those with kids in college or entering now--can you share your actual financial (tuition) breakdown?
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Anonymous
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My kids are young and we're saving diligently for college but I would find it fascinating to hear what people are actually paying and how they're paying it:
Could you share something like: HHI: $200K One child College cost: (tuition + room and board): $38K/year Yearly payment out of college savings: $23K Yearly out of current income: $10K scholarship(s) money: $5K |
Anonymous
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HHI: $500K
3 kids College Cost: $58K/year Yearly out of current income: $38K/yr athletic scholarship: $20/yr |
Anonymous
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HHI: ~$180k
1 entering in fall, 1 two years later Annual College cost: $40k for tuition/fees/R&B for first We have saved a mix of 529s, prepaid tuition (which he will not be using and we will cash in two years if his brother does not go instate), ROTH IRAs and other savings. We currently put in ~$10k a year into those funds and if his brother goes in state or to a similar cost oos state school, we will have enough without having to cut our 401k contributions or other spending or getting a higher paying job. We put enough in 529 to cover what the prepaid in state tuition does not cover (R&B essentially). The rest we have put into ROTHs and other savings. |
Anonymous
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HHI $200K
Total college cost - $48,000 Merit aid scholarship - $10,000 Outside scholarship from DH's company - $5,000 From college savings - $18,000 Out of income - $15,000 |
Anonymous
Oh, I should add my younger child who is attending an instate school next year - Total college cost - $25,000 Scholarship from DH's company - $5,000 From college savings - $18,000 Out of income - $2,000 |
Anonymous
HHI $150k 2 kids in private college = total college cost annually $140k (tuitions and room and board) Need-based financial aid = $60k Tution assistance from my parent's university employer = $30k Savings/cash on hand/borrowing on credit cards = $50k |
Anonymous
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HHI - $125,000
Child support - $12,000 year Two kids both in college Private college- $35,000 FA grant (son) Public college- private scholarship plus DC TAG plus small merit grant from university (daughter) I pay $10,000 per year for son out of income. Did not use savings from grandparents. Kids will receive cars upon graduation from grands. |
Anonymous
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We've got another year to go before our first starts college, but our plan:
HHI: $215k 2 kids Total college cost: max of $32,000 at our state's priciest public (less at other in-state publics) Out of income: $12,000 Out of savings: $15,000 Unsubsidized stafford student loan: $5,000 |
Anonymous
Just curious: why unsubsidized? |
Anonymous
There are income limits on the subsidized Stafford loans. |
Anonymous
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HHI: $142k
5 kids (3 steps - 1 in college, 1 starting next year, 1 starting in a couple of years and 2 young bios) Total college cost for current kid in college: ~20k $13k parent plus loan $7k in subsidized/unsubsidized loans Years 3 and 4 will be paid for out of 529 plan Probably will be the same for other two steps. 2 bios already have 40k each in their 529s (thanks to generous grandparents) plus another 529 by other set of grandparents that I have no idea how much is in. God knows what college costs are going to be in 15 years. |
Anonymous
Yep, instate tuition is less than the federally calculated expected financial contribution amount for our family, so we won't qualify for financial aid or subsidized loans. DC1 is also interested in some private schools, but those are only an option if DC receives enough merit aid to bring the price close to what we'd pay in-state. We can swing a little more out of income if necessary. I don't want DC to borrow more than about $15k, total. |
Anonymous
2 kids in college Tuition, room and board is $125,000/year Scholarships $0 Savings $100,000 Cash $25,000 |
Anonymous
HHI 150k total cost of college 25k give or take FIL had set up a college trust fund for DD so out of income/savings for us: zero 
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