Did you folks not do ANY saving?

[Anonymous]

We were making about $100k when our children were born and now make close to $200k. They are currently in college and we saved enough for them to go to out of state flagships (one) and private with scholarship (one). We could have handled it without the scholarship, but not two in private with no merit. Our kids went to public in FCPS. It did not seem to be the burden to save that I read from others on DCUM. I wonder what we have done differently.

We had one setback of a 20% cut in income about 10 years ago. HHI has now rebounded (with 2-4% annual increases) and has increased a bit.

[Anonymous]

Anonymous wrote:

Anonymous wrote:I think there are two kinds of complaints that bother me the most.

First, the people who are financially comfortable who complain that it’s not “fair” that low income students get money. They don’t seem to understand how persistent a low income kid has to be to overcome all the obstacles between them and going to college. They seem to think their kids obstacles were the same.

Then there are the people who convince themselves that they aren’t well off, even though they replace their cars more regularly than most, go on vacations, and live in a spacious home. I think hey look at the wealthy people in the area and social media and feel “poor” and deserving of financial aid.

Well, the problem is not that people in these groups receive FA to get a college education but that they expect to have other people work to subsidize a luxury good. No one needs to go to a private college if they are asking someone else to pay.

+1 There is zero reason to spend $60K+ for an undergrad degree.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I think there are two kinds of complaints that bother me the most.

First, the people who are financially comfortable who complain that it’s not “fair” that low income students get money. They don’t seem to understand how persistent a low income kid has to be to overcome all the obstacles between them and going to college. They seem to think their kids obstacles were the same.

Then there are the people who convince themselves that they aren’t well off, even though they replace their cars more regularly than most, go on vacations, and live in a spacious home. I think hey look at the wealthy people in the area and social media and feel “poor” and deserving of financial aid.

Well, the problem is not that people in these groups receive FA to get a college education but that they expect to have other people work to subsidize a luxury good. No one needs to go to a private college if they are asking someone else to pay.

+1 There is zero reason to spend $60K+ for an undergrad degree.

Not true.

There is at least one: Because you can if you want to.

Stop judging.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I think there are two kinds of complaints that bother me the most.

First, the people who are financially comfortable who complain that it’s not “fair” that low income students get money. They don’t seem to understand how persistent a low income kid has to be to overcome all the obstacles between them and going to college. They seem to think their kids obstacles were the same.

Then there are the people who convince themselves that they aren’t well off, even though they replace their cars more regularly than most, go on vacations, and live in a spacious home. I think hey look at the wealthy people in the area and social media and feel “poor” and deserving of financial aid.

Well, the problem is not that people in these groups receive FA to get a college education but that they expect to have other people work to subsidize a luxury good. No one needs to go to a private college if they are asking someone else to pay.

+1 There is zero reason to spend $60K+ for an undergrad degree.

Why? You won't, so no one else should either? Would you spend $50? $40?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Aren't most people still working when their kids are in college? I'm saving for both my kids, but I'm also assuming that large amounts of my paycheck during their college years will be going towards paying their college expenses. Why are people thinking they need to have saved the total amount by the time their kids start college?

+1. By the time my kids go to college, we're projecting that'll we have saved about half about their college expenses. Which makes it easier to pay the rest from our salaries. If college is $74k a year, half of that is $37k, which is basically what we paid during the daycare years with no savings at all, and when we both earned so much less than we do now.

I opted to be a SAHM. I only recently began working. Not sure how we will make it since we are by definition a donut hole family. Seems unfair that our current income is counted against us. Considering staying home, again, until kids are out of college. May make more sense, tbh. Then we can get FA.

Holy crap. Read this again, PP.

You are complaining that it's unfair that your current income is counted against you, when you removed yourself from the workforce for years. Moreover, you're considering doing it again, so you can get aid?

You aren't ashamed of yourself, typing this out?

Since you went without your income for so long, and apparently comfortable doing so again, you should be able to direct that income entirely to college. That'll help.

Again, giving low income kids a hand - great. Giving "aid" to families who decided to not do all they can to pay for college themselves? No thanks.

+100 PP the idea that you think your kids should get the same aid as kids that are going to college from impoverished homes because you didn't want to work for most of their childhood is deeply gross.

