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[quote=Anonymous][quote=Anonymous]OP here. My husband makes 145k and I make 65k. I feel like I'm better off not working. We just recently combined assets 5 years ago. I was making 40k until two years ago. We can only afford maybe 10k out of pocket per kid, per year to cash flow. Maybe 20k per year out of our retirement for both kids. UMD is 30k, they wouldn't even be able to afford most in state options it sounds like. [/quote]

Ideas:

- You’re probably already spending at least $10,000 per year on your child for fees, activities, food, etc. If the $10,000 amount in that post doesn’t include that $10,000, you can pay $20,000 from cash flow.

- Your kid can and should take out about $7,000 in federal student loans per year. If you can pay that off yourself, great. If your kid has to pay that off, that’s life. The people whimpering about student loans debt are ignoring the fact that your kid will probably earn a minimum of $2 million over 40 years, in 2024 dollars. Even if your kid never has a great job. Why not borrow that and learn a lot and have fun for four years?

- Your kid can probably earn at least $6,000 per year from working.

That brings you to about $33,000 per year. That’s probably about enough to pay for tuition, room, board and fees for your state flagship. If it’s not, rent out your kid’s bedroom and maybe you can generate $6,000 in extra cash per year that way.

Your kid can also probably afford to:

- Go to a nearby regional four-year college and live at home.

- Go to some colleges in other states that offer tuition close to in-state levels for all students. Example: South Dakota State University.

- Probably get enough merit aid to go to some respectable private college, especially if you kid gets earnings under to $10,000 per year and you can actually get $7,500 per year by renting out a bedroom.

- Probably pay for an English-language bachelor’s degree program in Europe. If you look very carefully, you can find programs where the total cost would be under $20,000 per year, including travel. (This would work only for a very mature, independent kid with at least four AP test scores of 3 or higher who wants an adventure and doesn’t want a traditional U.S. student experience.)

If your kid can’t earn enough and get enough merit aid to go to other types of colleges, then that’s a bit annoying but isn’t a catastrophe. [/quote]

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