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Old 10-11-2014, 08:14 AM
 
Location: Warren County and loving it!
5,091 posts, read 7,280,578 times
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We had all intentions of helping ours with college but then were hit by multiple natural disasters. It depleted our savings and retirements. We now have some retirement to be looking forward to but there isn't college funds for them. We needed to keep a roof over their heads instead and replace our necessities.

We have provided them with any and all opportunities to be the best they can be to be awarded scholarships. My oldest didn't pay a dime for her first two years of college.

We are waiting to see what the others are offered.
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Old 10-11-2014, 08:39 AM
Status: "Even better than okay" (set 25 days ago)
 
Location: Coastal New Jersey
51,597 posts, read 50,842,495 times
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Quote:
Originally Posted by Mattie View Post
Who in the world spends $2-3000 a month on student housing? Do you require concierge service? My kids all got houses or apartments, and we spent no more than $350/month. They had private bedrooms and baths. The eldest one went to U of Miami, which was higher, but even his was only $500/month.

We agreed to pay for undergrad degrees. Grad school is on those that want to continue on. That includes the son accepted to med school, and the one currently looking at PhD programs. We're proud of them, but they are proud of themselves for figuring out that they have reached maturity and can take care of themselves.
I did the same. Dd's father and I helped with the Bachelors' (she earned two degrees) but any graduate school is up to her. As a matter of fact, she was accepted into a five-year Ph.D program, and she is not going because it's 46k a year. She would finish with another quarter million in debt, and th hat doesn't include figuring out how she would support herself.
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Old 10-11-2014, 09:02 AM
 
Location: Texas
3,703 posts, read 2,872,834 times
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Quote:
Originally Posted by kutra11 View Post
Have been contributing to my son's 529 plan since he was born. This is after maxing our 401K, IRA and HSA and putting a portion of our savings for emergencies. We should be able to fund him all the way through his Bachelors, and hope that like me and my wife, he completes his Masters on a research or a teaching assistantship. My wife and I do not want to compromise on the quality of education for our son on financial grounds. We have the means to save, so we are going for it!
Agreed. This is absolutely the best way to save for college. You need your money working for you over time, and the only way to do this is using the Future Value of earnings compounded over 18 years (or making extremely risky investments that may or may not pay off). We have 529s for both our kids and our 7 year old has almost 45K in her account. Granted, we put several hundred dollars in every month.

And, as PP's have pointed out, I think many parents think differently of graduate/professional school. My husband's Father paid for all of his college education. However, when my husband started Medical School several years later, his Father did not offer to pay (and he absolutely had the $), nor did my husband even consider asking. We took out loans totaling about 125K, and paid them all off (plus 30K of my Grad school loans) within 5 years. However, not all doctors, lawyers etc can do this.
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Old 10-11-2014, 01:33 PM
 
Location: Buckeye, AZ
25,497 posts, read 14,595,453 times
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I think a problem is financial aide. For the middle class most cannot get public federal aide from the FAFSA and have to take out private. My parents couldn't until after my father was retired after an accident. If you don't start the student saving plans, it could potentially be hard to get your kids into college without debt or doing it on their own dime.

My alma mater was a bit expensive for housing but they actually had high demand for housing. Enrollment actually shot up for them pretty high during the recession and they actually turned one or two of the upperclassman resident halls into freshman halls cutting down upperclassman dorms to two bigger ones and several smaller ones. Freshman actually roomed three to a double room (at a little bit reduced rate.) With the influx of transfers like myself, there was actually a waitlist to be on campus that became an issue the day of the transfer day. They were making two new privately owned apartments on campus my senior year for the next year AND actually a few more off-campus apartments. As we all know, low supply with high demand increases prices whether it is a public institution or not.
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Old 10-11-2014, 04:58 PM
 
Location: Foot of the Rockies
85,075 posts, read 99,122,332 times
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At first, I wasn't going to read this thread. But then this morning, I peeked, and I got hooked. I just multiquoted a few posts (for a change) that I'll respond to, and I have some things of my own to say.

Quote:
Originally Posted by transdimensionalhottie View Post
Well, it will not look good to turn down a job you've already accepted. That will be noted if you ever apply there again....

