OP,

I put $166/month into a 529 account. It equals just under $2000 per year and we have been saving at that rate since she was 3 years old. It isn't going to be a million dollars for school, but it will help when the time comes.

Anonymous wrote:We're not saving for our kids college funds (ages 6 and 10). Not saving much for retirement either. No emergency fund. I'm not proud of it but don't lose sleep either.

Good for you. Welcome to the real world.

I am sick of this drivel. Wap wap wap.

We're not saving for our kids college funds (ages 6 and 10). Not saving much for retirement either. No emergency fund. I'm not proud of it but don't lose sleep either.

Anonymous wrote:Question here - if your parents' income is too high for financial aid, can't you still get loans? No one wants to do this, but it seems like the reality for most these days.

I come from a truly poor background, and I still had to take out a good amount of loans.

I don't know if it's changed, but when I went to college (in the mid 90's)--I could only qualify for the non deferred loans (I think that is what they were called?)--meaning I would need to make payments while I was still in college, instead of waiting until after graduation.

I don't know what my parents income was. My dad was a physician, so I'm assuming it was at least $150,000 a year--but they refused to tell me how much it was. They also refused to pay for my education. I worked while I went to school--for most of my college years I worked full time in a grocery store (40+ hours a week) and went to a state school which had very reasonable tuition. I also went hungry often, literally.

LOANS ARE THE ONLY ANSWER.

Well, the good news is that your kids do have the choice/option of funding college themselves, with you helping as much as you can/want. I know several families with multiple kids that just have told their kids that college is up to them.

I think you are smart to focus on retirement.

We have saved, and we really had a few tight months because we were putting money away. But by the time my son goes to college, I want to be retired and I don't want to suffer. But it sounds like you are pretty much tapped out.

If you're really that constrained, your child might eventually qualify for need-based scholarships and loans.

My parents only had $10K saved for me when I went to college in 1990, and unfortunately we didn't qualify for anything need-based. I didn't want to live at home and go to community college, so I studied hard, got a full-tuition scholarship and worked for my living expenses after my dad's money ran out. (his was gone after freshman year. Room/board at GW was ridiculous even then.) I got a great education and still remember my college years as lots of fun.

Do $50 (or $20) a month, and as you can, put in more. You probably won't miss it and you can just ignore it for a few years and then be surprised at how much it is. But set it up as an automatic deduction, not manual.

OP -- don't sit back and reflect. It is time to get a second job and also if your kid is old enough -- they need to get a job. My parents paid ZERO for my college and we didn't qualify for FA or loans. I took several rounds of public transportation to get to school and back. I worked, worked, worked to graduate in 4 years from my local state school.
Where there is a will there is a way.

If you live in DC -- try to get your kid into School Without Walls. They can get 2 years of college free from taking classes at GWU. If you live in MD or Va, there are community college options. Don't write off your kids. You have to be really crafty in exploring scholarships and other financial support. Good luck. You'll need to buckle up with a great attitude and drive for the future

My kids will have to study abroad. Canada is a good option. Also they have dual citizenship as I am from a european country and will be able to study there.
I have some savings. It will be a lot more than what I had when I finished high school and went to study. It was cheaper then

We have five children. Three of our five are in college. All three on are on scholarships.

DS - National Guard/ROTC 100% of his tuition, books, fees, and housing paid. Plus he gets about $700 a month for food and extras. He graduates in June.
DS - ROTC 100% of his tuition, fees, and housing paid. We pay for his meal plan. He is a sophomore.
DD - Presidential Scholarship. (She graduated with a 4.45 and is a National Merit Finalist) 100% of tuition, books, fees, and housing paid. We moved to Florida two years ago and have the Bright Futures Scholarship. She qualified at the highest level. Everything not covered by her Presidential Scholarship is covered by her bright Futures scholarship. This is her first year in college, but she is a sophomore because of all the AP and summer courses.


We are expecting the other two children to get the Bright Futures Award if nothing else. At the highest level it covers the cost of tuition in an in-state school.

There is a ton of scholarship money out there. We don't qualify for any need based program. However, there were several other programs that we could have used had the kids needed additional funding.

For those of you saving for retirement: if you have any chance at all of being eligible for financial aid, I hear the colleges will take anything you saved in a college account, but they will leave most or all of your retirement account because they know you are nearing retirement by the time your kids go to college.

we are saving nothing, but right now we are 2500/month in child care. When that ends, we will try to make up for it--although half of that will be retirement (we are NOT maxed out) and half college.

I hear you on the terrified, but there are ways of making it through.

Anonymous wrote:I bring home 1600 a month after health insurance is taken out. Who the fuck cares what DCUM thinks about my lack of college funds. I haven't even finished paying for my own damn degree.

Fortunately, since you're making every effort to be a charming person, I'm sure you'll be promoted soon.

I bring home 1600 a month after health insurance is taken out. Who the fuck cares what DCUM thinks about my lack of college funds. I haven't even finished paying for my own damn degree.