Reply to Family of Four on 90k - An Upper Middle Class Existence

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[quote=Anonymous][quote=Anonymous][quote=Anonymous]
1) There are less students working b/c of cuts in Federal work study over the 2000s, as well as the growth of unpaid internships which became a necessity to get a job after college.
http://www.poynter.org/news/mediawire/103805/colleges-universities-brace-for-big-cuts-in-work-study-programs/[/quote]

There are a multitude of factors that would contribute to a declining work-during-college trend. Certainly there are *FAR* more employment opportunities off campus than there are on campus. A lot of on-campus jobs arise out of a need for low cost labor in performing some function, such as at the library or manning a computer lab. These needs don't go away through a lack of subsidy. In fact, the power of the Internet greatly expands the scope of work available that was never enjoyed by generations in the past. We've hired college students for off-hour email support from the other side of the continent. The opportunities may not have stayed the same, but they are there if you look for them.

[quote=Anonymous]
2) Yes, there was high growth in tuition over the 80s, then 90s, than the 00s. But this growth compounds, so the aughts do have a harder time than you did.  And there was a shift to more loans rather than direct aid in the 00s, which is not captured in your sticker-price tuition chart
http://www.sltrib.com/home/2023423-155/story.html[/quote]

Well, prices always increase, so looking at absolute dollars is useless as a basis for comparison across generations. The rate of increase is far more indicative of the relative tuition pressure that each generation had to endure. With regards to financial aid - they are always focused on the lower quintile of the population that have a financial need for assistance. Declining real aid for this lower quintile cannot be used as an excuse for the broad base of the millennial population for why their education costs are some how so much worse than those shouldered by generations past.

[quote=Anonymous]
And you came to this country with a positive net-worth and apparently no family to support in their old age?  You are already *way* ahead of 95% of US college graduates.  It's well known that getting a degree overseas is the way to go b/c you don't pay any tuition.

if you only had $2k to you name, how did you come up with a $60,000 downpayment on your $300,000 rowhouse?[/quote]

Not me, but I can address a similar issue. My family came to the US literally with no money. I believe by the then currency exchange, we had the equivalent of about $500. My parents had to support aging parents and also siblings back in the old country - its expected of them since they were both the eldest in their respective families. I went to a state school in the US, we did not qualify for any financial aid because we didn't have our green cards. I worked all throughout college: sold fitness equipment at a sporting goods store, bussed tables at local restaurants, tutored high school kids, delivered pizzas, etc. My parents were methodical hard workers and savers. They bought their first house of $150k in cash after saving from literally nothing for 6 years, all the while raising us two kids and putting us through college. At first only my dad worked, and had a salary in the $25k range. Then my mom started doing odd jobs and I think towards the end of the six years, they probably had a combined income of about $60k. They didn't believe in owing money to people. They could not understand how anyone could take out a loan for 30 years, paying interest.

[b]My parents raised us while living in apartments. They bought their house just as we were leaving for college. Owning a house is an American dream, but I don't see how anyone should feel entitled to it. I don't see how anyone in their 20's should feel like they deserve to own a home, even a relatively affordable $300k one. My wife and I started our lives together in a 1 bedroom studio in our late 20s. Neither of us owned a home at that point and had no intention to do so until we had our first child. We had a combined income of $100k at that point.[/b] [/quote]

Agree completely. PP has a huge entitlement complex.  Now, if he/she was trying to get by on less than $50k with a family I'd understand this feeling of unfairness more, but instead he/she is leaping on those who manage to make do on salaries that he/she thinks are "poor".  They just don't get it and they never will.[/quote]

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