Turning down 60K a year just to get your masters is silly, you can easily work and get your masters ("on your parents $20,000-dime"). Most big universities have programs for business professionals looking to get their masters, so its not impossible. If you think "well let me wait 2-3 years for my masters and then i'll get a 100k a year job" then just don't because you can not count on the untold future - on job offers you just DO NOT KNOW if they will come. Take the job now, and when you get your masters in two to three years you'll have already gotten a raise, and with the new degree hopefully a new title in at a place you ALREADY work at it. Just seems easier to get your foot in the door now, not wait until you're even older.
You are making an assumption that the OP is majoring in business. And believe me, I know many people (including me) who were going to get a master's "sometime", but sometime never came. I think it's best to get the master's early. If the OP really thinks it would be bad to turn down the job after s/he's accepted it, s/he could work a year and then go to grad school. But I wouldn't put it off much longer. What's the deal with getting started in the work world so soon? You have to work till age 67 to collect full social security; that's many years of working, even if you start at 30 (which I am NOT particularly recommending).

Quote:
Originally Posted by CSD610 View Post
You are not doing your kids any favors however, they are your kids not ours so it is your choice.

Each of our children (5 of them) have gone to college and have varying levels of degrees.
They each paid their own way, they each have/had jobs, got married, had children and still kept grades up, paid their own way, bought homes or paid rent, utilities, etc. None of them ever moved back home once they left for college and none of them have asked for one penny in help. The most we have been allowed to do for them is take the kids for an evening or weekend so they could have a bit of alone time.

They even had the time to be in campus clubs and athletics so I'm not sure where the sacrifice you are talking about comes in regarding that.

I guess they all thought being mature adults and earning what they wanted on their own was much more important and rewarding to them than counting on Mom & Dad.
NPR just did a story within the recent past about kids working and how kids who work a lot have lower graduation rates. Of course, with NPR's sucky search engine, I can't find it now. While you have reason to be proud of your kids, I'd also say that kids whose parents DO pay for college and/or DO move home after college also have good outcomes.

Quote:
Originally Posted by sedimenjerry View Post
This whole thread is a laughable amount of anecdotal evidence. "I did this and turned out fine. They did that and are now miserable" For every person I knew with a full ride to college I knew one that had to work a job and everywhere in between.
Agreed.

Quote:
Originally Posted by sedimenjerry View Post
So far I've learned that students that don't work while in school have 2.0 GPAs, they are lazy and don't study and their degrees are in something like English or Communications. Once they graduate they will work at Starbucks for at least 5 years, live in their parents basement and have half a million in student loan debt. Meanwhile, all students who work will graduate in 3.5 years with a 3.95 GPA in Engineering of some sort, no debt and guaranteed a job.
Agreed.

Quote:
Originally Posted by strawflower View Post
The stats are there - college grads, on average, make SIGNIFICANTLY more than high school grads and have significantly lower unemployment rates. Obviously there are exceptions, but the idea one should forgo college under the idea they can succeed just as much because they're smart/ambitious/personable is naive at best.
Agreed.

Quote:
Originally Posted by Mattie View Post
Who in the world spends $2-3000 a month on student housing? Do you require concierge service? My kids all got houses or apartments, and we spent no more than $350/month. They had private bedrooms and baths. The eldest one went to U of Miami, which was higher, but even his was only $500/month.

We agreed to pay for undergrad degrees. Grad school is on those that want to continue on. That includes the son accepted to med school, and the one currently looking at PhD programs. We're proud of them, but they are proud of themselves for figuring out that they have reached maturity and can take care of themselves.
Five years ago, when my youngest was a senior in college, we figured it cost about $1000/mo in room, board and expenses. You have to factor in not only the rent, but the food, utilities and other living expenses. Her rent was about $600/mo. We did not pay for grad school, either.

***********************************

While I read a lot of posts on CD about parents who basically turn their kids out at 18 and never give them a dime after that, IRL I do not know anyone who has done so.

Students who live at home are getting help from their parents. They're getting room and board, often laundry services, etc. Many parents will buy their kids a car, even if they won't give them any money for college.

There are few "full-ride" scholarships except for football players and male basketball players. Good grades, tons of extracurriculars, recommendations from God, etc, don't guarantee huge scholarships. Unless you are nearly destitute, your kids will not qualify for a lot of grants. The average undergraduate student loan debt is ~$30,000, or roughly the price of a new car. No one thinks a person is crazy for taking out a loan for a car, which will last 10 years if you're lucky. But for an education, which you will have forever, some think borrowing money is wrong. I don't get it.
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Old 10-11-2014, 06:13 PM
 
Location: Texas
3,703 posts, read 2,872,834 times
Reputation: 6108
Quote:
Originally Posted by Katiana View Post

