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Old 02-01-2010, 07:35 PM
 
Location: Some Beach... Somewhere...
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Default Rising College Tuition - What's Your Plan?

"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.
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Old 02-01-2010, 07:42 PM
 
Location: southwestern PA... where the nest is now empty!
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My youngest graduated last year... I am very grateful for that!
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Old 02-01-2010, 07:50 PM
 
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We are paying cash. No parent loans. No student loans. No grants.

I was a stay at home mother for many years. I returned to work two years ago.

My entire annual salary goes towards tuition each year. It's easy since we have always lived on one income.

I highly recommend any SAHMs who don't have marketable skills to return to college while the children in are in grade school.

That way they'll be prepared to earn a decent living when the nest becomes empty.
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Old 02-01-2010, 07:50 PM
 
Location: here
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As soon as I go back to work (2 years?) all the "extra" money will go straight toward retirement and college savings.
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Old 02-01-2010, 08:11 PM
 
Location: Wisconsin
677 posts, read 886,196 times
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I'm not a parent myself but I just want to throw this out there that you guys are awesome parents for thinking ahead and wanting to contribute to your children's education They're going to thank you SO MUCH for helping them. It's so much easier to concentrate on studying when a person doesn't have to worry about working 30+ hours per week to pay for classes/living expenses/etc. That's not to say that it's impossible, but it's got to be a heck of a lot easier to have a part-time instead of full-time job while in college.

My mom isn't able to help me and I know that it tears her apart that I have to take out so many loans every year. But she helps out where she can and I'm so grateful for what she can contribute.

Anyways, when/if I do have children, I may cover some or all of their college costs, but I'll make sure that they maintain some kind of employment so that they can provide for themselves in other ways. Dependence is bad and I feel like having some form of responsibility for the financial side of higher education is important. Just not the full (what is the average?) 30,000+ in loans for tuition alone
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Old 02-01-2010, 08:17 PM
 
Location: Southwest Austin
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Quote:
We are paying cash. No parent loans. No student loans. No grants.
Same here. We're somewhat financially inoculated after 9 years of private school tuition. College will actually be cheaper and we know how to live cheap now.

Only wild card is if daughter gets accepted to her "dream college" at NYU. That's gonna hurt compared to in-state Texas tuition at UT or A&M. Not sure if $200K (by the time it's all said and done) is a good investment in a college degree compared to about $50K for 4 years at a state university. That conversation is ongoing.

Steve
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Old 02-01-2010, 08:18 PM
 
3,428 posts, read 4,361,644 times
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Florida Prepaid plan - all 4 years paid up for my 7 and 10 year old. We did a five year payment beginning when the little one was under one. Gives us great peace of mind.
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Old 02-01-2010, 08:20 PM
 
Location: here
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what is a "prepaid tuition plan"?
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Old 02-01-2010, 08:30 PM
 
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Quote:
Originally Posted by rkb0305 View Post
what is a "prepaid tuition plan"?
Some states allow parents to pay towards tuition from the time their child is born. That way they get to lock in at the cheaper prices since tuition increases over the 18 years. The child can go to any state college in that particular state. If the child doesn't attend college by a certain time period or doesn't attend a state college in your state, there's usually a way to get a portion of the money back. From what I understand, you aren't obligated to chose a pre-paid tuition program in your home state. You could pay into one in a different state if there is a better deal out there. Unfortunately, out of state residents pay higher tuition so I can't imagine that it would be a better deal unless you plan to move and become a resident prior to the child entering college.

I see you live in Colorado. I just did a google search and I saw articles that Colorado shut down it's prepaid tuition plan. That was in 2004. Maybe they created a new plan.
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Old 02-01-2010, 08:32 PM
 
Location: here
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Quote:
Originally Posted by Hopes View Post
Depends on if it's available in your state. My state allows parents to pay towards tuition from the time their child is born. That way they get to lock in at the cheaper prices since tuition increases over the 18 years. The child can go to any state college. If the child doesn't attend college by a certain time period or doesn't attend a state college in your state, there's usually a way to get a portion of the money back.
thanks. Sounds like a bit of a gamble.
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