You're going to have to start saving for college, OP. Start with a 529 plan for your kids. You'll be saddled with loans if you don't have enough savings. We saved enough to pay in-state tuition for our 4 kids, but that's it. If they want to go to private colleges, they need to get merit aid. We won't qualify for FA.

Anonymous wrote:

Anonymous wrote:I agree with the test prep poster. Test prep and good grades. All choose a stem major at state school and declare early and go for merit aid. I got 4 years of UMD paid for because I declared engineering as a freshman and got money from the department and the school. I was nt a super star in HS, probably top %25.

I don't know when you went to college but getting a merit scholarship from UMDCP is not easy. High cost of private colleges is driving a lot of instate middle/upper middle class kids with high stats to UMD. You have to compete with kids with crazy high stats for merit money.

This is no longer true. UMDCP is hard to get into now, and they are stingy with merit aid. They don't need to hand it out because they have a lot more applicants because it's a good school and it's cheap in-state. I know three top kids at my DD's high school who chose UMDCP over other more selective private colleges (NYU, Tufts and Connecticut College) solely because of cost. All three kids LOVE UMDCP. They are in the honors program, which I'm told is excellent.

If each of you work and make similar incomes, you might discover that temporarily going down to one income at some point might result in very generous financial aid at top privates, assuming your kids have the grades/scores/hooks to gain admission. I think the schools look at your income in the two years before the start year. You could go on some of the college websites and plug numbers into their financial aid simulators. Lots more aid in years when there are 2-3 kids in college simultaneously.

On the grandparent thread they can open their own 529s in the child's name and put money in there on birthdays and holidays, etc. Now that my DS is a bit older and has plenty of material things they give him a small gift to open and do this. This also keeps the issue separate from inheritance.

Op, I'm the youngest of 4. Oldest brother was very specific about the college he wanted, and being their first, my parents fairly clueless. His schooling cost my parents WAY more than his fair share. I can tell you there were two things that caused resentment 1) that it wasn't fair but 2) having to hear about it all the time. Having to hear how worried my parents were about money, hearing them b*tch and complain - - HE was gone, he was at college, he didn't have to hear this everyday. They brought up the subject a little when he'd visit, but the other kids heard it everyday. And I heard it for years, actually a decade, before it was my turn to go to college. Op ~ Have a plan. And adults should do most of their complaining/worrying in private.

Public school
Loans
You can do it - it's like what all of us are doing with no prep a ith multiple kids in daycare right now!

Anonymous wrote:Raise your kids with the expectation that they will go to a public university unless they can get into a private that gives them enough aid to minimize the price differential. Also consider OOS publics in the Midwest -- some of which (OSU, UW-Madison - but not UM) are significantly cheaper than privates.

+1

I wanted my kids to know this going into high school so there are no surprises. I have also explained that a school where they are one of the top candidates may offer more money than school where they fit the average profile. So state school isn't a done deal, but they may have to look for and be willing to be a big fish in a small pond to get the money they need to go someplace other than out in-state options.

With the 529 investment, my co-worker started putting in contributions when his kids were in college (in-state) to get the state tax saving. Also echo paying for test prep if I think that can both strengthen the application and make a difference with scholarships.

And don't be afraid of smaller schools. We have 2 kids and a much lower salary. One is a solid student senior and applied to many smaller (2K-4K students) schools out of state. That resulted in some nice scholarships that make it cheaper than UMD in-state tuition. We'll make it work but they know there are limits to our income. Hoping for the same path for the next one in a few years!

"Also, hoping AP classes in HS will reduce what we will need to pay for tuition/credits in colleg?"

Look at canadian schools, too. Your kid should be able to graduate in three years with the right subjects (geneds).

We also have 4 kids.

We started 529s a few years ago (wish we had done it sooner) and have asked grandparents to go easier on presents (Christmas/bdays) with money going to 529s instead so that has been helpful.

Instate for sure. We're in VA so plenty of great schools to choose from.

Also, hoping AP classes in HS will reduce what we will need to pay for tuition/credits in college.

Depending on how things turn out, I'm hoping my #2 will go to community college for the 1st year or so and then transfer. It's way cheaper at a CC and since she has no clue about her major it's wasteful to send her to a university at this point when the same core classes can be completed cheaper.

DH and I will not be pulling from our retirement funds. There are loans if the kids need them (or perhaps they'll appreciate their education more if they have to pay for part of it by getting a PT job), but there are no loans for retirement.

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:We're relying on rich grandparents.

Best solution

Same here. We have one kid in MS, one in ES. GPs are in their 80s, own two homes, have >$500K in the bank and don't spend anything. Anything that comes to us is earmarked for college.

Same here.

But what if they each live to be 105 and require years of nursing home care?? I watched that happen to my grandmother. My aunt had trouble covering college tuition for her two boys when grandma lived a lot longer than anyone really expected and burned through thousands of dollars per month in an assisted living place.

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:We're relying on rich grandparents.

Best solution

Same here. We have one kid in MS, one in ES. GPs are in their 80s, own two homes, have >$500K in the bank and don't spend anything. Anything that comes to us is earmarked for college.

Same here.

Anonymous wrote:

Anonymous wrote:We're relying on rich grandparents.

Best solution

Same here. We have one kid in MS, one in ES. GPs are in their 80s, own two homes, have >$500K in the bank and don't spend anything. Anything that comes to us is earmarked for college.

Anonymous wrote:We're relying on rich grandparents.

Best solution

We're relying on rich grandparents.