There are few "full-ride" scholarships except for football players and male basketball players. Good grades, tons of extracurriculars, recommendations from God, etc, don't guarantee huge scholarships. Unless you are nearly destitute, your kids will not qualify for a lot of grants. The average undergraduate student loan debt is ~$30,000, or roughly the price of a new car. No one thinks a person is crazy for taking out a loan for a car, which will last 10 years if you're lucky. But for an education, which you will have forever, some think borrowing money is wrong. I don't get it.
Agree 100%. Great statement Katiana. I also use this exact analogy to justify (sometimes to myself when I wavered) my decision to take out about 50K in loans for my 2 degrees. Few people even think twice about getting a mortgage or car loan, but an education, which is one of the few investments you can make in yourself is often debated to no end. Of course, there are often good ways and bad ways to go about this investment (public v private school, choice of major etc).

I think there there have been some really good comments and observations on this thread on both sides of the argument.
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Old 10-11-2014, 08:44 PM
 
Location: Central Maine
2,868 posts, read 2,857,245 times
Reputation: 3976
Excuse me Stellastar2345 but as my Dad told me, "If you want it, go out and work for it". And I did. My you better take the silver spoon out of your mouth before you speak. And I find it very sad that so much more now is requiring a degree/ That only helps the colleges (that need no help) and the lending agencies (that reap all that interest). It actually makes it more difficult for your average Joe and Jane to become gainfully employed.
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Old 10-11-2014, 11:40 PM
Status: "Even better than okay" (set 25 days ago)
 
Location: Coastal New Jersey
51,597 posts, read 50,842,495 times
Reputation: 60635
Quote:
Originally Posted by Katiana View Post
At first, I wasn't going to read this thread. But then this morning, I peeked, and I got hooked. I just multiquoted a few posts (for a change) that I'll respond to, and I have some things of my own to say.



You are making an assumption that the OP is majoring in business. And believe me, I know many people (including me) who were going to get a master's "sometime", but sometime never came. I think it's best to get the master's early. If the OP really thinks it would be bad to turn down the job after s/he's accepted it, s/he could work a year and then go to grad school. But I wouldn't put it off much longer. What's the deal with getting started in the work world so soon? You have to work till age 67 to collect full social security; that's many years of working, even if you start at 30 (which I am NOT particularly recommending).



NPR just did a story within the recent past about kids working and how kids who work a lot have lower graduation rates. Of course, with NPR's sucky search engine, I can't find it now. While you have reason to be proud of your kids, I'd also say that kids whose parents DO pay for college and/or DO move home after college also have good outcomes.



Agreed.



Agreed.



Agreed.



Five years ago, when my youngest was a senior in college, we figured it cost about $1000/mo in room, board and expenses. You have to factor in not only the rent, but the food, utilities and other living expenses. Her rent was about $600/mo. We did not pay for grad school, either.

***********************************

While I read a lot of posts on CD about parents who basically turn their kids out at 18 and never give them a dime after that, IRL I do not know anyone who has done so.

Students who live at home are getting help from their parents. They're getting room and board, often laundry services, etc. Many parents will buy their kids a car, even if they won't give them any money for college.

There are few "full-ride" scholarships except for football players and male basketball players.
Good grades, tons of extracurriculars, recommendations from God, etc, don't guarantee huge scholarships. Unless you are nearly destitute, your kids will not qualify for a lot of grants. The average undergraduate student loan debt is ~$30,000, or roughly the price of a new car. No one thinks a person is crazy for taking out a loan for a car, which will last 10 years if you're lucky. But for an education, which you will have forever, some think borrowing money is wrong. I don't get it.
This is true. There's a myth out there about there just being tons of scholarship money waiting to be scooped up.

My daughter did get offered nearly a full ride from two schools. Both were colleges in New England that were looking to expand their student base outside the New England states. Both were in small cities with nothing much to do, and my daughter is a person who loves urban environments more than rural. And neither offered any programs of interest to her.

So, if the main goal was to save money and make sure she got some general degree in something she had no interest in learning just to say she got a degree, it would have been easier. But that wasn't the main goal.
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Old 10-12-2014, 12:57 PM
 
Location: Buckeye, AZ
25,497 posts, read 14,595,453 times
Reputation: 9239
Quote:
Originally Posted by Katiana View Post
At first, I wasn't going to read this thread. But then this morning, I peeked, and I got hooked. I just multiquoted a few posts (for a change) that I'll respond to, and I have some things of my own to say.



