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

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

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?!?

I agree to be an extent but we are talking about 17-18yos here, many of whom have never even taken a financial literacy class. They should not be allowed to take on that much debt to begin with. I would much rather congress focus on making college more affordable for future generations than forgiving existing debt, but something has to be done. The current system is not sustainable. And I say this as someone who stupidly took out a lot of loans and have since paid them back. Saving what we can because I do not want to put my kids in that position.

It’s easy to say go to a school you can afford when for a lot of kids across the country that would mean community college only.

I'd argue that while they are 17/18, they are headed to college. If they cannot understand simple financial issues such as loans, then they shouldn't be taking them. These are kids in the top 50% of students since they are heading to college. There should be a mandatory online financial course of 1 hour for anyone taking student loans, to go over the implications for those that aren't aware, IMO. Nobody should take 100K in loans IMO, not even for an engineering degree, because there are many places that are more affordable to get that degree.

And yes, for many affordable college means starting at CC. But it's a means to an end--and education is the ultimate goal. 2 years at CC and transfer to state 4 year means you ultimately get a degree from the 4 year college. Nobody really cares that you went to CC. what you get is an affordable education and not being saddled with $1000/month loan payments for 10+ years often for a degree that only gets you $30K/syear income starting out.

Yes, it sucks if your parents couldn't/wouldn't save for college. But going into major debt isn't the solution. Getting an affordable education is. There are plenty of good colleges that are ~$25K/year all in. Pick one, work breaks and during school (P/T) and you don't need $100K in loans. Or start at CC which is only $5K/year, live at home, cash flow those 2 years and save the extra, then college is only $50K total for the last 2 years. With what you saved you only need $30K in loans at most. There are ways to do it without major debt, it just may not be the path you envision. But it's available

DP but sounded like I was in a similar situation to the PP. I agree that a financial literacy class should be mandatory but 1hr?? MCPS considered adding this as a graduation requirement but passed. These kids would be turned down for any other loan, why are they freely given college loans.

Maybe community colleges are better these days but where I was from the bullies went to CC and I was a picked-on nerd and there was no way I was going to go through that for another two years. No effing way.

[Anonymous]

I think community college makes sense for a lot of students but I think what is discouraging is that it has become the ONLY affordable option for many. My dad and his siblings worked their way through college (some private, some state universities) working minimum wage jobs in the summer and part-time during the school year. You simply can't do that now when in-state universities can cost $30k for tuition + room/board. The options keep shrinking.

https://www.intelligent.com/1970-v-2020-how-working-through-college-has-changed/#:~:text=Fast%2Dforward%20to%202020.,the%20rest%20of%20the%20year.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:So you come up with a greed based scheme to try to get money out of your parents with a stupid gag baked crack pot idea and now your mad it backfired? You sound like you’re cut from the same cloth.

And you sound like a selfish and entitled Boomer.

I gave my parents all the tools they needed to make an honorable contribution to the broader family. At a minimum, they could have just taken the money, invested as they saw fit within their own 529, pocketed the $460/year they saved on VA taxes, and then offered up some help for college as a graduation present or whatever. Hoping that instead of pocketing the $460 in tax savings, they might toss that in as well makes me greedy?!? My parents would still have been out absolutely $0 net…but I’m being greedy?!? If my kids get scholarships and we have too much in aggregate between all the 529 plans, my parents would have able to keep all the excess without tax penalty…but I’m being greedy?!? My parents accepted over $120,000 from me and my DH over the course of 17 years but have no intention of contributing even 1 cent to their grandchildren’s college education…and I’m being greedy?

And immature. You are a real piece of work. You got exactly what you deserve. You’re half baked crack pot idea failed. This is just about the dumbest thing I’ve read in this site. I’d say that’s your greatest accomplishment in this entire thing

Poster was trying to be cleaver and hide the money for financial aid. The entire situation makes zero sense to hand over money for them to get minimal tax savings to save for the kids. Your kids come first. Very greedy to expect financial aid when you can afford to pay.

