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Hey dentists, what do you all think the cost of undergrad at a state school will be? Undergrad plus grad school? My kids are 10 years from hs graduation.
Given they will both have the healthy endorsements from olympic gold and us ski team success I don’t really need to put money away, but if I did, and wanted them to be debt free...what’s the number? Online calculators are all over the map
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From what I hear, your best plan is to put everything into retirement accounts and show as little assets as possible on the FAFSA, then pray for financial aid.
The "traditional 4 year college" model will be obsolete/more broken by the time your children get there. Look elsewhere.
FWIW twin boys going off this fall. like in two months or so. one is going to a state school one state away, think it'll weigh in around $38k "all in." The other is going to an in-state school, think it'll be 18k or so. these are for two symesters, full 15 hr load, room, board, meals, etc. I did a decent amount in 529's and maxed out every nickel into co matched 401ks almost to the day of getting married in 1991. The thing is this. when you pull that $ out of the 401k/IRA, to cover the cost, it's income, and can really throw you up some in the brackets. At least under the old system.
Apply for scholarships. early and often.
I’ve got 2 daughters going in the next 2 years.....We are screwed. Have been dumping money into 529 Plans for both girls, but it won’t be close to enough. We will get nothing from FAFSA because of our “salaries”. We are the absolute definition of middle class, and will get no aid at all. College search has been fun, but paying for it is not going to be a good time.
We have two at Univ of Nevada Reno currently -- one going into soph year, one going into senior year. Paying in-state prices, with some small scholarship $ (tobacco settlement fund), no need-based anything. Current 4-year for in-state undergrad at UNR is going to cost around $60-70K per kid -- for everything, for four years.
I expect those $ to increase between now and 10 years in the future, when OP's kids start undergrad.
We used Nevada's 529 plan, through Vanguard, for saving for college expenses.
Edit: original numbers were just our half; corrected numbers above. Mrs C's ex promised to all of us (including to the kids faces) he would cover his half. He promptly reneged in the second year and stopped paying anything beyond his half of tuition alone. Asshole.
Diplomas from 4 year schools with recognizable names will be worth even more than they are now because there will be even more competition to get in and fewer people who can afford tuition. Status isn't going away. But enrollment in non-brand-name schools will plummet. Transfers from community colleges to very good schools will go up.Quote:
Originally Posted by powderdaybeatsworkday
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Plan on at least $30K in state, $60 K out of state/private. Most of my daughter's out of state universities and colleges that she sent apps to matched UW's price to try and lure her. Since yer a dentist, plan on no help.
Don't know about you guys, but I'm starting to think it's all a bit of racket. College degrees cost far more than ever before, yet have less weight than ever. FWIW, a kid stands to make FAR more money as a welder than with a gender studies degree. Hehe.
https://www.youtube.com/watch?v=m4gLDXfXgbs
I'm "lucky" because I'm old enough that a Roth is the best savings vehicle for me. By the time my kid is going to school (she's 11 years away), I'll be retirement age and can withdraw that money tax free. No 529 restrictions if my kid decided to be a plumber, the money is mine. And the Roth doesn't count at all on the FAFSA.
That said, my attitude is I have no idea how much it;s going to cost or what my ability to pay will be, so I save what I can save and will deal with it when I have to.
Best thing I ever did was put a big chunk of savings into 529 plans when my twins were born. I have in state tuition and beer already covered. That’s about 15k a yr, per kid. The rest is my ex’s problem.
I will be sailing.
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Sorry to break it to you, BUT the the cost of the 10 years of skiing/coaching/academy/travel to reach the US Olympic team is still going to cost 2-3X what college will be.Quote:
Originally Posted by detrusor
So there's that going for them.
10 years out most likely north of $35k/year. I have one at a state school at about $25k and one starting private at around $40k with scholarships and shit. Fucking racket. If your kids aren't motivated or smart send them to community college. I've been planning since the day they were born and it still isn't enough. I like top ramen occasionally but having to eat it for dinner every night wasn't in my original plan.
Also started socking $$ away in a 529 when the kids were born which should do ok unless they slip to a 5-6yr program. Oldest was out of state last yr ~25K all in, received 12K in merit based aide. Youngest will be a sr in the fall. 30-60K/yr is a about right.
No way man.Quote:
Originally Posted by I've seen black diamonds!
Status to a college degree? Ha! You're funny.
Do whatever you have to to max out the 529's.
Been maxing the 529’s since first day of birth...seems the consensus is around 120-150k for 4 years state school. I’d better keep after it.
Also good point about the cost of ski racing. I would love be to see the grass roots ski racing take hold again.
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I like what my parents did for me. They were like "Sorry, kiddo. We can't afford it. You're on your own." I did end up with a degree, but did it through a combination of working full time and going to community college at night. Then eventually joining the military and doing tons of correspondence classes (using active duty tuition reimbursement..score!), CLEPing out of every thing I possibly could, and then finishing up my last year of school once I separated. Took me 8 years, but I figured it out. Had no student loans and my parents got off scot-free. Smart!
Yes, yes. I know I graduated like 10 years ago, but college was still not "cheap" then either. I know tuition keeps skyrocketing, but there are still ways if you REALLY just have to go. Community college is still a great way to go. Encourage CLEP (geez that saves a freaking fortune). Finish up at whatever school, but no matter what it better be for a degree that's actually worth something or I ain't paying squat. Seriously. I guarantee if more parents put their feet down and student loans weren't handed out like candy (thanks, Feds!), we'd see a massive nationwide drop in enrollment, and thus a magic drop in tuition rates.
Welding is too hard. Duh.Quote:
Originally Posted by AustinFromSA
I hear there is big money in those feminist groups anyway.
Im going to master the tuition aid programs. I remember guys in college buying new mtn bikes with their Stafford loans and I couldn’t figure out where the money came from.
My son is already throwing 80 mph at 14 with a wicked change up, so fingers crossed on that one.
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$20k a year currently for in state, so $30k is likely. Unless the education model crashes and schools quit spending like drunken sailors.
But I agree with Austin. I didn't put any money away for my kids. Told them that I'll pay 50% of 4yrs in state. So, $40k tops. Go out of state and you still only get $40k, use community college and live at home, still get $40k. Then I co-signed for their loans. Hopefully they don't figure out how to stick me for that. The key is that you only get the money if you graduate. Don't graduate, you get the loan payments. I'm not going to pay for screwing around at school.
One of them did 1 semester at state school, then home for 2 semesters at community college. Now she is waitressing while she figure out what she wants to do in life (and I'm encouraging that), but she now has to make loan payments. If she goes back to school, or trade school (etc), then I'll end up paying those for her.
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Currently, tuition room and board with no spending money: in-state public school: $30,000-$35,000; out of state public college: $50,000-$60,000; private university: $65,000-$80,000; ivy league: $90,000 plus
When I did the analysis, it seemed to me that a solid investment, like a rental house, that could bring in more than 7% was a much better idea than a run of the mill 529, even with the tax savings.
As far as a return on college, go ahead and head down the same old shithole of evaluating everything in terms of money.
Tuition at Ca State Universities was ~7200 this year
At UCs (if you can get in) is about 14k.
Cost of living / room board is gonna vary depending on location
We begged the in laws to buy us a house in Portland during grad school, then pay them rent. Seemed like to risky a deal for them. Condo in the pearl for 80k sold for 700k 4-5 years later.
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