no extra money for 529. is my kid doomed?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Are you an immigrant? My parents were and I got here in high school. 0 savings, all I worked at Jack in Box I gave to my parents to pay the bills. I went to college with scholarships AND lots of loans. Then I went to law school with lots of loans. Then I chose to work in federal government and am now in the highest payment and it will be 10 years of public service and my loans will be forgiven. Your child is not doomed but also not blessed like the rich are. You’ll figure out and so will your kid and he’ll enviously watch his peers do something else they love or travel the world bc they were rich and their parents paid it all and they have loans. But that’s another story…

Yes, an immigrant. The loans really scare me as I am myself drowning in cc debt. In my home country, my kid could probably get into medical school with full scholarship so I have a big question about whether he should go there and get free education or stay for the loan-laden American dream

Can do medical school abroad and come here after.

Horrible advice. Puts you at a serious disadvantage if you want to work here in the States

[Anonymous]

College is free poor people. No worries

[Anonymous]

We saved money in 529s for our kids and so far haven’t had to use a dine as one is at a service academy in her third year as a Systems Engineering major and the other received a full ride scholarship through the Army Reserves to study Computer Engineering. If your child(ren) are healthy (no ADHD, asthma, severe allergies etc), good/great students, physically fit and have a love for their country; they could be a match for the military. Since it’s so hard to find qualified applicants these days, there are tons of incentive programs.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:That's good news, of course, but not sure if that helps when admission rates are already very low.

I was thinking more about medical school. Do medical schools provide fa, or is it all student loan based?

Loan no FA like colleges

Not true. Many top schools provide full scholarships to top students especially racial minorities. Columbia and NYU are both tuition free now via endowment.

Are you the Harvard poster? You are really giving OP false hopes. While technically correct, you are talking about highly unlikely scenarios for any students even the very top tier kids. Don’t just disagree for the sake of disagreeing. All my kid’s classmates in her medical school are either on loans, MD/PhD, or parents paid. Even URM kids with lower HHI families. Most Other schools are no different. Hope is good, false hope isn’t.

No, it wasn’t the “Harvard poster”. Both you and PP are confused. There is a difference between FA for undergrad and medical school. PP is talking about colleges giving full rides to low income families for undergraduate studies. And you are talking about med schools where FA is mostly loans.

See OP’s following up post re med school.

[Anonymous]

Anonymous wrote:Honestly your life just isn’t working. It’s time for a big come-to-Jesus and probably relocation to a lower COL area.

Georgia has an amazing program for qualified in-state students to attend for free. Something to consider.

I always snort at these types of responses. F those teachers, nurses, professors, social workers, admins, etc. Just move to LOC areas (where you will get paid even less) already!

[Anonymous]

We have an acquaintance whose kid is still not in college three years after high school and while it is the only case in our circle, it just scares me.

Is this because of lack of money? There could be lots of other reasons.

[Anonymous]

Anonymous wrote:a lot go to CC for two years then transfer or stop.

+1

Look at Dual entry in HS, where you get your AA along with your HS diploma. Or start in CC after HS.
Also, there are plenty of good private schools that offer merit, sometimes large amounts---search for them and your kid could attend college for $20-25K/year.

Another option is a state school---manytimes the non-flagship ones will give good students merit awards.
There are so many options to attend for $25K/year---do not spend any more if you don't have it!!! Your kid can then earn $10-12K/year bringing cost to family down to $13-15K.

Whatever you do, don't go into massive debt. It is not worth it.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:What is your hhi?

about 90k

You will qualify for a full ride from all top tier schools like ivies with this hhi. Just pick any top 50 private school and check qualifications for their financial aid. It is all need based.

Extend that search beyond T50---many in the 50-120 will give excellent merit, couple that with Financial aide and college can be affordable.

[Anonymous]

Anonymous wrote:Loans are not a death sentence, especially if you keep them under 50k, graduate, and major in a field that will guarantee you a job after college. Ask me how I know!

Agreed---but if you choose to/need to take them, you must realize that your goal should be to pay them off ASAP. So continue to live like a frugal college student until they are paid off. No new fancy cars, no luxury apartment rentals, etc. Your life will be so much better once you get rid of that debt, so buckle down and pay it off fast.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Loans are not a death sentence, especially if you keep them under 50k, graduate, and major in a field that will guarantee you a job after college. Ask me how I know!

Agreed---but if you choose to/need to take them, you must realize that your goal should be to pay them off ASAP. So continue to live like a frugal college student until they are paid off. No new fancy cars, no luxury apartment rentals, etc. Your life will be so much better once you get rid of that debt, so buckle down and pay it off fast.

I don't think a college kid can borrow 50k without parents co-signing.

[Anonymous]

What about state school? It's cheap in MD and VA. Especially if kid commutes.

[Anonymous]

I got nearly a full ride at a SLAC at the 1990s equivalent of your HHi. Still had to take some loans for room and board and book, but over four years it was the equivalent of less than one years’ tuition full pay. Your kids have to be good students to go this route, though. Middling students at your HHI have to do CC and hope to transfer or take out loans.

[Anonymous]

Work on the credit card debt. Focus on providing a good foundation for your kid. Make sure they’re getting good grades and home life is solid. You/your kid will find a way.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Here is for example a statement from Harvard

We are pleased to announce that beginning in the 2023-24 academic year, families with annual incomes of up to $85,000 (up from $75,000) will be expected to contribute nothing to the cost of their child's education

All you have to do is make sure kid is accepted at Harvard. Problem solved.

That is not the point. The issue is that a lot of low income parents assume they can’t afford to pay for college while in reality many colleges, including the most famous and expensive ones are free to them.

This. The kid will get aid. Plenty of colleges will give aid at this level. My kids will not so we have to save like crazy.

[Anonymous]

Anonymous wrote:College is free poor people. No worries

No, it is not. Very Highly selective colleges for stellar students, yes, if they can get in. Most other schools and most other students, no. I work with low income students and most only get Pell grant and a small VA state grant. Maximum Pell Grant is just over $7k per year and you have to have a very low EFC to get the max.

The most common path for low income students is CC or local public U while commuting (and taking loans). Or take more loans to be able to live in campus and go "away" but very typical to stay close to home. Travel costs can be really hard to deal with on top of everything else.