Reply to Does everyone on here with kids applying to top 50 schools really have the $80K per year to spend?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]Funny you should ask this OP.

When I hit “submit payment” and a link to deduct $42,650 from our bank account last Tuesday- for ONE SEMESTER- I had the same thought. Who in their right mind really does this?[/quote]

1) those with over $20MM in the bank, 2) those with paying grandpas[/quote]

Nope.  HHI $230, have been saving since the children were little (started with $210/month for maxium tax benefit, as our income went up we did a little but more, plus bonus money, etc).  DC 1 got merit aid, so very inexpensive, will have funds leftover for grad school.  DC 2, attending am over $80k per year private, will be a stretch for us, between 529 and cash flow - there will be nothing left for grad school, they will need to pay on their own.

And, we don't go abroad for vacation, drive 10+ year old cars until they die, etc).  [b]We've made education a priority[/b]  [/quote]

So that your kids can take budget vacations and drive beater cars while making education a priority for their kids too? [/quote]

This is harsh but really worth talking about.  how is paying $80K a year for school worth it in this scenario?  Are you hoping that maybe your kid will break into the next income level and not repeat this cycle? The reality is that there is no guarantee that attending a $80k school will lead to ANY better income or standard of living than a $40k school.

it's just insanity that people like have fallen victim to the $80k trap.  it's honestly really depressing.  [/quote]

Okay OP - you change it, and get back to us. We'll wait here......[/quote]

Not OP.  There are many of us that feel this way.

living a bare bones life for 20 years so your kid can attend a $80k school which guarantees nothing is depressing.  Period. [/quote]

I'm not rich by any means. I have enough in the 529 to send my kids to $80k schools. I don't feel like my life has been drab and bare bones for the past 20 years. I live in a good neighborhood, kids went to public schools, I've had three cars since 1997. We have very satisfactory family vacations. Maybe my expectations are low, but there's nothing I really want that I don't have.[/quote]

Each state has a different aggregate contribution limit for each 529 account that typically falls between $235,000 and $550,000.  What is your state's cap?  4-years of tuition at one of my kid's schools is $348k and over the cap allowed in 529 for our state.[/quote]

It’s Virginia so $550k.[/quote]

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