Reply to MS parents: How much have you saved for college (529, etc.)?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]It's a whole different ball game out there with respect to loans for tuition.  For example, in the 1980's, tuition cost me less than $2,000 dollars a year at UVA.  I was able to pay this with some assistance from my parents, summer jobs, and by working 10 to 15 hours a week.  Now, tuition is over $13,000.  A student would have to work about 60 hours a week at minimum wage to cover tuition, let alone room, board, and incidentals. [/quote]

That’s why you take out loans while you are in school and not making much money. You repay them when you have a FT job. Do you understand that this is what the majority of college students do? People have enough trouble paying their bills let alone have extra money to put aside for college. [/quote]

Props to everyone who has saved so much...it is a very hard thing to do these days! 
For us and many others we know, our health care, housing, and own retirement savings eats up so much of our budget. It is harder & harder to save.[/quote]

Its not hard if you make it a priority.  If your priority is to live in a big or nice house and lots of retirement, then its hard to save.  If you live like some of us in small homes and don't do a lot of vacations or extras (and yes we save for retirement/max out what we can), its not that hard to put $10K away if you make $150-200K or more a year.  We comfortably do it.[/quote]

That’s what I would expect people who actually make a lot of money to say. If only people barely getting by made college savings more of a priority...  :roll:   I rent an apartment and I will never, ever make enough money to buy my own property. I make around $55K as a single parent. No amount of prioritizing will allow me to save money for college. Some months I have to choose which bill not to pay. I am glad you are comfortable on your income. I would be too since it is three to four times my own.  You do realize people make MUCH less than you do, right?[/quote]

Then, your child will qualify for aid.  I don't work.  I made less than you did with a masters degree so given child care costs for one were more than my take home it was an issue.  You also realize that some, like my husband got his college degree later in life and only make a good income because he went back (thanks to the military) and got a degree in a well paying field.  You can slam others for their choices but life is about choices and if someone has that much in income there is no excuse not to save.  And, for all we know, you could be getting several thousand in child support.[/quote]

I am supposed to get approximately $4K per year in CS but my ex rarely pays what he owes each month. I don’t have control over that. I would bet that most people making the kind of money you make does save for college.  It not every makes that. Not even close. [/quote]

Sadly, most don't save and that is the issue.  At your income you can get good financial aide, at our income its hit or miss depending on the school.  So, you either save, your kid takes loans or they go military (I am fine with military after a degree but not before as my husband was enlisted and its a very different life).  Most are instead buying $700-900K houses which is why the housing prices are insane and spending everything each month that we know.  We could easily buy a bigger house at this point/past few years but I'd rather stay in ours and save for college.  [/quote]

Where do you live? When did you buy? How much is your healthcare?  How much do you save for retirement each month?[/quote]

Our house was under $400K at the height of the market in 2009.  We have military insurance but have a lot of out of pocket costs so between $1000K or so a month in extra health care, also have an elderly relative we supplement.  We max out retirement but no clue how much that is and we put in the $5K per person per year or what ever the max is - under $170K a year, but that is only recently.[/quote]

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