Paying for college

[Anonymous]

also keep in mind if money is really tight and your kids are smart the AP and DE classes can go a long way. My son brought an entire year of credits with him to VT, he’s a 2nd year and classified as a junior. He will graduate a year early. However instead of doing that he opened to do a 4+1, which is really. 3+1 for him. If money were an issue he could have wrapped school up in 3 years.

[Anonymous]

Anonymous wrote:We're going to be in that situation. Kids have already been told that they will be attending in state school (although private or OOS with merit aid to reduce cost to in state equivalent would be considered); they will need to work part time in HS and college to cover some expenses; we will cash flow what the 529 doesn't cover.

This! This is what I was told and I will do for my kids if 529 doesn’t cover. My “choice” was state school or getting it down to the equivalent cost; I would not be allowed to take any loans nor would my parents sign for any.

I am SO, SO glad my parents did this. Graduating with no debt immediately put me ahead. I do not believe 18 year olds have the capacity to understand the impact of student loans.

[Anonymous]

Anonymous wrote:also keep in mind if money is really tight and your kids are smart the AP and DE classes can go a long way. My son brought an entire year of credits with him to VT, he’s a 2nd year and classified as a junior. He will graduate a year early. However instead of doing that he opened to do a 4+1, which is really. 3+1 for him. If money were an issue he could have wrapped school up in 3 years.

+1. I can only speak for VT, but they are excellent about generously applying AP and IB credit.

[Anonymous]

If you live in Virginia I would absolutely insist on state schools. You have so many excellent options!

[Anonymous]

Either in-state, merit aid, loans, or cashflow. We told our kid that he should be considering merit aid if he wants to go out of state and we broke the numbers down for him.
We are also getting closer to retirement and will not be supplementing much beyond some living expenses.
I think kids have choices- if my son wants to take out loans, he needs the kind of degree that will enable him to pay them back. If he wants a scholarship, he needs to work extra hard. If he wants less pressure, he needs to go to school in-state. If he's depending on us, then he needs to understand where that line is.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Just make sure your kid doesn't apply to schools that don't offer merit aid. This is most top50 schools.

You'd be surprised at how many people here have $90k/year for any school so your kids' friends will be applying to all of them without a second thought.

This. I'll never forget talking with a friend about where our kids were applying, and she got a concerned look on her face when I named the schools on DS's list. She said, "I feel like you aren't aiming high enough for Larlo." (He was an excellent student.) I said, "We're aiming for schools we can afford," and it was like it had never occurred to her that 2 government employees might not be able to swing $70k/year for 2 kids.

Two government employees can make 150-450k a year. You can pay for state college with that.

reading is fundamental.

+1 😊

[Anonymous]

My child will most likely have to take the federal student loans the last 2 yrs of college. I don’t want to use credit card or 401k savings to cash flow the gap between college savings and payments. We told him that when the loan payments start, we will help as much as we can. He’s instate and works summer jobs so he has his own spending money. He may choose to put his spending money towards the college tuition, fees etc but I think some student federal loans are going to be needed.

It’s good to read this thread. Sometimes I feel like the only parent without several , several thousand dollars set aside for college.

[Anonymous]

Cash flowing everything that the 529s won’t cover. If you can’t do that, the school is too expensive for you.

[Anonymous]

Anonymous wrote:My child will most likely have to take the federal student loans the last 2 yrs of college. I don’t want to use credit card or 401k savings to cash flow the gap between college savings and payments. We told him that when the loan payments start, we will help as much as we can. He’s instate and works summer jobs so he has his own spending money. He may choose to put his spending money towards the college tuition, fees etc but I think some student federal loans are going to be needed.

It’s good to read this thread. Sometimes I feel like the only parent without several , several thousand dollars set aside for college.

Are you aware of the federal loan limits for students?

[Anonymous]

Anonymous wrote:

Anonymous wrote:My child will most likely have to take the federal student loans the last 2 yrs of college. I don’t want to use credit card or 401k savings to cash flow the gap between college savings and payments. We told him that when the loan payments start, we will help as much as we can. He’s instate and works summer jobs so he has his own spending money. He may choose to put his spending money towards the college tuition, fees etc but I think some student federal loans are going to be needed.

It’s good to read this thread. Sometimes I feel like the only parent without several , several thousand dollars set aside for college.

Are you aware of the federal loan limits for students?

Yes, I am.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Just make sure your kid doesn't apply to schools that don't offer merit aid. This is most top50 schools.

You'd be surprised at how many people here have $90k/year for any school so your kids' friends will be applying to all of them without a second thought.

This. I'll never forget talking with a friend about where our kids were applying, and she got a concerned look on her face when I named the schools on DS's list. She said, "I feel like you aren't aiming high enough for Larlo." (He was an excellent student.) I said, "We're aiming for schools we can afford," and it was like it had never occurred to her that 2 government employees might not be able to swing $70k/year for 2 kids.

Two government employees can make 150-450k a year. You can pay for state college with that.

Well exactly. And that's what we did. Our kids didn't apply to any of the top private schools (which is what my friend meant about not aiming high enough).

I don't care about school ratings. I care about what we can afford and good fit.

It sounds like we are in violent agreement.

[Anonymous]

State school (not our state but still cheaper than many private), merit aid, 529, cash flow, kid contributed $2000 per year. Schools not too far away so travel cost isn’t too high. It worked out for us but could be hard if the kid (or you) is set on a certain school or type of school.