Reply to To you, what schools are truly worth 90k/year

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]This question is really for donut hole families.  People that make over 200,000 a year but less than 300,000.  Have some saved for college but not nearly enough.

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IMO, if you cannot "easily pay the $90K", then it's not worth it.  Don't mess with your retirement to pay for college.  There are hundreds of great schools that will be affordable (thru merit or simply lower overall prices).  Find the best ones of those for your kid
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Np. My kid hasn’t applied yet but I just ran a NPC for a private school my kid is interested in, and despite my having an older dc in college and living in a high COL location, apparently these schools think I should spend 65% of my take home pay on their tuition. So ridiculous. [/quote]
Then the $90k schools are not worth it for you.[/quote]

That is so very profound, thanks for posting your wisdom.

But I think this is meant to be a larger comment about the expense of education in the US. [/quote]

Yes expenses have risen way too fast.  But just like most everything else in life, there will always be something that is "nice and you'd like to have" but cannot get because it's too expensive.  The vast majority of Americans apply to and attend a college within 4 hours of home, normally a State U (or CC to 4 year state U).  Most don't even think of applying to anywhere non-local or that costs $90K, because they simply cannot fathom paying that much.

If you are truly "donut hole", that means you make more than $200K currently.  Even if 10 years ago you only made $100K, you had the choice as your salary increased to put 100% towards college savings, if you actually value education that much.  Not saying it's the right thing to do, but you could have chosen to do that.

Personally, If I only made $200K, I would have saved as much as I could, but assumed my kid would attend a State University or similarly priced Private.  So I'd be targeting at most $40-50K/year.  My kid would be contributing $10K+ per year and taking the federal loans up to $27K for the 4 year total.  I'd know my kid is not entitled to an expensive school just because they have high scores and good grades.  I know they will succeed wherever they go, because it's about their work ethic and what they do.  And that having minimal loans will give them a much better start in life.

Similarly, if I only make $200K/year, I'm driving a $25-30K Honda/Toyota, and I'm driving it to 150-200K miles.  Sure a BMW or Lexus or Acura would be nice, but I know the Honda will do the job just as well and leave me with more money to spend/save elsewhere.

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