Just calculated projected college costs for my kid and almost vomited

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Two points:

1. College tuition soared because the federal government made loans easy to get. The $$ was virtually unlimited, and the colleges found ways to spend it. Now, there’s a whole generation of students who regret their choices, but it’s hard to put that genie (plus all his overpaid college admin friends) back in the bottle.

2. Countries that have free universities have lower college attendance rates than the US, and generally select for college potential at a much younger age than the US. I’m sure this wouldn’t affect any of your special children, but limiting the # of kids that can go to college hurts the upwardly mobile.

Oh, and one more — government-funded college is a huge giveaway to the UMC/rich. It’s an incredibly regressive government program.

Actually, college tuition soared because states drastically cut funding for higher education.

Check out the interactive bar graphs here: https://www.cbpp.org/research/state-budget-and-tax/state-higher-education-funding-cuts-have-pushed-costs-to-students

As an example, from 2008-2018 Louisiana cut funding per student by more than 54%, and tuition rose 106% in the same time frame. The talking point that "government got involved, and costs went up" is being perpetuated by the very same people who pushed for the funding cuts that actually drove increases in tuition.

Then why did tuition at my private law school soar over the same time period? Was that also the state cutting support?

No. It was the school taking advantage of how much their students could and would borrow.

Because the students take out federal loans just like the undergrads do . . . and many default because they can't get a job after graduating.https://abovethelaw.com/2019/11/law-school-student-loan-default-rates/

[Anonymous]

Anonymous wrote:We should be angry at the cost of state schools, not privates. And I know someone will come on here and say “UMD is only $11k” (conveniently ignoring the cost of room and board) which is a ridiculous answer considering
1-Some qualified kids still can’t afford that amount per year in tuition
2-If they are going to live nearby CP, rent costs money
3-Don’t suggest a kid live at home and commute 45+ minutes per day if that is not an option you’d find acceptable for YOUR OWN kid. If that was such an amazing option everyone would do it. You can’t boast the benefits of living in a dorm (and make fun of directional “commuter” schools) and then say that THOSE kids should commute because it’s so great, but but not my kid!

UMD does offer merit based aid to many high achieving students
If I remember the data from the most recent CDS from 2019 of the 4700 freshmen around 1800 got need based aid (Scholarships and grants not loans) averaging $11000 and 1000 got merit based aid averaging $7000. There was a little overlap - 200 students got both need and merit based aid. So in addition to being very reasonably priced, around 2/3 of UMD students get very generous need based and merit aid.

[Anonymous]

This is why people who aren’t millionaires can’t afford to have 3 or 4 kids anymore. You will need well over a million to put them through college alone.

[Anonymous]

Anonymous wrote:This is why people who aren’t millionaires can’t afford to have 3 or 4 kids anymore. You will need well over a million to put them through expensive private college that you are rich enough to save for alone.

Fixed that for you.

[Anonymous]

Anonymous wrote:This is why people who aren’t millionaires can’t afford to have 3 or 4 kids anymore. You will need well over a million to put them through college alone.

My 3 kids are in their late teens and twenties and I am certainly not a millionaire. I'm pretty sure my husband and I ''afforded" them, if there is a way to know!

[Anonymous]

Anonymous wrote:

Anonymous wrote:This is why people who aren’t millionaires can’t afford to have 3 or 4 kids anymore. You will need well over a million to put them through college alone.

My 3 kids are in their late teens and twenties and I am certainly not a millionaire. I'm pretty sure my husband and I ''afforded" them, if there is a way to know!

Good for you. Some of us have kids who won’t be college age for ten or more years, and by then, you pretty much will have to be a millionaire to put three or more kids through college without some major change to the system.

[Anonymous]

Anonymous wrote:

Anonymous wrote:This is why people who aren’t millionaires can’t afford to have 3 or 4 kids anymore. You will need well over a million to put them through college alone.

My 3 kids are in their late teens and twenties and I am certainly not a millionaire. I'm pretty sure my husband and I ''afforded" them, if there is a way to know!

How much did you have saved for college for 3 kids?

[Anonymous]

There is no one who can’t afford college. First if parents are poor you get financial aid, parents cheap well kids can do two years community college then two years in state. If smart or athletic merit aid.

