It's absolutely shameful how much a college education costs in this country. And the system pits individuals against each other. People wasting their energies blaming and shaming their peers for not saving enough. Let's direct that energy up the chain and expose the collusion between the schools and the government loan system that perpetuates this insanity.

It's also abhorrent how there is not a viable vocational alternative. Another track that is seen as equally worthy of pursuing.

To answer your question, I don't know how most families pay for a college education other than going into debt to some degree.

Most of America has no chance gaining admission to elite schools anyway.

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I get that most people on DCUM have $80k saved per year of college and much of America (HHI under $125k) gets aid but do these two realities really cover these gigantic pools of applicants to all the top 50 schools? has the rest of America also saved $80k/year/kid? am I missing something? thinking about this tonight as friends of ours just had their daughter (one of 6 kids, first in college) commit to Carnegie Mellon. I know for a fact that they make more than $150k but I had no idea that $&0k/year was in their budget.

Responsible parents save for their kids' education.

I’m a responsible parent but I don’t make enough to save much. I’m a single parent and a teacher. I have about $5K saved with two years left before college. I make around $70K. Plenty of parents don’t make enough to save for retirement and college. I took out loans and paid them back and so will my kid. That doesn’t make me an irresponsible parent.

PP, if your kid gets into a top private school, they will have a full ride / no loans.

Not if the child has a father that is alive and employed.

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I get that most people on DCUM have $80k saved per year of college and much of America (HHI under $125k) gets aid but do these two realities really cover these gigantic pools of applicants to all the top 50 schools? has the rest of America also saved $80k/year/kid? am I missing something? thinking about this tonight as friends of ours just had their daughter (one of 6 kids, first in college) commit to Carnegie Mellon. I know for a fact that they make more than $150k but I had no idea that $&0k/year was in their budget.

Responsible parents save for their kids' education.

I’m a responsible parent but I don’t make enough to save much. I’m a single parent and a teacher. I have about $5K saved with two years left before college. I make around $70K. Plenty of parents don’t make enough to save for retirement and college. I took out loans and paid them back and so will my kid. That doesn’t make me an irresponsible parent.

PP, if your kid gets into a top private school, they will have a full ride / no loans.

If they get into a tier below they will be expected to max out federal loans

Most of America can't. Kids get aid, take loans, work, etc. or they go to a cheaper school. We are managing through extremely high salaries, one of us not having our own student loans and being reasonably prudent with our money. All of those, except the last, is partially or wholly attributable to luck or someone else's hard work.

As for how some who do manage that aren't in this position do it -- it is none of your damn business as to their specific kid. Maybe they have an inheritance of educational trust that was set up. Maybe they got a big scholarship. Quit being so damn nosy.

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I get that most people on DCUM have $80k saved per year of college and much of America (HHI under $125k) gets aid but do these two realities really cover these gigantic pools of applicants to all the top 50 schools? has the rest of America also saved $80k/year/kid? am I missing something? thinking about this tonight as friends of ours just had their daughter (one of 6 kids, first in college) commit to Carnegie Mellon. I know for a fact that they make more than $150k but I had no idea that $&0k/year was in their budget.

Responsible parents save for their kids' education.

I’m a responsible parent but I don’t make enough to save much. I’m a single parent and a teacher. I have about $5K saved with two years left before college. I make around $70K. Plenty of parents don’t make enough to save for retirement and college. I took out loans and paid them back and so will my kid. That doesn’t make me an irresponsible parent.

PP, if your kid gets into a top private school, they will have a full ride / no loans.

Anonymous wrote:We had just one kid so that we could afford it.

Sadly, this is one of the reasons we chose to have one kid.

Sometime we wish we had had two, now that it appears there is enough money to send two to school, at least in state.

Anonymous wrote:There are parents with a good HHI who are either bad with money or who choose not to save for college. That money goes to living above their means. It drastically limits college options.

