Did you folks not do ANY saving?

[Anonymous]

Two fed family here with a kid going to a top 20 private, and another heading to college in 2 years. We're paying full freight. Being able to pay was a priority for us as both of us had our college options limited. Yeah, I get slightly annoyed about the whining and gaming, but am grateful we are able to provide this for our kid and realize not all families are alike.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Aren't most people still working when their kids are in college? I'm saving for both my kids, but I'm also assuming that large amounts of my paycheck during their college years will be going towards paying their college expenses. Why are people thinking they need to have saved the total amount by the time their kids start college?

+1. By the time my kids go to college, we're projecting that'll we have saved about half about their college expenses. Which makes it easier to pay the rest from our salaries. If college is $74k a year, half of that is $37k, which is basically what we paid during the daycare years with no savings at all, and when we both earned so much less than we do now.

I opted to be a SAHM. I only recently began working. Not sure how we will make it since we are by definition a donut hole family. Seems unfair that our current income is counted against us. Considering staying home, again, until kids are out of college. May make more sense, tbh. Then we can get FA.

Holy crap. Read this again, PP.

You are complaining that it's unfair that your current income is counted against you, when you removed yourself from the workforce for years. Moreover, you're considering doing it again, so you can get aid?

You aren't ashamed of yourself, typing this out?

Since you went without your income for so long, and apparently comfortable doing so again, you should be able to direct that income entirely to college. That'll help.

Again, giving low income kids a hand - great. Giving "aid" to families who decided to not do all they can to pay for college themselves? No thanks.

I'm going to go ahead and disagree. I don't think anyone should need to pay the full price for a college education at the levels of tuition being charged today. We are UMC (but not rich; we have no parental help or similar luxuries) and saved aggressively for college. But, that money -or a portion of it- could have been used for many other things. But, we know we can't do that b/c of the price tags and our income will be held against us. It's absurd that people pay such wildly different prices, and so much different aid, for the same education. We saved and we'll be punished for that.

Yes, I'll say it, I have a big problem with that.

[Anonymous]

Anonymous wrote:But here's the thing, why should it be necessary to save @$100K to send your child to college?

Is the problem with the saver or the out of control costs for higher education?

There's a problem with both.

College costs are out of control due to a variety of factors, and need to be reined in.

But they have been that way for a long time, and anyone who has had kids in the last 2 decades knows (or should know) this. The posters who are claiming that it was a complete surprise that college costs shot up so much are either deeply disingenuous or deeply clueless. SO regardless that the system is nuts, it was a known quantity, and people can absolutely be faulted for not saving appropriately.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Aren't most people still working when their kids are in college? I'm saving for both my kids, but I'm also assuming that large amounts of my paycheck during their college years will be going towards paying their college expenses. Why are people thinking they need to have saved the total amount by the time their kids start college?

+1. By the time my kids go to college, we're projecting that'll we have saved about half about their college expenses. Which makes it easier to pay the rest from our salaries. If college is $74k a year, half of that is $37k, which is basically what we paid during the daycare years with no savings at all, and when we both earned so much less than we do now.

I opted to be a SAHM. I only recently began working. Not sure how we will make it since we are by definition a donut hole family. Seems unfair that our current income is counted against us. Considering staying home, again, until kids are out of college. May make more sense, tbh. Then we can get FA.

Holy crap. Read this again, PP.

You are complaining that it's unfair that your current income is counted against you, when you removed yourself from the workforce for years. Moreover, you're considering doing it again, so you can get aid?

You aren't ashamed of yourself, typing this out?

Since you went without your income for so long, and apparently comfortable doing so again, you should be able to direct that income entirely to college. That'll help.

Again, giving low income kids a hand - great. Giving "aid" to families who decided to not do all they can to pay for college themselves? No thanks.

I'm going to go ahead and disagree. I don't think anyone should need to pay the full price for a college education at the levels of tuition being charged today. We are UMC (but not rich; we have no parental help or similar luxuries) and saved aggressively for college. But, that money -or a portion of it- could have been used for many other things. But, we know we can't do that b/c of the price tags and our income will be held against us. It's absurd that people pay such wildly different prices, and so much different aid, for the same education. We saved and we'll be punished for that.

Yes, I'll say it, I have a big problem with that.

You have a problem with making good money, saving it, and being expected to use it for its intended purpose?

You're unhappy because even though you prioritized savings, you'd rather have used that money for other things?

You are unhappy with people getting any aid whatsoever?

This is completely incoherent.

