college savings were less than i thought.
![[Post New]](/jforum/templates/default/images/icon_minipost_new.gif){kind=icon}
Anonymous
No -- their HHI is much higher than that. OP said when kids are in college, they can cash flow the $50,000 that currently goes to private school plus maybe another $50,000 by scrimping and saving. |
Anonymous
And they wouldn't have to scrimp and save so much if only OP's nogoodnik DH would go out and get a better-paying job! OP's cool in her easy job though. |
Anonymous
| I agree with others that I’m not sure why you’re freaking out. $135k each for three kids when you still have time for one of them and will start having an additional $50k available sounds great. What we’re you expecting it to be?? |
Anonymous
| Has anyone mentioned DCTAG yet? That’s another $10k year if they go to a public university … |
Anonymous
| You need to leave your husband alone about everything concerning money. This isn’t your strong point—be glad he’s carrying you. |
Anonymous
| If you are in DC, send your kids to any US public college, use your DC TAG funds. You have plenty of money. |
Anonymous
|
Personally I think you are doing great.
You have a good amount, you will be fine. |
Anonymous
|
Look around. I don't know whey people automatically say things like, "Stick with in-state schools". With tuition reductions due to HS SAT score and some athletic $ (about $1k), we have been paying no more than about $13k a year at an OOS public. We believe the total cost has been similar to what it would have been if he would have attended in-state VA. I know full OOS tuition was about $22k four years ago.
|
Anonymous
|
This is unbelievably tone deaf.
OP you are rich, you have plenty of money and plenty of options. You are out of touch with reality. Leave the finances to your DH. And I am being kind. |
Anonymous
+1 Move to Maryland and use the university system there if the state's politics better reflect your values. |
Anonymous
The available $$ scheme you've laid out allows for each kid to go to a school that costs $75k PER YEAR. You are fine. |
Anonymous
|
OP - I know when you are looking at up to 400K per student (worst case scenario knowing that prices continue to go up over the next 9 years) and you only have a third of that saved that seems scary.
I live in DC and have two kids, a high school senior applying to colleges now and a high school freshman. Assuming you have no additional savings between now and when your 7th grader finishes college, you will have the following amounts without changing your lifestyle in the least: in 529s now: 405K 50K x 7 years: 350K Total: 755K or roughly 250K/student If you did some expense cutting now and saved an additional $20K/year for the next 9 years, that would be another $180K, or roughly $310K/student. You have a lot of money available to you. Before you panic, I think it would be wise to consider your children and where you see them going to college. Are your 10th graders superstars in academics, sports, national competitions, etc. Are they headed for the top tier private colleges that only give need based aid? Do they have a chance to get in there? Would that be a good fit? With DC TAG (which has an income limit of a just over $500K AGI), the cost for my kids going to the following out of state public universities is: University of CA - about $55K/year University of VA - about $63K/year (this is the top end of VA public colleges out of state costs, W&M is about the same, the rest are less) UNC Chapel Hill - about $47K/year University of Pittsburgh - about $40K/year Top private colleges - Ivys and most top 20s - do not give much merit aide, but some do. The general cost is $85K/year and it will be higher for your students because inflation. Whatever level student you have, there will be schools that will reduce the sticker price for your student and there will be those that will not. Assigned reading: 1) Who gets in and Why, and 2) The Price You Pay for College. Learn how to read a common data set - explained in both books. I am at the point in looking at colleges where I think we would be getting a bargain if college costs us $50K/year and worst case scenario is something around $90K/year. We will use a combination of savings and cash flow. |
Anonymous
|
OP has enough that even if kids go to private colleges and have to take loans, it won't be so bad. Why the panic? I mean, OP is doing better than most parents. I hope to have what OP has saved per child but my kids won't attend college for another 10-15 years when schools will cost even more. 2 years at a public college is our best hope and we probably won't qualify for any financial aid because our income will be just over the lowest tier where they stop offering.
Consider yourself lucky and privledged. Also, your DH was actually correct when he stated it was fine. It IS fine. |
Anonymous
|
DP, but I hope to encourage my kid to go to public /state though I myself went to a private. I don't think private schools are cost effective.
If you can get into the same job and career from a good public, why on earth spend twice the amount at a private just for the name/prestige? |
Anonymous
|
Assume your kids go to a $50K/yr college
You already budget for $50K/year for your kids private so that’s $25k/kid. So you only need $25K / year. Each kid will get ~$5K/yr loan That $20K/yr per kid That $80K, you have $135K You saved too much. |