Paying for College tuition and expenses

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Why don’t you have a 529? Sorry, but you had 18 years to plan for this- it shouldn’t be some surprise that you have to crowd source on DCUM.

I dunno, most kids don’t and they seem to turn out fine. It’s not anything the kid has control over (that is, whether their parent has one or not). My kids are post-college btw.

-NP

most kids don't go to 70-80k/year schools either.

right. Community college or inexpensive state schools.

$70k-80k is a lot even for a college these days. I don’t think any Va or Md instate schools cost that much, nor do a lot of OOS publics or privates.

yea, only a tiny fraction of colleges cost that much. certainly not many out of state publics- I think less than 10.

Unfortunately this assertion is out of date. A surprising number of schools have jumped up to this level or very close to it.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Why don’t you have a 529? Sorry, but you had 18 years to plan for this- it shouldn’t be some surprise that you have to crowd source on DCUM.

I dunno, most kids don’t and they seem to turn out fine. It’s not anything the kid has control over (that is, whether their parent has one or not). My kids are post-college btw.

-NP

most kids don't go to 70-80k/year schools either.

right. Community college or inexpensive state schools.

$70k-80k is a lot even for a college these days. I don’t think any Va or Md instate schools cost that much, nor do a lot of OOS publics or privates.

yea, only a tiny fraction of colleges cost that much. certainly not many out of state publics- I think less than 10.

Unfortunately this assertion is out of date. A surprising number of schools have jumped up to this level or very close to it.

I’m not really seeing what’s unfortunate about that (or true—no OOS public university costs $75,000/year, because no public university makes you live on an overpriced meal plan as an upperclassmen like LACs do).

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Why don’t you have a 529? Sorry, but you had 18 years to plan for this- it shouldn’t be some surprise that you have to crowd source on DCUM.

I dunno, most kids don’t and they seem to turn out fine. It’s not anything the kid has control over (that is, whether their parent has one or not). My kids are post-college btw.

-NP

most kids don't go to 70-80k/year schools either.

right. Community college or inexpensive state schools.

$70k-80k is a lot even for a college these days. I don’t think any Va or Md instate schools cost that much, nor do a lot of OOS publics or privates.

yea, only a tiny fraction of colleges cost that much. certainly not many out of state publics- I think less than 10.

Unfortunately this assertion is out of date. A surprising number of schools have jumped up to this level or very close to it.

I have a senior in high school off to college this summer. I haven’t found any schools he looked at that would have ended up 70k, not one. So much merit aid out there. He’s going to GW.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Why don’t you have a 529? Sorry, but you had 18 years to plan for this- it shouldn’t be some surprise that you have to crowd source on DCUM.

I dunno, most kids don’t and they seem to turn out fine. It’s not anything the kid has control over (that is, whether their parent has one or not). My kids are post-college btw.

-NP

most kids don't go to 70-80k/year schools either.

right. Community college or inexpensive state schools.

$70k-80k is a lot even for a college these days. I don’t think any Va or Md instate schools cost that much, nor do a lot of OOS publics or privates.

yea, only a tiny fraction of colleges cost that much. certainly not many out of state publics- I think less than 10.

Unfortunately this assertion is out of date. A surprising number of schools have jumped up to this level or very close to it.

Those are a choice. A kid who can get into a college that costs that much can get full tuition at some schools.

[Anonymous]

Anonymous wrote:Would you advise using home equity for paying college tuition? We don't have any 529 plans and DD is decided to go to OOS college for CS major - $75 -80K/year.

Our HHI 250K and no merit aid. Any other ways you recommend? - Cash from savings? Loans for 401k? Liquidate assets in stocks/mutual funds? Thanks for the advise.

It’s unbelievable that you don’t have a. 529 OP. But of all the assets that you mention, my least favorite option is to mortgage your house. I can’t imagine taking out 300K in home equity to pay for 4 years of college. That just sounds crazy. I also wouldn’t borrow against the 401K. If you have liquid or relatively liquid assets that you can cash out, I might do that first and try to cash flow half of it from your income, but you don’t make enough to cash flow all of it

[Anonymous]

Anonymous wrote:

Anonymous wrote:Would you advise using home equity for paying college tuition? We don't have any 529 plans and DD is decided to go to OOS college for CS major - $75 -80K/year.