[Anonymous]

My SIL doesn't think they're responsible for paying for college for their kids. (Her dad paid for half of hers, her BIL the other half. Took her a while to finish. BIL got help from his parents and co-oped. May have had some loans)

They have two kids, both of whom have some special needs. She's expecting the first one to get a free ride to art school. Not sure about the second. They are a typical UMC household with two incomes and they save nothing. They regularly refi their house to pull cash out to spend on things like vacation and private school.

I just do NOT understand.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Aren't most people still working when their kids are in college? I'm saving for both my kids, but I'm also assuming that large amounts of my paycheck during their college years will be going towards paying their college expenses. Why are people thinking they need to have saved the total amount by the time their kids start college?

+1. By the time my kids go to college, we're projecting that'll we have saved about half about their college expenses. Which makes it easier to pay the rest from our salaries. If college is $74k a year, half of that is $37k, which is basically what we paid during the daycare years with no savings at all, and when we both earned so much less than we do now.

I opted to be a SAHM. I only recently began working. Not sure how we will make it since we are by definition a donut hole family. Seems unfair that our current income is counted against us. Considering staying home, again, until kids are out of college. May make more sense, tbh. Then we can get FA.

Holy crap. Read this again, PP.

You are complaining that it's unfair that your current income is counted against you, when you removed yourself from the workforce for years. Moreover, you're considering doing it again, so you can get aid?

You aren't ashamed of yourself, typing this out?

Since you went without your income for so long, and apparently comfortable doing so again, you should be able to direct that income entirely to college. That'll help.

Again, giving low income kids a hand - great. Giving "aid" to families who decided to not do all they can to pay for college themselves? No thanks.

I'm going to go ahead and disagree. I don't think anyone should need to pay the full price for a college education at the levels of tuition being charged today. We are UMC (but not rich; we have no parental help or similar luxuries) and saved aggressively for college. But, that money -or a portion of it- could have been used for many other things. But, we know we can't do that b/c of the price tags and our income will be held against us. It's absurd that people pay such wildly different prices, and so much different aid, for the same education. We saved and we'll be punished for that.

Yes, I'll say it, I have a big problem with that.

You have a problem with making good money, saving it, and being expected to use it for its intended purpose?

You're unhappy because even though you prioritized savings, you'd rather have used that money for other things?

You are unhappy with people getting any aid whatsoever?

This is completely incoherent.

The idea of being "punished" for saving is somewhat overblown: every 100k of savings outside of retirement accounts adds 5k to your expected family contribution to college. HHI and number of kids in college at a time are the primary determinants of EFC.

[Anonymous]

Anonymous wrote:I'm with you OP - but college costs $60-70k at a private school now, it was $40k when I graduated in 2007, I can't possibly save fast enough to keep up with the rate of increase right now (as I stare down something like $3700/month in day care costs next year on $7000/month net income) so I can understand people not having saved ENOUGH.

Honestly, this is when you have to do the math on how much you earn (net) per hour and think about having a parent stay home.

[Anonymous]

Anonymous wrote:I think there are two kinds of complaints that bother me the most.

First, the people who are financially comfortable who complain that it’s not “fair” that low income students get money. They don’t seem to understand how persistent a low income kid has to be to overcome all the obstacles between them and going to college. They seem to think their kids obstacles were the same.

Then there are the people who convince themselves that they aren’t well off, even though they replace their cars more regularly than most, go on vacations, and live in a spacious home. I think hey look at the wealthy people in the area and social media and feel “poor” and deserving of financial aid.

Well, the problem is not that people in these groups receive FA to get a college education but that they expect to have other people work to subsidize a luxury good. No one needs to go to a private college if they are asking someone else to pay.

[Anonymous]

Anonymous wrote:

Anonymous wrote:I think there are two kinds of complaints that bother me the most.

First, the people who are financially comfortable who complain that it’s not “fair” that low income students get money. They don’t seem to understand how persistent a low income kid has to be to overcome all the obstacles between them and going to college. They seem to think their kids obstacles were the same.

Then there are the people who convince themselves that they aren’t well off, even though they replace their cars more regularly than most, go on vacations, and live in a spacious home. I think hey look at the wealthy people in the area and social media and feel “poor” and deserving of financial aid.

Well, the problem is not that people in these groups receive FA to get a college education but that they expect to have other people work to subsidize a luxury good. No one needs to go to a private college if they are asking someone else to pay.

Yes, this. I can't believe this has to be explained.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I guess I'm just surprised at the level of magical thinking that seems to have been going on, when for years the information about the costs of college has been readily available and widely discussed across multiple media platforms.

Well, op. I’m the pp who made the list above. And even saving what I am, I will not have enough to cover a day of grad school. So, I will research the heck out of merit and aid for undergrad with the hopes of having something for their masters if that’s what they are talking about exploring.

