Anonymous
02/12/2019 07:36
Subject: How much to save for college - child is in 10th grade
Well, there is the answer. It isn’t so much that colleges in the US are expensive, so much as they are carefully designed to extract the maximum possible wealth from American parents, playing on their fears of downward mobility.
Anonymous
02/11/2019 19:50
Subject: How much to save for college - child is in 10th grade
Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Why can’t this country address the cost bubble in education?
Europe has small universities in terms of physical campus; the good schools there turn out equal or better to us schools.
Because of financial idiots, raising more financial idiots like the OP.
Nice. Seems like the OP has saved $175k for her son. I'm gonna guess she's not an idiot. I don't have nearly that much saved and I can say that I'm not an idiot.
But yet, she has to consult with the peanut gallery on DCUM to ask if that 175K is enough. She somehow saved 175k and doesn't know how to figure that out?
Making money and being intelligent are not always the same thing. I don't consider our president the brightest bulb and yet not only is he more wealthy than the OP (and based on your assessment, must be a genius) he made it to the highest office in the US. A blind squirrel does sometimes get a nut.
OP here. Question was more crowd-surfing about the how are we set for now (with 2.5 years to go). It wasn't how much more will I have to pay to hit the approx $300k cost of college. Our HHI is very high, very high 6 figures. So paying as we go, won't be an issue. Question was more: is this enough to have specifically funded in the 529 vs. other savings vehicles. Interesting responses all around though.
Anonymous
02/11/2019 11:16
Subject: How much to save for college - child is in 10th grade
Anonymous wrote:Anonymous wrote:Anonymous wrote:Why can’t this country address the cost bubble in education?
Europe has small universities in terms of physical campus; the good schools there turn out equal or better to us schools.
Because of financial idiots, raising more financial idiots like the OP.
Nice. Seems like the OP has saved $175k for her son. I'm gonna guess she's not an idiot. I don't have nearly that much saved and I can say that I'm not an idiot.
But yet, she has to consult with the peanut gallery on DCUM to ask if that 175K is enough. She somehow saved 175k and doesn't know how to figure that out?
Making money and being intelligent are not always the same thing. I don't consider our president the brightest bulb and yet not only is he more wealthy than the OP (and based on your assessment, must be a genius) he made it to the highest office in the US. A blind squirrel does sometimes get a nut.
Anonymous
02/11/2019 11:11
Subject: How much to save for college - child is in 10th grade
Anonymous wrote:Anonymous wrote:Why can’t this country address the cost bubble in education?
Europe has small universities in terms of physical campus; the good schools there turn out equal or better to us schools.
Because European universities focus on teaching and learning, not all that bureacratic/ political stuff they do here employing armies of useless folks.
My son is going to engineering school in Germany for very little money. Not only that, but the campus are not flashy. A ton of money is not being sunk into ostentatious buildings and grounds. You are there to learn, not to admire architecture, not to party, not to grow up, and not to find yourself. It is very utilitarian and he is getting a great education despite not having access to a beautiful gym and millions of dollars in athletic fields and structures. They do not even have team sports. Any idea what a drag these athletic programs and award willing architectural buildings have on the cost to run a school? It is insane. He goes to school basically in what looks like an office building. Also there is no campus housing. That is not a thing.
Anonymous
02/11/2019 09:28
Subject: How much to save for college - child is in 10th grade
This will not be attractive to all, especially those set on a $75k/year private, but if you are like us living in NoVA and both incomes under six figures you might not be able to afford such a high cost for college. State schools are a good option, but I wouldn't immediately write off OOS state schools. There are schools, particularly non-flagship in nearby states, that will offer discounts off of their OOS tuition that rival or could even beat in state costs. Some will offer a discount based on high school GPA and/or SAT. Others will discount because you are simply from a nearby state. Here are some examples, but there are others. (I will add that our DS's meal plan cost is picked up by an athletic team and there were additional tuition discounts beyond what the school awarded for the minimum SAT score that qualified.)