Our HHI 250K and no merit aid. Any other ways you recommend? - Cash from savings? Loans for 401k? Liquidate assets in stocks/mutual funds? Thanks for the advise.

It’s unbelievable that you don’t have a. 529 OP. But of all the assets that you mention, my least favorite option is to mortgage your house. I can’t imagine taking out 300K in home equity to pay for 4 years of college. That just sounds crazy. I also wouldn’t borrow against the 401K. If you have liquid or relatively liquid assets that you can cash out, I might do that first and try to cash flow half of it from your income, but you don’t make enough to cash flow all of it

Is OP college educated? This may not be something that has ever occurred to OP.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Why don’t you have a 529? Sorry, but you had 18 years to plan for this- it shouldn’t be some surprise that you have to crowd source on DCUM.

New poster. I don't have a 529. I was on welfare and food stamps for the majority of DD's younger years, then off it but out of work for something like 6 or 7 years (sometimes getting temp work during that period) and had a lot of debt. We're just ... poor.

So your HHI isn't $250k like OP and you'll get need-based aid.

+1

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Would you advise using home equity for paying college tuition? We don't have any 529 plans and DD is decided to go to OOS college for CS major - $75 -80K/year.

Our HHI 250K and no merit aid. Any other ways you recommend? - Cash from savings? Loans for 401k? Liquidate assets in stocks/mutual funds? Thanks for the advise.

It’s unbelievable that you don’t have a. 529 OP. But of all the assets that you mention, my least favorite option is to mortgage your house. I can’t imagine taking out 300K in home equity to pay for 4 years of college. That just sounds crazy. I also wouldn’t borrow against the 401K. If you have liquid or relatively liquid assets that you can cash out, I might do that first and try to cash flow half of it from your income, but you don’t make enough to cash flow all of it

Is OP college educated? This may not be something that has ever occurred to OP.

A family capable of bringing in 250,000 a year should have the capacity to understand/anticipate college costs before their child has reached the acceptance stage, regardless of whether they went to college themselves.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Would you advise using home equity for paying college tuition? We don't have any 529 plans and DD is decided to go to OOS college for CS major - $75 -80K/year.

Our HHI 250K and no merit aid. Any other ways you recommend? - Cash from savings? Loans for 401k? Liquidate assets in stocks/mutual funds? Thanks for the advise.

It’s unbelievable that you don’t have a. 529 OP. But of all the assets that you mention, my least favorite option is to mortgage your house. I can’t imagine taking out 300K in home equity to pay for 4 years of college. That just sounds crazy. I also wouldn’t borrow against the 401K. If you have liquid or relatively liquid assets that you can cash out, I might do that first and try to cash flow half of it from your income, but you don’t make enough to cash flow all of it

Is OP college educated? This may not be something that has ever occurred to OP.

A family capable of bringing in 250,000 a year should have the capacity to understand/anticipate college costs before their child has reached the acceptance stage, regardless of whether they went to college themselves.

Only in America do kids have to worry about whether their parents decided to save for college or not.

[Anonymous]

What's with so many parents allowing their kids to go out of state for basic undergraduate degrees they could get in state at much lower cost? For bragging rights? Drowning in student debt you didn't need to take on between 18 and 22 isn't brag worthy, it's just dumb. Tell your DD to go somewhere in state because $80k isn't doable. $80k/year vs. $25k/year is a no-brainer.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Would you advise using home equity for paying college tuition? We don't have any 529 plans and DD is decided to go to OOS college for CS major - $75 -80K/year.

Our HHI 250K and no merit aid. Any other ways you recommend? - Cash from savings? Loans for 401k? Liquidate assets in stocks/mutual funds? Thanks for the advise.

It’s unbelievable that you don’t have a. 529 OP. But of all the assets that you mention, my least favorite option is to mortgage your house. I can’t imagine taking out 300K in home equity to pay for 4 years of college. That just sounds crazy. I also wouldn’t borrow against the 401K. If you have liquid or relatively liquid assets that you can cash out, I might do that first and try to cash flow half of it from your income, but you don’t make enough to cash flow all of it

Is OP college educated? This may not be something that has ever occurred to OP.

