Is anyone not saving to pay for all of their kids' college?

[Anonymous]

Speaking of CC’s, the first 2 years at CC becomes irrelevant because the last 2 years of college (transfer into a university) is where you get the degree.

[Anonymous]

Anonymous wrote:Speaking of CC’s, the first 2 years at CC becomes irrelevant because the last 2 years of college (transfer into a university) is where you get the degree.

+1000

PP stated her DD gpa is maybe a 3.3 UW and 3.6ish W. So unless DD was taking all AP courses in HS (which I don't think is the case), then her DD is a perfect candidate for CC. She seems to be still finding her footing academically and is interested in business (the first 2 years of courses for a business degree are typically offered at most CCs) and family cannot afford to help pay much for college and doesn't want to take parent loans. Then CC gives her DD a chance to take college courses, get her footing and figure out what path she truly wants to do, all while not requiring $20K+ in loans per year to do so. Get the basic courses out of the way for that degree at the CC at a much more affordable rate, then find the best fit (including affordability) for DD for the last 2-2.5 years. The degree will come from the 4 year university ultimately.

Other option is to look at universities where your DD is at the 75%+ for GPA/SAT and apply there. You state you don't like the "crappy graduation rates" at those schools. Note that many students still work hard and graduate from those schools---some may just take a bit longer for a variety of reasons (first gen student, lower income student who is struggling financially and might need to take a semester off to work, or take a lighter course load to work or take time off to help the family financially, there are a variety of reasons why some kids take 5-6 years to graduate or drop out).


Personally, I think with a 3.3 GPA and not able to cash flow university, I would seriously look at CC for at least a year. Let your DD focus on academics (without the worry of major financial costs) and let her then focus on finding the right fit school to transfer to after 1-2 years. Many people take this route, although you wouldn't know it from DCUM.

[Note: if your kid had a 1400 SAT and 3.8 UW gpa, then they could find a variety of private schools that would give them decent merit. Same can happen for your kid, but as you have found out, that may mean a school with "crappy graduation rates". Personally I'd pick the top notch CC to start at, do well there and transfer. But still search for the right "fit" in all aspects for a 4 year college, just prepare your DD for the financial reality so that she's not too upset if finances mean she has to attend CC first.]

[Anonymous]

Both DH and I had very large student loan balances when we married. We followed a Dave Ramsey method and paid it off/got PSLF, but we agreed that we would not do that to our kids. We have two in daycare as well, but this is a huge priority for us. It sounds like you aren’t sure if you want to pay for kids college, not necessarily whether you want to save for it.

[Anonymous]

Anonymous wrote:My parents were poor so I got to go to college for free. I had a mix of financial aid and some merit.

I have friends who had lots of debt and did not want their children to start their lives with school debt so it is a priority for them. If you don’t have much money, retirement savings should be first, not college.

This country is terrible to the middle class and I would put OP in that category.

BIL got to go to college and med school for almost free. His mom got laid off right when he went to college. Because his mom’s income was 0, her contribution was zero. He had a girlfriend who went to the same college and med school. Her family made $200k. She had 400k debt when she graduated from med school.

$200K is not middle class.

[Anonymous]

Anonymous wrote:

Anonymous wrote:My parents didn’t pay for my college and I turned out fine. It would have been a huge help though if they were able - they just weren’t. We are saving what we can for their education (have a 1 month old and plan to have 1 or 2 more) - about $300 a month now and probably not much more until we are done with daycare. I’m hoping education is more affordable in the future, but if not, it’s a good start and they always have an option to take out loans, get scholarships, etc. Just do what you can - the vast majority of Americans can’t save to send their kids to college self-paid. It’s far more important to teach them to be self-sufficient, emotionally intelligent, and hardworking people. They may even want to study a trade or start their own business which doesn’t require a full degree or even study abroad (I went to graduate school in Europe). Don’t listen to DCUM parents that shame you for not fully funding your kids - they are delusional and their kids will most likely having a hard time adapting to life without their overbearing/unhappy parents.

