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

[Anonymous]

Anonymous wrote:We are paying $130,000 for two kids in Kindergarten and 4th grade this year. And money is not a non-issue for us.
It’s ridiculous, but that is how supply and demand works.

This was definitely a factor is sending our kids to public school. Money we would have spent on private school tuition went to college funds instead. Clearly, even in DCUM world, being full pay for K-12 private tuition plus 4 years of private school college tuition for multiple kids is only for the tippy top. I have to say it irks me when the private school set complains they don’t have money for college.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Funny you should ask this OP.

When I hit “submit payment” and a link to deduct $42,650 from our bank account last Tuesday- for ONE SEMESTER- I had the same thought. Who in their right mind really does this?

1) those with over $20MM in the bank, 2) those with paying grandpas

Nope. HHI $230, have been saving since the children were little (started with $210/month for maxium tax benefit, as our income went up we did a little but more, plus bonus money, etc). DC 1 got merit aid, so very inexpensive, will have funds leftover for grad school. DC 2, attending am over $80k per year private, will be a stretch for us, between 529 and cash flow - there will be nothing left for grad school, they will need to pay on their own.

And, we don't go abroad for vacation, drive 10+ year old cars until they die, etc). We've made education a priority

So that your kids can take budget vacations and drive beater cars while making education a priority for their kids too?

This is harsh but really worth talking about. how is paying $80K a year for school worth it in this scenario? Are you hoping that maybe your kid will break into the next income level and not repeat this cycle? The reality is that there is no guarantee that attending a $80k school will lead to ANY better income or standard of living than a $40k school.

it's just insanity that people like have fallen victim to the $80k trap. it's honestly really depressing.

Okay OP - you change it, and get back to us. We'll wait here......

Not OP. There are many of us that feel this way.

living a bare bones life for 20 years so your kid can attend a $80k school which guarantees nothing is depressing. Period.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Funny you should ask this OP.

When I hit “submit payment” and a link to deduct $42,650 from our bank account last Tuesday- for ONE SEMESTER- I had the same thought. Who in their right mind really does this?

1) those with over $20MM in the bank, 2) those with paying grandpas

Nope. HHI $230, have been saving since the children were little (started with $210/month for maxium tax benefit, as our income went up we did a little but more, plus bonus money, etc). DC 1 got merit aid, so very inexpensive, will have funds leftover for grad school. DC 2, attending am over $80k per year private, will be a stretch for us, between 529 and cash flow - there will be nothing left for grad school, they will need to pay on their own.

And, we don't go abroad for vacation, drive 10+ year old cars until they die, etc). We've made education a priority

So that your kids can take budget vacations and drive beater cars while making education a priority for their kids too?

This is harsh but really worth talking about. how is paying $80K a year for school worth it in this scenario? Are you hoping that maybe your kid will break into the next income level and not repeat this cycle? The reality is that there is no guarantee that attending a $80k school will lead to ANY better income or standard of living than a $40k school.

it's just insanity that people like have fallen victim to the $80k trap. it's honestly really depressing.

Okay OP - you change it, and get back to us. We'll wait here......

Not OP. There are many of us that feel this way.

living a bare bones life for 20 years so your kid can attend a $80k school which guarantees nothing is depressing. Period.

PP here - I agree. Just saying that there are some things in life that you have to work with - when we could not afford certain schools, we had to look at other schools that fit our kids. That is just the way it is - to brood over something we have no control over is teaching our children to play the victim, and that is not helpful to them.

[Anonymous]

Anonymous wrote:

Anonymous wrote:We are paying $130,000 for two kids in Kindergarten and 4th grade this year. And money is not a non-issue for us.
It’s ridiculous, but that is how supply and demand works.

This was definitely a factor is sending our kids to public school. Money we would have spent on private school tuition went to college funds instead. Clearly, even in DCUM world, being full pay for K-12 private tuition plus 4 years of private school college tuition for multiple kids is only for the tippy top. I have to say it irks me when the private school set complains they don’t have money for college.

x1000000

[Anonymous]

Anonymous wrote:

Anonymous wrote:people routinely shell out $50k+ for a SUV.

College is buying an SUV a year for four to six years, except you don't have the SUVs at the end.

College is paying off your mortgage in four to six years, except you don't have a paid-off house at the end.

Uh, it's two SUVs per year. Colleges were talking about are now >$90k.

[Anonymous]

Anonymous wrote:I think parents who had to pay for their own college education (and everything else, for that matter) may have a better grasp on what it takes to afford (their own kids') higher education.

My friends who were spoiled by their families paying for their colleges, weddings, houses, cars, kids' private schools, etc. are the very same people who proclaim to be "shocked" at the sticker prices of today's college education.

In other words, those adults who knew no one would bail them out were the ones that were aware and paying full attention to their kids' college bill amount.

