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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]I've been living inside the DCUM bubble for a long time. My first kid is going to college this fall, and I've joined a few college Facebook groups. I am absolutely gobsmacked by the lack of financial resources and acumen among most people in this country. Many parents seem to be surprised that they can't afford the college their kid got into, or are strategizing about how to take out loans for the entire 4 years.

I recognize that most of us here are privileged in one way or another. Either we are high earners, we've diligently saved for school, or we understand that you shouldn't go somewhere that you can't afford. It's insanity out there.[/quote]

Our family can full pay for our DS, but [b]even we underestimated the cost because we didn’t think he would be attending an expensive private.  Many kids don’t start focusing on the schools they want until sophomore and even junior year (like us!) and, by then, it is too late for their families to financially plan for paying the COA.[/b]

Fortunately, we had set aside a fair amount in a 529.  It is also worth noting that financial planners don’t always understand the cost, either.  We had one tell us to cap the 529 at $200,000.

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But he didn't have to go to an expensive private. Of course kids don't generally focus on the schools they want until junior year but parents should be figuring out their budget before that. Nobody just ends up at an expensive private school.[/quote]

It's our job as parents to tell kid what we are willing to pay for college, and to help them understand what debt actually means.  Help them understand the average salary for first 5-10 years after graduation for their career path/major.  IMO, taking more than the federal student loan amount of ~$27K total for 4 years is not a good path.  With a kid working summers/PT during the year/All breaks, a kid can contribute $10-15K per year.  So with student loans that is at $15-20K+ already.  If parents cannot help with rest (or wont) then you need to search for merit.  Anyone can do it---go down a tier or 2 from your reaches and it will appear.  My 1220/3.5UW/no AP kid had 2 options for under $20K (6 years ago) and we were not even searching for aid.  Had they needed it, they could have found many for under $20K.  My 1500/3.95UW/8AP kid had 3 options that were under $40K (normally $85-90K schools 4 years ago), all ranked in top 80.  Had they needed aid, they could have gone in the 80-140 range and attended college for much less.

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