We are paying out of cash flow for our child who is in his first year of college. Hope to do the same next year.

We also have a 529 and a 2nd child who will start in 2024. We plan to use the 529 while they overlap.

Anonymous wrote:With savings over the years + a grandparent gift we have enough in the 529 to pay for one at an in-state public ($25k/year) and one at a LAC with merit ($30k/year). We had figured we could stretch to about $40k/year through savings + cash flow but would not have spent more than that or allowed the kids to take out loans when they both had great options in our price range. They will likely take loans for grad school.

Also the kids both work summers to pay for their expenses beyond the basic tuition, fees, room & board (on campus we pay for a meal plan, off campus an allowance for groceries)

With savings over the years + a grandparent gift we have enough in the 529 to pay for one at an in-state public ($25k/year) and one at a LAC with merit ($30k/year). We had figured we could stretch to about $40k/year through savings + cash flow but would not have spent more than that or allowed the kids to take out loans when they both had great options in our price range. They will likely take loans for grad school.

We are lucky enough to afford the costs mostly through long-term savings but still expect our child to contribute at least minimally and see that investment as well.

I honestly see a lot of huge contributions from grandparents in our circles, so even fairly high-earning parents are not contributing much.

Have your spouse get paid under the table, then tell FAFSA spouse was "unemployed".

We were penniless immigrants in our 30s before we became MC. Started to save for our twins when they were born. Our aim was 2 yrs of community college first. We paid into MD prepaid trust. So that was 10K for each kid (1 yr). Then we paid for 3 more years for 4 yrs each. Finally, we added one more for 1 yr of grad school. So our contribution was 50K for 5 yrs of MD prepaid trust for each kid. Total of 100K.

By the time kids went to college, they were competitive enough to apply to MIT and Stanford. If they would have got in, we would pay for these two schools (they are both CS/Math majors) through our cashflow. But not taking any loans at all. These were the only two schools we were remotely interested in besides UMD. However, they did not get in and instead are in UMD. With a hefty merit aid.

We are now UMC but we are not stupid with our money. Life and financial requirements/obligations do not end after college. Our kids have to live in a world that is not stable, economies that are not stable, pandemics can happen more frequently, AI can take away their jobs. In such a situation, you should get your college education from a place that maximizes your education dollar. If someone wants to go the community college route, they are actually very smart. I have a relative who did the same and now earns $$$ in tech.

Anonymous wrote:Have “well-funded” 529s started when they were babies. But not sure that we even have enough in the eldest’s for next year! He’s a junior. The costs are outrageous. But I admit we haven’t considered u of Maryland. I’m old ( went to college in the 70s) and a snob. Go ahead flame me

You're not alone, but consider that this year, UMD's admit rate is 34%.

Despite a low HHI that would qualify us for financial aid, we also have assets in another country that we have reported to the IRS for ever, and that now colleges expect us to sell to pay for tuition. So... that's what we're forced to do.

We should have converted everything to buy a Monet or Stradivarius years ago, since I don't think those are considered in FAFSA or CSS!

Anonymous wrote:So a parent in the Teen forum mentioned taking Parent Plus Loans to send their DC to college and possibly having their DC contribute to the "college expenses" with part-time/summer jobs.

Most people said if they couldn't afford paying for College they would send their kids to Community College to start.

I see a lot of talk about top schools, OOS schools, flagship schools, etc in this forum. How are people paying/planning to pay for their kids College education?

529 and going to a school where tuition is covered with what we saved in 529 (sheer luck).

Have “well-funded” 529s started when they were babies. But not sure that we even have enough in the eldest’s for next year! He’s a junior. The costs are outrageous. But I admit we haven’t considered u of Maryland. I’m old ( went to college in the 70s) and a snob. Go ahead flame me

I think it depends on your personal finances and # of dc. Some have family money, some have high incomes, some save in a 529, some encourage 2 yr community college with transfer option. So many variables.

Just start a designated fund the earliest you can!

We sent out kids to our state flagship uni. No apologies on our part. We used saved 529 for kids post college education

We live in a crappy house and save.

I have twins. Had an influx of cash for one of them and that is paying for most of their in state tuition. The other, i had saved enough to pay for their first year and am cash flowing the rest. Praying I can get through all four years since they both want grad school and I don't want them to leave undergrad with loans since they will have to take loans for grad school.

They have summer jobs and one has two jobs during the school year (she spends more than the other). I pay for tuition, apartment, utilities, club/greek dues, meal plan, books and car/phone expenses. I don't generally give them extra money for food or entertainment unless I'm feeling wealthy at the time. Thank goodness they are in state but that was the deal all along.

So a parent in the Teen forum mentioned taking Parent Plus Loans to send their DC to college and possibly having their DC contribute to the "college expenses" with part-time/summer jobs.

Most people said if they couldn't afford paying for College they would send their kids to Community College to start.

I see a lot of talk about top schools, OOS schools, flagship schools, etc in this forum. How are people paying/planning to pay for their kids College education?