no extra money for 529. is my kid doomed?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:What is your hhi?

about 90k

If your kids tests well and gets straight A’s they can get a full scholarship to college. You are poor enough. Make sure they keep up their grades though!

If, if, if. Ridiculous

[Anonymous]

Anonymous wrote:

Anonymous wrote:What is your hhi?

about 90k

I think your child will get SUBSTANTIAL aid.

Also did you and your spouse graduate from college? Hopefully the answer is no because there will be even more money and opportunity available for your kid.

Don’t earn any more money Lolol!

[Anonymous]

Anonymous wrote:What about state school? It's cheap in MD and VA. Especially if kid commutes.

State schools in Virginia are NOT cheap. They are actually very expensive compared to many other states.

[Anonymous]

This entire post is killing me.

State schools are not cheap. Virginia state schools are actually pretty expensive in state.

The military is not an option for everyone. As a PP noted, various medical conditions (including nut allergies) disqualify a kid from service. Plus, if you serve, there is a very real chance of going to war. People actually get killed and badly injured. My husband is permanently disabled.

Nominations to service academies are incredibly difficult to get, especially in this area.

The advice to move to a LCOL area is not helpful. People can not find a job just anywhere. My job exists only in DC. I would leave if I could.

I don't know what the answer is OP. We are struggling as well.

[Anonymous]

^^ I should add that in Virginia, a veterans disability rating of 90 percent or higher on the part of the parent is required for a child to receive college financial assistance. In other states, a parent's 60-70 percent veterans disability results financial aid (e.g., Ohio requires a 60 percent rating).

[Anonymous]

Anonymous wrote:This entire post is killing me.

State schools are not cheap. Virginia state schools are actually pretty expensive in state.

The military is not an option for everyone. As a PP noted, various medical conditions (including nut allergies) disqualify a kid from service. Plus, if you serve, there is a very real chance of going to war. People actually get killed and badly injured. My husband is permanently disabled.

Nominations to service academies are incredibly difficult to get, especially in this area.

The advice to move to a LCOL area is not helpful. People can not find a job just anywhere. My job exists only in DC. I would leave if I could.

I don't know what the answer is OP. We are struggling as well.

As PP said, Harvard will solve your problem.

[Anonymous]

Chill out and do FAFSA.

https://studentaid.gov/aid-estimator/

With $110K income and $500K assets, expected family contribution is under $50K total for all of college.
Less of you have more kids.

[Anonymous]

Op should focus on the 50+ no loan colleges. They are usually prestigious with high endowments, so definitely competitive:
https://www.lendingtree.com/student/colleges-no-student-loans-policy/

The safer bet is community college and then transfer to a state college.

[Anonymous]

Anonymous wrote:Op should focus on the 50+ no loan colleges. They are usually prestigious with high endowments, so definitely competitive:
https://www.lendingtree.com/student/colleges-no-student-loans-policy/

The safer bet is community college and then transfer to a state college.

That depends on where the state college is. Two years of UVA instate is still 80k that OP doesn't have

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Honestly your life just isn’t working. It’s time for a big come-to-Jesus and probably relocation to a lower COL area.

Georgia has an amazing program for qualified in-state students to attend for free. Something to consider.

I always snort at these types of responses. F those teachers, nurses, professors, social workers, admins, etc. Just move to LOC areas (where you will get paid even less) already!

Yes, and those poor people living in that LOC area will send their kids to UGA for almost nothing. Promise you they're grateful for it.

So if the nurses and teachers move to the LOC areas who is going to teach your kids? Take care of you in a hospital?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Honestly your life just isn’t working. It’s time for a big come-to-Jesus and probably relocation to a lower COL area.

Georgia has an amazing program for qualified in-state students to attend for free. Something to consider.

I always snort at these types of responses. F those teachers, nurses, professors, social workers, admins, etc. Just move to LOC areas (where you will get paid even less) already!

Yes, and those poor people living in that LOC area will send their kids to UGA for almost nothing. Promise you they're grateful for it.

So if the nurses and teachers move to the LOC areas who is going to teach your kids? Take care of you in a hospital?

Nurses are doing fine ($60-80k) and I believe teachers fall in that range too though I know quite a few of both professions that make $100k and with nursing there is always an opportunity to work overtime.

Assuming they’re apart of a dual income household; they’re fine. PP just wanted to show fake concern.

[Anonymous]

NY State the State schools are free families making under 120k with a short residency period

[Anonymous]

I'm using that sweet ole home equity...

[Anonymous]

Get a financial advisor, to help your family get out of credit card debt.That is a bottomless pit.

Your child will likely qualify for financial aid, but they should be trying their best in school for now and seeing what their options are when they are done.

There are options for getting your finances back in order (which go beyond college for your kid), but you need someone to help you manage your spending.

Good luck, it sounds very stressful.

[Anonymous]

Anonymous wrote:Chill out and do FAFSA.

https://studentaid.gov/aid-estimator/

With $110K income and $500K assets, expected family contribution is under $50K total for all of college.
Less of you have more kids.

How to handle that:

1. Make sure the kids understand the financial limitations.

2. Chances are the parent already spends $4,000 per kid. That can go to college bills.

3. The kid can borrow $7,000 per year through regular student loans. For a kid at a good school who’s at least double majoring in something practical, assuming that level of debt is probably worth it.

4. The kid should be able to earn earn about $10,000 per year if the kid job market stays strong.

5. Maybe the kid can pay $1,000 per year with money earned and saved before college.

That’s $22,000 per year.

That should be more than enough for a kid to go to a school like GMU or UMBC and live at home even without other aid, and those are fine schools.

If the kid qualifies for any Pell grants, merit aid, or other aid, or can earn more through work, the kid can live in the dorm.