College costs

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06-12-2018, 03:18 PM
XXX-er

Quote:

Originally Posted by The AD

No, I just remember my '70s TV!

yeah well i probably smoked more drugs
06-12-2018, 03:22 PM
Skidog

Quote:

Originally Posted by AustinFromSA

Man, that is one expensive way for them to find something cool to be interested in! If you got the funds to let them do that then more power to ya, but personally I'd almost rather my kids take a couple years off between high school and college to "find themselves." Whether that be from doing volunteer work abroad, the military, maybe peace corp, or just hustling and struggling for a bit in the working world, it's up to them. I would not be opposed to them getting some world travel in for far less money than even a semester at community college. Haha. Would love for them to go see some of the 3rd world places I've been to, and hopefully do some positive things out there. Then hopefully after some time doing whatever they did, they'll have a better understanding of who they are, or who they'd like to be, and what they'd like to do. I'll be every bit as proud of them whether they choose to be a skilled blue collar worker, an engineer, or a doctor. I just want them to be happy with what they do, and be the best they can be at whatever that may be.

Perfectly said.

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06-12-2018, 03:23 PM
Marshall Tucker

Quote:

Originally Posted by The AD

Your memory is faulty, XXX. Jimmie Walker was J.J. in "Good Times." You're thinking of Lionel, who was George Jefferson's son. He trolled Archie by saying he wanted to be a "'lectical engineer."

To be percise, I beleive that is the "first" Lionel.
06-12-2018, 03:26 PM
mcski

I think gap years are great, doing other stuff like peace corp or whatever are great, but I think it's fucked up now that college is now so expensive that kids can't use that time to explore different subjects. I took a bunch of completely random stuff before I settled on a major. The strength of a liberal arts education is developing critical thinking skills a wide range of areas.
06-12-2018, 03:36 PM
bagtagley

Have we covered community college yet? That’s where my kids will start if I have any say. Two years at a quality CC, then an easy transfer to ‘spensive college for the degree. VA makes it pretty painless. I seem to remember UT had a similar setup.
06-12-2018, 03:37 PM
The AD

Quote:

Originally Posted by Marshall Tucker

To be percise, I beleive that is the "first" Lionel.

Correct. Not to be confused with the first Darrin from Bewitched.
06-12-2018, 03:39 PM
Danno

Are you guys saying Jimmie Walker was a Lionel (he wasn't)? Or making reference to the 2 guys who played Lionel (it was actually 3, according to the googles)?
06-12-2018, 03:42 PM
Bobby Stainless

Quote:

Originally Posted by iceman

The ability to do so, and a conviction that education is the most important thing that you can buy, the best thing you can spend money on.

+1
06-12-2018, 03:42 PM
plugboots

Did all three Lionel’s fuck with Archie by only talking black lingo to him? Sort of like Barbara Billingsley speaking jive in Airplane?

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06-12-2018, 03:47 PM
The AD

Quote:

Originally Posted by Danno

Are you guys saying Jimmie Walker was a Lionel (he wasn't)? Or making reference to the 2 guys who played Lionel (it was actually 3, according to the googles)?

No, XXX-er thought Jimmie Walker played Lionel, but he was incorrect.

I believe only one Lionel fucked with Archie. :)
06-12-2018, 03:57 PM
Sirshredalot

Quote:

Originally Posted by bagtagley

Have we covered community college yet? That’s where my kids will start if I have any say. Two years at a quality CC, then an easy transfer to ‘spensive college for the degree. VA makes it pretty painless. I seem to remember UT had a similar setup.

Yes. I mentioned it as a way to control costs while knocking out the pre-reqs here in UT. Others mentioned CA.
06-12-2018, 03:59 PM
Bobby Stainless

TN has free CC.
06-12-2018, 05:14 PM
Viva

Quote:

Originally Posted by The AD

I believe only one Lionel fucked with Archie. :)

And Lamont fucked with Fred.
06-12-2018, 05:16 PM
gravitylover

Quote:

Originally Posted by From_the_NEK

Well at least they got out before it became Northern Vermont University at Lyndon. Vermont's public higher education system is a mess. In an effort to reduce administrative costs, Lyndon State and Johnson State have merged to create the above mention NVU. Amd UVM is still one of the most expensive in state tuition schools to attend.

Yeah we knew that was coming and kind of thought it would be a good thing. Unfortunately both schools are already dying so combining them into a slightly larger place that nobody wants to be won't do them any good. I'm amazed at how the enrollment number dropped in less than 2 years (half!), they had kids that would just disappear from class, pack up in the middle of the night and leave. I went through Castleton a few times and it was a hoppin' place compared to when I was there in the mid 80's and almost seems like a good place to be. UVM is outrageous. I agree that the state system in VT is a mess and I don't see a way out for them.
06-12-2018, 06:08 PM
rod9301

Send the kids to Europe, college is free, and in some countries, you can get all the classes in English

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06-12-2018, 06:58 PM
detrusor

Yes shred, over due for a float w sfb. Floating the Yampa starting Sunday but no hiking for me,developed a bad wheel. Somebody’s got to watch the river go by.....

