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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]Do you have kids OP? The point when kids start applying and attending college is often when the "spenders" start to quiet down. It is heartbreaking to tell your kid that despite their hard work and high grades earned that you just can not afford the school they proudly gained admission to and so desperately want to attend. To give your child an education without their having to be anchored to repaying loans over the next 15-20 years (or longer) is a true gift. A git that will literally last a lifetime. From what I am noticing now with peers, that is when you see who has money, who saved and who did not.[/quote]

This is sadly common. I know a handful of friends' kids who had to turn down first choice colleges or sign for tons of loans and it was always sad because the kids never really understood why there wasn't cash on hand if they lived so well. It's like, kiddo, your college money went toward your dad's luxury cars, your mom's fab 100k reno on an already fab house, and a ton of really awesome vacations.[b] I also know more than a few families who counted on grandparent funding that never came....[/b]either the money ran out due to assisted living, the grandfather remarried and the new wife wasn't having it, or the grandparents never anticipated college costs being what that are and their savings were not as much as had been promised.  Sucks all around. [/quote]

I wonder how many this will happen to.  I know quite a few friends who are counting on this and k-12 as well.  K-12 is at least 520k per child and college is in today’s dollars around $200k on the low side.  So that’s $750k approx per grandchild.  Factor in capital gains and other taxes that’s a lot of money.  Many of these grandparents have multiple grandkids.  I would think you’d need extreme network to pay the education for four grandkids.  I’m talking a 25-50 million estate.  Given these families have mortgages (why wasn’t the house paid in full from the grandparents?) I’d be hesitant to think they are going to pay for college and k-12 in full.  [/quote]

LOL this post is insane.[/quote]

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