Just calculated projected college costs for my kid and almost vomited

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Remember that when you VOTE!

?? Who is going to lower the costs? Serious question.

Republican governors aren’t.

How about some Dems then? Name a couple who've made this a campaign pledge.

I live in Florida and our state universities are already very cheap to begin with (under $20k for everything — room, board, tuition) but we also have a program called Bright Futures which allows students with certain credentials to go to state Us virtually free of cost. Georgia also has a program where high achieving students can go for an extremely low price. Amazing!!!! How about those good Democratic states of California or New Jersey? 😅

Um, you might want to look up In-state tuition at UCs and CSUs before you start comparing to California. I don’t know much about NJ, but Rutgers is like $11,500 a year. You look like an idiot.

Rutgers is “like” $29,000 a year. UC Berkeley is $32k. UCLA is $29k. You look like an idiot.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:That seems awfully high. The most expensive colleges we’ve seen are $70K a year so $280 for four years currently. Even 15 years out that seems high.

OP here. I was surprised too, but that's what Vanguard said.

I agree with the PP who said it's unacceptable. I struggle to imagine more than a small handful of families who can pay today's tuition without struggling, much less the projected tuition costs 15 years out. Something has a give at some point.

It's always unacceptable when it's your turn to pay. But it is what it is. This is why so many families struggle, even now.

THe issue isn't that it's expensive but that it's not worth it. If you can make 70 k a year as a plumber, OR borrow 300K in order to get a job as a teacher which pays 40K, then there is absolutely no point in paying this outrageous sum of money for college. When I went to a private college years ago, it was 20K a year and I was offered a job with a starting salary of 30K. My daughter was ALSO offered a starting salary of 30K last year after graduating from a college which cost nearly twice that per year. THe ratio is all messed up. THe problem her is that wages haven't risen nearly as fast as college prices, either for the people getting the college educaiton or for the parents paying for it.

[Anonymous]

Don't do this to yourself.

If you save, it will be doable by the time you get there.

That calculator is full of assumptions, about inflation/costs, etc. Just keep your expectations realistic and squirrel away a little each month (I literally started with $50 a month! But built up over time as my salary increased). It will be doable, because they need a market to exist.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Remember that when you VOTE!

?? Who is going to lower the costs? Serious question.

Republican governors aren’t.

How about some Dems then? Name a couple who've made this a campaign pledge.

I live in Florida and our state universities are already very cheap to begin with (under $20k for everything — room, board, tuition) but we also have a program called Bright Futures which allows students with certain credentials to go to state Us virtually free of cost. Georgia also has a program where high achieving students can go for an extremely low price. Amazing!!!! How about those good Democratic states of California or New Jersey? 😅

Um, you might want to look up In-state tuition at UCs and CSUs before you start comparing to California. I don’t know much about NJ, but Rutgers is like $11,500 a year. You look like an idiot.

Rutgers is “like” $29,000 a year. UC Berkeley is $32k. UCLA is $29k. You look like an idiot.

Rutgers tuition is literally $12,230 next year.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Remember that when you VOTE!

?? Who is going to lower the costs? Serious question.

Republican governors aren’t.

How about some Dems then? Name a couple who've made this a campaign pledge.

I live in Florida and our state universities are already very cheap to begin with (under $20k for everything — room, board, tuition) but we also have a program called Bright Futures which allows students with certain credentials to go to state Us virtually free of cost. Georgia also has a program where high achieving students can go for an extremely low price. Amazing!!!! How about those good Democratic states of California or New Jersey? 😅

Um, you might want to look up In-state tuition at UCs and CSUs before you start comparing to California. I don’t know much about NJ, but Rutgers is like $11,500 a year. You look like an idiot.

Rutgers is “like” $29,000 a year. UC Berkeley is $32k. UCLA is $29k. You look like an idiot.

Rutgers tuition is literally $12,230 next year.

I was talking about cost of attendance. Reading comprehension

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Remember that when you VOTE!

?? Who is going to lower the costs? Serious question.

Republican governors aren’t.

How about some Dems then? Name a couple who've made this a campaign pledge.

I live in Florida and our state universities are already very cheap to begin with (under $20k for everything — room, board, tuition) but we also have a program called Bright Futures which allows students with certain credentials to go to state Us virtually free of cost. Georgia also has a program where high achieving students can go for an extremely low price. Amazing!!!! How about those good Democratic states of California or New Jersey? 😅

Um, you might want to look up In-state tuition at UCs and CSUs before you start comparing to California. I don’t know much about NJ, but Rutgers is like $11,500 a year. You look like an idiot.

Rutgers is “like” $29,000 a year. UC Berkeley is $32k. UCLA is $29k. You look like an idiot.

Rutgers tuition is literally $12,230 next year.

And University of Florida’s is literally $6,380 next year.

[Anonymous]

It's projecting the cost of college after many years of steady inflation. That always makes numbers seem huge. For example, UMD tuition is around 11k right now. It's been rising maybe 1% per year faster than inflation over the past two decades. So if we assume UMD tuition will increase 3% per year over the next 18 years, it will be nearly 19k per year by the time your child attends.

But, of course, you realize that any invested money will earn a return at higher than the inflation rate, in expectation. Therefore for all intents and purposes you can pretend inflation doesn't exist and just make sure you have enough in your 529 to cover current tuition costs. For example, I have 50k in each kid's 529. That's enough to cover 4 years UMD tuition. It's irrelevant to me how high inflation will be or what the future cost of attendance will be because the 529 will return at least the rate of inflation.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Remember that when you VOTE!

?? Who is going to lower the costs? Serious question.

