Anonymous
08/20/2023 10:10
Subject: Does everyone on here with kids applying to top 50 schools really have the $80K per year to spend?
Anonymous wrote:If you are in dc don’t you get in state rates at out of state schools since Dc doesn’t have a real in state univ?
No, you can apply to get $10K toward a public university, or $2,500 toward an HBCU or a few private universities located in DC, if your taxable income is less than $590,000.
Anonymous
08/20/2023 10:09
Subject: Does everyone on here with kids applying to top 50 schools really have the $80K per year to spend?
Anonymous wrote:People are so, soooo dumb.
Draining their entire life savings to pay for college.
Morons.
Send your damn kid to the community college for 2 years then transfer to a state school with living from home arrangements for the last 2 years.
You idiots wipe out your entire savings so your stupid kids can have the 'college experience' and get the same damn basic education your state and community colleges offer. A BS degree matters so sooooooooo little over the longrun. Just get the cheapest one possible. I can't believe there are still millions of really stupid people out there willing to pay over $100k for a useless BS degree.
Community college is for academic failures to gain a 2nd chance. Kids will good grades are already getting into the state colleges first time round.
Anonymous
08/20/2023 09:25
Subject: Does everyone on here with kids applying to top 50 schools really have the $80K per year to spend?
Anonymous wrote:I drive 2 Porsches into the sea every year. I often wonder whether my kids would do better just being given the 250k in cash to start a business (like 5 Guys)
I often have said something similar: if my kid was set on being a restauranteur and his legwork consisted of exactly one summer as a busboy, would I give him 350k - 100% of all the money I planned on giving him to start his adult life -- to open a restaurant at 18-20 years old? No, I would not. I'd be happy to give him that money sometime - indeed, I'm planning on it -- but that sounds premature. So why am I doing this now? With goals that are far less specific? At least you would learn a lot by opening a restaurant, make connections, be better prepared for the real world.
None of this adds up unless you're very well off or get a lot of aid.
I have told my kids if they'd rather have a Dunkin Donuts franchise, I'm willing to have that discussion.
Anonymous
08/20/2023 09:23
Subject: Does everyone on here with kids applying to top 50 schools really have the $80K per year to spend?
Anonymous wrote:Anonymous wrote:Re the Midwest PP. It sounds wonderful to grow up in the Midwest. Your friends are doing something right. This keeping up w the Jones’s is not good.
agree. because it's not just the 90k a year for college. it's the many years of grooming your kid to be attractive to these tiny minority of schools, in this very specific way: either athletics (which costs a fortune) or some spike-y extracurricular that is kooky yet academic-ish. many times it involves private k-12, camps, travel, tutors, and advisors. A jeep when a kid turns 16 would be a bargain in comparison. And probably make for a mentally stronger kid.
My friends from certain midwest states "grow 'em big" - their daughters are 6' tall! Of course they are going to be great athletes! At something, anything.....
Anonymous
08/20/2023 09:14
Subject: Does everyone on here with kids applying to top 50 schools really have the $80K per year to spend?
Anonymous wrote:The 52 credits were at a Big 10 (West) school. During high school years kid had 2 part-time jobs & played 2 sports, but still had time to start taking community college classes in summer after soph year. By the time she started freshman year of college she had 17 community college credits to go along with 35 AP credits. Kid is sharp (29 ACT) but not an academic superstar.
Most decent students could get a year’s worth of credits via community college & AP with a little planning. For example, don’t take AP classes willy-nilly…check the AP credit charts for your likely colleges & see which AP scores get what credits, & plan accordingly.
Keep in mind you don’t need to take an AP class to take an AP exam. If your kid took a lot of music lessons, with a little self-study they might be able to do well on AP music. My kid grew up learning Spanish & got a 5 on the the AP Spanish language exam without having taken any Spanish courses at all.
If you don’t like enormous college costs you can cut corners in many ways, such as being a dorm RA or having several roommates off campus, but that’s small potatoes compared to what you can save by completing a 4-year degree in 3 years. It isn’t just trimming 25% of your expenses…you have to factor in that in what would have been kid’s fourth year, instead of spending lots of money, the kid is likely working full time & (hopefully) making a significant sum. That can easily be a net difference of $100,000+.
My DC has 61 credits from a public magnet, going to in state flagship with merit. The money we are saving is outstanding.
Anonymous
08/20/2023 09:10
Subject: Does everyone on here with kids applying to top 50 schools really have the $80K per year to spend?
I drive 2 Porsches into the sea every year. I often wonder whether my kids would do better just being given the 250k in cash to start a business (like 5 Guys)
Anonymous
08/20/2023 08:50
Subject: Does everyone on here with kids applying to top 50 schools really have the $80K per year to spend?
If I could invest in UK/European colleges, I would. I think the number of US kids going that way in the next 5 years will increase 10 fold. Roughly 150k all-in for a 3-year degree at Russell Group University? They'll all accept those 529 dollars. Why wouldn't you do that?
Anonymous
08/20/2023 08:36
Subject: Does everyone on here with kids applying to top 50 schools really have the $80K per year to spend?