When I was a SAHM, we lived within our means. We didn’t take fancy vacas and bought our cars in cash. I made the choice to SAHM, and don’t understand why my kids our penalized now that I work. Mind you I work two part time jobs because it’s not as easy as one thinks to get a FT job after choosing to SAH. But you think I should feel shame?! Why? I raised my kids and took a financial hit to do so. I will do so again so that my kids can get FA. Our country is messed up when SAHMs are penalized for working a few years before college.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Aren't most people still working when their kids are in college? I'm saving for both my kids, but I'm also assuming that large amounts of my paycheck during their college years will be going towards paying their college expenses. Why are people thinking they need to have saved the total amount by the time their kids start college?

+1. By the time my kids go to college, we're projecting that'll we have saved about half about their college expenses. Which makes it easier to pay the rest from our salaries. If college is $74k a year, half of that is $37k, which is basically what we paid during the daycare years with no savings at all, and when we both earned so much less than we do now.

I opted to be a SAHM. I only recently began working. Not sure how we will make it since we are by definition a donut hole family. Seems unfair that our current income is counted against us. Considering staying home, again, until kids are out of college. May make more sense, tbh. Then we can get FA.

Holy crap. Read this again, PP.

You are complaining that it's unfair that your current income is counted against you, when you removed yourself from the workforce for years. Moreover, you're considering doing it again, so you can get aid?

You aren't ashamed of yourself, typing this out?

Since you went without your income for so long, and apparently comfortable doing so again, you should be able to direct that income entirely to college. That'll help.

Again, giving low income kids a hand - great. Giving "aid" to families who decided to not do all they can to pay for college themselves? No thanks.

+100 PP the idea that you think your kids should get the same aid as kids that are going to college from impoverished homes because you didn't want to work for most of their childhood is deeply gross.

When I was a SAHM, we lived within our means. We didn’t take fancy vacas and bought our cars in cash. I made the choice to SAHM, and don’t understand why my kids our penalized now that I work. Mind you I work two part time jobs because it’s not as easy as one thinks to get a FT job after choosing to SAH. But you think I should feel shame?! Why? I raised my kids and took a financial hit to do so. I will do so again so that my kids can get FA. Our country is messed up when SAHMs are penalized for working a few years before college.

If you think financial aid is for people who went a couple of years without fancy vacations you're so far divorced from reality that this response shouldn't even be surprising. "I haven't worked for years, now that I have income why should I be expected to spend any of it on my kids' education?" is not a terrific position, Mom of the Year.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Aren't most people still working when their kids are in college? I'm saving for both my kids, but I'm also assuming that large amounts of my paycheck during their college years will be going towards paying their college expenses. Why are people thinking they need to have saved the total amount by the time their kids start college?

+1. By the time my kids go to college, we're projecting that'll we have saved about half about their college expenses. Which makes it easier to pay the rest from our salaries. If college is $74k a year, half of that is $37k, which is basically what we paid during the daycare years with no savings at all, and when we both earned so much less than we do now.

I opted to be a SAHM. I only recently began working. Not sure how we will make it since we are by definition a donut hole family. Seems unfair that our current income is counted against us. Considering staying home, again, until kids are out of college. May make more sense, tbh. Then we can get FA.

Holy crap. Read this again, PP.

You are complaining that it's unfair that your current income is counted against you, when you removed yourself from the workforce for years. Moreover, you're considering doing it again, so you can get aid?

You aren't ashamed of yourself, typing this out?

Since you went without your income for so long, and apparently comfortable doing so again, you should be able to direct that income entirely to college. That'll help.

Again, giving low income kids a hand - great. Giving "aid" to families who decided to not do all they can to pay for college themselves? No thanks.

+100 PP the idea that you think your kids should get the same aid as kids that are going to college from impoverished homes because you didn't want to work for most of their childhood is deeply gross.

When I was a SAHM, we lived within our means. We didn’t take fancy vacas and bought our cars in cash. I made the choice to SAHM, and don’t understand why my kids our penalized now that I work. Mind you I work two part time jobs because it’s not as easy as one thinks to get a FT job after choosing to SAH. But you think I should feel shame?! Why? I raised my kids and took a financial hit to do so. I will do so again so that my kids can get FA. Our country is messed up when SAHMs are penalized for working a few years before college.

