Is It Really Gonna Cost $280K? OMG

[Anonymous]

Anonymous wrote:

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!

I’m all for optimism, but this is a little messed up. Your kids are their own sentient beings, but just vehicles for your ego.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

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!

I’m all for optimism, but this is a little messed up. Your kids are their own sentient beings, but just vehicles for your ego.

What in the world are you talking about? On what planet is this “messed up”?!? I’m sure my children won’t think it’s messed up when I contribute tens of thousands of dollars (tax free) to their children’s education. Educational attainment is a part of our family’s legacy. Clearly you’re unfamiliar with the concept.

[Anonymous]

The question really has to be: Is NU really with the full price? Once you leave Cihicago? No way! Agree with prior poster that the medical school is a yes. Law school? Again not so sure once you leave Chicago (unless that’s where you want to be...except in January and February!)

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

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!

Generous thought poster - You should talk to our advisor or CPA. The rules of 529s will lock you into tax penalties so adjustments as needed are not without a heavy financial price. You do you but be informed.
I’m all for optimism, but this is a little messed up. Your kids are their own sentient beings, but just vehicles for your ego.

What in the world are you talking about? On what planet is this “messed up”?!? I’m sure my children won’t think it’s messed up when I contribute tens of thousands of dollars (tax free) to their children’s education. Educational attainment is a part of our family’s legacy. Clearly you’re unfamiliar with the concept.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

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!

I’m all for optimism, but this is a little messed up. Your kids are their own sentient beings, but just vehicles for your ego.

What in the world are you talking about? On what planet is this “messed up”?!? I’m sure my children won’t think it’s messed up when I contribute tens of thousands of dollars (tax free) to their children’s education. Educational attainment is a part of our family’s legacy. Clearly you’re unfamiliar with the concept.

Generous thought poster - You should talk to our advisor or CPA. The rules of 529s will lock you into tax penalties so adjustments as needed are not without a heavy financial price. You do you but be informed.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

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!

I’m all for optimism, but this is a little messed up. Your kids are their own sentient beings, but just vehicles for your ego.

What in the world are you talking about? On what planet is this “messed up”?!? I’m sure my children won’t think it’s messed up when I contribute tens of thousands of dollars (tax free) to their children’s education. Educational attainment is a part of our family’s legacy. Clearly you’re unfamiliar with the concept.

Generous thought poster - You should talk to our advisor or CPA. The rules of 529s will lock you into tax penalties so adjustments as needed are not without a heavy financial price. You do you but be informed.

No, you just sound bitter that you can’t provide the same generous support for your future grandchildren.

[Anonymous]

Anonymous wrote:DD got in to Northwestern and she is over the moon.

If we continue to save $1K a month, we should only be $35K short for the 4 years of tuition.

Still it's SO MUCH $! Am I the only one that feels this way? My DD has brought it up more than once to me. I tend to be okay about money issues. Just want to make sure I am not missing anything.

TIA

Nope. Girls, too, are pressured into a name school. Congrats to your daughter and your ability to save.

[Anonymous]

Anonymous wrote:It is interesting that with every other major expense in life you’d research, evaluate, bargain-shop, etc. But when it comes to college, people like OP just let their kid put “4 yrs private college” in the cart and move on to checkout. It’s a choice and it should not break you. It’s okay to say, yes, I know you love those 4 BMW’s or Northeastern or whatever, but we’re not prepared to spend that much money.

Some state schools are 30K per year IN STATE. That's not peanuts

[Anonymous]

Anonymous wrote:

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.

When you say top 30 are you including SLACs? They are often ranked separately and I am never sure where a school like Bryn Mawr or Haverford would rank compared to a national university

[Anonymous]

Don't spend the $280,000 thinking everyone is going to fawn over you for being amazing parents for having a daughter at Northwestern. It just doesn't have much firepower outside of Chicago.

[Anonymous]

Anonymous wrote:Don't spend the $280,000 thinking everyone is going to fawn over you for being amazing parents for having a daughter at Northwestern. It just doesn't have much firepower outside of Chicago.

I am not going to comment on anything with regard to financial worth as that is a personal decision, but the idea that Northwestern is not highly respected outside of Chicago is preposterous

[Anonymous]

Anonymous wrote:

Anonymous wrote:Don't spend the $280,000 thinking everyone is going to fawn over you for being amazing parents for having a daughter at Northwestern. It just doesn't have much firepower outside of Chicago.

I am not going to comment on anything with regard to financial worth as that is a personal decision, but the idea that Northwestern is not highly respected outside of Chicago is preposterous

This is only true in part and no doubt post by an alum. It’s true that the school is respected. But it carries far more clout in the Chicago and Midwest region. It is simply not the case that it is more respected than the East Coast schools in the East. Sorry but that is the case and that’s coming a recruiter.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Don't spend the $280,000 thinking everyone is going to fawn over you for being amazing parents for having a daughter at Northwestern. It just doesn't have much firepower outside of Chicago.

I am not going to comment on anything with regard to financial worth as that is a personal decision, but the idea that Northwestern is not highly respected outside of Chicago is preposterous

This is only true in part and no doubt post by an alum. It’s true that the school is respected. But it carries far more clout in the Chicago and Midwest region. It is simply not the case that it is more respected than the East Coast schools in the East. Sorry but that is the case and that’s coming a recruiter.

First I am not an alum, I have not even visited the campus.

Second I didn’t say there weren’t schools held in higher esteem. I didn’t say that because that would be a ridiculous discussion.

[Anonymous]

Higher education should be a right but clearly it is becoming a privilege.

Unless you attend your state schools, get loans or get lucky with scholarships.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

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!

I’m all for optimism, but this is a little messed up. Your kids are their own sentient beings, but just vehicles for your ego.

What in the world are you talking about? On what planet is this “messed up”?!? I’m sure my children won’t think it’s messed up when I contribute tens of thousands of dollars (tax free) to their children’s education. Educational attainment is a part of our family’s legacy. Clearly you’re unfamiliar with the concept.

Generous thought poster - You should talk to our advisor or CPA. The rules of 529s will lock you into tax penalties so adjustments as needed are not without a heavy financial price. You do you but be informed.

No, you just sound bitter that you can’t provide the same generous support for your future grandchildren.

Let's see if I can make this clearer. I am trying to say to you that saving with that goal is admirable. But do it outside of a 529. If all you can save is $8,000/year, you probably can't afford the penalties if your kids need the money for something else like health issues. Put it in a regular investent account or better yet a ROTH if you're eligible. Talk to your financial advisor.