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06-14-2018, 02:37 PM
Perdador729

Too Much

I'm looking at like $400K for two kids if they go to private schools. Too much.
06-14-2018, 03:18 PM
jackstraw

The whole system sucks and is broken. 529 is the best option imo. Buying a rental house is great, but you need the up front cash to put down. And the real estate market here is rediculous...homes are way overvalued. I would not be buying a house right now.

My kid received more aid from the private schools vs the public making it cheaper to go private or equal to an in-state. Of course NH has been number 1 or in the top 5 most expensive schools for the several years now. Just dumb. That one is over now. 2 more years and we're done with number 2.
06-14-2018, 03:20 PM
plugboots

Another first world problem story. Friends both went to Bowdoin, (Maine, $60K private). First 2 kids went to Bowdoin, 3rd wants to go, and Bowdoin is not giving any break on price.
06-14-2018, 03:41 PM
Danno

Quote:

Originally Posted by jackstraw

The whole system sucks and is broken. 529 is the best option imo. Buying a rental house is great, but you need the up front cash to put down. And the real estate market here is rediculous...homes are way overvalued. I would not be buying a house right now.

I think a blanket statement like "529 is the best option" isn't good advice. Like virtually all financial advice, it's situation dependent. Which is not to say that 529s aren't good things and the best option for many people, but they most certainly are not the best option for me, because of my age (or more accurately, because of how old I will be when my kiddo is going to college).
06-14-2018, 03:55 PM
yeahman

I like the idea somebody mentioned of giving the kids a set amount that you will pay. Anything above that, the kid pays. If they come in under budget, they can have the balance. My wife's parents did that exact thing for our wedding and guess what, we figured out quickly how to put on a cheap (yet fun) wedding and stash the rest in the bank, which we later used to help us make a down payment on a house (back when 5% was sufficient). It's amazing how your perspective changes when you get to keep the "change."
06-14-2018, 04:22 PM
Obstruction

Quote:

Originally Posted by XXX-er

apparently tuition in Quebec is very cheap but you gotta probably be Canadian, establish a 6month quebec residence, probably speak french and your body has to handle all that poutine

Cheaper if you are Canadian but the international student vigorish still makes it lower than the local U in most states. I'm a US citizen and I spent 4 lovely years in Montreal in the 70's and my son went to Dalhousie in Halifax from 07 - 11. International student Tuition in both cases was lower than In-state rates for UMass.
06-15-2018, 06:44 AM
Bobby Stainless

Quote:

Originally Posted by Perdador729

I'm looking at like $400K for two kids if they go to private schools. Too much.

I will probably be 500-600 in before they go to college. 400-500 for undergrad.

It's either that or hookers and blow.

https://img.memecdn.com/amirite_o_734000.jpg
06-15-2018, 10:21 AM
MontuckyFried

Quote:

Originally Posted by Danno

I think a blanket statement like "529 is the best option" isn't good advice. Like virtually all financial advice, it's situation dependent. Which is not to say that 529s aren't good things and the best option for many people, but they most certainly are not the best option for me, because of my age (or more accurately, because of how old I will be when my kiddo is going to college).

Personally, there's no way I'd do a 529. I'd like to set aside money into a mutual fund that the kids don't really know about. For one, the average yields are better, but also that way if my kids go to school and I have to pay for it, we can do it, BUT if they pursue a trade, don't go to college, or get it paid for via scholarship, military, etc., then I can pocket it. I prefer to refer to my kids' college savings as "Daddy's Lamborghini Fund." I am not exactly going to be disappointed if I don't have to pay for their college. Haha.
06-15-2018, 10:41 AM
El Chupacabra

Quote:

Originally Posted by AustinFromSA

Personally, there's no way I'd do a 529. I'd like to set aside money into a mutual fund that the kids don't really know about. For one, the average yields are better, but also that way if my kids go to school and I have to pay for it.. .

Why would the yields (returns) be any different? We used Nevada's plan, which is through Vanguard, and you can select any holding you want from Vanguard's offerings.

Using a 529 vs separate earmarked taxable account: yes on restrictions on withdrawals - OTOH, if you use the 529 for education expenses, it is tax sheltered growth.
06-15-2018, 10:45 AM
jackstraw

Yeah, and your kids won't give a shit when Dad is wearing diapers and needs elderly care. Your texass is showing.
06-15-2018, 10:50 AM
MontuckyFried

Quote:

Originally Posted by jackstraw

Yeah, and your kids won't give a shit when Dad is wearing diapers and needs elderly care. Your texass is showing.

