<p>Is it true? Will some parents who are considered "not so financially needy", having an income of $65,000+, are expected to maybe pull out something like $10k-30k for their college student to attend his/her college?</p>
<p>I see that this has a way of telling what families are truly supportive of their student's education, cutting down their more or less higher quality of living so its student may afford it. </p>
<p>Of course, this is not always the case! But, say, the college student believes they have a very good chance of attending their college, if only their parents could contemplate accepting a decision as ridiculous as stated above to significantly cut down their own income? </p>
<p>Maybe this is what should happen, and trying to save loads of savings is being exceedingly careful. I shouldn't be a leech to my parent's money, but I am trying to think outside the worry-worry box, in that college IS an investment for one's future and not something to be snubbed at for its price.</p>
<p>I know of families who live in very tough situations and the breadwinners work themselves to a point where it is unhealthy so that the kids get the best opportunities for school. These stories nauseate me. It’s not right to do this, in my opinion.</p>
<p>An income of “higher than $65 k” covers a lot of territory! </p>
<p>A family earning 70k would be very hard put indeed to come up with even 15k upfront, much less 30+. But this category also covers families earning $200, 250, 300K & up. It is much easier for them to pay for their kids’ educations. </p>
<p>I know well that $35k is a stretch of the monthly to a family earning, say, 150k. But it is doable-----pulling 30k from a $65 k income is something else entirely.</p>
<p>Undeadpetals, parents making these enormous sacrifices – do not forget they are not funding their own retirements while they pay for these college educations, and the other kids at home are being denied many things, and if the fridge or stove break down they are going to have a hard time buying another — are not just being “truly supportive of their child’s education.” They are making huge scarifices to enable the child to enjoy that education.</p>
<p>If your parents are contemplating going this route, make the most of the gift your entire family is giving you.</p>
<p>If you would wander on over to the financial aid forum, the advice you would get would be this:</p>
<p>Do not put yourself or your parents in the poorhouse for a college education.</p>
<p>Period.</p>
<p>There are other places where you can get essentially the same education for a lot less money. Take a long, hard look at your other options. Do not fall in love with any school other than one that is a rock-solid financial and admissions safety.</p>
<p>"I know of families who live in very tough situations and the breadwinners work themselves to a point where it is unhealthy so that the kids get the best opportunities for school. These stories nauseate me. "</p>
<p>I agree with this entirely! But raw numbers matter most than how those numbers are earned in this country, IMO, regarding financial aid.</p>
<p>I hope suggesting at least 30k was not the final resort assumed here! Maybe $5k, or at max, $10k. I thought maybe this is what needs to happen, since, haha, I read so many students throughout the web stating things like it, so I wanted another perspective.</p>
<p>So if the breadwinner(s) works him/her/themself to the bone go live in a fancy house or to drive a BMW that’s okay; but if it’s to give their beloved child the best education possible, that’s not OK. Sorry if I’m nauseating you, but that’s exactly what I plan to do.</p>
<p>annasdad-
there is ALOT of geography between parents spending every penny on fancy toys for themselves and eating catfood so their child can have ‘the best’ education.</p>
<p>Our family lives in the middle, like many, I bet. We supported our son as he earned both an undergraduate and graduate degrees. We (the mom and dad) have worked hard our entire adult lives. No fancy cars, no vacations.
