Reply to What did you pay last year (tuition+living) for DC college?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]It's scandalous what's happened to tuition, but people shouldn't be surprised because this is the way it's been heading for years. This is what income inequality looks like. Did you know there are actually a lot of people out there who really can write a check for $65k without batting an eye? Many of them in this area have been writing checks for $35k for 13 years for private school already. And if universities run out of these full-pay parents, they can and do import the wealthiest kids from China to fill the rest of the spots. The world has changed, and our kids probably won't go to the caliber of schools that we went to, because it's so much more expensive now and, paradoxically, much more challenging to get in now as well.[/quote]

I am shocked by the pricetag of private colleges. The price went up outrageously, far, far faster than inflation, because of the availability of student loans. It's fine for the very poor, who will get financial aid, and for the very wealthy, who won't notice the $65K tuition. But for people in the middle, it's a disaster. I've told my kids we will not borrow to send them to college, nor will we allow them to borrow.

More kids are going to in-state schools purely because of cost. I know three excellent students from DD's class who chose public colleges over privates (Haverford, Tufts, NYU) purely because of price. The private schools are likely better, but they are not worth the $160,000 difference in price. They are not that much better.

We pay $18K for DD. She got scholarships that cut the price. It's affordable to us, but $65K is absolutely out of the question. Crazy that people will continue to pay, but they do....

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We pay for our DD because we can afford.   If people carefully planned when their kid(s) are young, [b]most people in this area can afford the $65K per year.[/quote][/b]

I cannot stand it when posters make blanket statements like this.  Nobody I know in this area could afford that.  Nobody.  Not one family.  I can save appr. $150/month for college and that amount only started when I started getting raises each year.  Now the raises have stopped due to budget cuts (I'm a teacher).  Even people who make more than I do cannot save that much because the cost of living is so high in this area.  I am estimating that I will have saved appr. $25K by the time my DD gets to college.  I could "carefully plan" all I want but if I barely make enough to get by each month, it isn't due to my poor planning or lavish spending.[/quote]

$150/month will not do.   You need $500/month and invest it in S&P 500 for 18 years.  Let's take S&P 500 average return of 8% with $500/month for 18 years.  You should get around $240K.[/quote]

Ok. Thanks for the tip. I'll ask my school system for that giant raise on Monday. I haven't gotten a raise in years do keep your fingers crossed. [/quote]

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