Best strategy to pay college for 3 kids

[Anonymous]

Anonymous wrote:For last kid, find a fun state school which gives good merit aid, & is generous with AP credits so kid can graduate in 3 years.

That is the plan she has applied quite few and trying to visit her top choices before decision time. She has a lot of APs and programming classes (hope she gets credit).

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:ROTC scholarships! We have four kids and three are on full ride scholarships with monthly stipends. All are engineering majors and will be doing some tech or flying related job when they commission. They are getting wonderful College educations and serving their country. If your children are fit and smart, maybe consider the service route?

Just keep in mind that when they are serving, the military will decide where they serve. I remember a guy I went to college with found out his first duty station would be in South Korea, which he was not happy about.

If your kid gets a duty station far away, they won't be able to come "home" for everything (holidays, birthdays, etc.)

Why would anyone NOT happy about that assignment? I'd love it.

I'm not exactly sure why he didn't want it. But some of the overseas duty stations can be tough on young single service members. A lot of things on base are geared towards the families with children, and off base a lot of the locals don't like you. Most new officers won't make enough money to travel every weekend (and depending on the situation could be restricted from traveling too far without express permission)

[Anonymous]

Is the 265 from both of you working? And DH is 63? I think the poster who suggested draining the 529 is wise, bc reapplying when all 3 are in college and you have no 529 savings left may up the pot of aid?

When is DH planning to retire?

Are there options to stop financially helping parents to the detriment of your kids’ educational options? (DCUM controversial take) are you helping them in a way where the money comes back to you (I.e paying for a house you’ll inherit?)

[Anonymous]

If you only have 150K saved for college, why is DC1 at a private? Did they get an excellent merit award? If not, that was not the best choice.

[Anonymous]

Anonymous wrote:Is the 265 from both of you working? And DH is 63? I think the poster who suggested draining the 529 is wise, bc reapplying when all 3 are in college and you have no 529 savings left may up the pot of aid?

When is DH planning to retire?

Are there options to stop financially helping parents to the detriment of your kids’ educational options? (DCUM controversial take) are you helping them in a way where the money comes back to you (I.e paying for a house you’ll inherit?)

Yes and yes. We could take out the money from 529 at least for DC1 and DC2.
DH is not planning to retire soon not at least this college cost is over. We don't have any inheritance and there is no option to stop supporting parents as they don't have any income but we share cost with our siblings.

[Anonymous]

Anonymous wrote:Is the 265 from both of you working? And DH is 63? I think the poster who suggested draining the 529 is wise, bc reapplying when all 3 are in college and you have no 529 savings left may up the pot of aid?

When is DH planning to retire?

Are there options to stop financially helping parents to the detriment of your kids’ educational options? (DCUM controversial take) are you helping them in a way where the money comes back to you (I.e paying for a house you’ll inherit?)

+1
Your responsibility is to your kids.

[Anonymous]

Anonymous wrote:

Anonymous wrote:IMO you can't afford private...at all.

can your kids do co-ops? they work for a semester and make good money. also a great way to get a foot in the door for a job after graduation.

I'm not sure if the schools they are attending have co-ops but will look into it.

If you are not getting significant FA, your kids need to step back and be at state schools that give them merit. You cannot afford to take loans really, too close to retirement. Your kids need to work every moment they can (Summer, xmas break, spring break, and PT during the year) and find a college that costs you less than $25K/year per kid.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Quite simply you could much more easily afford college if it was public in state for all. We have a slightly lower income with 3 kids. Also 2 in college and 1 in HS. We told our kids we could only afford to cover in-state because we have prepaid tuition. We then use savings to cover room and board. We weren’t comfortable going into debt and didn’t want to help one only to say no to the others. We were very upfront when our kids were applying that they’d otherwise need generous merit aid and loans (they’d be responsible for). You’ve already commited so I’m not sure what you can do now. I would not consider borrowing against retirement. Are your kids working to contribute? Did the one in private take loans? Can you sell something?