Or they get divorced, multiple times then remarried and essentially ruin children’s chances for loans

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I get that most people on DCUM have $80k saved per year of college and much of America (HHI under $125k) gets aid but do these two realities really cover these gigantic pools of applicants to all the top 50 schools? has the rest of America also saved $80k/year/kid? am I missing something? thinking about this tonight as friends of ours just had their daughter (one of 6 kids, first in college) commit to Carnegie Mellon. I know for a fact that they make more than $150k but I had no idea that $&0k/year was in their budget.

Responsible parents save for their kids' education.

I’m a responsible parent but I don’t make enough to save much. I’m a single parent and a teacher. I have about $5K saved with two years left before college. I make around $70K. Plenty of parents don’t make enough to save for retirement and college. I took out loans and paid them back and so will my kid. That doesn’t make me an irresponsible parent.

+1. I hate the attitude on this board that one can just "plan and save!1!!" and all will be well. Most of us don't make enough to salt away multiple thousands per year.

People who could bankroll 80k a year anyway patting themselves on the back for SAVING is hilarious/sad. Listen, good for you. But that's not everyone. Are you faulting PP for being a teacher? You want your kids to have a great education but no one there to provide it. OK. Or is marrying rich your super power? Congrats.

I make a modest income but have enough saved for college due to a psycho FIRE-level of personal saving. The outfit I am wearing right now is jacked, for example, and I just save instead of getting things that I arguably need, like new clothes. So spare me responsible saving. I get it. But not everyone can do that, and some people also value a decent quality of life and want (and NEED) to provide other things for themselves and their kids. Good for them.

We had just one kid so that we could afford it.

There are parents with a good HHI who are either bad with money or who choose not to save for college. That money goes to living above their means. It drastically limits college options.

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:We saved like crazy. We didn't buy into the DMV mentality that says you have to have a posh house, 3 expensive vacations per year, and the highest-end purse/car/electronics. I didn't put my own high-cost education (paid for by my parents' second mortgage and lots of my own borrowing for grad school) to good use rather than getting caught up in the SAHM culture. No family money whatsoever - my parents sacrificed a lot so that I could get a great education and I'm thrilled that I can do the same for my own kids.

So your parents sacrificed so you could get a great education, you have now sacrificed so your kids can get the same. Presumably they are expected to do the same for your grandkids. Personally, a nicer house and some vacations plus state schools seems like a better idea than focusing your life around making sure your kid can spend 4 years at the right school.

I was thinking this too. I know so many Ivy grads who need financial aid so they can send their kids to Ivy schools, and so on. The cycle of debt continues but I honestly think everyone is just hoping for massive loan forgiveness asap.

No cycle of debt here, just a deep and abiding believe in the transformative value of education. My DH is an immigrant who worked his way through lower-tier state schools and prestigious grad schools. My grad school loans were paid off long ago. Our education sent both of us onto trajectories that would not have been remotely imaginable for either of our families. We have a comfortable life by normal standards, but we'd rather save for college than drive a Range Rover or live in a McMansion. YMMV but if you really believe that these are foolish priorities, I don't particularly want to know you.

PP again - and just to clarify, my kids won't have debt precisely because we have prioritized their education. We wanted to make sure that they could go to the best schools for them (which btw doesn't happen to necessitate an Ivy, but that's another debate altogether.)

Because you were ABLE to prioritize their education. People who haven't saved enough to cover an Ivy aren't in that position because they drive Range Rovers and go on fancy vacations. They just have ordinary middle-class incomes, and they already drive 10-year-old cars and live modestly. They. Just. Don't. Make. Enough. Jesus, it's not so hard to understand!

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:We saved like crazy. We didn't buy into the DMV mentality that says you have to have a posh house, 3 expensive vacations per year, and the highest-end purse/car/electronics. I didn't put my own high-cost education (paid for by my parents' second mortgage and lots of my own borrowing for grad school) to good use rather than getting caught up in the SAHM culture. No family money whatsoever - my parents sacrificed a lot so that I could get a great education and I'm thrilled that I can do the same for my own kids.

