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

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

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]Yup, we are a full pay family.  The money is coming from a 529.[/quote]

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.[/quote]

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. [/quote]

Similar story here. Small house on a busy street, buy used cars that we drive till they die, take low budget vacations. Finished paying off our grad school loans just in time for oldest kid to start at a great school, full pay. For us, it's worth the sacrifice.

No doubt much of America can't afford $80k. But I'm amazed at the people like the PP who lives in a $2-3m house and still complains that $80k "would be a bite." I'm sure there's also plenty of multiple $$ vacations each year and top-of-the-line cars. [b]But suddenly they're the strapped middle class when it comes to paying for their kids' educations.[/b][/quote]

DP here. This is how I feel.  Private K-12, nice car/s, house with top of the line renos, etc. and suddenly you are shocked college costs money - and that your kid isn't getting a full ride at Harvard? Say what? Suck it up for your kids, otherwise, what is "worth it"?[/quote]

I don't know these people. I know people who bought a place 20 years ago for 700 that's now double. No high end renovations. They go see mom 1x a year and maybe Europe (or LA or costa rica) once a year but stay in Airbnbs that are under 200k. They're wondering why they scrimped for 30 years to spend sooooo much of it on 4 years of college instead of half of it for 4 years of college.  FWIW, I have friends who did full pay and wouldnt make the same choice again[/quote]

700k 20 years ago was a huge amount. For context, we bought our house at that time for around 200k and it was a stretch for us. And Europe once a year adds up, especially with kids in tow. We did take our kids a few years ago and total trip was 10k. Could never afford that every year.[/quote]

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