Republican governors aren’t.

How about some Dems then? Name a couple who've made this a campaign pledge.

I live in Florida and our state universities are already very cheap to begin with (under $20k for everything — room, board, tuition) but we also have a program called Bright Futures which allows students with certain credentials to go to state Us virtually free of cost. Georgia also has a program where high achieving students can go for an extremely low price. Amazing!!!! How about those good Democratic states of California or New Jersey? 😅

Um, you might want to look up In-state tuition at UCs and CSUs before you start comparing to California. I don’t know much about NJ, but Rutgers is like $11,500 a year. You look like an idiot.

Rutgers is “like” $29,000 a year. UC Berkeley is $32k. UCLA is $29k. You look like an idiot.

Rutgers tuition is literally $12,230 next year.

And University of Florida’s is literally $6,380 next year.

Total cost of attendance? No. That’s tuition only. The Florida PP claimed it’s under $20K for everything, which isn’t true. UF estimates an undergrad on campus will need to budget $21,430: https://www.sfa.ufl.edu/cost/

[Anonymous]

Anonymous wrote:She's 3. I used the Vanguard calculator and it came out with the following projected tuition costs:

Public in state: $196,681
Public out of state: $343,454
Less expensive private: $446,837
More expensive private (so the ones that now cost around $60K/year): $539,392

We make a good living and have one kid, but how the hell are we supposed to be able to afford these tuition costs?! To get to the public in-state option, and assuming no appreciation from investment options, we'd have to put away roughly $1100/month starting now. Well, we pay for preschool and have a mortgage, so that isn't happening at all easily. Saving for the most expensive private universities would require putting away $3000/month starting now.

Someone tell me how the hell people do this.

I assume this is for the full four years. Yes, it makes sense. Right now, it's about $120k or so for the full four years for public. In 15 yrs, it could easily reach $196K. ITA, something has got to give.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Remember that when you VOTE!

?? Who is going to lower the costs? Serious question.

Republican governors aren’t.

How about some Dems then? Name a couple who've made this a campaign pledge.

I live in Florida and our state universities are already very cheap to begin with (under $20k for everything — room, board, tuition) but we also have a program called Bright Futures which allows students with certain credentials to go to state Us virtually free of cost. Georgia also has a program where high achieving students can go for an extremely low price. Amazing!!!! How about those good Democratic states of California or New Jersey? 😅

Um, you might want to look up In-state tuition at UCs and CSUs before you start comparing to California. I don’t know much about NJ, but Rutgers is like $11,500 a year. You look like an idiot.

Rutgers is “like” $29,000 a year. UC Berkeley is $32k. UCLA is $29k. You look like an idiot.

Rutgers tuition is literally $12,230 next year.

My niece just graduated from Rutgers. Total cost including room/board is about $24K/yr, in state. Sure, if you live at home, it's much cheaper.

[Anonymous]

Anonymous wrote:WHY ARE WE accepting this?????

It’s complete bullshit. Next on agenda: college reform. It’s absolutely immoral.

University in Europe is free/cheap because everyone believes in contributing high taxes for the greater good of society. I doubt Americans would be up for that. We are too individualistic and we hate taxes. Also, in Europe, not everyone goes to college. The less academically inclined go to trade schools or enter the workforce.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Remember that when you VOTE!

?? Who is going to lower the costs? Serious question.

Republican governors aren’t.

How about some Dems then? Name a couple who've made this a campaign pledge.

I live in Florida and our state universities are already very cheap to begin with (under $20k for everything — room, board, tuition) but we also have a program called Bright Futures which allows students with certain credentials to go to state Us virtually free of cost. Georgia also has a program where high achieving students can go for an extremely low price. Amazing!!!! How about those good Democratic states of California or New Jersey? 😅

I believe NY is doing something similar.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Remember that when you VOTE!

?? Who is going to lower the costs? Serious question.

Republican governors aren’t.

How about some Dems then? Name a couple who've made this a campaign pledge.

I live in Florida and our state universities are already very cheap to begin with (under $20k for everything — room, board, tuition) but we also have a program called Bright Futures which allows students with certain credentials to go to state Us virtually free of cost. Georgia also has a program where high achieving students can go for an extremely low price. Amazing!!!! How about those good Democratic states of California or New Jersey? 😅

Um, you might want to look up In-state tuition at UCs and CSUs before you start comparing to California. I don’t know much about NJ, but Rutgers is like $11,500 a year. You look like an idiot.

Rutgers is “like” $29,000 a year. UC Berkeley is $32k. UCLA is $29k. You look like an idiot.

Rutgers tuition is literally $12,230 next year.

And University of Florida’s is literally $6,380 next year.

Total cost of attendance? No. That’s tuition only. The Florida PP claimed it’s under $20K for everything, which isn’t true. UF estimates an undergrad on campus will need to budget $21,430: https://www.sfa.ufl.edu/cost/

Total *billable* costs at UF are $16,970. Tuition, fees, room, board. Total billable/direct expenses at Rutgers is $28,761. https://financialaid.rutgers.edu/cost-of-attendance/rutgers-2/

[Anonymous]

Anonymous wrote:OP, here's our plan.

We have invested in 529s since our kids were born. As our childcare costs decreased, and our salaries increased, we upped our savings. We also fully expect to be able to pay at least what we paid for daycare during the college years. For us, that was $3000/month.

Basically, we have always spent around $3000/month for childcare plus college savings. Over time, the costs shift from daycare to aftercare to camps to sports to college.

You are doing great!!

[Anonymous]

Your kid has to get a job in college. S/he should also have a part-time job and start saving now.