cost of college

qclabrat

Well-Known Member
#1
Maybe you millennials know it, but college costs nowadays are outrageous. My older is a Jr, so we're pricing colleges and everything is this: 20k instate, 30k out of state public and 50k private. Room and board about the same. This is just tuition btw. Major reality check as my first semester at SUNY was $625. I'm expecting some relief from aid and scholarships, but this will beat down our savings.

What are your thoughts on 50k for tuition? How are kids graduating and clearing their debt? I'm feeling guilty over those carbon wheels I just procured.
 

fidodie

Well-Known Member
Staff member
#4
1. don't feel guilty
2. they need some skin in the game, so you can remind them that they are paying for it.
3. i have a hs frosh. been saving since day 1. I expect that all to disappear quickly.
4. colleges that have high endowments like to give it away to deserving kids.

I planned on the gross cost of $250,000 for 4 years all in. before scholarships.....
Since we are italian-american, i expect him to get his camaro and live at home for a few years afterwards to save/pay loans.
I don't know how the financial aid thing works - is it based on liquid assets? or current income?

@pooriggy just went through this - who else?

ps - my frosh tuition/boarding at RPI was $9,600 - they offset with $6,000 in scholarships, and i took a $2,500 loan. Parents rejoiced.
 
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02camaro

Well-Known Member
#6
i graduated montclair state in 2015, went to community college for 3yrs state for 2yrs, commuted and i owed about 30k at the end of my college carrier. i had very little finincial aid, maybe enough to cover books, since my dad made "too much money" to qualify for more. i have worked full time since jr year of HS to pay what i can and still have fun. i dont have any regrets but $450 a month to pay this loan is pretty lame, im wishing i payed that earlier. i could have a pretty nice car now with that money

im 25, i dont think im a millenial since that term was gain traction like 2yrs ago. i like to think im the last of the hard workers
 

qclabrat

Well-Known Member
#7
1. don't feel guilty
2. they need some skin in the game, so you can remind them that they are paying for it.
3. i have a hs frosh. been saving since day 1. I expect that all to disappear quickly.
4. colleges that have high endowments like to give it away to deserving kids.

I planned on the gross cost of $250,000 for 4 years all in. before scholarships.....
Since we are italian, i expect him to get his camaro and live at home for a few years afterwards to save/pay loans.
I don't know how the financial aid thing works - is it based on liquid assets? or current income?

@pooriggy just went through this - who else?

ps - my frosh tuition/boarding at RPI was $9,600 - they offset with $6,000 in scholarships, and i took a $2,500 loan. Parents rejoiced.
Fancy planners told us 450k net each for 4 years at worst case. My wife was ivy bound but could not afford the burden so went to Rutgers. Day one, we didn't
want ours to be in that position.

yeah, we want them to pay for at least one year. Shit that's a god damn Porsche Turbo for Christ sake
 

Bike N Gear

Shop: Bike N Gear
Shop Keep
#8
1. don't feel guilty
2. they need some skin in the game, so you can remind them that they are paying for it.
3. i have a hs frosh. been saving since day 1. I expect that all to disappear quickly.
4. colleges that have high endowments like to give it away to deserving kids.

I planned on the gross cost of $250,000 for 4 years all in. before scholarships.....
Since we are italian, i expect him to get his camaro and live at home for a few years afterwards to save/pay loans.
I don't know how the financial aid thing works - is it based on liquid assets? or current income?

@pooriggy just went through this - who else?

ps - my frosh tuition/boarding at RPI was $9,600 - they offset with $6,000 in scholarships, and i took a $2,500 loan. Parents rejoiced.
Going through it now. My son is senior with 5 acceptance letters so far and waiting on a few more. It will be about $50k/year to start. That goes up every year too. The $67k schools offer him $17k but the $50k schools almost nothing. Of course the schools he likes the most will cost us the most. Thankfully we only have one.

Financial Aid is not a thing if you can afford to buy $5000 bikes and $50k cars. You'll get nothing. It's even worse if you actually saved money. They want it all. FYI, if it's not too late, they don't look at money already in a 401k. If it's not in a retirement account already, prepare to spend it.
 
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qclabrat

Well-Known Member
#9
Going through it now. My son is senior with 5 acceptance letters so far and waiting on a few more.
My buddy told me the shitty part is when you commit then see the bill. His son, got into his stretch school, GW, and now needs to figure this 75k bill each year. Ouch
 

Bike N Gear

Shop: Bike N Gear
Shop Keep
#10
My buddy told me the shitty part is when you commit then see the bill. His son, got into his stretch school, GW, and now needs to figure this 75k bill each year. Ouch
My son originally wanted NYU. We told him if we couldn't afford to live in the city, neither could he.

Don't apply early decision unless you can pay the bill. That is a binding decision.
 
#13
Maybe you millennials know it, but college costs nowadays are outrageous. My older is a Jr, so we're pricing colleges and everything is this: 20k instate, 30k out of state public and 50k private. Room and board about the same. This is just tuition btw. Major reality check as my first semester at SUNY was $625. I'm expecting some relief from aid and scholarships, but this will beat down our savings.

What are your thoughts on 50k for tuition? How are kids graduating and clearing their debt? I'm feeling guilty over those carbon wheels I just procured.
 

Paul H

Fearless OOS Poser
#15
My daughter, when she becomes of age, will be going to the army.
Good thing she's taking TKD now.

Joking aside... I'm pretty terrified...
 
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#16
Went thru this just recently.
First thing is to fill out the https://fafsa.ed.gov/ forms. This will tell you if you are eligible for any aid.
If you are getting or are on the boarder of aid and have a 529 account use it up asap ! You can also transfer those accounts between kids. 529 and the kids savings counts against you first.
Have the kid take out some loans for skin in the game.
"For once in life it helps to be a poor slob"!
 

shrpshtr325

Infinite Source of Sarcasm
#17
i finished paying off my student loans about a year ago. I went to Stevens in Hoboken so not cheap.

I worked my ass off for scholarship and covered the rest with loans, my parents paid the room and board. The trick is to pick a major that gives you marketable skills so you can get a decent job and make the payments out of school, dont go for basketweaving and then cry about your inability to earn enough to pay your loans.

if we ever decide to have kids we are beyond screwed come college time with two engineering salaries coming in.
 

The Squirrel

Well-Known Member
#18
My parents, my wife's parents and my wife and I saved for college for our son since birth. It took a concerted effort to save and not spend in other areas. He, of course, chose an expensive school (RPI). We were able to cover it, but it wasn't fun writing those huge checks and closing entire accounts for a semester of tuition. AND they nickel and dime you on the bill, so that adds up as well.

On a side note, he graduated and it took him two years to land a job. AND it's tangent to what he really wants to do, so now he's going back for his masters as well. Stevens, at night. Luckily, there was some money left over, so he won't have too much of a debt once he's finished.