Yup and the poster got indignant when called out in her failed greedy attempts. I love that she was the one who got screwed in the end.

I don't even understand this. Why didn't she just open additional accounts for each child and fund that with $4K per year. The deduction is per account, not per child.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:So you come up with a greed based scheme to try to get money out of your parents with a stupid gag baked crack pot idea and now your mad it backfired? You sound like you’re cut from the same cloth.

And you sound like a selfish and entitled Boomer.

I gave my parents all the tools they needed to make an honorable contribution to the broader family. At a minimum, they could have just taken the money, invested as they saw fit within their own 529, pocketed the $460/year they saved on VA taxes, and then offered up some help for college as a graduation present or whatever. Hoping that instead of pocketing the $460 in tax savings, they might toss that in as well makes me greedy?!? My parents would still have been out absolutely $0 net…but I’m being greedy?!? If my kids get scholarships and we have too much in aggregate between all the 529 plans, my parents would have able to keep all the excess without tax penalty…but I’m being greedy?!? My parents accepted over $120,000 from me and my DH over the course of 17 years but have no intention of contributing even 1 cent to their grandchildren’s college education…and I’m being greedy?

And immature. You are a real piece of work. You got exactly what you deserve. You’re half baked crack pot idea failed. This is just about the dumbest thing I’ve read in this site. I’d say that’s your greatest accomplishment in this entire thing

Poster was trying to be cleaver and hide the money for financial aid. The entire situation makes zero sense to hand over money for them to get minimal tax savings to save for the kids. Your kids come first. Very greedy to expect financial aid when you can afford to pay.

Yup and the poster got indignant when called out in her failed greedy attempts. I love that she was the one who got screwed in the end.

I don't even understand this. Why didn't she just open additional accounts for each child and fund that with $4K per year. The deduction is per account, not per child.

This was her cockamamie plan to get her parents to “really supersize” the account. Literally the dumbest nonsensical thing I’ve read on here.

“ We were hoping that if we helped establish the accounts and subsidized a base contribution, my parents would leverage the tax break to throw in some additional money of their own to really supersize the account.”

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:So you come up with a greed based scheme to try to get money out of your parents with a stupid gag baked crack pot idea and now your mad it backfired? You sound like you’re cut from the same cloth.

And you sound like a selfish and entitled Boomer.

I gave my parents all the tools they needed to make an honorable contribution to the broader family. At a minimum, they could have just taken the money, invested as they saw fit within their own 529, pocketed the $460/year they saved on VA taxes, and then offered up some help for college as a graduation present or whatever. Hoping that instead of pocketing the $460 in tax savings, they might toss that in as well makes me greedy?!? My parents would still have been out absolutely $0 net…but I’m being greedy?!? If my kids get scholarships and we have too much in aggregate between all the 529 plans, my parents would have able to keep all the excess without tax penalty…but I’m being greedy?!? My parents accepted over $120,000 from me and my DH over the course of 17 years but have no intention of contributing even 1 cent to their grandchildren’s college education…and I’m being greedy?

And immature. You are a real piece of work. You got exactly what you deserve. You’re half baked crack pot idea failed. This is just about the dumbest thing I’ve read in this site. I’d say that’s your greatest accomplishment in this entire thing

Poster was trying to be cleaver and hide the money for financial aid. The entire situation makes zero sense to hand over money for them to get minimal tax savings to save for the kids. Your kids come first. Very greedy to expect financial aid when you can afford to pay.

Yup and the poster got indignant when called out in her failed greedy attempts. I love that she was the one who got screwed in the end.

I don't even understand this. Why didn't she just open additional accounts for each child and fund that with $4K per year. The deduction is per account, not per child.

This was her cockamamie plan to get her parents to “really supersize” the account. Literally the dumbest nonsensical thing I’ve read on here.