40% off the OOS tuition rate for new students: https://www.kutztown.edu/costs-and-financial-aid/tuition-and-fees-(undergraduate).htm
$6k reduction for freshmen from OOS: https://www.millersville.edu/admissions/undergrad/out-of-state-residents.php
150% of in state tuition for freshman with at least a 3.0 GPA in HS: https://www.sru.edu/admissions/tuition-and-fees
Reduction based on SAT/ACT/GPA... http://www.ship.edu/admissions/tap/
Reduction based on home state and GPA: https://www.iup.edu/upper.aspx?id=11699
Reduced if you are no more than 120 miles from campus: https://www.frostburg.edu/about-frostburg/Administrative-Offices/billing-office/regional-tuition-rate.php
40% off the OOS tuition rate for new students: https://www.kutztown.edu/costs-and-financial-aid/tuition-and-fees-(undergraduate).htm
$6k reduction for freshmen from OOS: https://www.millersville.edu/admissions/undergrad/out-of-state-residents.php
150% of in state tuition for freshman with at least a 3.0 GPA in HS: https://www.sru.edu/admissions/tuition-and-fees
Reduction based on SAT/ACT/GPA... http://www.ship.edu/admissions/tap/
Reduction based on home state and GPA: https://www.iup.edu/upper.aspx?id=11699
Reduced if you are no more than 120 miles from campus: https://www.frostburg.edu/about-frostburg/Administrative-Offices/billing-office/regional-tuition-rate.php
but we have to send our kid to a well known school no matter what the cost...............no you don't the PP is exactly right, find the school that fits you and your budget.
Anonymous
02/11/2019 09:25
Subject: How much to save for college - child is in 10th grade
you are not too smart if you are sending your kid to a school that is going to use up all that money.
hat does your financial planner think of your plan?
We have 130 saved, told him you can go to a state school or get merit at a school to make it the same as a state school.
Live within your means.
hat does your financial planner think of your plan?
We have 130 saved, told him you can go to a state school or get merit at a school to make it the same as a state school.
Live within your means.
Anonymous
02/11/2019 09:23
Subject: How much to save for college - child is in 10th grade
With the money saved your son can go to school in Europe. Plenty of degrees in English there from good universities, not just "Strayer". The tuition seems to be between 3,100 and 11, 000 euros a year.
You would have plenty of money for plane tickets for 4 years, travel in Europe, brand new apartment with sauna, freshly made meals, laundry service, cleaning service.
I don't know too many people (none in fact) who have come from Europe and not got into good universities here for Masters. He can do masters there also. If he is into business or IT, I'd definitely consider Europe as a option.
You would have plenty of money for plane tickets for 4 years, travel in Europe, brand new apartment with sauna, freshly made meals, laundry service, cleaning service.
I don't know too many people (none in fact) who have come from Europe and not got into good universities here for Masters. He can do masters there also. If he is into business or IT, I'd definitely consider Europe as a option.
Anonymous
02/11/2019 09:17
Subject: Re:How much to save for college - child is in 10th grade
Because college inflation is slowing at the highest end, let's just say that if you want to be able to pay absolute full freight at whatever college your 10th grader wants and they happen to want the most expensive institution, it still will probably not cost more 300k for all expenses for 4 years. Our planning is that we predict that growth/interest will equal out college inflation.
At your current savings rate, you'll be able to cash flow about 15K. You'll also not have the expenses of that child at home much of the time. Let's make that 5k. So 20k per year is covered. You'll probably have some salary increases and be able to save more, but let's pretend those are matched by inflation so keep it the same.
So you want total amount needed saved before school starts is 220k. You're at 175K. Since you have 2.5 years left, you should save $1500/mo until they go to college if you want to hit the mark of fully funding a 75k/yr college. OR just put a slight limit on what you're willing to fund--like your kid needs to get a job and pay a little, or go to a school where they can get some merit aid, go to an in-state public.
At your current savings rate, you'll be able to cash flow about 15K. You'll also not have the expenses of that child at home much of the time. Let's make that 5k. So 20k per year is covered. You'll probably have some salary increases and be able to save more, but let's pretend those are matched by inflation so keep it the same.
So you want total amount needed saved before school starts is 220k. You're at 175K. Since you have 2.5 years left, you should save $1500/mo until they go to college if you want to hit the mark of fully funding a 75k/yr college. OR just put a slight limit on what you're willing to fund--like your kid needs to get a job and pay a little, or go to a school where they can get some merit aid, go to an in-state public.
Anonymous
02/11/2019 08:56
Subject: How much to save for college - child is in 10th grade
Anonymous wrote:Anonymous wrote:Why can’t this country address the cost bubble in education?
Europe has small universities in terms of physical campus; the good schools there turn out equal or better to us schools.
I agree the US can learn from Europe, but Europe has an entirely different social support system for its colleges/universities and expectations for what they will provide.
