Fully Funded College

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:We are full pay at a $70k Ivy and $50k private - sometimes I fantasize about taking the money and buying a franchise for DC instead

We are a high earning family and like one of the PPs are only willing to pay for in state tuition. Period. Luckily my kids are smart and took the free option. This allowed us room to set aside money for their first home. We have 2 rental properties in FFXCO and each kid will get either the rental deeded over to them and have their first home for free, and nearly mortgage free or can take profits from the sale and for a downpayment on the home of their choice and in the location they want. The equity in those homes is substantial.

I feel like a free education, plus a huge boot up into early home ownership will pay off much more in the long run that an expensive name brand school that only pays off upon obtaining their first job.

PP, you are right, these are wonderful gifts to give your child. My parents paid for all my undergrad, and gave me $10,000 towards a down payment for our first home. It was a fantastic step up in the world and led to a life that is much more financially secure than it otherwise would have been.

I hope to offer the same step up for my kids. For me, a DC resident, fully funded is "able to pay for four years of full tuition at a public college, after the DC Tag discount." We put away about $7,000 per year per kid in 529 accounts, and we are basically on target to get there.

You can do both if you can afford it. Its one thing if you cannot not, but to be able to and refuse is selfish. My parents paid for college, graduate school, a car in graduate (cheaper new shared cost with grandparents) and helped with a downpayment for a house. We could choose any school we wanted or could get in.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:We are full pay at a $70k Ivy and $50k private - sometimes I fantasize about taking the money and buying a franchise for DC instead

We are a high earning family and like one of the PPs are only willing to pay for in state tuition. Period. Luckily my kids are smart and took the free option. This allowed us room to set aside money for their first home. We have 2 rental properties in FFXCO and each kid will get either the rental deeded over to them and have their first home for free, and nearly mortgage free or can take profits from the sale and for a downpayment on the home of their choice and in the location they want. The equity in those homes is substantial.

I feel like a free education, plus a huge boot up into early home ownership will pay off much more in the long run that an expensive name brand school that only pays off upon obtaining their first job.

Financially, I don’t disagree this makes sense but I think it’s a bit too controlling.

They want to feel generous without being. They were probably smart and got the houses when they were cheap so its not as big of a "gift" as they make it. If they have a high income, they should let their kids go to the best schools they can get into and pay for graduate school. They cannot die with all that money.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:We are full pay at a $70k Ivy and $50k private - sometimes I fantasize about taking the money and buying a franchise for DC instead

We are a high earning family and like one of the PPs are only willing to pay for in state tuition. Period. Luckily my kids are smart and took the free option. This allowed us room to set aside money for their first home. We have 2 rental properties in FFXCO and each kid will get either the rental deeded over to them and have their first home for free, and nearly mortgage free or can take profits from the sale and for a downpayment on the home of their choice and in the location they want. The equity in those homes is substantial.

I feel like a free education, plus a huge boot up into early home ownership will pay off much more in the long run that an expensive name brand school that only pays off upon obtaining their first job.

PP, you are right, these are wonderful gifts to give your child. My parents paid for all my undergrad, and gave me $10,000 towards a down payment for our first home. It was a fantastic step up in the world and led to a life that is much more financially secure than it otherwise would have been.

I hope to offer the same step up for my kids. For me, a DC resident, fully funded is "able to pay for four years of full tuition at a public college, after the DC Tag discount." We put away about $7,000 per year per kid in 529 accounts, and we are basically on target to get there.

You can do both if you can afford it. Its one thing if you cannot not, but to be able to and refuse is selfish. My parents paid for college, graduate school, a car in graduate (cheaper new shared cost with grandparents) and helped with a downpayment for a house. We could choose any school we wanted or could get in.

Your parents were generous.

The cost of college is vastly different now relative to HHI than it was 30 years ago.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:We are full pay at a $70k Ivy and $50k private - sometimes I fantasize about taking the money and buying a franchise for DC instead

We are a high earning family and like one of the PPs are only willing to pay for in state tuition. Period. Luckily my kids are smart and took the free option. This allowed us room to set aside money for their first home. We have 2 rental properties in FFXCO and each kid will get either the rental deeded over to them and have their first home for free, and nearly mortgage free or can take profits from the sale and for a downpayment on the home of their choice and in the location they want. The equity in those homes is substantial.