Thinking about this, I know it’s not “worth it” in any economically rational way, but my kid had a crappy time in high school (Covid, etc) and long term I expect the future to be bleak (climate change, etc). So i feel like if I can, I should give him four fun years on an idyllic campus and small classes and and a traditional experience like his dad and I had, which was such a big part of who we are. Which is why we are paying a crazy amount for a SLAC. But that’s part of my thought process—that the world is burning.
Anonymous
08/20/2023 08:24
Subject: Re:Does everyone on here with kids applying to top 50 schools really have the $80K per year to spend?
Anonymous wrote:OP here.
I get that $90K is a rounding error for some on here and two weeks' salaries for others.
But I bet that for most of us, $360K is not an insignificant amount.
And yet we're fighting each other for the privilege of paying it.
We are truly idiots for playing into this. Excuse my insult as I include myself in that group.
Or it’s more than most people make annually.
Anonymous
08/20/2023 08:12
Subject: Does everyone on here with kids applying to top 50 schools really have the $80K per year to spend?
Anonymous wrote:Yes, we do. Started saving when DC was a baby. At least $100k in the 529 is gains. Probably much more. We have 3/4 of the cost saved and will cash flow the remaining $20k/year. HHI is $600k, so not a left.
So you are getting more aid than a poor person. Congrats.
Anonymous
08/20/2023 07:03
Subject: Does everyone on here with kids applying to top 50 schools really have the $80K per year to spend?
Anonymous wrote:Anonymous wrote:Yes, we can afford it. Is it worth it? I’m not sure.
Same here. I live in Bethesda and we all gripe about college costs, because none of us are in the financial aid realm but it’s still not pocket change for us.
It is truly ridiculous. I don’t think it is worth it. we could have afforded it but it would have changed our financial position and I have found my kids had great opportunities at their respective schools.
Anonymous
08/20/2023 06:49
Subject: Does everyone on here with kids applying to top 50 schools really have the $80K per year to spend?
Due to rising inequality and broader attendance, colleges have more rich students and more poor students. So, they double the sticker price and rebate around 50% in aid.
University of Maryland, College Park in-state tuition is around $11K.
University of Maryland, College Park in-state tuition is around $11K.
Anonymous
08/20/2023 06:48
Subject: Does everyone on here with kids applying to top 50 schools really have the $80K per year to spend?
Anonymous wrote:Lots of people in this area have a very high household income and paying $50000.00 for private elementary and high school it is a very small portion of their income and that continues paying for almost $100000.00 a year for private college.
I am one of them and I am paying all that money and I have no illusion that’s very overpriced for any school or college but the reality is still very small portion of our household income .
+1
There are a lot of very very wealthy families in the US and abroad who don’t blink an eye at $90k a year.
Anonymous
08/20/2023 06:44
Subject: Does everyone on here with kids applying to top 50 schools really have the $80K per year to spend?
Yes, we do. Started saving when DC was a baby. At least $100k in the 529 is gains. Probably much more. We have 3/4 of the cost saved and will cash flow the remaining $20k/year. HHI is $600k, so not a left.
Anonymous
08/20/2023 06:26
Subject: Does everyone on here with kids applying to top 50 schools really have the $80K per year to spend?
The 52 credits were at a Big 10 (West) school. During high school years kid had 2 part-time jobs & played 2 sports, but still had time to start taking community college classes in summer after soph year. By the time she started freshman year of college she had 17 community college credits to go along with 35 AP credits. Kid is sharp (29 ACT) but not an academic superstar.
Most decent students could get a year’s worth of credits via community college & AP with a little planning. For example, don’t take AP classes willy-nilly…check the AP credit charts for your likely colleges & see which AP scores get what credits, & plan accordingly.
Keep in mind you don’t need to take an AP class to take an AP exam. If your kid took a lot of music lessons, with a little self-study they might be able to do well on AP music. My kid grew up learning Spanish & got a 5 on the the AP Spanish language exam without having taken any Spanish courses at all.
If you don’t like enormous college costs you can cut corners in many ways, such as being a dorm RA or having several roommates off campus, but that’s small potatoes compared to what you can save by completing a 4-year degree in 3 years. It isn’t just trimming 25% of your expenses…you have to factor in that in what would have been kid’s fourth year, instead of spending lots of money, the kid is likely working full time & (hopefully) making a significant sum. That can easily be a net difference of $100,000+.
Most decent students could get a year’s worth of credits via community college & AP with a little planning. For example, don’t take AP classes willy-nilly…check the AP credit charts for your likely colleges & see which AP scores get what credits, & plan accordingly.
Keep in mind you don’t need to take an AP class to take an AP exam. If your kid took a lot of music lessons, with a little self-study they might be able to do well on AP music. My kid grew up learning Spanish & got a 5 on the the AP Spanish language exam without having taken any Spanish courses at all.
If you don’t like enormous college costs you can cut corners in many ways, such as being a dorm RA or having several roommates off campus, but that’s small potatoes compared to what you can save by completing a 4-year degree in 3 years. It isn’t just trimming 25% of your expenses…you have to factor in that in what would have been kid’s fourth year, instead of spending lots of money, the kid is likely working full time & (hopefully) making a significant sum. That can easily be a net difference of $100,000+.