“ We were hoping that if we helped establish the accounts and subsidized a base contribution, my parents would leverage the tax break to throw in some additional money of their own to really supersize the account.”

LOLWUT?

[Anonymous]

OP--Yes, you're horrible parents. We saved 100% of college costs and paid for everything for all of our kids. Why did you have kids in the first place if you're not paying for college?

[Anonymous]

Anonymous wrote:OP--Yes, you're horrible parents. We saved 100% of college costs and paid for everything for all of our kids. Why did you have kids in the first place if you're not paying for college?

NP- what a classist argument. So only people who can afford to put their kids through college should have children? This is why our birth rate is abysmal. OP makes 105k a year. How are they going to fully fund college?

[Anonymous]

Anonymous wrote:

Anonymous wrote:OP--Yes, you're horrible parents. We saved 100% of college costs and paid for everything for all of our kids. Why did you have kids in the first place if you're not paying for college?

NP- what a classist argument. So only people who can afford to put their kids through college should have children? This is why our birth rate is abysmal. OP makes 105k a year. How are they going to fully fund college?

Not "classist," just smart, accomplished, practical and empathetic.

[Anonymous]

Anonymous wrote:OP--Yes, you're horrible parents. We saved 100% of college costs and paid for everything for all of our kids. Why did you have kids in the first place if you're not paying for college?

Let me preface this by saying we make a good 700k/yr and long ago superfunded our kids education and they will be able to attend medical school on our dime if needed.

It is really mentally impaired to think everyone can pay for their kids college. Many people simply cannot do that and keep a roof over their heads. I hope you just play stupid on the internet and arent this dense in real life.

Check your privilege.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:OP--Yes, you're horrible parents. We saved 100% of college costs and paid for everything for all of our kids. Why did you have kids in the first place if you're not paying for college?

NP- what a classist argument. So only people who can afford to put their kids through college should have children? This is why our birth rate is abysmal. OP makes 105k a year. How are they going to fully fund college?

Not "classist," just smart, accomplished, practical and empathetic.

None of those words apply to the idea that only rich people should be having kids.

[Anonymous]

Anonymous wrote:Poster was trying to be cleaver and hide the money for financial aid. The entire situation makes zero sense to hand over money for them to get minimal tax savings to save for the kids. Your kids come first. Very greedy to expect financial aid when you can afford to pay.

Yup and the poster got indignant when called out in her failed greedy attempts. I love that she was the one who got screwed in the end.

I don't even understand this. Why didn't she just open additional accounts for each child and fund that with $4K per year. The deduction is per account, not per child.

PP here. Obviously my primary objective wasn't to maximize savings for my kids using only my own resources. As noted, I could have easliy opened multiple accounts per child and gotten my own, additional VA tax breaks. My objective was to empower my parents to engage as caring and involved grandparents...for the sake of my children, for them to grow up with fond memories of and a positive relationship with their grandparents. DH's parents passed away many years ago.

Unfortunately, I basically need to pay or give something to my parents for them to express any sort of care or concern for their only grandchildren. It has been this way for 17 years. For instance, they joined us on vacation 3-4 times over the years but ONLY when we paid their way AND we ensured they had the nicest first class seats, the biggest of the hotel rooms or suites, and recognition in front of their friends and neighbors as the ones sponsoring the trips, even though they never did. This was normal – mandated by them as an appropriate sign of respect to one's parents and elders – and so was giving them $$$ every year so they could turn around one day and help pay for their grandchildren's college expenses, like all good grandparents should want to do. Just didn't think they would liquidate it all and leave their grandkids in a lurch.

[Anonymous]

Anonymous wrote:

Anonymous wrote:OP--Yes, you're horrible parents. We saved 100% of college costs and paid for everything for all of our kids. Why did you have kids in the first place if you're not paying for college?

Let me preface this by saying we make a good 700k/yr and long ago superfunded our kids education and they will be able to attend medical school on our dime if needed.

