Rising College Tuition - What's Your Plan? (daycare, teaching, baby)

[mchelle]

Originally Posted by Hopes

Don't pop her bubble at all. Let her major in what she wants. My father almost made the mistake of dictating what my sister majored in. He wanted her to study a business major. She wanted to study journalism. He refused to pay for her college because she wouldn't major in what he wanted. He told her she would be a starving artist. Guess what? She ended up being the editor of a NYC magazine within just five years of graduating from college. Then she went on to be an award winning writer. My father changed his tune. He later said, "You can be successful in anything if you have the drive and passion." And honestly, just think of how many people DON'T try to go into acting because someone discouraged them. Sure, it's hard. But someone has to make it big. It might as well be somebody's daughter. Yours even. And there are other things she can do with an acting major. Corporations will snatch people like that up for sales positions, etc.

I actually had to re-read that because based on the starving artist comment I thought she must have wanted to major in ceramics or dance or something. Which aren't bad majors for the right people, but that came to mind before journalism. Anyway, good for her That must have been so rewarding - not only the successful career, but the sense of accomplishment that she must have felt from funding it herself and being able to say 'I told you so' to someone who didn't believe in her. I'm sure she had more tact than to say that so bluntly to your father but...I probably would have

[Ceece]

Our eldest did college with a combination of student loans, parent loans and cash, mostly because she dormed and rented apartments for 5 years that needed to be paid for and we will owe all told about $35K when she graduates this May. We are going to share the debt with her. Our youngest has starting at community college while still living at home then...who knows. We are paying as we go at this point.

[Hopes]

Originally Posted by mchelle

I actually had to re-read that because based on the starving artist comment I thought she must have wanted to major in ceramics or dance or something. Which aren't bad majors for the right people, but that came to mind before journalism. Anyway, good for her That must have been so rewarding - not only the successful career, but the sense of accomplishment that she must have felt from funding it herself and being able to say 'I told you so' to someone who didn't believe in her. I'm sure she had more tact than to say that so bluntly to your father but...I probably would have

TBH, he didn't leave her to pay everything herself. He threatened to. When she didn't back down, he offered to only give her specific amount of money per year. She made herself financially independent by not coming home in the summer and basically paid for college with grants and scholarships to cover what he didn't provide. But I am proud of her for standing up for herself and not allowing him to dictate her major.

[austin-steve]

Incidentally, what does a person in MIS do on a day-to-day basis?

The companies that recruited MIS grads were the (then) big 5 accounting firms, large telecoms, banks, tech companies, insurance companies, local tech companies, etc. An MIS grad won't be as accomplished a programmer as a CS grad, but will be capable enough and have a business management education. So typically, most would start in the IT department (though not necessarily) and eventually work up the corp ladder into management positions.

For the first 18 months after graduating I sat in a cube and wrote code. It was a great gig. Living in Austin TX, could wear my hair long, wear shorts/tee-shirt and flip flops, surrounded by pretty marketing chicks, good benefits, health care, fun people, etc.

But I hated the cube. It was the first real 9-5 job I'd ever had. Turns out I'm not wired to be a 9-5 type. My life felt restricted by my work hours. Even something as simple as an oil change had to be planned and scheduled around work. And there was the Dilbert effect, which ironically is not exaggerated in the cartoons. Lots of BS. In some ways, I felt like my "life" as I had known it, had ended.

So I quit to practice real estate full time and never looked back. The technology and business background has proven immensely valuable though, so I owe a lot to the degree and think it's a degree that even non-techies should consider.

Steve

[arielmina]

it is naive to say I'm banking on my kids getting a scholarship (just kidding). i have 7 yr old twins and we have 529 in CT that will probably have a few thousand each in it, hopefully quite a bit more. We just moved to VA which I'm happy about because of the amazing state colleges since in-state tuition is certainly preferably. I will encourage one or both of them to apply to my alma mater, a private college in NY state and apply for aid/scholarships as needed. They also both have savings account and each one has all their birthday and holiday money put in so that will add up a little bit too. Scary thought that I have only 10 yrs to prepare!

[maciesmom]

Well, for us, the planning is over and done. I have one in college - it is paid for by a combination academic scholarship, college fund, student loans and cash. She is also working 2 jobs. Tuition is being paid for by her scholarship as well as her college fund and supplemented by Student Loans. We dont' qualify for subsidized loans so we are paying the interest on those quarterly so that she doesn't accumulate debt on interest. We are paying for her rent in cash. She pays for her books and living expenses with her jobs. It is a bit of a tough road from time to time but I do think it important that she understands the importance of her education and feels "ownership" in providing for it as an adult...We anticipate the debt she graduates with to be less than $15K.

[BLUEDIAMOND64]

Originally Posted by Workin_Hard

"SEATTLE - As students around the country anxiously wait for college acceptance letters, their parents are sweating the looming tuition bills at public universities. Florida college students could face yearly 15 percent tuition increases for years, and University of Illinois students will pay at least 9 percent more. The University of Washington will charge 14 percent more at its flagship campus. And in California, tuition increases of more than 30 percent have sparked protests reminiscent of the 1960s. Tuition has been trending upward for years, but debate in statehouses and trustee meeting rooms has been more urgent this year as most states struggle their way out of the economic meltdown."

College tuition hikes in double digits - Education- msnbc.com

What are you doing to plan for your kids education?

When I sold my last house, I held $35K in reserve to finish the basement in our new place. A few months later my wife became pregnant and when our daughter was born, I immediately invested all of it into a state 529 plan choosing the four-year prepaid tuition option. Seeing how costs are rising, I sleep better knowing that no matter what, my daughter's B.S. degree is paid for. (She's 3 y.o. now.) My basement is still unfinished but that's ok.

The way I understand the 529 is that the state that you live in decides how to invest the money. I do not trust the government looking out for my future or my child. I would suggest learning about investing and finding someone that you trust to consider investing with. Good luck.

[springfieldva]

My oldest is 9 but I know that college will be here before we know it. Time goes by so fast...

We plan to rely on college funds and money from summer/after school jobs. I'll probably return to work within the next few years and put my paycheck straight into savings. We hope to keep loans down to a bare minimum (>15K each would be great).

[Workin_Hard]

Originally Posted by BLUEDIAMOND64

The way I understand the 529 is that the state that you live in decides how to invest the money. I do not trust the government looking out for my future or my child. I would suggest learning about investing and finding someone that you trust to consider investing with. Good luck.

Maybe "invest" was a poor choice of words to describe what I did. Instead I'll say I "bought" 4 years of tuition now for use in the future. What the state does with the money in the meantime is up to them, but my daughter can attend any state university for 4 years beginning when she turns 18. Some states have only the investment option, some offer the prepaid tuition. 529 plans vary by state.

[hlsess]

Originally Posted by rkb0305

thanks. Sounds like a bit of a gamble.

HAHA!! here in alabama -both my kids (15 & 17) have the PACT but it's has come into alot of trouble with the recession- alot of contract holders have pulled out but they are working on saving it . My oldest doesn't want to go in-state so the plan pays whatever the average instate tuition is- about 3,000/semester - we paid about 5,000 for it when they were born so it 'll still be worth it. I have other funds to pay for the rest.