I feel like a free education, plus a huge boot up into early home ownership will pay off much more in the long run that an expensive name brand school that only pays off upon obtaining their first job.

Financially, I don’t disagree this makes sense but I think it’s a bit too controlling.

How so?

Look, your kids are super lucky. In our case I simply wouldn't force the kids to go to a state school. I might tell them it's smarter (and they are welcome to keep the money which in their case they are because their 529's are already fully funded for private) and I think it is smarter outside of the top privates, but I will allow them to make that choice.

I'm not PP, but I do have a DC who is a college student and a second who will start college this year. We have a budget, and they have to adhere to it. That is completely rational.

What is irrational is giving a 17 year old complete control of a decision the cost of which is the same as what you would pay for a house in many parts of the country. That is nuts.

[Anonymous]

All the posts are about VA schools. UVA is a very good school. Would you make your kid go to UMD if they got into Michigan, Tufts, Wake Forest, Carnegie Mellon or other top 30 schools? I think that where you go to college stays with you the rest of your life. Every time you give a presentation and you’re introduced your education is usually mentioned. Throughout your life probably thousands of people will ask you. Whether we like it or not, people make judgements about you based on this, whether it’s a potential employer or love interest.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:We are full pay at a $70k Ivy and $50k private - sometimes I fantasize about taking the money and buying a franchise for DC instead

We are a high earning family and like one of the PPs are only willing to pay for in state tuition. Period. Luckily my kids are smart and took the free option. This allowed us room to set aside money for their first home. We have 2 rental properties in FFXCO and each kid will get either the rental deeded over to them and have their first home for free, and nearly mortgage free or can take profits from the sale and for a downpayment on the home of their choice and in the location they want. The equity in those homes is substantial.

I feel like a free education, plus a huge boot up into early home ownership will pay off much more in the long run that an expensive name brand school that only pays off upon obtaining their first job.

PP, you are right, these are wonderful gifts to give your child. My parents paid for all my undergrad, and gave me $10,000 towards a down payment for our first home. It was a fantastic step up in the world and led to a life that is much more financially secure than it otherwise would have been.

I hope to offer the same step up for my kids. For me, a DC resident, fully funded is "able to pay for four years of full tuition at a public college, after the DC Tag discount." We put away about $7,000 per year per kid in 529 accounts, and we are basically on target to get there.

You can do both if you can afford it. Its one thing if you cannot not, but to be able to and refuse is selfish. My parents paid for college, graduate school, a car in graduate (cheaper new shared cost with grandparents) and helped with a downpayment for a house. We could choose any school we wanted or could get in.

Your parents were generous.

The cost of college is vastly different now relative to HHI than it was 30 years ago.

No, it wasn't and that poster was clear that they were wealthy. When I was young, my parents drove cars given by my grandparent or cheap cars literally till they died. We rarely went on vacation. They went to Europe a few times without/we went to grandparents and that was it. They lived very modestly and way under their means. My sister went to Ivy's and they were $50k+ a year, and medial school and I went to privates as well. Some publics are cheaper than the privates were back then. Life is about choices. My mom gave me some of my grandparents money for the inheritance (it was self-serving to make her look good vs. letting us inherit directly). School costs have gone up but so have incomes, not at the same rate.

We do the same. We heavily save, living in an small house, older cars and few vacations. It can be done. Why have kids if you aren't going to set them up well in life if you can afford to?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:We are full pay at a $70k Ivy and $50k private - sometimes I fantasize about taking the money and buying a franchise for DC instead

We are a high earning family and like one of the PPs are only willing to pay for in state tuition. Period. Luckily my kids are smart and took the free option. This allowed us room to set aside money for their first home. We have 2 rental properties in FFXCO and each kid will get either the rental deeded over to them and have their first home for free, and nearly mortgage free or can take profits from the sale and for a downpayment on the home of their choice and in the location they want. The equity in those homes is substantial.

I feel like a free education, plus a huge boot up into early home ownership will pay off much more in the long run that an expensive name brand school that only pays off upon obtaining their first job.