OP, not sure where your surprise is stemming from, but you might want to reassess.

? Not OP.. I grew up lower income, and I am shocked at today's prices, and having to pay $80K/year for crappy dorms.

Thankfully, my kid is going to a great in state with merit and staying in a new dorm with a/c.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Funny you should ask this OP.

When I hit “submit payment” and a link to deduct $42,650 from our bank account last Tuesday- for ONE SEMESTER- I had the same thought. Who in their right mind really does this?

1) those with over $20MM in the bank, 2) those with paying grandpas

Nope. HHI $230, have been saving since the children were little (started with $210/month for maxium tax benefit, as our income went up we did a little but more, plus bonus money, etc). DC 1 got merit aid, so very inexpensive, will have funds leftover for grad school. DC 2, attending am over $80k per year private, will be a stretch for us, between 529 and cash flow - there will be nothing left for grad school, they will need to pay on their own.

And, we don't go abroad for vacation, drive 10+ year old cars until they die, etc). We've made education a priority

So that your kids can take budget vacations and drive beater cars while making education a priority for their kids too?

This is harsh but really worth talking about. how is paying $80K a year for school worth it in this scenario? Are you hoping that maybe your kid will break into the next income level and not repeat this cycle? The reality is that there is no guarantee that attending a $80k school will lead to ANY better income or standard of living than a $40k school.

it's just insanity that people like have fallen victim to the $80k trap. it's honestly really depressing.

Is an 80k school better than a 40k school? Who knows. It is is true often but not all the time that the 80k school may provide more pathways. The 40k school will also provide pathways.

Harvard and Iowa State are not the same. Harvard will provide more options and pathways. But Iowa State will provide some of that as well.

Does it matter which? Sure. Can either work? Sure.

+1

Worry about yourself, OP.

Not OP.. what a weird thing to say. Don't read a thread if you don't care.

And I don't think OP is worried. I think OP is just surprised at how so many are willing to pay so much for crappy dorms. I am, too. The vast majority of people are not 1%ers.

[Anonymous]

"crappy dorms" - every dorm I've seen so far on college visits has been head and shoulders above the dorm rooms I had in the 80s.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:people routinely shell out $50k+ for a SUV.

College is buying an SUV a year for four to six years, except you don't have the SUVs at the end.

College is paying off your mortgage in four to six years, except you don't have a paid-off house at the end.

Uh, it's two SUVs per year. Colleges were talking about are now >$90k.

Uh, thanks, Captain Aspie, that was an important clarification.

[Anonymous]

Whether it’s cars or houses or spouses anything else, life is all about making strategic compromises you can live with. Many a guy has started high school dreaming of dating the homecoming queen, then focusing on a cheerleader, only to find a clarinetist in the marching band is just fine.

With colleges, once you realize Yale isn’t going to happen, you can’t afford Tulane, and Penn State’s ROI isn’t favorable, you’ll probably find U of South Carolina or U of Kansas to be not only a bargain but quite adequate for your purposes.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Funny you should ask this OP.

When I hit “submit payment” and a link to deduct $42,650 from our bank account last Tuesday- for ONE SEMESTER- I had the same thought. Who in their right mind really does this?

1) those with over $20MM in the bank, 2) those with paying grandpas

Nope. HHI $230, have been saving since the children were little (started with $210/month for maxium tax benefit, as our income went up we did a little but more, plus bonus money, etc). DC 1 got merit aid, so very inexpensive, will have funds leftover for grad school. DC 2, attending am over $80k per year private, will be a stretch for us, between 529 and cash flow - there will be nothing left for grad school, they will need to pay on their own.

And, we don't go abroad for vacation, drive 10+ year old cars until they die, etc). We've made education a priority

So that your kids can take budget vacations and drive beater cars while making education a priority for their kids too?

This is harsh but really worth talking about. how is paying $80K a year for school worth it in this scenario? Are you hoping that maybe your kid will break into the next income level and not repeat this cycle? The reality is that there is no guarantee that attending a $80k school will lead to ANY better income or standard of living than a $40k school.

it's just insanity that people like have fallen victim to the $80k trap. it's honestly really depressing.

Okay OP - you change it, and get back to us. We'll wait here......

Not OP. There are many of us that feel this way.

living a bare bones life for 20 years so your kid can attend a $80k school which guarantees nothing is depressing. Period.

I'm not rich by any means. I have enough in the 529 to send my kids to $80k schools. I don't feel like my life has been drab and bare bones for the past 20 years. I live in a good neighborhood, kids went to public schools, I've had three cars since 1997. We have very satisfactory family vacations. Maybe my expectations are low, but there's nothing I really want that I don't have.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Funny you should ask this OP.

When I hit “submit payment” and a link to deduct $42,650 from our bank account last Tuesday- for ONE SEMESTER- I had the same thought. Who in their right mind really does this?

