Is It Really Gonna Cost $280K? OMG

[Anonymous]

10:18 What a great story!

[Anonymous]

Eh, OP’s daughter obv applied ED.

They should pony up the 300k (budget more for airfare, books, living expenses, and incidentals OP).

[Anonymous]

Anonymous wrote:

Anonymous wrote:Mom of a grad school student. Have you added in incedentals? Travel home for the holidays? Rent after the first year off campus? Sorority dues? Extra money for ice cream, beer, laundry and a moped? I am being snarky but The extras add up. Add in another 5k a semester for the goodmeal plan, spring break trips etc.

This stuff is why my high school freshman is getting a job this summer. Like his parents did in high school. He does not know and will not be told that his education is already paid up. College is the time to be hurting for cash so you fully understand why you need to do your very best and fight like hell to get a great job that pays way more than your summer jobs did after your education is over.

Nope nope nope

College is the time to study, get good grades, do unpaid internships, and make connections with people who can help further your career

Working for minimum wage shouldn’t come into it if you e planned well and did your job as a parent.

[Anonymous]

No disrespect, but Northwestern is not worth full boat unless you're a multi-millionaire. It sounds like you're not. Similar region, IU-Kelley business school, for example, would give your daughter huge scholarships, you can pay for her sorority dues, and you'd save easily $200,000.

I think NU is really overrated by strivers who obsess over US News lists. It doesn't have any clout outside of Chicago and even then, you'll be working along side mostly Big Ten, DePaul, Loyola kids. Now Northwestern law or medical school? Yes, worth it.

[Anonymous]

Anonymous wrote:

Anonymous wrote:I'd budget a little more than that. Tuition will go up each year. Plus you've got air travel to Chicago - it's a pretty cheap place to fly but still an expense. My DC just graduated from a similar school and I think we spent $280k over 4 years - it seemed like it was up to $72k last year, but some of that was expensive off campus housing.

Not sure what you mean by what are you missing.

LOL. Over $280k. There’s a sucker born every day!

We’d saved so it really wasn’t an issue. Neither DC wanted to stay in state. Both have great jobs now. It’s all good.

[Anonymous]

More like $300K, going up 5% per year.

[Anonymous]

Anonymous wrote:More like $300K, going up 5% per year.

Can’t do this forever.

[Anonymous]

Tuition? Room and board is very expensive. Sororities cost thousands (You dont have to say yes to that, but if you are the type to say yes'm, you need to do the math)

Only you can decide if this is affordable, and that there will be no funds to pay for grad school assistance.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Mom of a grad school student. Have you added in incedentals? Travel home for the holidays? Rent after the first year off campus? Sorority dues? Extra money for ice cream, beer, laundry and a moped? I am being snarky but The extras add up. Add in another 5k a semester for the goodmeal plan, spring break trips etc.

This stuff is why my high school freshman is getting a job this summer. Like his parents did in high school. He does not know and will not be told that his education is already paid up. College is the time to be hurting for cash so you fully understand why you need to do your very best and fight like hell to get a great job that pays way more than your summer jobs did after your education is over.

Nope nope nope

College is the time to study, get good grades, do unpaid internships, and make connections with people who can help further your career

Working for minimum wage shouldn’t come into it if you e planned well and did your job as a parent.

Np: can you read? The pp said a SUMMER job! Not talking about working during the school year. Your response made zero sense.

[Anonymous]

Can dcum name some schools that are worth paying $280k? Should students not apply ED?

[Anonymous]

Anonymous wrote:Can dcum name some schools that are worth paying $280k? Should students not apply ED?

If you're asking in terms of potential career salaries...HYPSM, Chicago, Wharton, Caltech, Columbia, Duke. These schools are recruited heavily by employers and have pull for graduate schools. And I would include NU in that mix. Their national presence may not be deemed by some as not quite as broad but their presence in a major business center is significant.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Can dcum name some schools that are worth paying $280k? Should students not apply ED?

If you're asking in terms of potential career salaries...HYPSM, Chicago, Wharton, Caltech, Columbia, Duke. These schools are recruited heavily by employers and have pull for graduate schools. And I would include NU in that mix. Their national presence may not be deemed by some as not quite as broad but their presence in a major business center is significant.

And the rest of the top 30 or so where your kid can get a job anywhere and go to any grad school. The people who say it’s a waste of money are often ignorant and use individual stories to refute the reality that outside of rich white men elite colleges makes huge difference in your lifetime of opportunities. It’s really hard to be unsuccessful coming out of a top 30 school even if you are at the bottom of the class. You probably will graduate with a network that will ensure that you are gainfully employed for your working years.

[Anonymous]

Anonymous wrote:

Anonymous wrote:More like $300K, going up 5% per year.

Can’t do this forever.

I've been thinking about the same thing. Even after DC graduate from college, I am going to keeping paying $8k/year into the 529 account. When I have grand kids, the account should help them a bit.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:More like $300K, going up 5% per year.

Can’t do this forever.

I've been thinking about the same thing. Even after DC graduate from college, I am going to keeping paying $8k/year into the 529 account. When I have grand kids, the account should help them a bit.

That's a really generous thought however, what if they don't have kids or they fall into bad times and need another type of help? I would save separately. You can always do a lump sum 5 year contribution later...currently that's $70k or $140k joint.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:More like $300K, going up 5% per year.

Can’t do this forever.

I've been thinking about the same thing. Even after DC graduate from college, I am going to keeping paying $8k/year into the 529 account. When I have grand kids, the account should help them a bit.

That's a really generous thought however, what if they don't have kids or they fall into bad times and need another type of help? I would save separately. You can always do a lump sum 5 year contribution later...currently that's $70k or $140k joint.

What if? None of us can predict the future. It’s great to plan for the future you expect. You can make adjustments as needed when the time comes.

After my children use the money in their 529s, I’m also going to continue to save for my future grandchildren’s education. I’m speaking it into existence!