You are not getting "penalized" because you work.

Colleges are giving other students more financial aid because their families have less money than you do and they want those students in their class.

Big difference.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Aren't most people still working when their kids are in college? I'm saving for both my kids, but I'm also assuming that large amounts of my paycheck during their college years will be going towards paying their college expenses. Why are people thinking they need to have saved the total amount by the time their kids start college?

+1. By the time my kids go to college, we're projecting that'll we have saved about half about their college expenses. Which makes it easier to pay the rest from our salaries. If college is $74k a year, half of that is $37k, which is basically what we paid during the daycare years with no savings at all, and when we both earned so much less than we do now.

I opted to be a SAHM. I only recently began working. Not sure how we will make it since we are by definition a donut hole family. Seems unfair that our current income is counted against us. Considering staying home, again, until kids are out of college. May make more sense, tbh. Then we can get FA.

Holy crap. Read this again, PP.

You are complaining that it's unfair that your current income is counted against you, when you removed yourself from the workforce for years. Moreover, you're considering doing it again, so you can get aid?

You aren't ashamed of yourself, typing this out?

Since you went without your income for so long, and apparently comfortable doing so again, you should be able to direct that income entirely to college. That'll help.

Again, giving low income kids a hand - great. Giving "aid" to families who decided to not do all they can to pay for college themselves? No thanks.

I'm going to go ahead and disagree. I don't think anyone should need to pay the full price for a college education at the levels of tuition being charged today. We are UMC (but not rich; we have no parental help or similar luxuries) and saved aggressively for college. But, that money -or a portion of it- could have been used for many other things. But, we know we can't do that b/c of the price tags and our income will be held against us. It's absurd that people pay such wildly different prices, and so much different aid, for the same education. We saved and we'll be punished for that.

Yes, I'll say it, I have a big problem with that.

You have a problem with making good money, saving it, and being expected to use it for its intended purpose?

You're unhappy because even though you prioritized savings, you'd rather have used that money for other things?

You are unhappy with people getting any aid whatsoever?

This is completely incoherent.

Just because you disagree doesn't mean it's incoherent.

I am not opposed to people getting aid, necessarily. But, why am I supposed to save money and forego other things to do so and foot a full pay tuition for the same education other peoples' kids are getting at reduced costs? We do not live a lavish life. We are civil servants and have one modest home. 1 car 11 years old; the other bought used. No vacation home or other big luxuries. We have to make choices as to house repairs and stagger them to afford them. We are not rich. We have no family support, trust funds, etc. None of our parents went to college and we have worked our asses off. Yet, I have to foot a tuition bill like I am well off?

We have lived responsibly, within our means. And we will be punished for that. Our DC's college is going to cost tens of thousands of dollars a year b/c we won't get one cent. Yes, I feel College is too expensive. But, I also feel that the payment options punish those who save for it. We gave up many things to save that money, not just "luxuries."

I don't really care what you think of my complaints. So you can take your snark somwehere else.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Aren't most people still working when their kids are in college? I'm saving for both my kids, but I'm also assuming that large amounts of my paycheck during their college years will be going towards paying their college expenses. Why are people thinking they need to have saved the total amount by the time their kids start college?

+1. By the time my kids go to college, we're projecting that'll we have saved about half about their college expenses. Which makes it easier to pay the rest from our salaries. If college is $74k a year, half of that is $37k, which is basically what we paid during the daycare years with no savings at all, and when we both earned so much less than we do now.

I opted to be a SAHM. I only recently began working. Not sure how we will make it since we are by definition a donut hole family. Seems unfair that our current income is counted against us. Considering staying home, again, until kids are out of college. May make more sense, tbh. Then we can get FA.

Holy crap. Read this again, PP.

You are complaining that it's unfair that your current income is counted against you, when you removed yourself from the workforce for years. Moreover, you're considering doing it again, so you can get aid?

You aren't ashamed of yourself, typing this out?