You are making an assumption that the OP is majoring in business. And believe me, I know many people (including me) who were going to get a master's "sometime", but sometime never came. I think it's best to get the master's early. If the OP really thinks it would be bad to turn down the job after s/he's accepted it, s/he could work a year and then go to grad school. But I wouldn't put it off much longer. What's the deal with getting started in the work world so soon? You have to work till age 67 to collect full social security; that's many years of working, even if you start at 30 (which I am NOT particularly recommending).



NPR just did a story within the recent past about kids working and how kids who work a lot have lower graduation rates. Of course, with NPR's sucky search engine, I can't find it now. While you have reason to be proud of your kids, I'd also say that kids whose parents DO pay for college and/or DO move home after college also have good outcomes.



Agreed.



Agreed.



Agreed.



Five years ago, when my youngest was a senior in college, we figured it cost about $1000/mo in room, board and expenses. You have to factor in not only the rent, but the food, utilities and other living expenses. Her rent was about $600/mo. We did not pay for grad school, either.

***********************************

While I read a lot of posts on CD about parents who basically turn their kids out at 18 and never give them a dime after that, IRL I do not know anyone who has done so.

Students who live at home are getting help from their parents. They're getting room and board, often laundry services, etc. Many parents will buy their kids a car, even if they won't give them any money for college.

There are few "full-ride" scholarships except for football players and male basketball players. Good grades, tons of extracurriculars, recommendations from God, etc, don't guarantee huge scholarships. Unless you are nearly destitute, your kids will not qualify for a lot of grants. The average undergraduate student loan debt is ~$30,000, or roughly the price of a new car. No one thinks a person is crazy for taking out a loan for a car, which will last 10 years if you're lucky. But for an education, which you will have forever, some think borrowing money is wrong. I don't get it.
Great post.

As for the debt for a new car for a college loan, it is a point I bang my head against the wall with. I hate that analogy. To me, it makes no sense because a car is more widely used than a degree. Besides traditional A-to-B usage for work and errands, one can turn a car into a taxi, a delivery car, a town car, a monster truck, a pro-stock funny car, a super-stock puller (in particular trucks), a company car, etc. A degree is much less flexible in use and then you add in talk of the school you attended, how saturated the market is for the major, if the skills in the major are truly "in need," your grades in high school, you can get experience during school (not just internships,) type of job you take, etc. and forget about it, a car is much more useful. Granted we are talking theoretics so this can be different in real life.

Quote:
Originally Posted by Mightyqueen801 View Post
This is true. There's a myth out there about there just being tons of scholarship money waiting to be scooped up.

My daughter did get offered nearly a full ride from two schools. Both were colleges in New England that were looking to expand their student base outside the New England states. Both were in small cities with nothing much to do, and my daughter is a person who loves urban environments more than rural. And neither offered any programs of interest to her.

So, if the main goal was to save money and make sure she got some general degree in something she had no interest in learning just to say she got a degree, it would have been easier. But that wasn't the main goal.
This is the problem with scholarships. People think there's money to burn for anyone of their special little honor students at the Franklin School. That's not the case. The only guarantee is if the school has test score based scholarships like Arizona did when they had the AIMS tests (not sure if the new Common Core test will have the same opportunity.)
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Old 10-12-2014, 02:42 PM
 
Location: Foot of the Rockies
85,075 posts, read 99,122,332 times
Reputation: 31549
Quote:
Originally Posted by mkpunk View Post
Great post.

As for the debt for a new car for a college loan, it is a point I bang my head against the wall with. I hate that analogy. To me, it makes no sense because a car is more widely used than a degree. Besides traditional A-to-B usage for work and errands, one can turn a car into a taxi, a delivery car, a town car, a monster truck, a pro-stock funny car, a super-stock puller (in particular trucks), a company car, etc. A degree is much less flexible in use and then you add in talk of the school you attended, how saturated the market is for the major, if the skills in the major are truly "in need," your grades in high school, you can get experience during school (not just internships,) type of job you take, etc. and forget about it, a car is much more useful. Granted we are talking theoretics so this can be different in real life.



This is the problem with scholarships. People think there's money to burn for anyone of their special little honor students at the Franklin School. That's not the case. The only guarantee is if the school has test score based scholarships like Arizona did when they had the AIMS tests (not sure if the new Common Core test will have the same opportunity.)
Surely you jest about the car! There are many jobs you just can't do without the degree, e.g. many STEM jobs such as engineer, nurse; you can't be a pubic school teacher w/o a degree, many more.

RE: financial aid:
Myths about College Scholarships
Read especially #1
Top Ten Myths About Scholarships - Fastweb
Top Ten Myths About Scholarships - Fastweb
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