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Whenever conversations about college costs come up there are always people who post stories about the exception rather than the rule. We hear how their kid went to college for free,or how they worked their way through it. If you examine closely often this happened years ago or their student truly was top 1%.
For your average kid in your average public school right now in Colorado, affording college without parental help is very difficult. Costs have skyrocketed. Getting significant scholarships (not loans) is reserved for a select few (very poor but good student, underrepresented minority, recruited athlete, National Merit scholar). Housing everywhere has jumped so total costs including room are high. Look at the public universities in our state. CU Boulder is $30k a year, Fort Collins is $26k, Greeley is $23k (these are IN STATE costs). You might think your student is special with a high GPA and SAT but guess what, that's pretty average today and doesn't earn you much in the way of money. Also, schools now have stopped using objective scholarship charts (SAT+GPA) and have changed to awarding scholarships holistically, meaning chances for most non-minority Colorado students have decreased even more.
You may think go to community college and get your "2 years of general ed" out of the way. Yes, this helps reduce costs, but public universities have greatly reduced their offerings in high-demand majors and many students find it difficult to get into their required classes to graduate on time. Not going to a 4 year right away can mean adding a 5th year to tuition considerations. Colleges now have increased pre-req's so for many majors you must start them right away your first year otherwise you again won't be able to complete your major on time. Most classes build on each other and must be taken in succession and not concurrently . My son is a Computer Science major and he will graduate on time but had he not started his core major pre-req's literally his first semester he would not graduate in 4 years. Same with my niece who will graduate nursing school soon.
From what I've seen for an average kid go to to one of our public universities right now, count on a minimum of $75k for the 4 years and that's if they have great grades and manage to receive some sort of academic scholarships. For parents who save nothing and tell their kid "you're on your own" remember your income is what schools look at for need-based aid. So students whose parents save nothing are at a huge disadvantage.
Drop the mike. This is the most intelligent post I have ever seen on this forum or just about anywhere else. Close the thread now you won!
Whenever conversations about college costs come up there are always people who post stories about the exception rather than the rule. We hear how their kid went to college for free,or how they worked their way through it. If you examine closely often this happened years ago or their student truly was top 1%.
For your average kid in your average public school right now in Colorado, affording college without parental help is very difficult. Costs have skyrocketed. Getting significant scholarships (not loans) is reserved for a select few (very poor but good student, underrepresented minority, recruited athlete, National Merit scholar). Housing everywhere has jumped so total costs including room are high. Look at the public universities in our state. CU Boulder is $30k a year, Fort Collins is $26k, Greeley is $23k (these are IN STATE costs). You might think your student is special with a high GPA and SAT but guess what, that's pretty average today and doesn't earn you much in the way of money. Also, schools now have stopped using objective scholarship charts (SAT+GPA) and have changed to awarding scholarships holistically, meaning chances for most non-minority Colorado students have decreased even more.
You may think go to community college and get your "2 years of general ed" out of the way. Yes, this helps reduce costs, but public universities have greatly reduced their offerings in high-demand majors and many students find it difficult to get into their required classes to graduate on time. Not going to a 4 year right away can mean adding a 5th year to tuition considerations. Colleges now have increased pre-req's so for many majors you must start them right away your first year otherwise you again won't be able to complete your major on time. Most classes build on each other and must be taken in succession and not concurrently . My son is a Computer Science major and he will graduate on time but had he not started his core major pre-req's literally his first semester he would not graduate in 4 years. Same with my niece who will graduate nursing school soon.
From what I've seen for an average kid go to to one of our public universities right now, count on a minimum of $75k for the 4 years and that's if they have great grades and manage to receive some sort of academic scholarships. For parents who save nothing and tell their kid "you're on your own" remember your income is what schools look at for need-based aid. So students whose parents save nothing are at a huge disadvantage.
Yeah but huge issue here. OP is talking (bragging?) About saving(wasting?) $400k on schooling. That's not the rule, THATS the exception. I have family from the wealthiest parts of Massachusetts and they saved a fraction of this amount.... This decade.
OP seems to know what she wants, so what's the point of the thread?
Yeah but huge issue here. OP is talking (bragging?) About saving(wasting?) $400k on schooling. That's not the rule, THATS the exception. I have family from the wealthiest parts of Massachusetts and they saved a fraction of this amount.... This decade.
OP seems to know what she wants, so what's the point of the thread?
1) I’m not bragging.
2) I haven’t saved anywhere near $400,000 yet. That’s the end goal between steady contributions and compound interest on investment returns for my son who’s still a toddler. And that’s the projected cost of four years of tuition and room and board at an upper-tier private university circa. 2040. Obviously, that would be overkill based on what college costs now.
