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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]This might be the most out of touch thread on DCUM. And that’s saying something![/quote]

I know. It’s why so few are shocked that the op just figured this out. Instead they’re all patting themselves on the back for saving $300k per kid.

If you live in a small town or suburb in most of America your family home probably cost $350k 10 years ago (except the 10 major metro areas) and your family with 2-4 kids survives on a hhi of around $80k. If mom or dad went to college it was a in state public. There isn’t $500 a month per kid to sock away in a 529. And even if there was, the prevailing culture there is that it’s the parents job to get the kids through high school…after that they’re on their own. The dmv is a weird place.[/quote]

This is OP. I grew up in a small blue-collar town. Most of the kids who went to college went to a local state school - me included. My parents paid some, and I paid some. They never promised to send me to an expensive college. What I'm having a hard time with is the lack of awareness about the astronomical cost of college and the reality of paying for it. I do think people assume they will receive financial aid and then realize they are way over their heads.  Most of these kids should attend community college for 2 years and then transfer to a State School. Paying top dollar for your kid to attend Skidmore, Syracuse, or wherever is insane.[/quote]

I'm a PP, the first gen college one. My parents did not pay for me to go to college, at all. They did support me by allowing me to live at home, I never had to pay for food or laundry or rent until my junior year. I did the CC to State school transfer, and paid for it all on my own with loans, two summer jobs, and part time work during the school year. I lived cheaply. My entire student loan burden was 10k. Can you imagine??? I admit, until a year ago I assumed my kid would do the same...or at least live life expecting to do the same and then, upon graduation from university my intention was to wipe all the loans to zero with our saved money. I wanted our DC to believe that school was their responsibility to pay for, but I didn't want my kid to come out burdened by debt. Psychologically I need DC to have some skin in the game. I assumed a four year degree would be about 100k. And I thought I was being generous. I live stunned by the increases, [b]but I have to forgive myself for not watching this[/b], not when there are so many other things to eat away at our time as parents!  Now I have learned my kid won't qualify for loans, at all, given our income, and the cap on loans for school means a shift in strategy. While we are high earners compared to the rest of the US, we didn't start a 529, but we have enough saved to cash flow the cost of VA in-state without a problem. The challenge is: can our kid get in? Or, will our kid end up having to leave the state to find an acceptable school that fits DC's desire and needs. It all sucks. We're also sad that our kid might have to go the CC to State school way - something we wanted to avoid with our kids because we recognize the value in "going away" (since neither of us had that option financially) but we see the financial smarts in this choice.  [/quote]

No you don't.[/quote]

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