DP. You don’t need to save for your kid’s grad school. While college is basically a necessity now, grad school is not, and any program worth doing will pay for itself, either through increased earnings to pay off debt, eligibility for loan forgiveness programs, or grants/stipends from the university for grad students. If none of those are the case for your grad program of choice, you should be seriously reconsidering the program.

I’m it saying that I am paying for grad school. I’m not. I’m saying if they are thinking of a path that will need a grad school degree, like accounting, law, physical therapy, etc, I’d want to look for an undergrad that provides merit so they can save the undergrad money I saved for advanced degrees.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Aren't most people still working when their kids are in college? I'm saving for both my kids, but I'm also assuming that large amounts of my paycheck during their college years will be going towards paying their college expenses. Why are people thinking they need to have saved the total amount by the time their kids start college?

+1. By the time my kids go to college, we're projecting that'll we have saved about half about their college expenses. Which makes it easier to pay the rest from our salaries. If college is $74k a year, half of that is $37k, which is basically what we paid during the daycare years with no savings at all, and when we both earned so much less than we do now.

I opted to be a SAHM. I only recently began working. Not sure how we will make it since we are by definition a donut hole family. Seems unfair that our current income is counted against us. Considering staying home, again, until kids are out of college. May make more sense, tbh. Then we can get FA.

Holy crap. Read this again, PP.

You are complaining that it's unfair that your current income is counted against you, when you removed yourself from the workforce for years. Moreover, you're considering doing it again, so you can get aid?

You aren't ashamed of yourself, typing this out?

Since you went without your income for so long, and apparently comfortable doing so again, you should be able to direct that income entirely to college. That'll help.

Again, giving low income kids a hand - great. Giving "aid" to families who decided to not do all they can to pay for college themselves? No thanks.

+100 PP the idea that you think your kids should get the same aid as kids that are going to college from impoverished homes because you didn't want to work for most of their childhood is deeply gross.

Lots of them had parents who weren't working also. Just a reminder.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Aren't most people still working when their kids are in college? I'm saving for both my kids, but I'm also assuming that large amounts of my paycheck during their college years will be going towards paying their college expenses. Why are people thinking they need to have saved the total amount by the time their kids start college?

+1. By the time my kids go to college, we're projecting that'll we have saved about half about their college expenses. Which makes it easier to pay the rest from our salaries. If college is $74k a year, half of that is $37k, which is basically what we paid during the daycare years with no savings at all, and when we both earned so much less than we do now.

I opted to be a SAHM. I only recently began working. Not sure how we will make it since we are by definition a donut hole family. Seems unfair that our current income is counted against us. Considering staying home, again, until kids are out of college. May make more sense, tbh. Then we can get FA.

Holy crap. Read this again, PP.

You are complaining that it's unfair that your current income is counted against you, when you removed yourself from the workforce for years. Moreover, you're considering doing it again, so you can get aid?

You aren't ashamed of yourself, typing this out?

Since you went without your income for so long, and apparently comfortable doing so again, you should be able to direct that income entirely to college. That'll help.

Again, giving low income kids a hand - great. Giving "aid" to families who decided to not do all they can to pay for college themselves? No thanks.

+100 PP the idea that you think your kids should get the same aid as kids that are going to college from impoverished homes because you didn't want to work for most of their childhood is deeply gross.

Lots of them had parents who weren't working also. Just a reminder.

Generally it is not by choice when poor people are unemployed.

[Anonymous]

My income is just above 100k.

I have three kids hitting college age starting in 2020, and continuing for the next six years (so 10 years of college by the time the youngest graduates). I have very little saved for them. I'll help where I can, but I am considered middle class, and am expected to contribute more than I can realistically afford.

I am not low income, but do not have the savings that most would think I should have.

[Anonymous]

Anonymous wrote:I think there are two kinds of complaints that bother me the most.

First, the people who are financially comfortable who complain that it’s not “fair” that low income students get money. They don’t seem to understand how persistent a low income kid has to be to overcome all the obstacles between them and going to college. They seem to think their kids obstacles were the same.

Then there are the people who convince themselves that they aren’t well off, even though they replace their cars more regularly than most, go on vacations, and live in a spacious home. I think hey look at the wealthy people in the area and social media and feel “poor” and deserving of financial aid.

+1

and a third irritation I have are the people I know with hs students who exlaim in exasperation when considering tuition "omg, we are going to have two in college at the same time!" as if they had never thought of it before.
I just listen but am wondering how they can possibly be caught off guard by that fact and why it is only registering now? Perhaps they did poorly in basic math during their own college years

[Anonymous]

I am a saver but have watched my sister send her kids to private schools and 8 weeks of sleep over camp every summer..and then get fin aid for college. I guess spending may have been the better answer.