Financially, I don’t disagree this makes sense but I think it’s a bit too controlling.

How so?

Look, your kids are super lucky. In our case I simply wouldn't force the kids to go to a state school. I might tell them it's smarter (and they are welcome to keep the money which in their case they are because their 529's are already fully funded for private) and I think it is smarter outside of the top privates, but I will allow them to make that choice.

I'm not PP, but I do have a DC who is a college student and a second who will start college this year. We have a budget, and they have to adhere to it. That is completely rational.

What is irrational is giving a 17 year old complete control of a decision the cost of which is the same as what you would pay for a house in many parts of the country. That is nuts.

If you are not a "high earner" as PP bragged, then yes, a state school fully paid for is very generous and a good choice but to be high earner and would prefer a grand house, fancy vacations, housekeeper, yard service, nannies, then it is a bit selfish and strange.

[Anonymous]

Anonymous wrote:All the posts are about VA schools. UVA is a very good school. Would you make your kid go to UMD if they got into Michigan, Tufts, Wake Forest, Carnegie Mellon or other top 30 schools? I think that where you go to college stays with you the rest of your life. Every time you give a presentation and you’re introduced your education is usually mentioned. Throughout your life probably thousands of people will ask you. Whether we like it or not, people make judgements about you based on this, whether it’s a potential employer or love interest.

I'm a female executive at an IT company and I speak all the time at conferences and events in the DC area. I'm never ever introduced and my college mentioned. Never. I went to UMASS and people cannjufge away. I think your statement is about your own insecurity, not the reality. Nobody cares about your degree beyond your first and maybe, just maybe second job. I run an organization of 1500 people and nobody is impressed of you went to Tufts. When I review a linked in profile, I rarely scroll to the bottom. I don't care when you did in 2004, let alone where you graduated from in 1998.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:We are full pay at a $70k Ivy and $50k private - sometimes I fantasize about taking the money and buying a franchise for DC instead

We are a high earning family and like one of the PPs are only willing to pay for in state tuition. Period. Luckily my kids are smart and took the free option. This allowed us room to set aside money for their first home. We have 2 rental properties in FFXCO and each kid will get either the rental deeded over to them and have their first home for free, and nearly mortgage free or can take profits from the sale and for a downpayment on the home of their choice and in the location they want. The equity in those homes is substantial.

I feel like a free education, plus a huge boot up into early home ownership will pay off much more in the long run that an expensive name brand school that only pays off upon obtaining their first job.

Financially, I don’t disagree this makes sense but I think it’s a bit too controlling.

How so?

Look, your kids are super lucky. In our case I simply wouldn't force the kids to go to a state school. I might tell them it's smarter (and they are welcome to keep the money which in their case they are because their 529's are already fully funded for private) and I think it is smarter outside of the top privates, but I will allow them to make that choice.

I'm not PP, but I do have a DC who is a college student and a second who will start college this year. We have a budget, and they have to adhere to it. That is completely rational.

What is irrational is giving a 17 year old complete control of a decision the cost of which is the same as what you would pay for a house in many parts of the country. That is nuts.

If you are not a "high earner" as PP bragged, then yes, a state school fully paid for is very generous and a good choice but to be high earner and would prefer a grand house, fancy vacations, housekeeper, yard service, nannies, then it is a bit selfish and strange.

Lol where are you getting this? Do you think high earners don't want to waste money in order to waste money?

People with money have money for a reason.

[Anonymous]

Anonymous wrote:All the posts are about VA schools. UVA is a very good school. [b]Would you make your kid go to UMD if they got into Michigan, Tufts, Wake Forest, Carnegie Mellon or other top 30 schools?[/] I think that where you go to college stays with you the rest of your life. Every time you give a presentation and you’re introduced your education is usually mentioned. Throughout your life probably thousands of people will ask you. Whether we like it or not, people make judgements about you based on this, whether it’s a potential employer or love interest.

Yes, I would and am doing that very thing this year. My MCPS senior RMIB kid has perfect SATs and a 4.83 weighted GPA. Elite schools are not on her list because we cannot pay for them. It’s in state public or private with merit for her.

