s/o Save for kids' college or pay off student loans?

[Anonymous]

Anonymous wrote:

Anonymous wrote:And I will repeat:

How is this possible? You were in college back in the early '80s, like me. College was so cheap back then! I walked away with only 10 grand in loans and I had it paid off in 5 years.

Seriously, how do you not get this? Even before the OP said it, graduate school. Not everyone is like you. Good lord.

Np - Well, I am with PP. I am about OP's age too - went to school in mid 80s...etc. With 225K HHI, I can't understand how OP put herself in this situation. Unless OP was in grad school for, like, 10 years or longer.

[Anonymous]

You took on too much debt for your future incomes.

[Anonymous]

Wow such horrible unhelpful posts. We had $420,000 in student loans at one points so I can sympathize.

In your position, I would pay off your loans. For the kids' college, I'd plan on them going to a junior college for two years and then transferring to a 4 year program, or, applying to some small lower-ranked privates that may give your children partial or full scholarships for attending. I wouldn't save anything for their college at this point given your financial situation. You can always take out more loans for them if need be (although this really would not be a good idea).

[Anonymous]

Anonymous wrote:

Anonymous wrote:Your student loans. Your kids can go to community college and work during school year. All foreigners I know work while going to school and they pay out the highest tuition with no help from parents.
Get 2nd jobs since you kids are old enough to be at home alone and pay them off in 10 years.
Then help your children if you want to and have the energy.

This. Your kids college as important as it is can't come before paying off your student loans and retirement. Do whatever you have to to get out of debt fastest. Can you rent out a room in your house or do something else for a bit more money? Once you pay off your debt and are catching up a bit on retirement, if you have extra then you can help toward college.

Thanks. We're in a $hitshack so there's no real rental opportunity.

[Anonymous]

Just tell your kids they are screwed.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:And I will repeat:

How is this possible? You were in college back in the early '80s, like me. College was so cheap back then! I walked away with only 10 grand in loans and I had it paid off in 5 years.

Seriously, how do you not get this? Even before the OP said it, graduate school. Not everyone is like you. Good lord.

Np - Well, I am with PP. I am about OP's age too - went to school in mid 80s...etc. With 225K HHI, I can't understand how OP put herself in this situation. Unless OP was in grad school for, like, 10 years or longer.

Same. I don't get it. What have they spending their 225k income on? Op says it wasn't a house or cars and it wasn't on paying down student loans or investing. What on earth have they been spending their salaries on?!??

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:And I will repeat:

How is this possible? You were in college back in the early '80s, like me. College was so cheap back then! I walked away with only 10 grand in loans and I had it paid off in 5 years.

Seriously, how do you not get this? Even before the OP said it, graduate school. Not everyone is like you. Good lord.

Np - Well, I am with PP. I am about OP's age too - went to school in mid 80s...etc. With 225K HHI, I can't understand how OP put herself in this situation. Unless OP was in grad school for, like, 10 years or longer.

Why are you chiming in here just to say mean, unhelpful things? Seriously, what is the point? OP is in a bad spot - why pile on and try to make her feel worse???

[Anonymous]

Anonymous wrote:You took on too much debt for your future incomes.

Agreed. Also provided too much help to parents (with Alzheimer's and cancer).

[Anonymous]

Ok we get that they are not in the greatest position but pointing that out over and over is not helpful
+1 for Dave Ramsey

Can you please post your budget so we can help? 215k is not a bad household income so you need to come up with what you can cut to put towards loans/retirement

[Anonymous]

Anonymous wrote:Just tell your kids they are screwed.

Thanks. I have actually considered the value of my life insurance as they would be better off if I weren't around any longer.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:And I will repeat:

How is this possible? You were in college back in the early '80s, like me. College was so cheap back then! I walked away with only 10 grand in loans and I had it paid off in 5 years.

Seriously, how do you not get this? Even before the OP said it, graduate school. Not everyone is like you. Good lord.

Np - Well, I am with PP. I am about OP's age too - went to school in mid 80s...etc. With 225K HHI, I can't understand how OP put herself in this situation. Unless OP was in grad school for, like, 10 years or longer.

Why are you chiming in here just to say mean, unhelpful things? Seriously, what is the point? OP is in a bad spot - why pile on and try to make her feel worse???

The point is OP may have a bigger issue - poor money management, lacks understanding on how to save and gain wealth - than this particular issue she is asking. If she feels bad, that's okay, she will get over it. But she needs to figure out fundamentally what she's doing wrong all these years.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:And I will repeat:

How is this possible? You were in college back in the early '80s, like me. College was so cheap back then! I walked away with only 10 grand in loans and I had it paid off in 5 years.

Seriously, how do you not get this? Even before the OP said it, graduate school. Not everyone is like you. Good lord.

Np - Well, I am with PP. I am about OP's age too - went to school in mid 80s...etc. With 225K HHI, I can't understand how OP put herself in this situation. Unless OP was in grad school for, like, 10 years or longer.

Why are you chiming in here just to say mean, unhelpful things? Seriously, what is the point? OP is in a bad spot - why pile on and try to make her feel worse???

Because in order to change OP has to realize he made some mistakes along the way. Huge mistakes. You don't end up in your 50s without retirement savings and college savings by accident. Op needs serious help and to make big changes.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:And I will repeat:

How is this possible? You were in college back in the early '80s, like me. College was so cheap back then! I walked away with only 10 grand in loans and I had it paid off in 5 years.

Seriously, how do you not get this? Even before the OP said it, graduate school. Not everyone is like you. Good lord.

Np - Well, I am with PP. I am about OP's age too - went to school in mid 80s...etc. With 225K HHI, I can't understand how OP put herself in this situation. Unless OP was in grad school for, like, 10 years or longer.

Same. I don't get it. What have they spending their 225k income on? Op says it wasn't a house or cars and it wasn't on paying down student loans or investing. What on earth have they been spending their salaries on?!??

Well luckily OP isn't asking for anyones judgment on how she got into this situation (I'm actually in a similar situation as you, OP, but my loans are less), she's just asking for help on how to best use her money. How she spends/spent her money is her business. She doesn't need to justify it to anyone.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Just tell your kids they are screwed.

Thanks. I have actually considered the value of my life insurance as they would be better off if I weren't around any longer.

I only hope you are joking, and I'm sorry you're on the recieving end of a typical dcum pile-on. You are worth way more than that to your kids. Plenty of people get through college without parental money. There are smart choices they'll be able to make, and opportunities with community colleges and state schools that won't cost a fortune. I'm the pp who said listen to Dave Ramsey, and I mean it. You'll hear people who dug out of bigger holes. You can do it too. Hugs.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:And I will repeat:

How is this possible? You were in college back in the early '80s, like me. College was so cheap back then! I walked away with only 10 grand in loans and I had it paid off in 5 years.

Seriously, how do you not get this? Even before the OP said it, graduate school. Not everyone is like you. Good lord.

Np - Well, I am with PP. I am about OP's age too - went to school in mid 80s...etc. With 225K HHI, I can't understand how OP put herself in this situation. Unless OP was in grad school for, like, 10 years or longer.

Why are you chiming in here just to say mean, unhelpful things? Seriously, what is the point? OP is in a bad spot - why pile on and try to make her feel worse???

Because in order to change OP has to realize he made some mistakes along the way. Huge mistakes. You don't end up in your 50s without retirement savings and college savings by accident. Op needs serious help and to make big changes.

I hope you realize you don't come across as someone eager to help, you come across as someone delighted to make yourself feel good by slamming another person. That's how bullies operate, not helpful people.