<p>I guess another way to look at it was that it was only $8,000 per home Trojan football game!</p>
<p>My wife and I saved enough to pay tuition, room and board at our in-state University for each of our two kids. My son is on a nearly full ride and we pay books, gas, car insurance and repairs, etc. He pays for nothing. He intends to get a masters degree. We will cover the expense from what we have saved, plus add to that amount. If he gets a scholarship for his engineering masters, whatever is left over is his. Had he spent the saved money all on undergrad, we would have helped some with his masters, but not a lot.</p>
<p>Daughter is starting 10th grade. She is an outstanding high achieving student who we are hoping will also get maximum scholarships. We will have the same deal with her. </p>
<p>We are in our 50’s and in addition to providing the best we can for our kids college educations we also support my mother and my aunt, who cant make it on their puny social security checks without major monthly help from us. Oh, and need I mention that we still have nowhere near what we need for retirement ourselves?</p>
<p>We are about to embark upon a very expensive “experiment”. Our #1 son is not a very strong student and we feel that he will do better at a small LAC versus a less expensive public option with a larger student body. Any merit award will be very small, but since we have been saving a little bit each month since the kids were little it won’t hurt as bad. We are looking in the Midwest where we can at least drop the tuition by a several thousand dollars. </p>
<p>If our #2 son stays on track, he should be able to get a healthy merit scholarship to a public school and this will offset the cost of #1 son. </p>
<p>I think the way that most of our kids friends families are handling this is by dividing the tuition in half. Any merit awards will reduce the kids “half” and along with summer jobs they should be able to keep their loans to a minimum. The parents will pay a full “half”.</p>
<p>gnusasaurus,</p>
<p>speaking of retirement, we are in same boat. There is much expectation from us. We are suppose to contribute our EFC for our kid’s education, put maximum amount of earning in our 401K’s, and help our aging parent’s.
Unfortunately something has to give and that is usually our future.
These are all things FAFSA never consider.</p>
<p>My parents didn’t pay for any of my college up to now. My first year of college I was already married with 2 kids and I got by at a CC with a Pell Grant and Work Study. My second college I got by with just a Pell Grant (Also a CC) I am going back to college in about 10 days and I am going again on a Pell Grant, but this time I am also taking out fed loans (Sub and unsub) because I am going to a public university. (regional branch) Costs more, but is really my only option as I don’t feel like driving 40 minutes to the nearest CC where I would have to pay out of county rates and only being in school part time woudlnt be worth it either. </p>
<p>My kids are now 13 and 11. My youngest talks about going to college all the time and I tell him all the time that we are probably not going to be able to pay, unless I get a degree and start a good paying job. I ran some numbers through a FAFSA calculator and based on what I think would be our income and all it says that our EFC would be zero. He could live at home and go to school and get a 4 year education without loans if he worked. If he didn’t work then he could take out a fed loan of about $1k per semester and he would leave school with very little debt. Now, if for some reason he decides to go to an out of state school or a school that is not within living distance of home, then he is going to have to probably figure out how he is going to pay for room & board/meals etc.</p>
<p>There are really no easy answers. I know parents who had brilliant kids and did everything right but were neither poor enough or rich enough to let their kids go to their dream schools (which accepted them but didn’t give them enough merit aid to allow them to attend).</p>
<p>Our S has fortunately gotten significant merit aid to attend a school where he’s very happy & likely to be able to get a well-paying job (got a great internship this summer as a rising EE senior). We are paying full-freight for our D and only hope she will be able to graduate in a reasonable amount of time & get a paying job (her profession is more creative and highly variable about employment possibilities).</p>
<p>Wow I just read through this entire thread, it sucks how parents aren’t able to pay for their college education. Thankfully, I’m fortunate enough to have my parents pay for everything, textbooks, boarding, etc., and even a car. My parents value my education as the utmost importance, they are even willing to pay for grad school (I hope to get a PhD.) I’m still not sure whether or not I should let them pay. Well to those students who are paying for their own education (whether it be be full or part) good luck! :)</p>
<p>Just to clarify my position on parents paying because i don’t mean to criticize those who do pay. Here’s my situation</p>
<p>My mom put herself through engineering school when i was 6, and finished when i was 10. Her philosophy has always been that if SHE took out all the loans in HER name, while she was still attempting to support a household, we should do the same.</p>
<p>It’s always seemed a bit ludicrous to her that her brothers and sisters(she’s one of six) are all paying for their kids college education. Especially since they all put themselves through school. </p>
<p>Her attitude has rubbed off on me, and i don’t think it’ll be that difficult to pay off my loans. She did it. Why can’t i?</p>
<p>My dad went through engineering school (as well as working full time and helping raise his two kids) when I was growing up, though it was employer-funded. The attitude he had was that he would pay within limits to get us through school while young, in hopes we would avoid his route (doesn’t regret it, but wouldn’t recommend it). Nevertheless, it seems my brother will be going taking a later-in-life route if/when he decides to go back to school, but that was always sort of my parents logic (my dad’s parents paid for the first two years way back when, and my mom’s paid for the 4.5 it took her to finish her degree).</p>
<p>R6L, the scale of loans required relative to income has changed dramatically over the past 20-30 years. </p>
<p>Speaking as someone who put himself through college without any parental financial assistance, there are better ways to build character. </p>
<p>And while the CC-to-university route worked okay for me, other routes would have been better.</p>
<p>D had her share of loans and she did work 8-10 hours a week through college. Beyond that, we were happy to absorb the costs of giving her the best education she could get.</p>
<p>I’m very scared for college, because of the money.</p>
<p>I am pretty smart and can get into very good private universities- my number one school is Georgetown. However, my parents are not giving me a dime for college. In addition, they are not paying the application fees, the cost to visit the school, my living expenses, or any other luxuries that my friends have for college [a new laptop, a car, etc]. </p>