In the 1980s/90s it was feasible for a kid to pay for college themselves, if working summers/breaks and PT during the school year. Or at least do it with minimal loans. Now college is at least $25K/year and kids might earn $9/hr. So not quite as feasible---kid will still need parents to contribute $5-7K/year.

Not sure where but I was a 90's kid and my college was still $25-30K a year. I think my siblings was $40, then medical school.

[Anonymous]

Anonymous wrote:Speaking of CC’s, the first 2 years at CC becomes irrelevant because the last 2 years of college (transfer into a university) is where you get the degree.

THIS. THIS. THIS

[Anonymous]

We can only afford $500/month for 3 kids right now. When we pay off mortgage in 10 years, we'll be able to save more.
I don't think it would be enough, but it's better than nothing.

[Anonymous]

Anonymous wrote:We can only afford $500/month for 3 kids right now. When we pay off mortgage in 10 years, we'll be able to save more.
I don't think it would be enough, but it's better than nothing.

You have a plan and are anticipating trying to help your kids the best you can. And once you are mortgage free, as long as retirement plan is healthy, you should be able to help cash flow part of the college as well.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:My parents didn’t pay for my college and I turned out fine. It would have been a huge help though if they were able - they just weren’t. We are saving what we can for their education (have a 1 month old and plan to have 1 or 2 more) - about $300 a month now and probably not much more until we are done with daycare. I’m hoping education is more affordable in the future, but if not, it’s a good start and they always have an option to take out loans, get scholarships, etc. Just do what you can - the vast majority of Americans can’t save to send their kids to college self-paid. It’s far more important to teach them to be self-sufficient, emotionally intelligent, and hardworking people. They may even want to study a trade or start their own business which doesn’t require a full degree or even study abroad (I went to graduate school in Europe). Don’t listen to DCUM parents that shame you for not fully funding your kids - they are delusional and their kids will most likely having a hard time adapting to life without their overbearing/unhappy parents.

In the 1980s/90s it was feasible for a kid to pay for college themselves, if working summers/breaks and PT during the school year. Or at least do it with minimal loans. Now college is at least $25K/year and kids might earn $9/hr. So not quite as feasible---kid will still need parents to contribute $5-7K/year.

Not sure where but I was a 90's kid and my college was still $25-30K a year. I think my siblings was $40, then medical school.

Literally every college except yours. You have to be a special stupid to pay that in the 90s.

[Anonymous]

Anonymous wrote:We can only afford $500/month for 3 kids right now. When we pay off mortgage in 10 years, we'll be able to save more.
I don't think it would be enough, but it's better than nothing.

Saving for college is just about putting in what you can early to get some market gains. We were only putting in about $50/month with DC1 when we had low income then maybe $150 each during double daycare. We upped savings when we could and will hopefully have $100k each at graduation. That's $200k you don't have to worry about paying from cash flow and opens more options than not saving.

[Anonymous]

I wish people would realize what a scam college system is. 100k education? LMAO

Like the education the kids get are top notch in the world - not. It's a business that provides zero benefit unless you go to a top tier school with top tier degree. Otherwise, it's a joke. Cheat the system by sending your kids to CC then transfer to in-state school at fraction of cost that a 4 year venture would be.

[Anonymous]

Yeah, why bother when the federal govt is going to bail your kids out anyway at the expense of blue collar workers?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:My parents didn’t pay for my college and I turned out fine. It would have been a huge help though if they were able - they just weren’t. We are saving what we can for their education (have a 1 month old and plan to have 1 or 2 more) - about $300 a month now and probably not much more until we are done with daycare. I’m hoping education is more affordable in the future, but if not, it’s a good start and they always have an option to take out loans, get scholarships, etc. Just do what you can - the vast majority of Americans can’t save to send their kids to college self-paid. It’s far more important to teach them to be self-sufficient, emotionally intelligent, and hardworking people. They may even want to study a trade or start their own business which doesn’t require a full degree or even study abroad (I went to graduate school in Europe). Don’t listen to DCUM parents that shame you for not fully funding your kids - they are delusional and their kids will most likely having a hard time adapting to life without their overbearing/unhappy parents.

