Help me calculate college costs please...
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Anonymous
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Two kids. One 12, one 14.
How much will we need to save in order for them each to go: 2 years at NVCC, 2 years George Mason. Assume no scholarships. Would prefer to pay out of pocket, no student loans. |
Anonymous
| $96,432 |
Anonymous
| Yikes. Beginning today, how much will I have to start saving every month..?? |
Anonymous
Is that living at home all 4 years? In state? |
Anonymous
No, that was me picking a random number. Why can't you calculate the current costs of the schools and assume they will increase 3-5% a year? |
Anonymous
| How are you going to convince both of them to go to community college and then George Mason? Especially since a 3.0+ GPA at any Virginia community college guarantees you admission into any state school. |
Anonymous
| No kidding - why on earth would you make such a specific plan for one child, forget about two?? |
Anonymous
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Why are you calculating this now, at this late date?
www. saving for college .com |
Anonymous
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Figure out how much each costs in today's dollars.
Then inflate that at a % each year and estimate how much it would cost in the year of their attendance. Every year when they release costs you can "true up" your estimates by starting with the most recent year. Just put the above in an excel spreadsheet. |
Anonymous
| Why wouldn't you encourage your kids to get scholarships and financial aid? Unless you are RICH, you won't be able to afford it. |
Anonymous
| I am not sure how anyone can really answer this question for you. Particularly on an anonymous forum. You are going to need to do some math. And maybe call the schools to see if they have any projections on their tuition increases. Plus you have convince your kids to go the route you are now choosing for them. Lots of variables |
Anonymous
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NOVA will be like $10,000 for each kid for tuition, maybe $2000 for books
Mason will be like $20,000 for each kids and $2000 for books so that's like $68,000 total (although I didn't add inflation), so maybe $97K isn't that far off |
Anonymous
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Let's say it's roughly 45 - 50K a kid to go these schools. My kids are 12 and 14 (6th and 8th grade). Let's assume 95K as a ballpark.
How much would I have to save per month if I started to save this month? I would PREFER no loans. And I can not assume that they will get scholarships. I do think that they could both get a B average in community college based on their current performance in school now. Assume they will live at/commute from home. What I need to save per month is a little confusing to me because the oldest will be in college in 4 years, the youngest will graduate from college in another 10. So I will have 10 years to fully pay the 95K. |
Anonymous
| GMU tuition is roughly $10,000. So is every other VA public college. |