Meh. Not their problem. I totally plan on winding up in some awful nursing home, penniless and neglected. Wouldn't have it any other way.
06-15-2018, 11:23 AM
Danno

Yeah, the yields should be the same. But the Roth is a better vehicle for me than a 529, and likely is better for anyone who will turn 60 during their kid's time in college. The money doesn't get counted on the FAFSA, and if they don't go to school the money is yours. If they do, you wait until after they have finished their last FAFSA, then use the Roth to pay off existing loans.
06-15-2018, 11:24 AM
Sirshredalot

Quote:

Originally Posted by AustinFromSA

Personally, there's no way I'd do a 529. I'd like to set aside money into a mutual fund that the kids don't really know about. For one, the average yields are better, but also that way if my kids go to school and I have to pay for it, we can do it, BUT if they pursue a trade, don't go to college, or get it paid for via scholarship, military, etc., then I can pocket it. I prefer to refer to my kids' college savings as "Daddy's Lamborghini Fund." I am not exactly going to be disappointed if I don't have to pay for their college. Haha.

529 withdrawal rules have allowances to roll the money out if the kid gets a scholarship, and the tax-advantaged growth is worth a lot.
06-15-2018, 11:56 AM
detrusor

So if the kids get that full ride ski scholarship I can move the money out? I presume it becomes taxable income? Or can I roll it into another tax sheltered growth (403b etc).

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06-15-2018, 07:33 PM
Sirshredalot

Quote:

Originally Posted by detrusor

So if the kids get that full ride ski scholarship I can move the money out? I presume it becomes taxable income? Or can I roll it into another tax sheltered growth (403b etc).

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I think if kid 1 doesn't use it, you can roll it to kid 2. If both of them get things paid for, you can withdraw it and it becomes taxable, but any sort of penalty is waived.
06-15-2018, 07:59 PM
Tippster

Quote:

Originally Posted by Sirshredalot

I think if kid 1 doesn't use it, you can roll it to kid 2. If both of them get things paid for, you can withdraw it and it becomes taxable, but any sort of penalty is waived.

Correct. You can also leave it and use it for continuing education for yourself, say if you wanted to go to school to learn basket-weaving when retired.
06-15-2018, 08:03 PM
iceman

Quote:

Originally Posted by AustinFromSA

Personally, there's no way I'd do a 529. I'd like to set aside money into a mutual fund that the kids don't really know about. For one, the average yields are better, but also that way if my kids go to school and I have to pay for it, we can do it, BUT if they pursue a trade, don't go to college, or get it paid for via scholarship, military, etc., then I can pocket it. I prefer to refer to my kids' college savings as "Daddy's Lamborghini Fund." I am not exactly going to be disappointed if I don't have to pay for their college. Haha.

You need to speak to somebody with a clue my man.
06-15-2018, 10:03 PM
zartagen

Quote:

Originally Posted by Tippster

Correct. You can also leave it and use it for continuing education for yourself, say if you wanted to go to school to learn basket-weaving when retired.

I've always wanted to pick up underwater basket weaving.
06-15-2018, 10:59 PM
Woolly the Mammoth

Quote:

Originally Posted by Tippster

Correct. You can also leave it and use it for continuing education for yourself, say if you wanted to go to school to learn basket-weaving when retired.

Could I use it for an independent study into the lives of asian prostitutes? Pretty sure I would find that to be an enriching experience.
06-15-2018, 11:28 PM
Tippster

Quote:

Originally Posted by Woolly the Mammoth

Could I use it for an independent study into the lives of asian prostitutes? Pretty sure I would find that to be an enriching experience.

If it's an accredited program then yes. Otherwise you'll take a small tax hit.
06-16-2018, 12:06 AM
klar

Quote:

Originally Posted by jackstraw

The whole system sucks and is broken.

+1

This thread is mind bending.
06-16-2018, 03:46 AM
billyk

^^ Yeah, the costs are unreal now in the USA. No way can most unrich families afford it anymore, when that was not such a big deal 30 yrs ago. We better figure out how to fix it, too, or we will end up a nation of uneducated morons, if we are not there already. Sorry, don’t mean to insult those without a college degree.
06-16-2018, 08:47 AM
The SnowShow

How can this system not break down soon? How can that many families out there pay +$60k a year for an average private school? And $40k a year for a shit in-state where they spend more time high than in class?
06-16-2018, 09:12 AM
Bobby Stainless

Spending 500k for a upper level private education isn't that big of an expense over a 85 year life span.

16 bucks a day.

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