Son had several wonderful choices out of HS but some were simply NOT an option for our family. Disappointing but a reality. Son attended great schools, and graduated with minimal Stafford loans in his name. We paid the majority of his school costs at schools we could afford.<br>
We paid from savings, current income and some small parent loans.</p>
<p>We choose to balance the needs/wants of all our family members. We would not jeopardize our retirement, the needs of our other children or general financial stability of our family to fund a college education beyond our means. </p>
<p>The colleges expect that upper middle income parents will have saved money for college in advance. The EFC is not just supposed to be from current income. There are some families that overspend in the years leading up to college, and then claim that the college should cover all of their kid’s expenses.</p>
<p>I agree that families should stay within their means when choosing colleges. But for us, the #1 priority after basic necessities is the education of our 2 kids. That means driving the same 2 cars for the next 6 years, no expensive vacations, very rare meals out. We will neither borrow money nor encourage our kids to. We have a college budget, our D knows what it is (and our S will too when it’s time), and she’s looking for schools we/she can afford. She’s already found a financial safety school she kind of likes.</p>
<p>Undeadpetals. I am a parent of two. One is a college sophomore the other has finished his undergrad degree. Both will finish undergrad with no loans. Funds came from savings, current income and college savings. You MUST sit down with your parents ahead of time and build a realistic list. Both of mine went to schools where they were in the top ten percent of applicants and both received merit money. You may need to target schools where you are in that category. Financial aid will expect you to take loans. Not everyone can get by with no loans but I would strongly encourage you to select schools where you can minimize your loans. Particularly in this economy where you may not have a great job right out of undergraduate school. Please have this talk with your parents early. Every spring we see posts from kids who can’t go to their dream school because even after being accepted they realize they can’t afford it.</p>
<p>I actually am happy that our son took Stafford loans for undergrad.
It enabled us to supply the room and board for him for grad school where his tuition was covered via scholarship. </p>
<p>His total loans are less than $22000. Not nothing, but doable. And a bit of motivation to find a job in his field sooner rather than later. If that doesn’t happen, the monthly payment will not be impossible to handle even if he has to resort to a second or third choice in employment.</p>
<p>Ebeeeee. I feel if one comes from a relatively “poor” economic background, you likely had spent most of your days worrying about the days rather than 10 years later. My parents, particularly my dad, was lucky to find a well-paid job, but decided to spend most of his savings (and loans) on a larger house in a better neighborhood, and a more efficient vehicle, for his family’s sake. I was a junior in HS when college became an urgent thought. But it was really late, and I was so shocked when my parents said that they had no idea what to do for me. I don’t know, it is so complicated, I honestly do not understand why I never thought about college in middle school or HS freshman year. I always was a good volunteer and student, too. I’ve noticed that if your parents are well informed of the world (and planning for tomorrow), your child will think ahead, and once s/he has this, the child is prepared not to be blinded by a moment.</p>
<p>At this point, most of my college money will need to come from current income. Somewhere on these boards, someone curiously posted that “Money doesn’t buy happiness”, which agreed well with me, regarding that alongside money, persistence and hard work also help to earn happiness. But loans are such a burden to carry these days…</p>
<p>Ewww, I apologize for mentioning “happyness”! I am not yet required to look for a job to run my life, so I, unfortunately, have to shoot in the dark.</p>
<p>I kind of take offense to the idea that certain people “overspend” in the years prior to their kids going to college. My husband and I make good money, not rich but a solid income - and we will be expected to contribute a significant amount of $ for our daughter to go to school. I am not saying we are “owed” money or that college should be free but there is a system in place and we all fill out a fafsa to see if we qualify for help.</p>
<p>So, we have not overspent but we do not have tens of thousands to pay for college. We are a family of four and three of us have medical conditions that have put a huge burden on us financially…but that won’t matter when we fill out that fafsa. So before some here make broad generalizations regarding people overspending and therefore not able to pay their kids tuition please understand many families are in situations that prohibit saving $.</p>
<p>My D opted to go to local CC or flagship in-state U & thereby was able to get a lot of credits toward her degree. It also allowed us to save up to help her with college expenses when she was accepted as a transfer student. Try asking your folks if this might be one way for you to proceed as well.</p>
<p>Some students also go to their in-state U & then go as an exchange student for a term or year, just for the experience of going elsewhere, which can be very broadening and not as expensive as all 4 years away. This could be going to another state or another country. There are many programs that allow for these exchanges and are generally more modest cost than 4 years away.</p>
<p>Ask your folks honestly if they can help you AT ALL toward your college expenses. Also, ask them to complete a FAFSA calculator to get some estimate as to how much their expected family contribution might be. This will help calculate how much federal & other assistance you could qualify for.</p>
<p>From the families I know, very few students (or families) think of college until it is upon them, so please don’t feel alone (tho it’s not all that comforting at this point).</p>
<p>FWIW, I believe that you can document your medical expenses & ask for a professional review of your child’s FAid, but you can get better guidance in the FAid forum.</p>