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Reply to "Is anyone not saving to pay for all of their kids' college?"
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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]My parents didn’t pay for my college and I turned out fine. It would have been a huge help though if they were able - they just weren’t. We are saving what we can for their education (have a 1 month old and plan to have 1 or 2 more) - about $300 a month now and probably not much more until we are done with daycare. I’m hoping education is more affordable in the future, but if not, it’s a good start and they always have an option to take out loans, get scholarships, etc. Just do what you can - the vast majority of Americans can’t save to send their kids to college self-paid. It’s far more important to teach them to be self-sufficient, emotionally intelligent, and hardworking people. They may even want to study a trade or start their own business which doesn’t require a full degree or even study abroad (I went to graduate school in Europe). Don’t listen to DCUM parents that shame you for not fully funding your kids - they are delusional and their kids will most likely having a hard time adapting to life without their overbearing/unhappy parents. [/quote] In the 1980s/90s it was feasible for a kid to pay for college themselves, if working summers/breaks and PT during the school year. Or at least do it with minimal loans. Now college is at least $25K/year and kids might earn $9/hr. So not quite as feasible---kid will still need parents to contribute $5-7K/year. [/quote] Not sure where but I was a 90's kid and my college was still $25-30K a year. I think my siblings was $40, then medical school. [/quote] My final year at a T15 University (graduated 1993) my total costs was ~$25K. in 1990 Columbia university cost ~$22K (tuition and R&B). However, in 1990 Va Tech's total cost was less than $6K. W&M was $6734. JMU was ~$6K. UVA was $5636. Don't know about you, but I worked summers and breaks and earned over $5K around that time. Yes, I worked 60 hours/week in the summers if I was given the hours. If a single job wouldn't do that, I'd work an office job during the week and fast food on the weekend for another 10-12 hours. Add in $2K of work study (10 hour/week) and I alone as the student could have paid for college at any of those in state universities. And back in 1990s, it was much easier to gain admission to those schools. Add in $2625/year in student loans (the allowed amount in early 90s) and it would make life even easier while in college and you'd have less than $12K in loans when exiting in 4 years. Even my parents, who were poor and had nothing saved for college, were able to help me with ~$3k/year and my airfare in fall/spring and at xmas (I simply didn't go home otherwise, as it cost too much). They made it a priority and during college my parents cut any extras out of their budget (no eating out at all, no vacations--vacations were only drives and camping typically) and my dad had a "2nd seasonal job in the warmer months" to help me pay for college. Nowadays, with state universities being $25-30K and private schools being up to $80K, it's not as feasible for a student to pay their own way fully. But that is what 2 years of CC is for---live at home, work as much as you can, then transfer for final 2 years. So I stand by my position that most kids could work and pay for college themselves with a bit of hard work in the 1980s/90s (at least early half of 1990s). You just needed to attend an instate school or a private school with a good merit award. [/quote]
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