Just calculated projected college costs for my kid and almost vomited

[Anonymous]

Anonymous wrote:

Anonymous wrote:WHY ARE WE accepting this?????

It’s complete bullshit. Next on agenda: college reform. It’s absolutely immoral.

But wait, free education is socialism. We don't want to be like socialist Germany or socialist Scandinavia.

Unless of course we are doing herd immunity for covid

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:That seems awfully high. The most expensive colleges we’ve seen are $70K a year so $280 for four years currently. Even 15 years out that seems high.

OP here. I was surprised too, but that's what Vanguard said.

I agree with the PP who said it's unacceptable. I struggle to imagine more than a small handful of families who can pay today's tuition without struggling, much less the projected tuition costs 15 years out. Something has a give at some point.

I doubt they will get that high with state schools and those private investment companies are doing a money grab. But, bottomline is save. State schools are no where near that price you posted. We live in a small house/low mortgage and save (plus the prepaid so if something happens we know we have tuition paid for). Tuition prepaid was maybe $40-50K.

I did tuition prepaid about 15 years ago and it was half what you are saying now.

We did it ten years ago and I forget how much it was. Maybe around $40 but prices have gone up some. Even at $50K its better to have than not. Especially like another poster said when she got divorced and then had no savings. I figure if something happens to us at least college tuition is paid for (we do also have a 529) so we know our child can at least get through college (we have enough saved for room/board now too). Its nice not having to worry about having the minimum.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:That seems awfully high. The most expensive colleges we’ve seen are $70K a year so $280 for four years currently. Even 15 years out that seems high.

OP here. I was surprised too, but that's what Vanguard said.

I agree with the PP who said it's unacceptable. I struggle to imagine more than a small handful of families who can pay today's tuition without struggling, much less the projected tuition costs 15 years out. Something has a give at some point.

Yes of course that’s what Vanguard said because they want you to invest as much money with them as possible. It’s not happening. You tuhonk colleges are going to be able to file their classes with people paying that much. No.

Looks about right. $25K/a year for a in state college. Confirm.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:She's 3. I used the Vanguard calculator and it came out with the following projected tuition costs:

Public in state: $196,681
Public out of state: $343,454
Less expensive private: $446,837
More expensive private (so the ones that now cost around $60K/year): $539,392

We make a good living and have one kid, but how the hell are we supposed to be able to afford these tuition costs?! To get to the public in-state option, and assuming no appreciation from investment options, we'd have to put away roughly $1100/month starting now. Well, we pay for preschool and have a mortgage, so that isn't happening at all easily. Saving for the most expensive private universities would require putting away $3000/month starting now.

Someone tell me how the hell people do this.

That's for 4 years, right?

Yes, that's total tuition for 4 years.

Imagine, if they want to get Master's.

[Anonymous]

Remember that when you VOTE!

[Anonymous]

OP, here's our plan.

We have invested in 529s since our kids were born. As our childcare costs decreased, and our salaries increased, we upped our savings. We also fully expect to be able to pay at least what we paid for daycare during the college years. For us, that was $3000/month.

Basically, we have always spent around $3000/month for childcare plus college savings. Over time, the costs shift from daycare to aftercare to camps to sports to college.

[Anonymous]

Anonymous wrote:That seems awfully high. The most expensive colleges we’ve seen are $70K a year so $280 for four years currently. Even 15 years out that seems high.

No, the most expensive schools are now in the $80k range. Prices are rising FAST.

When my oldest started at Tufts in the fall of 2012, cost of attendance (tuition, room, board, fees) was $56k and we thought that was absurdly expensive and sometimes couldn’t believe we were paying that much. Now, for the upcoming school year, that $56k doesn’t even cover tuition at Tufts! Tuition is now $59,500, r&b is $15,500, and fees are $1300. It’s crazy.

[Anonymous]

Anonymous wrote:WHY ARE WE accepting this?????

It’s complete bullshit. Next on agenda: college reform. It’s absolutely immoral.

Correct.

[Anonymous]

Don't worry. The college bubble is going to pop under the pressure of this pandemic. And I say that a private school teacher who may well become unemployed due to the trickle down effect coming from that.

[Anonymous]

Anonymous wrote:Here's the good news: You are looking at this NOW, when you should, and you can plan. Good job!

Somehow people find a way and you will too. It's only the people that fail to plan that fail.

+1. Every year someone comes on here and says "OMG my kid got into X; how can we afford 82K a year???". Also OP, remember you are paying those fees in after-tax dollars. Start as soon as you can with state-sponsored plans. 529s. and move to California, Virginia or Texas where the best in-state systems exist.

[Anonymous]

Buy 20 Tesla shares now and in state public is covered.

[Anonymous]

Anonymous wrote:

Anonymous wrote:That seems awfully high. The most expensive colleges we’ve seen are $70K a year so $280 for four years currently. Even 15 years out that seems high.

No, the most expensive schools are now in the $80k range. Prices are rising FAST.

When my oldest started at Tufts in the fall of 2012, cost of attendance (tuition, room, board, fees) was $56k and we thought that was absurdly expensive and sometimes couldn’t believe we were paying that much. Now, for the upcoming school year, that $56k doesn’t even cover tuition at Tufts! Tuition is now $59,500, r&b is $15,500, and fees are $1300. It’s crazy.

Except no kid NEEDS to go to Tufts. Or a Nescac. The Ivies at least are the most generous schools in the country. If you are rich enough to not get FA at a top private you can surely afford a state flagship without loans, which not everyone can do. Count your blessings!

[Anonymous]

Anonymous wrote:She's 3. I used the Vanguard calculator and it came out with the following projected tuition costs:

Public in state: $196,681
Public out of state: $343,454
Less expensive private: $446,837
More expensive private (so the ones that now cost around $60K/year): $539,392

We make a good living and have one kid, but how the hell are we supposed to be able to afford these tuition costs?! To get to the public in-state option, and assuming no appreciation from investment options, we'd have to put away roughly $1100/month starting now. Well, we pay for preschool and have a mortgage, so that isn't happening at all easily. Saving for the most expensive private universities would require putting away $3000/month starting now.

Someone tell me how the hell people do this.

That public number seems awfully high. Where is that? Should be somewhere around $120-160K

[Anonymous]

Anonymous wrote:WHY ARE WE accepting this?????

It’s complete bullshit. Next on agenda: college reform. It’s absolutely immoral.

I do think Covid will sort a lot of this out. Plus, if you're poor, there's lots of financial aid.

[Anonymous]

Anonymous wrote:

Anonymous wrote:That seems awfully high. The most expensive colleges we’ve seen are $70K a year so $280 for four years currently. Even 15 years out that seems high.

OP here. I was surprised too, but that's what Vanguard said.

I agree with the PP who said it's unacceptable. I struggle to imagine more than a small handful of families who can pay today's tuition without struggling, much less the projected tuition costs 15 years out. Something has a give at some point.

It's always unacceptable when it's your turn to pay. But it is what it is. This is why so many families struggle, even now.