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[quote=Anonymous][quote=Anonymous]Community college is always an option. But saying “haven’t you saved enough for in-state tuition” is ridiculous. The actual annual cost is $30-35k per year for UMD and UVA, so undergrad is $120k at in state. UMD has 42% acceptance and UVA is 21% - so even in-state tuition is not guaranteed (community college good option then). But this discussion is focused on which parent assets are up for consideration to calculate financial aide and about college costs.  For families with two kids close in age that’s $240k in 6-8yeafs. So, no most families aren’t able to save that much. And it’s disingenuous to not acknowledge that college costs too much in this country. [/quote]

“College” doesn’t cost too much.  The *elite* private colleges are very expensive.

$15 to $20K of the in state cost you cited is room and board. Presumably your child eats when they are at home? That’s not an additional cost. And they could easily live at home at UMD or community college. In VA, George Mason is nearby, and it’s about $6,000 a year cheaper than UVA.

It is not unreasonable for someone who makes over $150k a year to save $44 to $72k. The Dow has returned an average of 8.3% over the last 18 years. $750 a year (about $60 a month) invested since 2003 would resulted in a balance of about $47,500 by 2022. $1,200 a year would result in about $76,000. That assumes that the kid doesn’t work at all in the summer or work study.  A total of $22,000 is available in federal loans to everyone. If the kid raises $30,000 in loans and work/study, the parent only needs to save $14,000 (MD) to $20,000 (VA).  If you want the full on “move away” college experience for your kid, you need to save $2,000 a year for 22 years per kid. $4,000 a year (or $330 a month) for two kids is the difference between buying a new car and driving the old one (or a Honda vs. a luxury car).  Not necessarily easy, but not impossible if sending your kid away is important to you.

FWIW, if your kid couldn’t get into UVA or MD in state, they wouldn’t be going to college if you lived in a country where college is *free.*. [/quote]

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