Her success is about her, not about the brand name of her college.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:We are full pay at a $70k Ivy and $50k private - sometimes I fantasize about taking the money and buying a franchise for DC instead

We are a high earning family and like one of the PPs are only willing to pay for in state tuition. Period. Luckily my kids are smart and took the free option. This allowed us room to set aside money for their first home. We have 2 rental properties in FFXCO and each kid will get either the rental deeded over to them and have their first home for free, and nearly mortgage free or can take profits from the sale and for a downpayment on the home of their choice and in the location they want. The equity in those homes is substantial.

I feel like a free education, plus a huge boot up into early home ownership will pay off much more in the long run that an expensive name brand school that only pays off upon obtaining their first job.

PP, you are right, these are wonderful gifts to give your child. My parents paid for all my undergrad, and gave me $10,000 towards a down payment for our first home. It was a fantastic step up in the world and led to a life that is much more financially secure than it otherwise would have been.

I hope to offer the same step up for my kids. For me, a DC resident, fully funded is "able to pay for four years of full tuition at a public college, after the DC Tag discount." We put away about $7,000 per year per kid in 529 accounts, and we are basically on target to get there.

You can do both if you can afford it. Its one thing if you cannot not, but to be able to and refuse is selfish. My parents paid for college, graduate school, a car in graduate (cheaper new shared cost with grandparents) and helped with a downpayment for a house. We could choose any school we wanted or could get in.

Your parents were generous.

The cost of college is vastly different now relative to HHI than it was 30 years ago.

No, it wasn't and that poster was clear that they were wealthy. When I was young, my parents drove cars given by my grandparent or cheap cars literally till they died. We rarely went on vacation. They went to Europe a few times without/we went to grandparents and that was it. They lived very modestly and way under their means. My sister went to Ivy's and they were $50k+ a year, and medial school and I went to privates as well. Some publics are cheaper than the privates were back then. Life is about choices. My mom gave me some of my grandparents money for the inheritance (it was self-serving to make her look good vs. letting us inherit directly). School costs have gone up but so have incomes, not at the same rate.

We do the same. We heavily save, living in an small house, older cars and few vacations. It can be done. Why have kids if you aren't going to set them up well in life if you can afford to?

The cost of higher education has gone up at a much higher rate than incomes, far outpacing inflation.

Your parents’ choices are not a how to manual for everyone else, no matter a person’s affluence or circumstances.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:We are full pay at a $70k Ivy and $50k private - sometimes I fantasize about taking the money and buying a franchise for DC instead

We are a high earning family and like one of the PPs are only willing to pay for in state tuition. Period. Luckily my kids are smart and took the free option. This allowed us room to set aside money for their first home. We have 2 rental properties in FFXCO and each kid will get either the rental deeded over to them and have their first home for free, and nearly mortgage free or can take profits from the sale and for a downpayment on the home of their choice and in the location they want. The equity in those homes is substantial.

I feel like a free education, plus a huge boot up into early home ownership will pay off much more in the long run that an expensive name brand school that only pays off upon obtaining their first job.

PP, you are right, these are wonderful gifts to give your child. My parents paid for all my undergrad, and gave me $10,000 towards a down payment for our first home. It was a fantastic step up in the world and led to a life that is much more financially secure than it otherwise would have been.

I hope to offer the same step up for my kids. For me, a DC resident, fully funded is "able to pay for four years of full tuition at a public college, after the DC Tag discount." We put away about $7,000 per year per kid in 529 accounts, and we are basically on target to get there.

You can do both if you can afford it. Its one thing if you cannot not, but to be able to and refuse is selfish. My parents paid for college, graduate school, a car in graduate (cheaper new shared cost with grandparents) and helped with a downpayment for a house. We could choose any school we wanted or could get in.

Your parents were generous.

The cost of college is vastly different now relative to HHI than it was 30 years ago.

No, it wasn't and that poster was clear that they were wealthy. When I was young, my parents drove cars given by my grandparent or cheap cars literally till they died. We rarely went on vacation. They went to Europe a few times without/we went to grandparents and that was it. They lived very modestly and way under their means. My sister went to Ivy's and they were $50k+ a year, and medial school and I went to privates as well. Some publics are cheaper than the privates were back then. Life is about choices. My mom gave me some of my grandparents money for the inheritance (it was self-serving to make her look good vs. letting us inherit directly). School costs have gone up but so have incomes, not at the same rate.

