.
Are people really paying it?

If all you care about is top 50 and cost…there are options. GA Tech is $50k OOS (total cost) so $40k for you with DC TAG. UMD is top ranked for a number of programs, so that’s $57k OOS (again deduct $10k). UVA is unfortunately quite expensive OOS…$87k for engineering and business (o think like $77k for other majors), but W&M is cheaper.

OP here. Just used "top50" because about 90% of threads on here are about top50 schools and there are literally threads (or responses within threads) putting down schools outside of these.
I have kids with the grades and we have savings but it's just another level entirely to say, "ok, we are spending $90K for freshman year".

Considering a 14 week fall semester, that is $3400/week for college.

That is something.

[Anonymous]

OP, yes, I have a kid in college and am paying that kind of huge bill every year. But the real sticker shock was when I just looked at med/dental/law school. The fourth year of dental was $130,000! A bunch of law schools were $110,000. We can manage undergrad for two kids (we are two fed workers), but the next part is going to be extremely difficult. Hopefully both kids won’t pick 3-4 year professional schools!

[Anonymous]

HHI about 200k.

We have a fully paid off home that's worth about 1.8mm.

We have about 800k in a taxable vanguard account.

We have about 1.4mm in retirement.

We have about 150k in two 529s (each)

We didn't get FA for #1 and won't get it for #2. Sure, we can pay. And while 700k for two kids would take a huge bite out of the above, the truth is (historically) our total assets climb enough annually that would could potentially be flat after college, minus wiping out 529s, as planned. Maybe down 100k or so.

But it's 700k aftertax dollars going to out the door. We're not rich rich and we don't plan on supporting our kids far into adulthood. Our financial security and peace of mind is rooted in the fact that we bought a place in our 20s (and traded up two more times in our late 20s and 30s).

I don't see the point of saving for 15 years so my kids can work for 15 years before they can put down a downpayment on a place. Read the news: young adults can't afford to buy a place -and it's not just interest rates. Our first mortgage was 7% too.

So my first kid (1560 SAT, same great resume as all UMC kids) went abroad. My second likely will because #1 is such a super fan of their school. And we're leaving 100k in their 529s for grad school (or to move into a roth or save it for their own kids). And we'll have money to help with a down payment.

In the last few years, when I see comfortable but not rich rich families paying 90k a year I have the same feeling I had when I saw UMC people paying 100k for their wedding. Why?

[Anonymous]

Cha-Ching. But usually it’s a combination of parents paying, financial aid, and student work study.

[Anonymous]

Anonymous wrote:I'm realizing that the top 50 or so schools are all about $80K+ and none of them offer merit aid, outside of maybe CWRU.
The rest have 20-50 full-ride scholarships for their most elite students but that's pretty much it for merit aid.
Then of course there is UVA and W&M which are instate. And UMD which is ranked just above 50.
We've in DC so none of these in-states are particularly relevant.


So all this constant chatter about this or that top50 school----are you all paying the $80K/+year sticker price(s)?

College is around the corner for us and I'm realizing that yes indeed, they're all about that much. Guess I knew that in theory but it's another thing
entirely to think "huh, they're asking $360K for undergrad. Are we really going to pay it?"
Sobering.
Are people really paying it?

We are not. Theoretically, we could have afforded it pretty easily. But in the absence of merit aid, it made no sense. We went in state and are thrilled with the decision.

[Anonymous]

OP here.
I get that $90K is a rounding error for some on here and two weeks' salaries for others.

But I bet that for most of us, $360K is not an insignificant amount.
And yet we're fighting each other for the privilege of paying it.

We are truly idiots for playing into this. Excuse my insult as I include myself in that group.

[Anonymous]

Anonymous wrote:OP here.
I get that $90K is a rounding error for some on here and two weeks' salaries for others.

But I bet that for most of us, $360K is not an insignificant amount.
And yet we're fighting each other for the privilege of paying it.

We are truly idiots for playing into this. Excuse my insult as I include myself in that group.

So why are you not considering public schools? And doing everything to find merit scholarships? Also it’s not for everyone but ROTC is a great option for some. There are ways to get a great education without paying $80k a year. If people can afford it that’s their decision, like the decision to pay $1 million or more for a house.