The US needs to acknowledge just how much of an economic engine its universities are--not just in terms of teaching students but in generating basic and applied research that fuels a lot of companies production and providing the talent through educating students (e.g. look at the story of genetic research--who made the discoveries and who is making the most money from it--universities share their research findings widely as a matter of mission, companies patent and keep secret etc.). Right now US universities--even public ones--are supported primarily by individual families receiving the education rather than sharing the burden with the businesses and broader society that benefit. One offshoot of making education primarily an individual "purchase" has made it that colleges have to compete for individuals and 18 year old students choose not just on academics, but also on the basis of things like dorms, food, gyms, rankings etc.
Anonymous
02/10/2019 15:51
Subject: How much to save for college - child is in 10th grade
Anonymous wrote:Anonymous wrote:Why can’t this country address the cost bubble in education?
Europe has small universities in terms of physical campus; the good schools there turn out equal or better to us schools.
Because of financial idiots, raising more financial idiots like the OP.
Nice. Seems like the OP has saved $175k for her son. I'm gonna guess she's not an idiot. I don't have nearly that much saved and I can say that I'm not an idiot.
Anonymous
02/10/2019 11:19
Subject: How much to save for college - child is in 10th grade
Anonymous wrote:Anonymous wrote:Anonymous wrote:Your son does not have to go to a school that is 75k a year. There are great state schools that will save you a bundle...just saying.
Even out of state doesn’t have to be that expensive. Our DS is OOS. As a freshman this year we paid just under $17k for tuition, all fees and board. Tuition was discounted due to SAT scores and the state we are from. We can get four years in at that cost for the yearly price mentioned by the OP. *His meal plan was covered, so that saved us $4k.
Please tell me what OOS gave you that deal. I need that deal. Thanks.
This will not be attractive to all, especially those set on a $75k/year private, but if you are like us living in NoVA and both incomes under six figures you might not be able to afford such a high cost for college. State schools are a good option, but I wouldn't immediately write off OOS state schools. There are schools, particularly non-flagship in nearby states, that will offer discounts off of their OOS tuition that rival or could even beat in state costs. Some will offer a discount based on high school GPA and/or SAT. Others will discount because you are simply from a nearby state. Here are some examples, but there are others. (I will add that our DS's meal plan cost is picked up by an athletic team and there were additional tuition discounts beyond what the school awarded for the minimum SAT score that qualified.)
40% off the OOS tuition rate for new students: https://www.kutztown.edu/costs-and-financial-aid/tuition-and-fees-(undergraduate).htm
$6k reduction for freshmen from OOS: https://www.millersville.edu/admissions/undergrad/out-of-state-residents.php
150% of in state tuition for freshman with at least a 3.0 GPA in HS: https://www.sru.edu/admissions/tuition-and-fees
Reduction based on SAT/ACT/GPA... http://www.ship.edu/admissions/tap/
Reduction based on home state and GPA: https://www.iup.edu/upper.aspx?id=11699
Reduced if you are no more than 120 miles from campus: https://www.frostburg.edu/about-frostburg/Administrative-Offices/billing-office/regional-tuition-rate.php
Anonymous
02/10/2019 09:29
Subject: How much to save for college - child is in 10th grade
Anonymous wrote:Why can’t this country address the cost bubble in education?
Europe has small universities in terms of physical campus; the good schools there turn out equal or better to us schools.
Because European universities focus on teaching and learning, not all that bureacratic/ political stuff they do here employing armies of useless folks.
Anonymous
02/10/2019 09:25
Subject: How much to save for college - child is in 10th grade
Anonymous wrote:Anonymous wrote:Your son does not have to go to a school that is 75k a year. There are great state schools that will save you a bundle...just saying.
Even out of state doesn’t have to be that expensive. Our DS is OOS. As a freshman this year we paid just under $17k for tuition, all fees and board. Tuition was discounted due to SAT scores and the state we are from. We can get four years in at that cost for the yearly price mentioned by the OP. *His meal plan was covered, so that saved us $4k.
Please tell me what OOS gave you that deal. I need that deal. Thanks.
Anonymous
02/10/2019 08:18
Subject: How much to save for college - child is in 10th grade
Anonymous wrote:Why can’t this country address the cost bubble in education?
Europe has small universities in terms of physical campus; the good schools there turn out equal or better to us schools.
Because of financial idiots, raising more financial idiots like the OP.
Anonymous
02/09/2019 19:22
Subject: How much to save for college - child is in 10th grade
You have a good amount saved. It really depends on where he wants to go.