A family capable of bringing in 250,000 a year should have the capacity to understand/anticipate college costs before their child has reached the acceptance stage, regardless of whether they went to college themselves.

Only in America do kids have to worry about whether their parents decided to save for college or not.

It’s actually not that difficult. Just sock away the 15-20% of income that would otherwise be taken as taxation from the socialized government that you come from and there is plenty to fund college.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Would you advise using home equity for paying college tuition? We don't have any 529 plans and DD is decided to go to OOS college for CS major - $75 -80K/year.

Our HHI 250K and no merit aid. Any other ways you recommend? - Cash from savings? Loans for 401k? Liquidate assets in stocks/mutual funds? Thanks for the advise.

It’s unbelievable that you don’t have a. 529 OP. But of all the assets that you mention, my least favorite option is to mortgage your house. I can’t imagine taking out 300K in home equity to pay for 4 years of college. That just sounds crazy. I also wouldn’t borrow against the 401K. If you have liquid or relatively liquid assets that you can cash out, I might do that first and try to cash flow half of it from your income, but you don’t make enough to cash flow all of it

Is OP college educated? This may not be something that has ever occurred to OP.

A family capable of bringing in 250,000 a year should have the capacity to understand/anticipate college costs before their child has reached the acceptance stage, regardless of whether they went to college themselves.

Only in America do kids have to worry about whether their parents decided to save for college or not.

It’s actually not that difficult. Just sock away the 15-20% of income that would otherwise be taken as taxation from the socialized government that you come from and there is plenty to fund college.

Is it though? I've seen statistics that show here in the US when you factor in how much we pay for health care and college, people in socialized government countries actually get to keep more of their income, and have better health and education opportunities as well.

[Anonymous]

Anonymous wrote:What's with so many parents allowing their kids to go out of state for basic undergraduate degrees they could get in state at much lower cost? For bragging rights? Drowning in student debt you didn't need to take on between 18 and 22 isn't brag worthy, it's just dumb. Tell your DD to go somewhere in state because $80k isn't doable. $80k/year vs. $25k/year is a no-brainer.

Mostly it is peer pressure. Kids egg other kids on and build up how going away to college is the best thing to do.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Would you advise using home equity for paying college tuition? We don't have any 529 plans and DD is decided to go to OOS college for CS major - $75 -80K/year.

Our HHI 250K and no merit aid. Any other ways you recommend? - Cash from savings? Loans for 401k? Liquidate assets in stocks/mutual funds? Thanks for the advise.

It’s unbelievable that you don’t have a. 529 OP. But of all the assets that you mention, my least favorite option is to mortgage your house. I can’t imagine taking out 300K in home equity to pay for 4 years of college. That just sounds crazy. I also wouldn’t borrow against the 401K. If you have liquid or relatively liquid assets that you can cash out, I might do that first and try to cash flow half of it from your income, but you don’t make enough to cash flow all of it

Is OP college educated? This may not be something that has ever occurred to OP.

A family capable of bringing in 250,000 a year should have the capacity to understand/anticipate college costs before their child has reached the acceptance stage, regardless of whether they went to college themselves.

Only in America do kids have to worry about whether their parents decided to save for college or not.

It’s actually not that difficult. Just sock away the 15-20% of income that would otherwise be taken as taxation from the socialized government that you come from and there is plenty to fund college.

Yes tell a kindergartner to do that and see how that goes. Actually tell a kindergartner to tell their parents that and see how that goes.

[Anonymous]

OP here. Thanks for your inputs and sorry for my delayed response. Since in-state VA flagship didn't work, DD decided to take next best option with OOS school with potentially great prospects. In lieu of 529 plans, I had invested in a second home and sold some time back and have $200K+ in brokerage accounts.

Our plan all along was to use it if in-state option won't work, and supplement with savings/income. In hindsight, we should have planned for more target schools rather than lot of reach schools. Since I don't have any other debts except for primary home mortgage with lot of equity, I was considering if HELOC would be an idea, but looks like it may not. My DS isn't college bound for another 4 years for whom I'm considering Invest529 plan this year. (I know I'm late in the process.)