<p>However, they do not pay not because they can’t - but they won’t. They earn 60,000 a year together, and refuse to help me or my two sisters pay for college. And it’s upsetting because I am a rather smart kid and they neglect their parental obligation. After high school, they just don’t want to help me with this =[. </p>
<p>And so I don’t know how I can go to my dream school, or even a prestigious university, when all I have is the money in my bank account to pay 50 G a year for 4 years, plus grad school… My parents never made me a college fund or a savings account like all my friends… I’m on my own- and I don’t even know if the government would GIVE ME that much in loans, let alone if I’d want to take it…</p>
<p>seems opinion are split - </p>
<p>I paid for my education by joining the Army, going to school when I was in the Army and then using the VEAP after I got out. My kids are very aware of the cost of education, I have shared the EFC numbers with them and they are floored by the amount that I can contribute-They realize that I will pay some of their expenses but I have also told them that they need to carry some debt to make sure they get through school in the 4 years vs. the professional students I encountered while in college-its a fine line between entitled and deserving.</p>
<p>^Cars are not something that many parents provide their kids for college, BTW. </p>
<p>I think that you are overestimating the value of your parents’ income. $60K is not a lot of income a year to have to put 3 kids through college. For some colleges, that amount of income with 5 at home would mean a full ride in financial aid for you if you could get into college.</p>
<p>Since you are so smart, may I suggest that you use the money in your bank account for application fees (or get a fee waiver if possible) and then apply to colleges known for good financial aid. Sounds like you might meet with success in the financial aid arena.</p>
<p>"However, they do not pay not because they can’t - but they won’t. They earn 60,000 a year together, and refuse to help me or my two sisters pay for college. And it’s upsetting because I am a rather smart kid and they neglect their parental obligation. After high school, they just don’t want to help me with this =[. "</p>
<p>For a family with 3 kids, $60k a year is considered lower middle class. Your parents certainly aren’t rich, and if you can get into Georgetown or a similar private school, you’d probably get significant need-based financial aid.</p>
<p>If your stats are the equivalent of what is needed for Georgetown, you’d probably qualify for significant merit aid to in-state public schools, and also would get need-based aid if you put your app in soon enough. You may be able to take out a reasonable amount of loans and also work to pay the difference.</p>
<p>While your friends may be getting laptops and cars for college, most students don’t get those from their parents.</p>
<p>From another thread, I see you have these stats, and live in Long Island. I do strongly suggest that you look at your NYS public universities to make sure that you have a school that you know you’ll get in, and can afford. Georgetown is a reach school for you.</p>
<p>"My GPA is a 96.5 out of 100, and a 101.1 weighted. I am in the top 7 in my class, and possibly the top 2% in a class of 300 students.</p>
<p>I’ve been in all honors/AP classes and I’m taking 6 AP’s this year.</p>
<p>AP’s:
5 AP US
4 AP World
4 AP Composition/Language</p>
<p>SAT:
680 Math
680 Reading
1360/1600
2050/2400"</p>
<p>Birdybrains214: if your parents make $60,000 combined and live on Long Island, that is barely middle class. The property taxes, income taxes and commuting costs alone are horrendous. To give you some perspective on financial aid, Yale doesn’t require any parental contribution if they make $60,000 or less. I’d suggest that you run your parent’s financial information through the FAFSA calculator to see what you’re need based aid would be. They certainly haven’t been negligent based on their income. Plus parent’s aren’t required to pay for college.</p>
<p>Birdy, NY state has some excellent public schools, and also please consider the CUNYs. They are increasing their housing for honors kids. This year there were more than enough housing spots in City Colleges Sophie Davis program. Honors kids also get a stipend for a computer. Even though it is called CUNY (City University) all New york state residents get instate tuition there.</p>
<p>Birdy – With a combined income of 60K and three children to support, realistically how much do you think your parents would have left over to pay for college? If you sit down and try to figure out their house payments, car payments, taxes, insurance, medical costs, food and clothing, I think you’ll get the idea. If I were you, I would apply to more colleges than the average kid because you are going to have to compare financial aid packages in making your decision. You may very well be able to receive waivers on your application fees. (Talk to your GC about how to do this.) If you run your family’s numbers through FA calculators, you may well find that your family contribution will be very, very low, and that you will be able to make up the difference with managable loans. Sometimes FA at private colleges makes attending there even less expensive than attending a public university, but you are lucky to be living in a state with great public options. There are also colleges where you will be eligible for merit money in addition to FA based on family income. Good luck!</p>
<p>
</p>
<p>rocket, it’s impressive that your mom has paid off her loans in 8 years. Before you figure that you can do the same without too much difficulty, you might want to compare what kinds of loans she got, and for how much. If she was a single parent supporting several children (based on your post), then her EFC would have been less than yours will be. She might have been eligible for more grants and a lower loan amount. Or, the loans might have been subsidized. Then take a look at how much you’ll be taking out in loans, and if they’ll be the same kind. Then take a look at what kind of salary your mom started earning after finishing school, and what kind of salary you are expecting to earn. Only then can you see if it’s going to be as straightforward for you to pay off any loans.</p>
<p>I haven’t seen this yet - S & D are extremely fortunate that my in-laws have put money away for them for college since they were born. My D is at a private school, S will most likely be at a public. They are both aware of the generosity of their grandparents, and the value of the education they will get - husband’s siblings and husband all have post-graduate degrees (paid for by THEIR grandparents). I am thrilled because I had virtually no support during college and found it very distracting to have to work 30 hours a week to support myself and pay tuition (low as it was at the time - state school). Without this luxury, private school wouldn’t have been an option - we would never have qualified for any kind of aid or grants, and I would have advised against large loans for a private school.</p>