There's a huge range in what "full tuition" can mean. Are you worried about paying $80K+ per year or an in-state school for about $30K per year.

Our 529s could cover 4 years at most of our in-state schools. So we told the kids they had that budget and could go elsewhere if we could find a college they wanted that would meet that budget. The list was formed around that. One ended up in-state and one at a private school with merit that makes it similar in cost. Both are having good experiences, like their schools, and had jobs in their fields this summer (and prior summers for my now-senior)

Both work during summers for their daily expenses. Older one added a TA job in 2nd year. Younger kid just started 2nd year and is keeping an eye out for jobs that might be interesting.

We were able to do it without loans or current cash flow but if we hadn't been able to meet an in-state public budget without those I'd have been fine with the kids taking the standard federal loans and DH and I would have figured out where to trim our budget.

It was never on the table to go into debt to pay for a school that didn't fit our budget.

Anonymous wrote:We're going to do either in-state, merit or affordable out of state public and do a mix of 529 and cash flow. The goal is for it to be comfortable, no loans, no big dent into savings. It will impact college choice. Dh had HUGE student loans and we do not want that for our kids at all.

This. I don’t get why people tell their kids they have unlimited choices for college. Lots of great options fit the above parameters.

Anonymous wrote:DP. Isn't there a relatively low cap on loans for families not eligible for aid? 5-6k/yr?

That's the federal loans. You can take out private loans for as much money as the private lenders will give you. Generally those will be in parent's name or co-signed with parent/child.

We're going to be in that situation. Kids have already been told that they will be attending in state school (although private or OOS with merit aid to reduce cost to in state equivalent would be considered); they will need to work part time in HS and college to cover some expenses; we will cash flow what the 529 doesn't cover.

I pay the rest as I go from current income.

In that sense it kind of feels like having a daycare/preschool payment again.

Anonymous wrote:Make your kid take out a loan it’s not the end of the world. I graduated with 30k in debt because my parents didn’t have enough to pay for all of us, only about 70% of everything. I paid it off in under 3 years.

Same. I graduated in 2001, had 37K of student debt, and paid it off in about 5 years. The interest rates were so low, so it was kind of foolish of me to do that. At the time, however, I was glad to be rid of the debt.

I want my kids to make informed choices but ultimately their school is their choice. If they need/want to take on some debt, they know they can always live at home for awhile after college to save money.

DP. Isn't there a relatively low cap on loans for families not eligible for aid? 5-6k/yr?

Cash flow balance, kids must work at least one full time job for the summer

Make your kid take out a loan it’s not the end of the world. I graduated with 30k in debt because my parents didn’t have enough to pay for all of us, only about 70% of everything. I paid it off in under 3 years.

Save more and they go where you can afford no loans.

Restricted our children to state schools, which our 529 plans could pay for.

We're going to do either in-state, merit or affordable out of state public and do a mix of 529 and cash flow. The goal is for it to be comfortable, no loans, no big dent into savings. It will impact college choice. Dh had HUGE student loans and we do not want that for our kids at all.

Ask college for merit aid. If they want your kid they will find it somewhere.

Anonymous wrote:Our 529s won’t be enough to cover full tuition for 4 years but we also don’t qualify for financial aid. I’m assuming we’re not alone. If you’ve been through this, how did you ultimately finance things? Did you take out loans or did you have your kids take out loans? What kind of loans? Did you try to make up the difference with current income? We’re still a few years out but running the numbers has me a bit freaked out.

I have a side hustle. Trying to cash-flow it. Cut back on 401k contributions.

Our 529s won’t be enough to cover full tuition for 4 years but we also don’t qualify for financial aid. I’m assuming we’re not alone. If you’ve been through this, how did you ultimately finance things? Did you take out loans or did you have your kids take out loans? What kind of loans? Did you try to make up the difference with current income? We’re still a few years out but running the numbers has me a bit freaked out.