We also told them we can only afford in state and they can go oos private if they get scholarship. DC1 is only paying half tuition, DC2 instate full tuition. They both willing to work but they don’t have work study to get a job on campus.
DC3 is high stat and applied so far she got scholarship from a couple of schools.

So you get a job off campus, or one on campus that is NOT Work Study. Those exist at most colleges---food service is an example for most campuses. Not a glamorous job, but it gives you 10-15 hours per week. And your kids need to be working.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Did either kid 1 or 2 get merit aid? If not you are paying 110 annually? With only 150 in the 529? Kid 1 is going to chew through that by graduation. The last child is SOL in comparison, there is no way he can go to private full pay. Is s/he really smart? High schools? An athlete? I only see in state as an option for the third?? How is this fair? Don’t borrow against retirement, take an equity loan or sell the rental

DC1 got huge merit after the unsubsidized loan we are paying 38k and she is trying to get a job for summer to help.
DC2 no merit we pay about 42k after the loan also will work summer and trying to be RA
DC3 is very hardworking very high stat (both gpa and sat above 1550) good EC related to her major and other ECs and interested to major CS and to be fair to her we have to pay similar by far she worked very hard in high school.
So the plan. is the 150k for next year but we need to come up for he rest. I don't want to limit the third one only instate if she secures some merit to match the in-state that would be close to 40-50k. Consensus at least so far not to borrow from retirement.

DC1 is "Trying to get a job for the summer"? Your kids all need jobs during summer, xmas break, spring break and any other breaks. They also need a PT job while at school (10-15 hours/week). You/your spouse should also consider a PT job to bring in extra money. You made the bad choice to let kids attend schools that are $40K+/year when you only had that saved for 1 kid yet you have 3. Another choice is to serious have both kids try to transfer to in-state school.

[Anonymous]

Anonymous wrote:

Anonymous wrote:OP, I posted about what we did in similar situation, or so I thought, but we know nothing about your assets. You really have to consider those to know if you will be able to pay back loans or make profit on rental, etc.

our assets
300k primary, 250k on rental, 900k retirement, 150k 529
we have normal expenses an we do help parents both side, we have old van and old highlander that is all our asset pretty much.

our rental cannot go up more than this but we can pay monthly (if we take out loan)

You are way far behind on retirement. You should NOT be taking loans to put kids thru college. They never should be at places costing $40K+/year. Your husband will need to work until he's 70 to help get you out of this mess and that's if he can keep his job (age discrimination is real)

[Anonymous]

Anonymous wrote:In addition to resident advisor positions, tere are many campus jobs that provide full tuition remission and a stipend. Ask DC1 and DC2 to make an appointment with the financial aid office to ask about all the available positions on campus they can apply for. There may even be counseling positions in the financial aid office that will provide tuition remission plus a stipend.

There are also many employers that provide tuition payment or reimbursement for part-time employees (Starbucks, Amazon, Target, Chipotle, Wells Fargo, Capital One).

No there are not. What colleges are you referring to that have "full tuition remission with a stipend" for a "campus job"? That does not exist at majority of T200 colleges.

THe employers that pay for college for employees typically have you do an Online program at one of only a few places. ASU online is not exactly what I want my kids doing for undergrad

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Did either kid 1 or 2 get merit aid? If not you are paying 110 annually? With only 150 in the 529? Kid 1 is going to chew through that by graduation. The last child is SOL in comparison, there is no way he can go to private full pay. Is s/he really smart? High schools? An athlete? I only see in state as an option for the third?? How is this fair? Don’t borrow against retirement, take an equity loan or sell the rental

DC1 got huge merit after the unsubsidized loan we are paying 38k and she is trying to get a job for summer to help.
DC2 no merit we pay about 42k after the loan also will work summer and trying to be RA
DC3 is very hardworking very high stat (both gpa and sat above 1550) good EC related to her major and other ECs and interested to major CS and to be fair to her we have to pay similar by far she worked very hard in high school.
So the plan. is the 150k for next year but we need to come up for he rest. I don't want to limit the third one only instate if she secures some merit to match the in-state that would be close to 40-50k. Consensus at least so far not to borrow from retirement.