In the 1980s/90s it was feasible for a kid to pay for college themselves, if working summers/breaks and PT during the school year. Or at least do it with minimal loans. Now college is at least $25K/year and kids might earn $9/hr. So not quite as feasible---kid will still need parents to contribute $5-7K/year.

Not sure where but I was a 90's kid and my college was still $25-30K a year. I think my siblings was $40, then medical school.

My final year at a T15 University (graduated 1993) my total costs was ~$25K. in 1990 Columbia university cost ~$22K (tuition and R&B).

However, in 1990 Va Tech's total cost was less than $6K. W&M was $6734. JMU was ~$6K. UVA was $5636.

Don't know about you, but I worked summers and breaks and earned over $5K around that time. Yes, I worked 60 hours/week in the summers if I was given the hours. If a single job wouldn't do that, I'd work an office job during the week and fast food on the weekend for another 10-12 hours. Add in $2K of work study (10 hour/week) and I alone as the student could have paid for college at any of those in state universities. And back in 1990s, it was much easier to gain admission to those schools.

Add in $2625/year in student loans (the allowed amount in early 90s) and it would make life even easier while in college and you'd have less than $12K in loans when exiting in 4 years.

Even my parents, who were poor and had nothing saved for college, were able to help me with ~$3k/year and my airfare in fall/spring and at xmas (I simply didn't go home otherwise, as it cost too much). They made it a priority and during college my parents cut any extras out of their budget (no eating out at all, no vacations--vacations were only drives and camping typically) and my dad had a "2nd seasonal job in the warmer months" to help me pay for college.

Nowadays, with state universities being $25-30K and private schools being up to $80K, it's not as feasible for a student to pay their own way fully. But that is what 2 years of CC is for---live at home, work as much as you can, then transfer for final 2 years.


So I stand by my position that most kids could work and pay for college themselves with a bit of hard work in the 1980s/90s (at least early half of 1990s). You just needed to attend an instate school or a private school with a good merit award.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:My parents didn’t pay for my college and I turned out fine. It would have been a huge help though if they were able - they just weren’t. We are saving what we can for their education (have a 1 month old and plan to have 1 or 2 more) - about $300 a month now and probably not much more until we are done with daycare. I’m hoping education is more affordable in the future, but if not, it’s a good start and they always have an option to take out loans, get scholarships, etc. Just do what you can - the vast majority of Americans can’t save to send their kids to college self-paid. It’s far more important to teach them to be self-sufficient, emotionally intelligent, and hardworking people. They may even want to study a trade or start their own business which doesn’t require a full degree or even study abroad (I went to graduate school in Europe). Don’t listen to DCUM parents that shame you for not fully funding your kids - they are delusional and their kids will most likely having a hard time adapting to life without their overbearing/unhappy parents.

In the 1980s/90s it was feasible for a kid to pay for college themselves, if working summers/breaks and PT during the school year. Or at least do it with minimal loans. Now college is at least $25K/year and kids might earn $9/hr. So not quite as feasible---kid will still need parents to contribute $5-7K/year.

Not sure where but I was a 90's kid and my college was still $25-30K a year. I think my siblings was $40, then medical school.

Literally every college except yours. You have to be a special stupid to pay that in the 90s.

https://www.washingtonpost.com/archive/local/1989/07/27/costs-of-area-colleges-for-1989-1990-school-year/f9d55d0d-12ce-4222-90f4-98d2b5a5a870/

Yes, one would have had to work hard in 1989/90 to find a college that costs that much. Maybe by 1999 costs might be more, but I doubt most were $25-30K then or at least not In state schools, as majority of instate schools are just now at $25-30K/year.

[Anonymous]

My kid also got NMS scholarship of $4K at the in-state flagship. Some schools will give the entire tuition, room and board, stipend to NMS semifinalists. That is an option.