So your parents sacrificed so you could get a great education, you have now sacrificed so your kids can get the same. Presumably they are expected to do the same for your grandkids. Personally, a nicer house and some vacations plus state schools seems like a better idea than focusing your life around making sure your kid can spend 4 years at the right school.

I was thinking this too. I know so many Ivy grads who need financial aid so they can send their kids to Ivy schools, and so on. The cycle of debt continues but I honestly think everyone is just hoping for massive loan forgiveness asap.

No cycle of debt here, just a deep and abiding believe in the transformative value of education. My DH is an immigrant who worked his way through lower-tier state schools and prestigious grad schools. My grad school loans were paid off long ago. Our education sent both of us onto trajectories that would not have been remotely imaginable for either of our families. We have a comfortable life by normal standards, but we'd rather save for college than drive a Range Rover or live in a McMansion. YMMV but if you really believe that these are foolish priorities, I don't particularly want to know you.

PP again - and just to clarify, my kids won't have debt precisely because we have prioritized their education. We wanted to make sure that they could go to the best schools for them (which btw doesn't happen to necessitate an Ivy, but that's another debate altogether.)

They may not have debt for their own educations, but your expectation is clearly that they will essentially live like they do in order to endure their children don't have debt.

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:We saved like crazy. We didn't buy into the DMV mentality that says you have to have a posh house, 3 expensive vacations per year, and the highest-end purse/car/electronics. I didn't put my own high-cost education (paid for by my parents' second mortgage and lots of my own borrowing for grad school) to good use rather than getting caught up in the SAHM culture. No family money whatsoever - my parents sacrificed a lot so that I could get a great education and I'm thrilled that I can do the same for my own kids.

So your parents sacrificed so you could get a great education, you have now sacrificed so your kids can get the same. Presumably they are expected to do the same for your grandkids. Personally, a nicer house and some vacations plus state schools seems like a better idea than focusing your life around making sure your kid can spend 4 years at the right school.

I was thinking this too. I know so many Ivy grads who need financial aid so they can send their kids to Ivy schools, and so on. The cycle of debt continues but I honestly think everyone is just hoping for massive loan forgiveness asap.

No cycle of debt here, just a deep and abiding believe in the transformative value of education. My DH is an immigrant who worked his way through lower-tier state schools and prestigious grad schools. My grad school loans were paid off long ago. Our education sent both of us onto trajectories that would not have been remotely imaginable for either of our families. We have a comfortable life by normal standards, but we'd rather save for college than drive a Range Rover or live in a McMansion. YMMV but if you really believe that these are foolish priorities, I don't particularly want to know you.

PP again - and just to clarify, my kids won't have debt precisely because we have prioritized their education. We wanted to make sure that they could go to the best schools for them (which btw doesn't happen to necessitate an Ivy, but that's another debate altogether.)

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I get that most people on DCUM have $80k saved per year of college and much of America (HHI under $125k) gets aid but do these two realities really cover these gigantic pools of applicants to all the top 50 schools? has the rest of America also saved $80k/year/kid? am I missing something? thinking about this tonight as friends of ours just had their daughter (one of 6 kids, first in college) commit to Carnegie Mellon. I know for a fact that they make more than $150k but I had no idea that $&0k/year was in their budget.

Responsible parents save for their kids' education.

I’m a responsible parent but I don’t make enough to save much. I’m a single parent and a teacher. I have about $5K saved with two years left before college. I make around $70K. Plenty of parents don’t make enough to save for retirement and college. I took out loans and paid them back and so will my kid. That doesn’t make me an irresponsible parent.

+1. I hate the attitude on this board that one can just "plan and save!1!!" and all will be well. Most of us don't make enough to salt away multiple thousands per year.