MS parents: How much have you saved for college (529, etc.)?
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Anonymous
More, it depends on your assets listed on the CSS. If you have low income AND few assets AND get into Harvard, you may qualify for significant need based aid. But with an income of 100,000-150,000 you would likely still have some Expected Family Contribution, maybe in the $25-$30K range per year. |
Anonymous
Who is rigging the game here? I'm confused. People are saving money for college. How is that rigging the game? |
Anonymous
| $0 I'm a professor and DS can go to school free where I work. It's an amazing benefit! |
Anonymous
Just keep your job! |
Anonymous
| 8th, 11th graders, and college freshman - each have Virginia prepaid and about $40,000 In Virginia 529. College student chose to live at home so any leftovers money in 529 can be used for a graduate degree. |
Anonymous
| I’m wondering if anyone has saved in ways that are not 529. We’ve invested in real estate to pay for our kids’ education. Just curious if anyone else has done something other than 529 and how that worked out for them. |
Anonymous
Actually, kind of. We were able to keep out condo (had some stock bonuses that accumulated to a dp for our next place) when we moved so we are able to rent that and while we are contributing to 529s, we kind of also know that the sale of that property with enough time will be what probably can pay for education in full after other savings. It is a privilege though, in that we have been together since our early 20s and were able to sort or build our assets together faster for future kids |
Anonymous
Are they expats here? Or dual? I always just kind of assumed that tuition benefits for kids who qualify in EU countries had to be citizens. |
Anonymous
It's hard- we invested a lot for DS, but hit the skids a few years ago, so the early investment helped us--college cost is outrageous. Here's the thing-- we have the money saved, but my DS has ADHD and realistically, in spite of being very smart, he will probably live at home and go to an in state school or community college at least the first year. Realistically, I don't think he's going to ready to be on his own at eighteen-- his maturity level will probably be that of a fifteen or sixteen year old when he graduates. Living at home will save us money, but it will ensure that our money isn't wasted. Friend sent her very smart son (similar profile) away for school right after high school-- kid blew his academic scholarship the first year. It' wasn't really his fault-- he just wasn't ready. I have another friend who lives in a large Canadian city-- she said it's more common other places for kids to live at home while they attend school. I'm sharing this because there are def 1%ers here and their kids may take the traditional American college path--but it's not always a foregone conclusion even when the resources are there. |
Anonymous
| 250k per child. Most gifted by parents. |
Anonymous
Don't you still have to pay for room and board? That is about $12K per year. Also, what if they children do not get into your school? Can they go somewhere else for free or a discount? |
Anonymous
I'm guessing if they work at the school, they're close enough for the kid to live at home. |
Anonymous
They are American citizens. EU citizenship for free tuition in Europe is not a requirement. |
Anonymous
| $30K. I work at American so the kids have an extensive list of schools they can choose from for tuition exchange. Most of the exchange schools don't include room and board though, so we'll have to cover that. And even if they don't end up at a tuition exchange school (or heaven forbid I lose my job or something) we should be on track to have $100K for each by the time they graduate so could do that and then contribute out of pocket to cover the cost of a state school. |
Anonymous
| $4800. It is what it is. Some months there's barely enough to put money into my retirement account and pay all the bills. I'm not losing sleep over it. |