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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]Why do people whine so much about college costs?? [b] Just tell your kid to go to UMD[/b] and live at home - it's really not that expensive.

I know someone who is a C-level exec at one of the biggest companies in the area; they went to a mediocre state school and earn a 7-figure income.  No one cares about your $80K/year private college unless you went to Harvard or Princeton.  And even then, the intelligence and drive that got you into Harvard account for far more of your success than any connection or any other benefits you gained from the university itself.

And I can guarantee that your average or above-average kid's life is sure as hell not going to be any better because they went to Swarthmore instead of UMD for their BA in English.[/quote]

Most kids will not get into UMD. [/quote]

So find a state school they will get into that you can afford.  Or search for merit at private schools.  Drop out of the Top Tier (T30) and merit begins to appear.  So find a place where your kid is at/above 85-90% and acceptance rates are 40-50%+ and if they give merit, your kid will likely get a LOT. These places do exist.  Your kid can be extremely happy there.  Apply to the honors college/program, etc. to help them find "their group for academics" There will be like minded, smart people.  Your kid will get a great education, minimal debt and graduate college and being adulthood.   There are plenty of places where college only costs $25-30K/year if you search it out, or even less if that's what your finances need.  
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This is a great strategy if you have saved regularly over the years. The OP is in a different position because they've only saved $30k for their 12 year old AND they have a high HHI. So... if their kid is smart and highly qualified, they may have some options. But even with (a lot of) merit aid, most people with OP's household income should expect to pay $20k/year for college once all expenses are considered. [/quote]

So then OP has a few choices, since oldest is only 12.  Adjust budget and start saving $15-20K/year for the next 6 years. with their income, they should be able to save $80-100K before kid starts college.  Then continue cash flowing that $15-20K plus draw on savings.  Do that and kid could attend a T50-80 school easily (if they have the resume). 
If they can't find a way to save that much, then they need to find a school where their kids can get significant merit, or a state school that is $25-30K and have the kid work during summer/all breaks to earn $10K per year, take $5.5K federal loans and parent take loans for the remainder/cash flow.  
Yes, they won't be attending T20 schools without taking significant loans---that's the choice they made when they did not save for college.  They made choices now they need to live with them and find a college they can afford.  Their kid can still easily attend college affordably, but they may not get to attend a T20/30 school.  Hint: most people wont get to do that even if they have the resume and the cash. [/quote]

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