no extra money for 529. is my kid doomed?

[Anonymous]

Anonymous wrote:It’s not normally DCUM advice but another path is the US Military. Four years of active duty will get you GI bill. You also will have a more mature you entering college. And like being selected for anything they will place you in an MOS - from flight mechanic to cook - with a lot depending on your ASFAB score.

Thanks for bringing this up. You are right it's not a common advice but something that would appeal to us.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:What is your hhi?

about 90k

You will qualify for a full ride from all top tier schools like ivies with this hhi. Just pick any top 50 private school and check qualifications for their financial aid. It is all need based.

Yeah kid just gets into an ivy and kid will be fine, that’s such an easy plan.

[Anonymous]

Anonymous wrote:

Anonymous wrote:That's good news, of course, but not sure if that helps when admission rates are already very low.

I was thinking more about medical school. Do medical schools provide fa, or is it all student loan based?

Loan no FA like colleges

Not true. Many top schools provide full scholarships to top students especially racial minorities. Columbia and NYU are both tuition free now via endowment.

[Anonymous]

Get a job at a university that offers free college tuition as a benefit.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Are you an immigrant? My parents were and I got here in high school. 0 savings, all I worked at Jack in Box I gave to my parents to pay the bills. I went to college with scholarships AND lots of loans. Then I went to law school with lots of loans. Then I chose to work in federal government and am now in the highest payment and it will be 10 years of public service and my loans will be forgiven. Your child is not doomed but also not blessed like the rich are. You’ll figure out and so will your kid and he’ll enviously watch his peers do something else they love or travel the world bc they were rich and their parents paid it all and they have loans. But that’s another story…

Yes, an immigrant. The loans really scare me as I am myself drowning in cc debt. In my home country, my kid could probably get into medical school with full scholarship so I have a big question about whether he should go there and get free education or stay for the loan-laden American dream

Can do medical school abroad and come here after.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:That's good news, of course, but not sure if that helps when admission rates are already very low.

I was thinking more about medical school. Do medical schools provide fa, or is it all student loan based?

Loan no FA like colleges

Not true. Many top schools provide full scholarships to top students especially racial minorities. Columbia and NYU are both tuition free now via endowment.

Are you the Harvard poster? You are really giving OP false hopes. While technically correct, you are talking about highly unlikely scenarios for any students even the very top tier kids. Don’t just disagree for the sake of disagreeing. All my kid’s classmates in her medical school are either on loans, MD/PhD, or parents paid. Even URM kids with lower HHI families. Most Other schools are no different. Hope is good, false hope isn’t.

[Anonymous]

You are an immigrant and you don't know that you go to community school first, because nobody should pay $30-$50k to take literature, art and math again. Since community college is repeat of high school, your kid should get it done with their eyes closed while working full time in the restaurant (felixible shifts) saving up for the next 2 years.
If they don't want to continue, after two, take some ID certification classes and have them get a job.
So many foreigners work full time illegally (not allowed to work on student visa), pay rent, food, and highest tuition because they are not residents. English is not even their first language and they do fine.
You are looking at the things your child doesn't have instead of what they do have.
Work on that cc debt.

[Anonymous]

Anonymous wrote:

Anonymous wrote:What is your hhi?

about 90k

If your kids tests well and gets straight A’s they can get a full scholarship to college. You are poor enough. Make sure they keep up their grades though!

[Anonymous]

90K for 2 people (or is it 3) isn't very much in this area. So it's not surprising you aren't able to save- dont beat yourself up. Look for a higher paying job, if you can. Then focus on not using your credit cards, after that, focus on paying them off, then start an emergency fund so you don't have to use your credit card. Make sure you are saving in your 401k/403(b) up to company match.

[Anonymous]

Anonymous wrote:

Anonymous wrote:What is your hhi?

about 90k

How old is your kid and do
you foresee this increasing?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:That's good news, of course, but not sure if that helps when admission rates are already very low.

I was thinking more about medical school. Do medical schools provide fa, or is it all student loan based?

Loan no FA like colleges

Not true. Many top schools provide full scholarships to top students especially racial minorities. Columbia and NYU are both tuition free now via endowment.

Are you the Harvard poster? You are really giving OP false hopes. While technically correct, you are talking about highly unlikely scenarios for any students even the very top tier kids. Don’t just disagree for the sake of disagreeing. All my kid’s classmates in her medical school are either on loans, MD/PhD, or parents paid. Even URM kids with lower HHI families. Most Other schools are no different. Hope is good, false hope isn’t.

No, it wasn’t the “Harvard poster”. Both you and PP are confused. There is a difference between FA for undergrad and medical school. PP is talking about colleges giving full rides to low income families for undergraduate studies. And you are talking about med schools where FA is mostly loans.

[Anonymous]

I wouldn’t worry about saving for college if you don’t expect much income growth. If you’re kid is bright and hardworking they can prob get into a good college w substantial financial aid. The problem will be if you start making over $200k right before they graduated HS. Then you’ll be a donut family.

[Anonymous]

It’s a combination that your DC can get. There may be financial assistance from their school, your DC can take out a student loan, and they can earn money on a work-study program.

[Anonymous]

Options are a combination of applying for scholarships, financial aid, and loans. The amount needed depends on how expensive the school costs to attend. Community college and public instate universities offer the lowest prices. Applying to a military academy offers a full ride in exchange for military service but pretty much a guarantee of a great job after graduation.

My parents had four kids and could not afford college for us. I attended our instate public university on loans and financial aid. I also worked 2 jobs my last two years of school. I attended out of state law school on loans. At the end, I had total debt around $140K. I graduated at a time when the debt was locked in at super low rates of 2.5%. I paid off the debt around age 40.

I have numerous friends and family that went to military academies because they couldn’t afford college. They graduated with no debt and all have high paying jobs today.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:That's good news, of course, but not sure if that helps when admission rates are already very low.

I was thinking more about medical school. Do medical schools provide fa, or is it all student loan based?

You need to go to college first before you can go to medical school. Parents are not expected to pay for graduate school although some do. I think most kids get loans for medical schools. Your kid should be able to get a loan too.

Naive question: how many years does it take to pay off a typical medical school debt?

Also, if my kid decides to go to dental school, how many years of college does he need? What other professional degrees can maybe entail less student loan debt?

If he works for the public health service for a couple years, he can get his loans forgiven. https://nhsc.hrsa.gov/loan-repayment/nhsc-loan-repayment-program