DC1 is "Trying to get a job for the summer"? Your kids all need jobs during summer, xmas break, spring break and any other breaks. They also need a PT job while at school (10-15 hours/week). You/your spouse should also consider a PT job to bring in extra money. You made the bad choice to let kids attend schools that are $40K+/year when you only had that saved for 1 kid yet you have 3. Another choice is to serious have both kids try to transfer to in-state school.

Agree with all 3 need to get a job to support, dc1 going to private is paying less than the in state but I see the point you're making is even in state to go to cheaper school. I'm discussing with DC3 Marry Washington would be a full ride for her.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Is the 265 from both of you working? And DH is 63? I think the poster who suggested draining the 529 is wise, bc reapplying when all 3 are in college and you have no 529 savings left may up the pot of aid?

When is DH planning to retire?

Are there options to stop financially helping parents to the detriment of your kids’ educational options? (DCUM controversial take) are you helping them in a way where the money comes back to you (I.e paying for a house you’ll inherit?)

Yes and yes. We could take out the money from 529 at least for DC1 and DC2.
DH is not planning to retire soon not at least this college cost is over. We don't have any inheritance and there is no option to stop supporting parents as they don't have any income but we share cost with our siblings.

This is just an idea- those who know more about FA can chime in if it’s terrible. My understanding is they don’t expect you to pull from retirement or home…sell the rental, use that $$ to pay down primary home mortgage, this will make it more likely to get aid (especially w 3 in college and no more 529) and you can cash flow more of the tuition, have cash to help the kids pay down their student loans, as well as not have a mortgage in retirement. Also, your DH may get sidelined before college is done, he’ll be 68 by the time #3 graduates. Maybe giving more details on the elderly parents’ expenses can generate some ideas- ie have they looked for low income sr housing…

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Did either kid 1 or 2 get merit aid? If not you are paying 110 annually? With only 150 in the 529? Kid 1 is going to chew through that by graduation. The last child is SOL in comparison, there is no way he can go to private full pay. Is s/he really smart? High schools? An athlete? I only see in state as an option for the third?? How is this fair? Don’t borrow against retirement, take an equity loan or sell the rental

DC1 got huge merit after the unsubsidized loan we are paying 38k and she is trying to get a job for summer to help.
DC2 no merit we pay about 42k after the loan also will work summer and trying to be RA
DC3 is very hardworking very high stat (both gpa and sat above 1550) good EC related to her major and other ECs and interested to major CS and to be fair to her we have to pay similar by far she worked very hard in high school.
So the plan. is the 150k for next year but we need to come up for he rest. I don't want to limit the third one only instate if she secures some merit to match the in-state that would be close to 40-50k. Consensus at least so far not to borrow from retirement.

DC1 is "Trying to get a job for the summer"? Your kids all need jobs during summer, xmas break, spring break and any other breaks. They also need a PT job while at school (10-15 hours/week). You/your spouse should also consider a PT job to bring in extra money. You made the bad choice to let kids attend schools that are $40K+/year when you only had that saved for 1 kid yet you have 3. Another choice is to serious have both kids try to transfer to in-state school.

Agree with all 3 need to get a job to support, dc1 going to private is paying less than the in state but I see the point you're making is even in state to go to cheaper school. I'm discussing with DC3 Marry Washington would be a full ride for her.

And if they have her major (and you are not a troll---I suspect you are), they she should take it. Unfortunately, you have screwed your youngest out of the college experience she might want, simply because you gave it all to the oldest 2 and now have nothing left. So yeah, your youngest would be smart to take a full ride anywhere.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:IMO you can't afford private...at all.

can your kids do co-ops? they work for a semester and make good money. also a great way to get a foot in the door for a job after graduation.

I'm not sure if the schools they are attending have co-ops but will look into it.

If you are not getting significant FA, your kids need to step back and be at state schools that give them merit. You cannot afford to take loans really, too close to retirement. Your kids need to work every moment they can (Summer, xmas break, spring break, and PT during the year) and find a college that costs you less than $25K/year per kid.

Unless it's a college close enough to OP's house for the kids to commute, I don't see how that's possible.

-not OP