Reply to 31% of millionaires think they're middle class

Forum Index » Money and Finances

Reply to "31% of millionaires think they're middle class"

Subject:

Emoticons





More smilies

Text Color: Font: Close Marks

[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]It's all relative but many of you are correct- you can't afford the things that you think you are entitled to. I grew up in the 80s and my parents were upper middle class but they encouraged us to go in-state or go where we got the most merit aid. All 3 of us did that and got undergrad degrees with no debt. My parents had a mortgage and needed to save for retirement. Nothing wrong with it.[/quote]

This is the problem though--the 5k my parents paid a semester for tuition for an in-state school in the 1990s, isn't 5k anymore. So a state school doesn't make it affordable necessarily.[/quote]

Almost every state has schools that are $25-35K, all in.  So instead of the $10K per year your parents put in, let's say $20K from parents (from savings and cash flow). If kid works summers, breaks and PT while in college (10 hours/week) they can earn 10K (or more).  Take the $5.5K in federal loans and you are there for most state schools.

So for UMC that is doable and for MC that is likely also doable, might just need a bit more in parent loans if parents cannot pay $20K/year.
And many state schools (outside the top flagships) will offer a bit of merit for good students, so $2-4K in merit at minimum.  Or find private schools that are more affordable.  It is possible for MC/UMC to do college with only $80K or less from parents total over 4 years. 
[/quote]

Or live in a state like GA, AL, FL (among others) which give free tuition to kids with high scores. I have a family member going to Ga Tech for about $15,000 a year. [/quote]

Options

	Disable HTML in this message
	Disable BB Code in this message
	Disable smilies in this message

Review message

Search Recent Topics Hottest Topics