Does everyone on here with kids applying to top 50 schools really have the $80K per year to spend?

[Anonymous]

Anonymous wrote:We are paying $130,000 for two kids in Kindergarten and 4th grade this year. And money is not a non-issue for us.
It’s ridiculous, but that is how supply and demand works.

What are you getting from that kindergarten and 4th grade?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:As the first two responses indicate, one reason people do pay all this money is that if you’re going to blink, you really need to do it early, like when you’re choosing high schools, to avoid massive social and emotional complications.

Good advice. For most of America, there’s no assumption you’ll be able to afford/attend the best school you can get into. But for certain parts of DCUMlandia, it raises eyebrows to tell your kids they can’t go to Harvard even if you get in due to cost. If that’s you, you gotta tell your kids early and often, because they might be in for a rude awakening.

I think it’s so unfair. I was reading the wall at journal article today about the kids going to Harvard needs-blind for free. A kid that was middle class under $150k but in low cost of living area—while of our kids got into these top 10-20 schools we’d have to say you can’t go because we aren’t draining retirement t accounts. We have about $130k in each kid’s 529, but they’d need $345k for these schools. So - yeah it sucks to say sorry you can’t get go while both parents have always worked full-time, no time off. It’s just not an equitable system. These kids going need blind werent first gen they were kids of teachers (one chose to be a substitute-part time teacher).

Harvard has 1700 seats per year. There is no equitable system for attending Harvard.

You could have moved to a different area or quit one of your jobs.

[Anonymous]

Anonymous wrote:

Anonymous wrote:We are paying $130,000 for two kids in Kindergarten and 4th grade this year. And money is not a non-issue for us.
It’s ridiculous, but that is how supply and demand works.

What are you getting from that kindergarten and 4th grade?

Hopefully, about $75,000 change.

[Anonymous]

Anonymous wrote:OP here.
I get that $90K is a rounding error for some on here and two weeks' salaries for others.

But I bet that for most of us, $360K is not an insignificant amount.
And yet we're fighting each other for the privilege of paying it.

We are truly idiots for playing into this. Excuse my insult as I include myself in that group.

+1 I totally hear ya, OP, and agree. Our HHI is $320K, and we cannot afford $80k/yr x 4 years x 2 kids. We have about $150K per child.

We are suuuper lucky for DC#1 go get into UMD in state for CS with merit aid. DC also applied to all the expensive private and OOS, and I told DC we cannot afford that, and do you really want to take out loans and have $80K+ debt when you are 21? DC knows they made the right decision.

I can only hope DC#2 is as lucky to get to into UMD.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Between AP credits and several community college courses taken while in high school, my daughter had 52 credits before the first semester started. Graduated from a Big 10 accounting program in 3 years, saving us a ton of money. Started working full-time as an accountant a month before her 21st birthday. Had master’s degree in accounting and was a CPA by age 24.

The best thing about graduating in 3 yrs is that not only do you not spend money on that 4th year, the money you had earmarked for year 4 can now be spread over years 1-3.

Seems like a waste of her intellectual firepower.

Intellectual firepower is best applied to the workforce anyway.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Yup, we are a full pay family. The money is coming from a 529.

Same. We have put in $10k/year annually since 2005. 19 years of contributions + growth = pretty much entirely covered & can cash flow the rest.

We lived very frugally the first few years; thankfully our financial position improved over time.

Ditto times three. Add in $12k (for our oldest) and $20k (for our middle) merit aid and we have enough to cover undergrad. We’ve driven funky cars and lived in a modest house but this was a priority for us.

[Anonymous]

Yes, everyone that posts on this forum is a millionaire, and most have two high income parents adding to the family fortune.

That said there are top 50 schools that are less, either because of VA state residence or state schools in Illinois, Wisconsin, Texas, Georgia and Florida have reasonable out of state tuition.

So top 50 at around $50K or less is still possible. Other schools in the 50-100 range offer merit/tuition discounts to attract top students so provide a good value in education.

[Anonymous]

Anonymous wrote:I grew up in the Midwest in an area where going to college was the expectation, but very little prestige given to this school over that. People mostly went public.

But .. there was also an expectation that kids got cars over their own in their teen years (new, nice cars). People cared indeed about brand names. People got married pretty young, bought an home at 30, and had their 3 or 4 kids by the time they were in their mid 30.

My parents were east coast transplants and we had to use the family car when it was free and applied to colleges further afield. We all went to Ivy League schools (in the day when it wasn’t that hard for full pay kids).

And now I live in Brooklyn and see this mania up close.

But as I watch my Midwest friends repeating this cycle I think, that’s a better way. It’s weird how this college thing overtakes a childhood. My old friends had more kids, roomy houses, less financial stress, got a lake house in MI or WI, are on track for retirement, and their kids had carefree childhoods. They all have fulfilling jobs. Their kids will too.

Why do we do this?

This is so interesting. What do you think is going on?

[Anonymous]

Anonymous wrote:Yes, everyone that posts on this forum is a millionaire, and most have two high income parents adding to the family fortune.

That said there are top 50 schools that are less, either because of VA state residence or state schools in Illinois, Wisconsin, Texas, Georgia and Florida have reasonable out of state tuition.

So top 50 at around $50K or less is still possible. Other schools in the 50-100 range offer merit/tuition discounts to attract top students so provide a good value in education.

