Paying for college $75K

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:College is such a ripoff. Forget loan forgiveness, how about everyone put pressure on these universities to come back to reality. They are solely responsible for the crippling debt kids find themselves in.

College is crazy expensive, but people like OP constantly make their own beds and then down the line will cry about it. She is barely upper income for this area, she is NOT middle class and has a lot of opportunity however she is planning on squandering it on a school her kid has no business at. If parents didn’t behave like the OP and refused these obscenely expensive schools they can’t even afford, then these prices would not exist.

Americans need to take responsibility for their financial stupidity.

The prices would still exist because there are plenty of people who make what OP makes and have been putting away aggressively since birth, there are people who make what OP makes, but in region where a LOL col would allow them to pay the tuition out of salary, and there are people who make more than OP who are happy to take OP's kid's spot and pay the tuition

Of course, wealthy people are a thing. However there are more people like OP who throw the baby out with the bath water than no. College debt is not an imaginary concept.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:College is such a ripoff. Forget loan forgiveness, how about everyone put pressure on these universities to come back to reality. They are solely responsible for the crippling debt kids find themselves in.

College is crazy expensive, but people like OP constantly make their own beds and then down the line will cry about it. She is barely upper income for this area, she is NOT middle class and has a lot of opportunity however she is planning on squandering it on a school her kid has no business at. If parents didn’t behave like the OP and refused these obscenely expensive schools they can’t even afford, then these prices would not exist.

Americans need to take responsibility for their financial stupidity.

The prices would still exist because there are plenty of people who make what OP makes and have been putting away aggressively since birth, there are people who make what OP makes, but in region where a LOL col would allow them to pay the tuition out of salary, and there are people who make more than OP who are happy to take OP's kid's spot and pay the tuition

They would not exist at the levels and sheet quantity they are at right now.

[Anonymous]

Be smart and don’t overspend. Very few students are full pay at 70-80k a years. It’s less than 2% of students with that type of bill to pay. That is a luxury good.

You have 75k, add in 27k for Fed loans (I wouldn’t go above that with high interest private loans). Add in some more for cash flow. Maybe you can swing 40k a year.

That means go state school or only look at private schools with generous merit (they exist, there are lots that will get your cost from the 75k list price closer to 40k).

[Anonymous]

OK:

-Kid gets job this summer. 50% of money goes towards books and spending money.

-Ask other parent, grandparent, aunts and uncles if they can contribute $

-Otherwise you need to save $4k a month starting right now.

[Anonymous]

You can't afford a 75k/year school. Back to the drawing board.

[Anonymous]

Anonymous wrote:OK:

-Kid gets job this summer. 50% of money goes towards books and spending money.

-Ask other parent, grandparent, aunts and uncles if they can contribute $

-Otherwise you need to save $4k a month starting right now.

Why not 100%?

[Anonymous]

27k + 75k is enough for 4 years instate. Any 18-22 y/o can make $3k/year at minimum to pitch in on top of that. Done.

[Anonymous]

Anonymous wrote:27k + 75k is enough for 4 years instate. Any 18-22 y/o can make $3k/year at minimum to pitch in on top of that. Done.

That's exactly what OP should do. But you know OP will hate your answer. She has already decided that she would do whatever it takes for her kid to attend a fancy private college even if it means putting her retirement at risk.

[Anonymous]

Anonymous wrote:

Anonymous wrote:27k + 75k is enough for 4 years instate. Any 18-22 y/o can make $3k/year at minimum to pitch in on top of that. Done.

That's exactly what OP should do. But you know OP will hate your answer. She has already decided that she would do whatever it takes for her kid to attend a fancy private college even if it means putting her retirement at risk.

And that her kid will graduate in 3 years!

[Anonymous]

Anonymous wrote:Be smart and don’t overspend. Very few students are full pay at 70-80k a years. It’s less than 2% of students with that type of bill to pay. That is a luxury good.

You have 75k, add in 27k for Fed loans (I wouldn’t go above that with high interest private loans). Add in some more for cash flow. Maybe you can swing 40k a year.

That means go state school or only look at private schools with generous merit (they exist, there are lots that will get your cost from the 75k list price closer to 40k).

At the T25 schools, most are more than 50% pay the full weight.

[Anonymous]

Anonymous wrote:27k + 75k is enough for 4 years instate. Any 18-22 y/o can make $3k/year at minimum to pitch in on top of that. Done.

Any 18yo can make 8-10K/year in DCUMland or anywhere else that minimum wage is $12/Hr+

[Anonymous]

Anonymous wrote:

Anonymous wrote:Be smart and don’t overspend. Very few students are full pay at 70-80k a years. It’s less than 2% of students with that type of bill to pay. That is a luxury good.

You have 75k, add in 27k for Fed loans (I wouldn’t go above that with high interest private loans). Add in some more for cash flow. Maybe you can swing 40k a year.

That means go state school or only look at private schools with generous merit (they exist, there are lots that will get your cost from the 75k list price closer to 40k).

At the T25 schools, most are more than 50% pay the full weight.

At NYU & USC a lot of “full-pay” students are there on significant amounts of Parent Plus Loans.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:College is such a ripoff. Forget loan forgiveness, how about everyone put pressure on these universities to come back to reality. They are solely responsible for the crippling debt kids find themselves in.

College is crazy expensive, but people like OP constantly make their own beds and then down the line will cry about it. She is barely upper income for this area, she is NOT middle class and has a lot of opportunity however she is planning on squandering it on a school her kid has no business at. If parents didn’t behave like the OP and refused these obscenely expensive schools they can’t even afford, then these prices would not exist.

Americans need to take responsibility for their financial stupidity.

The prices would still exist because there are plenty of people who make what OP makes and have been putting away aggressively since birth, there are people who make what OP makes, but in region where a LOL col would allow them to pay the tuition out of salary, and there are people who make more than OP who are happy to take OP's kid's spot and pay the tuition

They would not exist at the levels and sheet quantity they are at right now.

I am not buying that.

[Anonymous]

Anonymous wrote:

Anonymous wrote:27k + 75k is enough for 4 years instate. Any 18-22 y/o can make $3k/year at minimum to pitch in on top of that. Done.

Any 18yo can make 8-10K/year in DCUMland or anywhere else that minimum wage is $12/Hr+

Correct but on DCUM parents usually do not expect their children to contribute to college costs at all.

[Anonymous]

Anonymous wrote:More info needed. What year is your child currently? How much money do you save each month now?

OP doesn't budget. There is no way she can pay for this.