3) I’m a he.
4) The point of this thread is to have a discussion, and people have made some interesting points. If you don’t find it interesting, no one’s forcing you to participate.
5) I can’t speak for your family and their spending and saving habits. My wife and I do well, but we’re not 1%er wealthy. We live within our means, and we spend according to what we need and want, as opposed to what we can theoretically afford.
I’m a fellow state school UG alum, by the way, and also ended up in a top graduate school in my field. I agree that shelling out the big bucks on undergraduate education is often unnecessary, but I’d like my kids to have the option. We will encourage them to spend less on UG so that they can take out fewer (and ideally) no loans for graduate school.
Location: We_tside PNW (Columbia Gorge) / CO / SA TX / Thailand
34,690 posts, read 57,994,855 times
Reputation: 46171
Quote:
Originally Posted by ElijahAstin
1) I’m not bragging.
...
4) The point of this thread is to have a discussion, and people have made some interesting points. If you don’t find it interesting, no one’s forcing you to participate.
....
Thread? (open to other posters, allowing alternative suggestions / ideas and experiences of failure or success?)
or
Monologue ... Self guided / a superficially directed affirmation of ONE prescribed plan.
Alternative ideas will not be tolerated, certainly not desired or accepted.
Many ways to skin the current cat. The future cat... (college costs and completion in 10 more yrs). YTBD, but we have much available information on current changes and options that indicate substantial changes coming. (not allowed or desired on this thread(?))
Adequate info... "We're planning to save $400k for future college expenses due on date x..."
Options?
Could have been a poll... "$400k for college stuck into a 529 until date X?"
Alternative Options? / projected investment / planning risks? (Don't want to hear THAT!)
Thread? (open to other posters, allowing alternative suggestions / ideas and experiences of failure or success?)
or
Monologue ... Self guided / a superficially directed affirmation of ONE prescribed plan.
Alternative ideas will not be tolerated, certainly not desired or accepted.
Many ways to skin the current cat. The future cat... (college costs and completion in 10 more yrs). YTBD, but we have much available information on current changes and options that indicate substantial changes coming. (not allowed or desired on this thread(?))
Adequate info... "We're planning to save $400k for future college expenses due on date x..."
Options?
Could have been a poll... "$400k for college stuck into a 529 until date X?"
Alternative Options? / projected investment / planning risks? (Don't want to hear THAT!)
Thread? (open to other posters, allowing alternative suggestions / ideas and experiences of failure or success?)
or
Monologue ... Self guided / a superficially directed affirmation of ONE prescribed plan.
Alternative ideas will not be tolerated, certainly not desired or accepted.
Many ways to skin the current cat. The future cat... (college costs and completion in 10 more yrs). YTBD, but we have much available information on current changes and options that indicate substantial changes coming. (not allowed or desired on this thread(?))
Adequate info... "We're planning to save $400k for future college expenses due on date x..."
Options?
Could have been a poll... "$400k for college stuck into a 529 until date X?"
Alternative Options? / projected investment / planning risks? (Don't want to hear THAT!)
Location: We_tside PNW (Columbia Gorge) / CO / SA TX / Thailand
34,690 posts, read 57,994,855 times
Reputation: 46171
No arguments required.
On an information search of a C-D micro thread, one might have 1000 comments / ideas and a discussion. or... you may have ONE idea (mandate) to provide 1000 pats on your virtual back.
Feels great? Apparently to some. It is not an uncommon strategy for those requiring their daily reassurance / pat on the back, but a significant disservice to the 1,000. but it is cheap therapy.
How Much is Everyone Saving for College These Days?
Zero to $400k
Who wins (?)
Hundreds of millions of previous students already proven to win big at Zero.
$400,000, TBD (someday, ...maybe, but we'll never know)
We are saving $4k/yr per kid and their grandparents are probably saving another ~$1k. For the 5 year old we are already to about 1.5 years of tuition and room and board for our in-state university.
On an information search of a C-D micro thread, one might have 1000 comments / ideas and a discussion. or... you may have ONE idea (mandate) to provide 1000 pats on your virtual back.
Feels great? Apparently to some. It is not an uncommon strategy for those requiring their daily reassurance / pat on the back, but a significant disservice to the 1,000. but it is cheap therapy.
How Much is Everyone Saving for College These Days?
Zero to $400k
Who wins (?)
Hundreds of millions of previous students already proven to win big at Zero.
$400,000, TBD (someday, ...maybe, but we'll never know)
What the hell are you smoking?
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(Don't want to hear THAT!)