Now if you are a kid who is non athlete or straight As and parents can afford then pay up for a rich school

[Anonymous]

Just went through this. It comes down to doing what makes sense for your kids and family. What doesn’t make sense is going into debt or throwing every dime into undergrad. Your kids will be fine in a school you can afford and where they will thrive. Accept that there may be limitations to what you can do and figure out the best scenario for your kid and family. It’s not as bad as it seems. The worst offenders of causing stress are those that can afford an expensive school and pay full freight and act like any schools besides the top will lead to a sad and mediocre life and experience. This is simply not true.

[Anonymous]

Anonymous wrote:WHY ARE WE accepting this?????

It’s complete bullshit. Next on agenda: college reform. It’s absolutely immoral.

1000000%

[Anonymous]

Anonymous wrote:

Anonymous wrote:WHY ARE WE accepting this?????

It’s complete bullshit. Next on agenda: college reform. It’s absolutely immoral.

No, next on agenda is a societal paradigm shift around what jobs even require college. Many jobs now will be obsolete in 20 years anyway.

College has benefits that go beyond just "getting a job." You may not think so but many people do.

[Anonymous]

Anonymous wrote:We should be angry at the cost of state schools, not privates. And I know someone will come on here and say “UMD is only $11k” (conveniently ignoring the cost of room and board) which is a ridiculous answer considering
1-Some qualified kids still can’t afford that amount per year in tuition
2-If they are going to live nearby CP, rent costs money
3-Don’t suggest a kid live at home and commute 45+ minutes per day if that is not an option you’d find acceptable for YOUR OWN kid. If that was such an amazing option everyone would do it. You can’t boast the benefits of living in a dorm (and make fun of directional “commuter” schools) and then say that THOSE kids should commute because it’s so great, but but not my kid!

Tuition is the important thing. Living in a dorm is a luxury not all families can afford so they live off campus or at home. There is nothing wrong with that. Would I prefer my kid to live on campus? Sure. I saved for it but if something happened and they couldn't I would have them commute. The important thing is to get a college degree for a good job, not living on campus. 45 minute commute is normal around here.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:WHY ARE WE accepting this?????

It’s complete bullshit. Next on agenda: college reform. It’s absolutely immoral.

No, next on agenda is a societal paradigm shift around what jobs even require college. Many jobs now will be obsolete in 20 years anyway.

College has benefits that go beyond just "getting a job." You may not think so but many people do.

Free college means my taxes for your kids’ “social” benefits? Frat parties, drinking, hanging around. Sorry. No.

[Anonymous]

Anonymous wrote:

Anonymous wrote:We should be angry at the cost of state schools, not privates. And I know someone will come on here and say “UMD is only $11k” (conveniently ignoring the cost of room and board) which is a ridiculous answer considering
1-Some qualified kids still can’t afford that amount per year in tuition
2-If they are going to live nearby CP, rent costs money
3-Don’t suggest a kid live at home and commute 45+ minutes per day if that is not an option you’d find acceptable for YOUR OWN kid. If that was such an amazing option everyone would do it. You can’t boast the benefits of living in a dorm (and make fun of directional “commuter” schools) and then say that THOSE kids should commute because it’s so great, but but not my kid!

UMD does offer merit based aid to many high achieving students
If I remember the data from the most recent CDS from 2019 of the 4700 freshmen around 1800 got need based aid (Scholarships and grants not loans) averaging $11000 and 1000 got merit based aid averaging $7000. There was a little overlap - 200 students got both need and merit based aid. So in addition to being very reasonably priced, around 2/3 of UMD students get very generous need based and merit aid.

In addition community college is now Free for many families in Maryland. So you can complete two years of college for free then transfer (guaranteed admission with a 3.0 GPA) toUMD College park for the last two years. If that is still too expensive you could go to UMD at Shady Grove while you live at home. So you could get a degree from UMD for a total cost of $22k for 4 years of college. It is an amazing deal

[Anonymous]

Anonymous wrote:Yup, lock in tuition now, save aggressively and compound that interest

My oldest is 9.5 the $4k we invested when he was born is now worth $12K (it is in the vanguard target date fund). We invested after that but for reasons too technical to get into, the money we invested in 2010 is in a separate account, which is how I know it has tripled.

That I totally agree that college prices are insane now.