Paying for college costs

[Anonymous]

Anonymous wrote:

Anonymous wrote:Have “well-funded” 529s started when they were babies. But not sure that we even have enough in the eldest’s for next year! He’s a junior. The costs are outrageous. But I admit we haven’t considered u of Maryland. I’m old ( went to college in the 70s) and a snob. Go ahead flame me

You're not alone, but consider that this year, UMD's admit rate is 34%.

I don’t understand why people think that their families are too good for public universities. There are smart people with diverse backgrounds at state schools.

[Anonymous]

Anonymous wrote:Have “well-funded” 529s started when they were babies. But not sure that we even have enough in the eldest’s for next year! He’s a junior. The costs are outrageous. But I admit we haven’t considered u of Maryland. I’m old ( went to college in the 70s) and a snob. Go ahead flame me

So much for the argument that people who wait to have kids later in life are better set financially. Old parents do not necessarily equal wealthy parents. parents

[Anonymous]

Good read:

"The Price You Pay for College" by Ron Lieber

https://www.youtube.com/watch?v=F8RhJ-_6-Co&t=1224s

[Anonymous]

Anonymous wrote:Have “well-funded” 529s started when they were babies. But not sure that we even have enough in the eldest’s for next year! He’s a junior. The costs are outrageous. But I admit we haven’t considered u of Maryland. I’m old ( went to college in the 70s) and a snob. Go ahead flame me

I will, there is absolutely nothing wrong with going to UMD>

Especially since the goal is to get out and get a dam job.

"snob" really?

You are ridiculous. Those UMD grads will be outpacing your kid easily.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Have “well-funded” 529s started when they were babies. But not sure that we even have enough in the eldest’s for next year! He’s a junior. The costs are outrageous. But I admit we haven’t considered u of Maryland. I’m old ( went to college in the 70s) and a snob. Go ahead flame me

You're not alone, but consider that this year, UMD's admit rate is 34%.

I don’t understand why people think that their families are too good for public universities. There are smart people with diverse backgrounds at state schools.

Either new money or middle class keeping up the jones parents who send their kids to OOS public universities when they can not afford to do so.

[Anonymous]

I am lucky to live in Virginia, where if my kids go to public school, we will pay max about $42k a year (w&m) for school.

On the more affordable end are Christopher Newport ($27k) and GMU ($15k).

We also have a hhi of $250k so will not qualify for non merit aid at most school.

Let’s say max I pay instate is $160k per kid. And I have 2 kids.

I have saved $150k for both of them and can afford to pay for instate for both with minimal loans.

Any school that’s annually $55k+ tuition and room and board (and I’ve seen 60, 70, 80+k), we just can’t afford or it’s not worth it. Not for $300-350k/kid.

Also they can go to grad school if they need to, to improve their career prospects.

I don’t know why people would take on more than $100k of debt for undergrad. It’s unnecessary, especially in Virginia.

[Anonymous]

We contributed up to the amount of the annual gift tax exclusion (for reference, it is $17k for 2023) per kid per year since birth and it looks like we'll have enough for wherever they want to attend. Oldest is in eighth grade and 529 plan is in excellent shape and may even have some left over for grad school, a sibling or the next generation. High joint income but never over $1m/year.

[Anonymous]

Anonymous wrote:We contributed up to the amount of the annual gift tax exclusion (for reference, it is $17k for 2023) per kid per year since birth and it looks like we'll have enough for wherever they want to attend. Oldest is in eighth grade and 529 plan is in excellent shape and may even have some left over for grad school, a sibling or the next generation. High joint income but never over $1m/year.

Let’s just say anyone with say $400k $1m joint hhi income isn’t rally in the same paying for college conversation as the rest of us 95% earning plebes.

Most people can’t save $17k per kid per year btw. Duh.

[Anonymous]

Anonymous wrote:So a parent in the Teen forum mentioned taking Parent Plus Loans to send their DC to college and possibly having their DC contribute to the "college expenses" with part-time/summer jobs.

Most people said if they couldn't afford paying for College they would send their kids to Community College to start.

I see a lot of talk about top schools, OOS schools, flagship schools, etc in this forum. How are people paying/planning to pay for their kids College education?

Scholarships, aid, debt, rich grandparents mostly. Very few folks have "fully funded 529s" with $200,000-$250,000 per kid. But those ones are of course highly visible here.

[Anonymous]

Anonymous wrote:Have “well-funded” 529s started when they were babies. But not sure that we even have enough in the eldest’s for next year! He’s a junior. The costs are outrageous. But I admit we haven’t considered u of Maryland. I’m old ( went to college in the 70s) and a snob. Go ahead flame me

We both went to state schools and can afford to send our 3 kids to private schools full-pay now. Flame that.

Seriously there is something so deeply pathetic about people who think they’re too good for what they can afford. Capitalism has considered you and deemed you not good enough.

[Anonymous]

Anonymous wrote:Community college isn’t even pocket change anymore.

Although I have figured out that an out of state community college tuition would be cheaper than trying to take a couple classes at our in state local university before enrolling full time for a subject our local community college does not offer.

I was curious: for two, fifteen-credit semesters

NVCC is $5565/$11647 in state/OOS.
Montgomery Community College is $5910 in-county/$10650 out of county/$15390 OOS
WVNCC in Wheeling, WV, is $3600 (12+ cred) in state/$11568 OOS (12+cred)

[Anonymous]

Anonymous wrote:

Anonymous wrote:So a parent in the Teen forum mentioned taking Parent Plus Loans to send their DC to college and possibly having their DC contribute to the "college expenses" with part-time/summer jobs.

Most people said if they couldn't afford paying for College they would send their kids to Community College to start.

I see a lot of talk about top schools, OOS schools, flagship schools, etc in this forum. How are people paying/planning to pay for their kids College education?

Scholarships, aid, debt, rich grandparents mostly. Very few folks have "fully funded 529s" with $200,000-$250,000 per kid. But those ones are of course highly visible here.

Private colleges run 80k per year now, so that’s 320k per kid.

[Anonymous]

Merit scholarship for one at an OOS flagship makes it within $5k of UMD - plenty in the 529 with a little left over toward grad school

Full pay at an OOS private for the other (over $82k). Our plan is some from cash flow, some from 529, some from other savings, and some from scholarahips. It's the dream school, so we will make it work

[Anonymous]

We set up 529 for each of our kids when they were born. Started with modest contributions. Increased when they left daycare. Have enough for most 4-year private colleges but hope for some merit aid or OOS state school so that there is leftover to be used for grad school or change the beneficiary to grandkids one day. But, it’s amazing that over 18 years even modest contributions can grow.

[Anonymous]

Anonymous wrote:Merit scholarship for one at an OOS flagship makes it within $5k of UMD - plenty in the 529 with a little left over toward grad school

Full pay at an OOS private for the other (over $82k). Our plan is some from cash flow, some from 529, some from other savings, and some from scholarahips. It's the dream school, so we will make it work

Interesting! Does each child receive equal amounts?