My DC’s 529 would cover 4 years of private tuition, and they applied ED to a to 20 school. In the meantime, they got accepted EA to a school that is very similar in many ways (same size, urban private university) in the 60-70 range (I’m not exactly sure, and I don’t really care enough to look) with $35k in merit aid per year. When they didn’t get in to the ED school, they were actually relieved (as was I). The difference truly wasn’t worth it. The extra $$ will probably be used for graduate school.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:OP here.
I get that $90K is a rounding error for some on here and two weeks' salaries for others.

But I bet that for most of us, $360K is not an insignificant amount.
And yet we're fighting each other for the privilege of paying it.

We are truly idiots for playing into this. Excuse my insult as I include myself in that group.

PP here. Yes we are. And what, exactly, are we getting for these dollars I ask myself as we work through another move in?

A nice campus with dorms that are old and need renovations. Food that is mediocre at best according to DC. Staff, staff, staff and more administrators.

As a consumer then - What are the very best options where you get the most bang for your money?
Please someone provide a link to that list

Maybe Tulane?

Ha! PP here with kid who just moved into dorm at Tulane. No, from a strictly consumer standpoint, we are not getting our 90k a year out of our Tulane investment.

We have a HHI of around 150K and found Tulane to be very generous with need-based financial aid (and DC received a small amount of "merit" aid). So it's affordable for us. But yes, the dorm my kid is in is quite dated. It looked very reminiscent of my college dorm circa 1988.

[Anonymous]

Anonymous wrote:I'm realizing that the top 50 or so schools are all about $80K+ and none of them offer merit aid, outside of maybe CWRU.
The rest have 20-50 full-ride scholarships for their most elite students but that's pretty much it for merit aid.
Then of course there is UVA and W&M which are instate. And UMD which is ranked just above 50.
We've in DC so none of these in-states are particularly relevant.


So all this constant chatter about this or that top50 school----are you all paying the $80K/+year sticker price(s)?

College is around the corner for us and I'm realizing that yes indeed, they're all about that much. Guess I knew that in theory but it's another thing
entirely to think "huh, they're asking $360K for undergrad. Are we really going to pay it?"
Sobering.
Are people really paying it?

Not us. We are not willing to pay that for undergrad. Our kids know this and have known this since 1st grade. We say it often. We will pay $50 COA max.

[Anonymous]

Anonymous wrote:

Anonymous wrote:OP here.
I get that $90K is a rounding error for some on here and two weeks' salaries for others.

But I bet that for most of us, $360K is not an insignificant amount.
And yet we're fighting each other for the privilege of paying it.

We are truly idiots for playing into this. Excuse my insult as I include myself in that group.

+1 I totally hear ya, OP, and agree. Our HHI is $320K, and we cannot afford $80k/yr x 4 years x 2 kids. We have about $150K per child.

We are suuuper lucky for DC#1 go get into UMD in state for CS with merit aid. DC also applied to all the expensive private and OOS, and I told DC we cannot afford that, and do you really want to take out loans and have $80K+ debt when you are 21? DC knows they made the right decision.

I can only hope DC#2 is as lucky to get to into UMD.

This is us too. 2 kids, $150k in each 529

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:OP here.
I get that $90K is a rounding error for some on here and two weeks' salaries for others.

But I bet that for most of us, $360K is not an insignificant amount.
And yet we're fighting each other for the privilege of paying it.

We are truly idiots for playing into this. Excuse my insult as I include myself in that group.

+1 I totally hear ya, OP, and agree. Our HHI is $320K, and we cannot afford $80k/yr x 4 years x 2 kids. We have about $150K per child.

We are suuuper lucky for DC#1 go get into UMD in state for CS with merit aid. DC also applied to all the expensive private and OOS, and I told DC we cannot afford that, and do you really want to take out loans and have $80K+ debt when you are 21? DC knows they made the right decision.

I can only hope DC#2 is as lucky to get to into UMD.

This is us too. 2 kids, $150k in each 529

He’s a straight A 4.0 unweighted 4.5gpa at tough private HS with a one-sitting 36 ACT. Lots of extracurricular ss and serious in a sport.

Unless he can get a bit if offset from playing sport we are also suggesting in-state VA undergrad and using that 529 for grad or professional school after.

[Anonymous]

Anonymous wrote:Yes. Starting adult life debt free is a huge privilege that has made the decades that follow easier. We aren’t planning to pay for lavish weddings, new cars, or a down payment on a house for our kids - but they can go anywhere they want and graduate debt free from undergrad.

I am a Fed and my co-worker married to a doctor couldn’t afford a home a lived far out because if their crushing student loan debt. Even had trouble getting credit line/cards.

I was so glad listened to my dad to go in-state with no loans. I then got a teaching stipend that paid for my entire Master’s (Biochem).

[Anonymous]

Anonymous wrote:

Anonymous wrote:OP here.
I get that $90K is a rounding error for some on here and two weeks' salaries for others.

But I bet that for most of us, $360K is not an insignificant amount.
And yet we're fighting each other for the privilege of paying it.

We are truly idiots for playing into this. Excuse my insult as I include myself in that group.

So why are you not considering public schools? And doing everything to find merit scholarships? Also it’s not for everyone but ROTC is a great option for some. There are ways to get a great education without paying $80k a year. If people can afford it that’s their decision, like the decision to pay $1 million or more for a house.

NO ROTC for kids with ADHD. Just an FYI . . .