We do the same. We heavily save, living in an small house, older cars and few vacations. It can be done. Why have kids if you aren't going to set them up well in life if you can afford to?

LOL, and therefore you know best how they should use their money?

[Anonymous]

We save a lot for college. My 4 year old had $100k in her 529. Older kids have more. I do not went money to be the limiting factor when it comes to choosing a school.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:We are full pay at a $70k Ivy and $50k private - sometimes I fantasize about taking the money and buying a franchise for DC instead

We are a high earning family and like one of the PPs are only willing to pay for in state tuition. Period. Luckily my kids are smart and took the free option. This allowed us room to set aside money for their first home. We have 2 rental properties in FFXCO and each kid will get either the rental deeded over to them and have their first home for free, and nearly mortgage free or can take profits from the sale and for a downpayment on the home of their choice and in the location they want. The equity in those homes is substantial.

I feel like a free education, plus a huge boot up into early home ownership will pay off much more in the long run that an expensive name brand school that only pays off upon obtaining their first job.

PP, you are right, these are wonderful gifts to give your child. My parents paid for all my undergrad, and gave me $10,000 towards a down payment for our first home. It was a fantastic step up in the world and led to a life that is much more financially secure than it otherwise would have been.

I hope to offer the same step up for my kids. For me, a DC resident, fully funded is "able to pay for four years of full tuition at a public college, after the DC Tag discount." We put away about $7,000 per year per kid in 529 accounts, and we are basically on target to get there.

You can do both if you can afford it. Its one thing if you cannot not, but to be able to and refuse is selfish. My parents paid for college, graduate school, a car in graduate (cheaper new shared cost with grandparents) and helped with a downpayment for a house. We could choose any school we wanted or could get in.

Your parents were generous.

The cost of college is vastly different now relative to HHI than it was 30 years ago.

No, it wasn't and that poster was clear that they were wealthy. When I was young, my parents drove cars given by my grandparent or cheap cars literally till they died. We rarely went on vacation. They went to Europe a few times without/we went to grandparents and that was it. They lived very modestly and way under their means. My sister went to Ivy's and they were $50k+ a year, and medial school and I went to privates as well. Some publics are cheaper than the privates were back then. Life is about choices. My mom gave me some of my grandparents money for the inheritance (it was self-serving to make her look good vs. letting us inherit directly). School costs have gone up but so have incomes, not at the same rate.

We do the same. We heavily save, living in an small house, older cars and few vacations. It can be done. Why have kids if you aren't going to set them up well in life if you can afford to?

The cost of higher education has gone up at a much higher rate than incomes, far outpacing inflation.

Your parents’ choices are not a how to manual for everyone else, no matter a person’s affluence or circumstances.

No, its good parenting to put your kids needs first and give them the best education you can. College has been costly since most of us went. My parents were paying $40-60K a year and that was over 20 years ago. Incomes have also gone up too. I don't get the high income brag as it doesn't benefit your kids if you are only willing to do the bare minimum for them. The point of having a high income and kids is to give them the best start to life you can. If you choose not to and could afford it, then don't grumble about costs as that is not relevant.

[Anonymous]

Anonymous wrote:

Anonymous wrote:All the posts are about VA schools. UVA is a very good school. [b]Would you make your kid go to UMD if they got into Michigan, Tufts, Wake Forest, Carnegie Mellon or other top 30 schools?[/] I think that where you go to college stays with you the rest of your life. Every time you give a presentation and you’re introduced your education is usually mentioned. Throughout your life probably thousands of people will ask you. Whether we like it or not, people make judgements about you based on this, whether it’s a potential employer or love interest.

Yes, I would and am doing that very thing this year. My MCPS senior RMIB kid has perfect SATs and a 4.83 weighted GPA. Elite schools are not on her list because we cannot pay for them. It’s in state public or private with merit for her.

Her success is about her, not about the brand name of her college.

The difference is you cannot afford them and that is ok. The point is about posters who can afford them and choose not to. If you could afford it you'd probably feel differently.