1) those with over $20MM in the bank, 2) those with paying grandpas

Nope. HHI $230, have been saving since the children were little (started with $210/month for maxium tax benefit, as our income went up we did a little but more, plus bonus money, etc). DC 1 got merit aid, so very inexpensive, will have funds leftover for grad school. DC 2, attending am over $80k per year private, will be a stretch for us, between 529 and cash flow - there will be nothing left for grad school, they will need to pay on their own.

And, we don't go abroad for vacation, drive 10+ year old cars until they die, etc). We've made education a priority

So that your kids can take budget vacations and drive beater cars while making education a priority for their kids too?

This is harsh but really worth talking about. how is paying $80K a year for school worth it in this scenario? Are you hoping that maybe your kid will break into the next income level and not repeat this cycle? The reality is that there is no guarantee that attending a $80k school will lead to ANY better income or standard of living than a $40k school.

it's just insanity that people like have fallen victim to the $80k trap. it's honestly really depressing.

Okay OP - you change it, and get back to us. We'll wait here......

Not OP. There are many of us that feel this way.

living a bare bones life for 20 years so your kid can attend a $80k school which guarantees nothing is depressing. Period.

I'm not rich by any means. I have enough in the 529 to send my kids to $80k schools. I don't feel like my life has been drab and bare bones for the past 20 years. I live in a good neighborhood, kids went to public schools, I've had three cars since 1997. We have very satisfactory family vacations. Maybe my expectations are low, but there's nothing I really want that I don't have.

"not rich"... what is your HHI, and will your parents leave you an inheritance?

Our HHI is $320K, and we could not afford $80k per year per child (2) on that income without impacting our plans for our retirement, our nice enough vacations, cars that need replacing (13 yrs old). We don't have any student loans, and our PITI is like $2300. No private school. We have a college fund for each child enough for a cheaper oos, but certainly not $80k/year. We get zero financial aid.

[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?

OP, what is the question? Is the question what other people have in their bank accounts? Because this question is asked, in one form or another, about each week.

If the question is how to pay for your kid's college, then you look at your bank account, and you decide from there. If you did not save, your kid gets to choose from where you can afford.

Not that difficult to understand.

+1

Pick what you can afford. That number is very different for many people.

Some who make $150K have managed to save $300K+ per kid, others have not. It is all about priorities and what you chose to do with your money. If you started at $100K when you had kids and now make $200K, you could have chosen to funnel the majority of those pay increases and/or daycare payments that stopped as your kid grew up, into college savings. Some do, some don't.
If you chose not to, then you should have your kid search for merit and pick a school you can afford.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:people routinely shell out $50k+ for a SUV.

College is buying an SUV a year for four to six years, except you don't have the SUVs at the end.

College is paying off your mortgage in four to six years, except you don't have a paid-off house at the end.

Uh, it's two SUVs per year. Colleges were talking about are now >$90k.

Speaking of car costs versus college tuition. The year I graduated from college my father bought a brand new BMW 3 series, pretty basic model. Tuition at
my Ivy was the same as the cost of the car. And that was 2003.

Today that same car sells, brand new, for about 45-50k. Tuition at the same Ivy? 87k! Ye gods!

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Funny you should ask this OP.

When I hit “submit payment” and a link to deduct $42,650 from our bank account last Tuesday- for ONE SEMESTER- I had the same thought. Who in their right mind really does this?

1) those with over $20MM in the bank, 2) those with paying grandpas

Nope. HHI $230, have been saving since the children were little (started with $210/month for maxium tax benefit, as our income went up we did a little but more, plus bonus money, etc). DC 1 got merit aid, so very inexpensive, will have funds leftover for grad school. DC 2, attending am over $80k per year private, will be a stretch for us, between 529 and cash flow - there will be nothing left for grad school, they will need to pay on their own.

And, we don't go abroad for vacation, drive 10+ year old cars until they die, etc). We've made education a priority

So that your kids can take budget vacations and drive beater cars while making education a priority for their kids too?

This is harsh but really worth talking about. how is paying $80K a year for school worth it in this scenario? Are you hoping that maybe your kid will break into the next income level and not repeat this cycle? The reality is that there is no guarantee that attending a $80k school will lead to ANY better income or standard of living than a $40k school.

it's just insanity that people like have fallen victim to the $80k trap. it's honestly really depressing.

it's absurd! Look around you at those at the "top" in your company. Majority likely did not go to a T25 school. It's what you do with your education that matters most, not where you got it.
Paying $80K for college if you cannot afford it is ridiculous. Thinking you need to do that to get ahead is also ridiculous.

My spouse has been CEO at 2 companies. The Exec Team at both consisted of people 95% from state U/no-name schools. I'm talking most schools ranked higher than 100 or tiny regional universities not ranked. Yet somehow they are executives and have risen to the top in their field despite not attending T25 schools (sarcasm alert)