Donut hole reality
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Anonymous
My kids are 4+ years apart, partly so that only 1 would be in college at the same time. Some of us do plan for these things. Others have 3 kids under 4 and that means mostly having 2+ in college at same time (and at least 1-2 years with 3). If you choose that, you need to plan and save. |
Anonymous
You can choose to have how ever many kids you want. But it is your responsibility to take care of them, not the government. If you cannot afford 7 then have less. And I include the cost of college as part of "affording kids". It's not my job to pay taxes so you can have more kids than you can afford |
Anonymous
A poor kid from a family of 7 is going to college for free. Your post makes no sense. |
Anonymous
+1 And here's the thing: Whether we acknowledge it or not, there are leadership positions including e.g. as a SCOTUS Justice which basically require an Ivy League degree, or a degree from a same-caliber school. Those positions are a minority of the job market, but they exist. As a PP pointed out, several decades ago anyone could pay for a degree from an elite school by working summers, taking out some modest loans, budgeting carefully. Had higher education costs kept pace with inflation, HYP and similar schools would cost about $30K/year today - expensive for sure, but doable for middle and upper-middle class families with some belt-tightening. This isn't the case however: These schools now cost $85K+ and are inaccessible to most families no matter how much beans and rice they eat. What changed? Reagonomics. In the 80s, legislatures decreased funding for state schools and they began to cost more out of pocket for the students. Private schools followed suit. The bar is set by public colleges and universities, so when they increase tuition due to decreased government funding, so too do private schools. https://www.salon.com/2014/07/05/ronald_reaga...lesson_no_one_tells/ https://truthout.org/articles/the-cancer-stage-of-reaganomics/ https://www.savingforcollege.com/article/hist...e-bennett-hypothesis It's true that other options exist. It's also true that even these other options put financial stress on families, and that realistically, other options probably won't take a student to where they want to go if the goal includes certain jobs, because of the class system that exists in the US - the one we pretend doesn't exist. People are angry because it didn't used to be this way, and doesn't have to be this way. |
Anonymous
| ... including e.g. as a SCOTUS Justice (Amy Coney Barrett notwithstanding) |
Anonymous
DP: not at birth. But certainly by age 5 and age 10 you have a really good idea. By age 5 you know if there are major health/educational issues. By 10 you have a clue if you have a "striver aiming for T50 schools" or a mostly A/Bs but aiming for 50-150+ schools or even lower. Sure that could change a bit, but you likely have a clue. We knew our first was not attending a T50 school---kid hated school, struggled with learning issues, smart but ADHD boy with anxiety and learning/reading issues. So we planned for UVA OOS/mid level pricing for privates or OOS---our FA plan was spot on. We cut back savings and if they hadn't gotten merit the 529 would have been exactly enough for college. Attended a T80 with merit and now has $50K for grad school. Had we wanted to, we could have withdrawn it for the merit and just paid taxes on growth (no penalty) and the 529 would be $0 now. next kid it was obvious they were next level smart (book smart) and striver and would have a shot at T25 school if they wanted. So we saved for $80-85K/year (they are junior now). Full pay at T30, we will need to cash flow ~$15K for the last semester. Had kids cost less at college, we would leave the $$$ in for their grad school or future grandkids---and let the tax free growth continue for the next 20-25 years. |
Anonymous
But if you paid for daycare, you likely could continue to funnel it all (or 75%+) into 529s. If you wanted. It's a choice |
Anonymous
Our 529s are in the market, and were in high risk/full stock funds until kids were 1-2 years before college. We got that growth (DP). |
Anonymous
The level of entitlement is astounding. Also kind of funny when in reality they are complaining about schools where their kid is most likely not getting admission, as the rates are sub 10% acceptance rates. Nobody is entitled to an elite education. We do have many many affordable ways to get a college education. CC to 4 year state school, in-state 4 year from start, private schools (with good merit many times), OOS schools with merit, and very expensive private schools. You go where you can afford. Your kid will get a great education most places. Pick one within your budget and move on. |
Anonymous
Go with CSS schools. Most still consider siblings |
Anonymous
It is an excellent point. Let’s assume that it’s true and your underemployed screen writer friend is indeed able to live a $50K lifestyle in a $2M mansion. Guess what? If you limit all your non-mortgage spending to $50K out of your $250K income, you too could buy that mansion. And live like a king on your $50K, exactly as your neighbor would. |
Anonymous
So in reality, you are annoyed that some really smart kid who has had a much harsher/difficult life for the last 18 years is getting an opportunity to break out and greatly improve their life. An opportunity that for them will drastically change their life and mean your tax dollars may not have to help support them (and by default some of their family) in the future. You could choose to live with only $75K income in DC for 18 years and then you and your kid would also have that opportunity. Or you can take the many advantages you have had in life (if you are "donut hole" you live better than 90% of people in USA) and recognize that. And instead be mad at yourself that you chose not to save for what you want, when you did have the opportunity. |
Anonymous
Yeah, middle class kids aren't doing "Travel sports". That is typically $5-10K+ per year. So see, you could have easily saved $5-10K/year for college, you chose not to. Most rec sports do not cost more than $500/year. |
Anonymous
So instead of focusing on all the advantages you and your kids have had in 18+ years because of you"earning more" you focus on--"it's not fair, they are poor and get more help". Fact is it's only 25-30 colleges that provide "nearly full tuition/R&B" for those with need. Outside of that, the majority of the "below donut hole level" are attending CC and then onto local 4 year---by local I mean they live at home to save on R&B. or starting at local 4 year. But the dream of going away to college for 4 years to anywhere that isn't in state is simply not on their radar. Fact is universities can choose to admit and provide aid as they see fit. Majority offering great FA are Private universities. Fact is most of these universities are Highly rejective, rejecting 90-95% of those applying. So the odds of your kid getting in were slim to begin with. So stop being entitled and find a great college that is affordable. My "high stats kid" (1480/3.98UW) got into 2 Top 50 with merit that Brought cost down from $80K+ to about $40K. You don't "have to step down much" to get the merit/aid. |
Anonymous
No an undergrad IVY degree is not required---it's the Law degree. And you can still get into top law schools from any other school. However given that there are only 9 SCOTUS justices and they are appointed for life, the odds of your kid getting this job are slim to none. But if you want to be an elite judge, yes you need to aim for a T10 law school. And there are plenty of kids who get there from non-ivy undergrads. |