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Old 08-07-2015, 09:24 AM
 
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hi,
obviously nobody really knows for sure....but what's your realistic estimate of where annual university costs will be in Virginia in 2030?

*NOTE: currently, i believe we're at about 9000 a year for schools like UVA, VTECH, George Mason, etc. correct me if i'm wrong.
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Old 08-07-2015, 09:43 AM
 
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Tuition inflation for higher education has outpaced regular inflation for years now. If you assume 6% inflation to tuition rates for 15 years, your 9000 of today turns in 21500. And that's before room and board. My first kid will start college in 11 years. We're hoping he goes in-state to one of the excellent Virginia schools, and we're planning/budgeting for 40k a year for tuition + room and board. Wish us (and everyone) luck...
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Old 08-07-2015, 09:45 AM
 
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OP here. I found this article that seems to be pretty reasonable; it puts the avg at 10k with an avg of 4.4% rate of increase....putting the 'estimated' cost of a VA school at about 19,800 in 2030 assuming a constant rate of increase.


Average tuition at Virginia's colleges hits five figures | HamptonRoads.com | PilotOnline.com
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Old 08-07-2015, 09:48 AM
 
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Quote:
Originally Posted by jbakerman View Post
Tuition inflation for higher education has outpaced regular inflation for years now. If you assume 6% inflation to tuition rates for 15 years, your 9000 of today turns in 21500. And that's before room and board. My first kid will start college in 11 years. We're hoping he goes in-state to one of the excellent Virginia schools, and we're planning/budgeting for 40k a year for tuition + room and board. Wish us (and everyone) luck...
one of the main advantages of going to an instate university (in my opinion) is the ability to skip the 10-20k costs of room and board. we have 3 kids, that adds up!
Good luck to you, but i think if you are able to provide a safe, friendly, and stress free environment for your child when he or she goes to college, he or she may be more inclined to 'want to' stay at home, thus saving mom and dad a pretty good chunk of change! (that's our plan at least....)

ps. yes, they do lose that 'experience', but they gain other things in return.
pps. if they go to UVA and you live in fairfax, va, the above will of course not work.....
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Old 08-07-2015, 09:51 AM
 
Location: Northern Virginia
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Quote:
Originally Posted by Thinking-man View Post
hi,
obviously nobody really knows for sure....but what's your realistic estimate of where annual university costs will be in Virginia in 2030?

*NOTE: currently, i believe we're at about 9000 a year for schools like UVA, VTECH, George Mason, etc. correct me if i'm wrong.
For those three schools, $10-12k is the base tuition (other expenses and required fees bring it up to about $20-23k per year).

In 2000 the base tuition was:
UVA $3,046
GMU $1,188
I wasn't able to quickly find VT's base tuition for that time.

Just by seeing how much it was 15 years ago, I'd hazard a guess that it will be exponentially more in 2030.
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Old 08-07-2015, 10:06 AM
 
Location: Fairfax, VA
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this is insanity. For a STATE school? Something has got to give here.

I looked up what the prepaid plan would be (my parents are looking into what to do with some inheritance money from my grandma passing recently), and for both my girls to attend a 4 year state school, if we did the prepaid 18 year monthly installment plan was $1K+/month. That's TODAY'S rates. I'm sorry, but most of us don't have $1K+ just to put aside monthly for college. We make 6 figures and don't have that. After mortgage and bills and some insurance and retirement stuff, we have about $1500 or so per month to pay for life (food, gas, anything else)

This has to be the next bubble to burst. It just has to be. There is just no other option here.
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Old 08-07-2015, 10:28 AM
 
504 posts, read 1,027,086 times
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Quote:
Originally Posted by Thinking-man View Post
hi,
obviously nobody really knows for sure....but what's your realistic estimate of where annual university costs will be in Virginia in 2030?

*NOTE: currently, i believe we're at about 9000 a year for schools like UVA, VTECH, George Mason, etc. correct me if i'm wrong.

Depending on what cost(s) you are looking at - just tuition, or all inclusive, room and boards?

I have just paid $14k **for the fall semester** at VT (books not included). UVA is higher. I believe UVA raised the tuition by 10% for the incoming class and their annual cost has exceeded $31K a year.

GMU, surprisingly, is not much more affordable than VT. You will only save on room and boards if your kid stay at home.

JMU is cheaper than VT, I forgot by how much, I think it's around $9K, PER SEMESTER.
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Old 08-07-2015, 10:34 AM
 
504 posts, read 1,027,086 times
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Quote:
Originally Posted by hilsmom View Post
this is insanity. For a STATE school? Something has got to give here.

I looked up what the prepaid plan would be (my parents are looking into what to do with some inheritance money from my grandma passing recently), and for both my girls to attend a 4 year state school, if we did the prepaid 18 year monthly installment plan was $1K+/month. That's TODAY'S rates. I'm sorry, but most of us don't have $1K+ just to put aside monthly for college. We make 6 figures and don't have that. After mortgage and bills and some insurance and retirement stuff, we have about $1500 or so per month to pay for life (food, gas, anything else)

This has to be the next bubble to burst. It just has to be. There is just no other option here.

I was told the prepaid plan is no longer attractive due to escalating costs. I'd suggest that you save the best you can (don't forget your retirement) to help your kids to jump start their college education only.

Back in my college day, a $30K student loan was a huge debt. Now I hear numbers of beyond $100K being thrown around like a norm. Good grief!
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Old 08-07-2015, 10:47 AM
 
3,673 posts, read 4,933,706 times
Reputation: 2422
Quote:
Originally Posted by hilsmom View Post
this is insanity. For a STATE school? Something has got to give here.

I looked up what the prepaid plan would be (my parents are looking into what to do with some inheritance money from my grandma passing recently), and for both my girls to attend a 4 year state school, if we did the prepaid 18 year monthly installment plan was $1K+/month. That's TODAY'S rates. I'm sorry, but most of us don't have $1K+ just to put aside monthly for college. We make 6 figures and don't have that. After mortgage and bills and some insurance and retirement stuff, we have about $1500 or so per month to pay for life (food, gas, anything else)

This has to be the next bubble to burst. It just has to be. There is just no other option here.
It sure is insanity!
my parents put me through school back in 1999-2000 (and i'm SO thankful for that!) the total cost of tuition and books, etc. was about 16k for 4 years. i of course lived at home and was fine with that. it allowed me to leave school after 4 years with 0 debt and i was able to purchase a condo 2 months after graduating with the money i had saved through working, etc.

Today, i'm saving 1600 a month combined for our 3 kids (for year 2030 and 2032!) and we've saved about 40k so far. Still, i'm worried about their tuition. this is crazy! i shouldn't be worried given the crazy amounts i'm saving in their 529, yet i am because of the scary talks you hear about costs going up and up....

not much that can be done i guess....
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Old 08-07-2015, 11:43 AM
 
Location: Fairfax, VA
1,449 posts, read 2,807,926 times
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well, the problem is, it is already breaking normal families/humans. Kids are crippled with debt for years and have to put off things like buying a home, childbearing, etc. College isn't for everyone, but it also shouldn't just be available to the 1%.

I have one 9 years out. We have some saved, but not nearly enough if costs keep going up at these rates. We haven't had raises in several years (thanks, Congress ;P), yet the cost of everything else in life keeps going up, and 5-10% is FAR past inflation.

Something has to change. This is absolute insanity.
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