Since you went without your income for so long, and apparently comfortable doing so again, you should be able to direct that income entirely to college. That'll help.

Again, giving low income kids a hand - great. Giving "aid" to families who decided to not do all they can to pay for college themselves? No thanks.

+100 PP the idea that you think your kids should get the same aid as kids that are going to college from impoverished homes because you didn't want to work for most of their childhood is deeply gross.

When I was a SAHM, we lived within our means. We didn’t take fancy vacas and bought our cars in cash. I made the choice to SAHM, and don’t understand why my kids our penalized now that I work. Mind you I work two part time jobs because it’s not as easy as one thinks to get a FT job after choosing to SAH. But you think I should feel shame?! Why? I raised my kids and took a financial hit to do so. I will do so again so that my kids can get FA. Our country is messed up when SAHMs are penalized for working a few years before college.

Why should we subsidize SAHMs?

And no, you didn't live within your means. If you had, you'd have saved for college. But, you ignored that, and now either don't think it's fair that money you earn after returning to work should be used to pay for college, or just want others to pick up the tab.

Yes, you should be ashamed.

[Anonymous]

Anonymous wrote:

Just because you disagree doesn't mean it's incoherent.

I am not opposed to people getting aid, necessarily. But, why am I supposed to save money and forego other things to do so and foot a full pay tuition for the same education other peoples' kids are getting at reduced costs? We do not live a lavish life. We are civil servants and have one modest home. 1 car 11 years old; the other bought used. No vacation home or other big luxuries. We have to make choices as to house repairs and stagger them to afford them. We are not rich. We have no family support, trust funds, etc. None of our parents went to college and we have worked our asses off. Yet, I have to foot a tuition bill like I am well off?

We have lived responsibly, within our means. And we will be punished for that. Our DC's college is going to cost tens of thousands of dollars a year b/c we won't get one cent. Yes, I feel College is too expensive. But, I also feel that the payment options punish those who save for it. We gave up many things to save that money, not just "luxuries."

I don't really care what you think of my complaints. So you can take your snark somwehere else.

How much do you have saved, and how much less would you be paying if you did not have that savings?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Aren't most people still working when their kids are in college? I'm saving for both my kids, but I'm also assuming that large amounts of my paycheck during their college years will be going towards paying their college expenses. Why are people thinking they need to have saved the total amount by the time their kids start college?

+1. By the time my kids go to college, we're projecting that'll we have saved about half about their college expenses. Which makes it easier to pay the rest from our salaries. If college is $74k a year, half of that is $37k, which is basically what we paid during the daycare years with no savings at all, and when we both earned so much less than we do now.

I opted to be a SAHM. I only recently began working. Not sure how we will make it since we are by definition a donut hole family. Seems unfair that our current income is counted against us. Considering staying home, again, until kids are out of college. May make more sense, tbh. Then we can get FA.

Holy crap. Read this again, PP.

You are complaining that it's unfair that your current income is counted against you, when you removed yourself from the workforce for years. Moreover, you're considering doing it again, so you can get aid?

You aren't ashamed of yourself, typing this out?

Since you went without your income for so long, and apparently comfortable doing so again, you should be able to direct that income entirely to college. That'll help.

Again, giving low income kids a hand - great. Giving "aid" to families who decided to not do all they can to pay for college themselves? No thanks.

I'm going to go ahead and disagree. I don't think anyone should need to pay the full price for a college education at the levels of tuition being charged today. We are UMC (but not rich; we have no parental help or similar luxuries) and saved aggressively for college. But, that money -or a portion of it- could have been used for many other things. But, we know we can't do that b/c of the price tags and our income will be held against us. It's absurd that people pay such wildly different prices, and so much different aid, for the same education. We saved and we'll be punished for that.

Yes, I'll say it, I have a big problem with that.

You have a problem with making good money, saving it, and being expected to use it for its intended purpose?

You're unhappy because even though you prioritized savings, you'd rather have used that money for other things?

You are unhappy with people getting any aid whatsoever?

This is completely incoherent.

Just because you disagree doesn't mean it's incoherent.