It is really mentally impaired to think everyone can pay for their kids college. Many people simply cannot do that and keep a roof over their heads. I hope you just play stupid on the internet and arent this dense in real life.

Check your privilege.

At 700K, you really need to check your privilege. We saved at 100K a year. We live in a sh@t shack that we never upgraded when our income did go up and as soon as the kid was born we opened a prepaid with a payment plan and put everything we had into it. It was our priority over a nice house is a "good" school district, a nice car, or much else.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Poster was trying to be cleaver and hide the money for financial aid. The entire situation makes zero sense to hand over money for them to get minimal tax savings to save for the kids. Your kids come first. Very greedy to expect financial aid when you can afford to pay.

Yup and the poster got indignant when called out in her failed greedy attempts. I love that she was the one who got screwed in the end.

I don't even understand this. Why didn't she just open additional accounts for each child and fund that with $4K per year. The deduction is per account, not per child.

PP here. Obviously my primary objective wasn't to maximize savings for my kids using only my own resources. As noted, I could have easliy opened multiple accounts per child and gotten my own, additional VA tax breaks. My objective was to empower my parents to engage as caring and involved grandparents...for the sake of my children, for them to grow up with fond memories of and a positive relationship with their grandparents. DH's parents passed away many years ago.

Unfortunately, I basically need to pay or give something to my parents for them to express any sort of care or concern for their only grandchildren. It has been this way for 17 years. For instance, they joined us on vacation 3-4 times over the years but ONLY when we paid their way AND we ensured they had the nicest first class seats, the biggest of the hotel rooms or suites, and recognition in front of their friends and neighbors as the ones sponsoring the trips, even though they never did. This was normal – mandated by them as an appropriate sign of respect to one's parents and elders – and so was giving them $$$ every year so they could turn around one day and help pay for their grandchildren's college expenses, like all good grandparents should want to do. Just didn't think they would liquidate it all and leave their grandkids in a lurch.

You are extremely wealthy so there is no excuse not to have enough college savings, etc...your post is bizarre. You did this 100% for you trying to cheat the system.

[Anonymous]

Anonymous wrote:I think community college makes sense for a lot of students but I think what is discouraging is that it has become the ONLY affordable option for many. My dad and his siblings worked their way through college (some private, some state universities) working minimum wage jobs in the summer and part-time during the school year. You simply can't do that now when in-state universities can cost $30k for tuition + room/board. The options keep shrinking.

https://www.intelligent.com/1970-v-2020-how-working-through-college-has-changed/#:~:text=Fast%2Dforward%20to%202020.,the%20rest%20of%20the%20year.

You can make a big dent by working full time while you’re going to school. Minimum wage gets you $33k a year. When I was in college, minimum wage got you $5800 a year and tuition plus room and board were about the same. People act like we had it so much better but we really didn’t. Even back then some of us made good decisions and others didn’t.

This said, I don’t want my kids to have to struggle the way I did so I’m prepared to pay but, given that none of mine needs a special program (they aren’t brilliant or driven in a narrow direction), it’s not a free for all. Small private colleges are not on our list.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:OP--Yes, you're horrible parents. We saved 100% of college costs and paid for everything for all of our kids. Why did you have kids in the first place if you're not paying for college?

Let me preface this by saying we make a good 700k/yr and long ago superfunded our kids education and they will be able to attend medical school on our dime if needed.

It is really mentally impaired to think everyone can pay for their kids college. Many people simply cannot do that and keep a roof over their heads. I hope you just play stupid on the internet and arent this dense in real life.

Check your privilege.

At 700K, you really need to check your privilege. We saved at 100K a year. We live in a sh@t shack that we never upgraded when our income did go up and as soon as the kid was born we opened a prepaid with a payment plan and put everything we had into it. It was our priority over a nice house is a "good" school district, a nice car, or much else.

Oh please. Pp said "many people." This is unquestionably true, and in no way insulting to you. Why are you taking this personally?