<p>"BOSTON --The cost of sending a child to college in New England is eating up an increasing portion of the average middle-class family's income, according to a study released Sunday."</p>
<p>According to a study, college costs are eating up incomes in New England at a faster rate than other parts of the country and now represent about one-third of the average family's income.</p>
<p>"Higher education is the gateway to the American Dream," said Ian Bowles, President and CEO of MassINC. "But its cost is accelerating much faster than incomes, even more so in New England than the nation."</p>
<p>Hmmm. Seems like a contradiction.</p>
<p>It shouldn't be eating up much of their "incomes" at all. Where have they been for the past 18 years? or where will they be in the 10 years following?</p>
<p>my parents are busy paying to raise 4 children, and have been the past 19 years and will be the next 10. its not free.
next year, college for my brother and me will be closer to 50% of their net income. we are from the east coast, im at school in the midwest (1st year), next year my brother heads to school out east.</p>
<p>I believe what mini is saying is that even if one did not save, plus loans etc. spread the cost out over many years so the total cost per year is not anything near 1/3 of the yearly income.</p>
<p>and is paid off in discounted dollars at a time when one's income (on balance) is going up.</p>
<p>and further, even for those who can afford it, those discounted dollars at those low interest rates make it a better deal than paying in cash now.</p>
<p>I was wondering what they counted as "middle class."</p>
<p>The question could be even more subtle. Costs as a percentage of income could in fact be increasing for middle-income folks ($43k-$67k being the middle quintile, somewhat higher in lower New England, and probably lower in Maine). But at the upper levels of income (and I don't know how low down that would go), income has increased faster than inflation, and maybe as fast or faster than college list prices.</p>
<p>Our income for this year will be about 70,000 at most. We're paying 40+ for college. Obviously, like Mini says, it's not just coming out of this year's income. We are borrowing from our past and our future. But there's nothing I'd rather invest in.</p>
<p>What, Garland--you could have a new BMW every year (as I tell our D to motivate her to put more time into her studies).</p>
<p>True, true--what was I thinking? Hey, as long as the 94 Caravan keeps running...</p>
<p>Hey, as long as the 94 Caravan keeps running..
thats amazing Garland. We had a 92 voyager and after we had to put in 3 transmissions- we decided it wasn't worth it anymore.- H still has his "64" Ford 1/2 ton though</p>
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Hey, as long as the 94 Caravan keeps running...
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</p>
<p>Driver of a 93 Nissan Quest, here! One transmission, 170,000 miles but I'm too afraid to take it in for servicing these days, so every day I just pray it starts up again. :)</p>
<p>88 Maxima - 254k (it's still a baby), I expect at least another 100k. Wife has a NEW car - a '95 Escort wagon - the newest car we've ever owned!</p>
<p>I would MUCH rather give my money to the local mechanic than to General Motors. There have been times in the past I have thought to put him on a monthly retainer (and still wouldn't mind.)</p>
<p>Here's to old cars! Our 93 Sable died this morning, though, and we're facing buying a car just as we've agreed to pony up the complete cost of an LAC. Oh . . . . and our 96 Caravan is showing signs of succumbing as well. Please, oh, please, let it make it to 200,000 miles! :-)</p>
<p>Caravan - that's a toughie. Maybe you should write the Smith financial aid office. ;) (The Escort only cost us $1,500.)</p>
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What, Garland--you could have a new BMW every year (as I tell our D to motivate her to put more time into her studies).
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Which reminds me of that old joke that paying for college tuition these days is like buying a new BMW at the beginning of the year and driving it off the cliff at the end of the year.</p>
<p>97 villager here, and just put in a new timing belt and some other stuff. Many people don't think the car has a timing belt, we didn't. But it does and has to be replaced at 105,000 miles.(118,000 miles now) Now getting fantastic gas milage and car runs like new. Also the circuit board for the rear controls was broken, a simple resodering and those controls work great.</p>
<p>95 Taurus has a possible crack in the heater core, replacing water a little at a time. Hubby thinks he will donate it before it really breaks and buy a used Miata since apparently they are really simple to repair and don't cost much. I think he just misses his old TR6.</p>
<p>Hey, Mini, I can top your Escort price. We got the '93 Sable for free from my in-laws because they were upset that we were still driving an '88 Mazda two years ago.</p>
<p>Maybe Smith should see what a frugal family we are and change their FA. :-)</p>