I am not opposed to people getting aid, necessarily. But, why am I supposed to save money and forego other things to do so and foot a full pay tuition for the same education other peoples' kids are getting at reduced costs? We do not live a lavish life. We are civil servants and have one modest home. 1 car 11 years old; the other bought used. No vacation home or other big luxuries. We have to make choices as to house repairs and stagger them to afford them. We are not rich. We have no family support, trust funds, etc. None of our parents went to college and we have worked our asses off. Yet, I have to foot a tuition bill like I am well off?

We have lived responsibly, within our means. And we will be punished for that. Our DC's college is going to cost tens of thousands of dollars a year b/c we won't get one cent. Yes, I feel College is too expensive. But, I also feel that the payment options punish those who save for it. We gave up many things to save that money, not just "luxuries."

I don't really care what you think of my complaints. So you can take your snark somwehere else.

You are the classic "I am middle class" poster who makes, what, $250k? more?

"I'm not rich, why are other people getting help, why should I have to save?"

Because you make a shit-ton of money, and you should use some of it for your kid's college.

Not sure who is more ridiculous, you or the SAHM complaining that the money she makes upon returning to work should be used for college. So whiny. Let me guess, Trump supporter?

[Anonymous]

Anonymous wrote:When I went to UMD instate tuition was $7k all in and room and bird about the same.
Now it's $13k tuition and $12k room and bird. And this is just UMD and not a private institution. People maybe have saved but at expected rates from when they went.
My parents house in 1999 in Bethesda was $320k and they made about $180k hhi. Our house in silver spring is $750k and we make $220k hhi and have childcare costs. So savings is just harder. And I can't even afford to buy their house not at my hhi.

But when you went to UMD average salary of gov people was 50K and now is 150K.

[Anonymous]

We make about $225k. Combined with what we're willing to take out of cash flow, we saved enough for our kids to go to a state school or a private school with merit aid (so max of about $50K/year). Yeah we could've gone 20 years without vacationing or not updated our 80s kitchen or driven 2002 Honda Accords, and then we could've afforded to send our kid to any private school they wanted, but...meh. We (collective "we") put waaaay too much emphasis on "the dream school" and "THE IVIES!!!!!11!!!" as if they're somehow going to drastically alter the trajectory of your kid's life or provide some sort of incomparable experience that could never possibly offered elsewhere and I just SMH. Especially when we know that outcomes-wise, that extra ~100K is very unlikely to ever "pay off." I have no desire to deprive ourselves for 20+ years.

[Anonymous]

Anonymous wrote:We make about $225k. Combined with what we're willing to take out of cash flow, we saved enough for our kids to go to a state school or a private school with merit aid (so max of about $50K/year). Yeah we could've gone 20 years without vacationing or not updated our 80s kitchen or driven 2002 Honda Accords, and then we could've afforded to send our kid to any private school they wanted, but...meh. We (collective "we") put waaaay too much emphasis on "the dream school" and "THE IVIES!!!!!11!!!" as if they're somehow going to drastically alter the trajectory of your kid's life or provide some sort of incomparable experience that could never possibly offered elsewhere and I just SMH. Especially when we know that outcomes-wise, that extra ~100K is very unlikely to ever "pay off." I have no desire to deprive ourselves for 20+ years.

Nice excuses, Mom, but schools do matter for our kids and their futures. But enjoy your kitchen!

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I think there are two kinds of complaints that bother me the most.

First, the people who are financially comfortable who complain that it’s not “fair” that low income students get money. They don’t seem to understand how persistent a low income kid has to be to overcome all the obstacles between them and going to college. They seem to think their kids obstacles were the same.

Then there are the people who convince themselves that they aren’t well off, even though they replace their cars more regularly than most, go on vacations, and live in a spacious home. I think hey look at the wealthy people in the area and social media and feel “poor” and deserving of financial aid.

Well, the problem is not that people in these groups receive FA to get a college education but that they expect to have other people work to subsidize a luxury good. No one needs to go to a private college if they are asking someone else to pay.

+1 There is zero reason to spend $60K+ for an undergrad degree.

Why? You won't, so no one else should either? Would you spend $50? $40?

I have no issue with people spending $60K for college if they have the money for it. I do have a problem with expecting that you deserve financial aid so you can go to that $60K+ college.