<p>We’re paying 50K+ for one college, and 25K for private high school. If the younger one goes to a public university, it will be like getting a raise for us. We’ve been paying 25K for the older one in high school anyways, so it wasn’t a complete shock. </p>
<p>Things that helped us, were refinancing to a 3.875% mortgage, and living below our means for a long time. We also both applied for and received a significant job promotion. We work alot more now, but it enables us to pay for school without getting in debt.</p>
<p>A lunch tote? Wow.I got a lanyard and a pen.<br>
No great advice here. We had one year of two in college but both had some merit money which combined with UGMAs (saved since they were babies) and some savings took care of it.<br>
DS was in a five year program but finished in four so that was a bonus. Best advice I have is to talk to those college students now about down the road. Are they getting internships (even unpaid) that will help them land a job later? Are they making good contacts with professors and advisors? Do they understand that you expect (if you do) financial independence at graduation?
In our case, DS was able through roundabout connections to land a good job out of school. Had a nationally known prof and a Dean at his U as recommendations for job. Had several internships in his field. Is still having to live at home but at least paying his own bills now and off our “payroll”. Unfortunately that is not the norm that I am hearing in this economy so make sure they are doing what they can to work toward employment.<br>
Busdriver makes a good point. We just refinanced at 3.75 with no points, 15 years…</p>
<p>For those neither rich or poor, there are options besides cutbacks. I’ve got four kids; thankfully no more than two at a time in college; always paying full-freight with no possibility of financial aid.</p>
<p>If you create a defined benefit plan and put what you can in it, you can lower your taxes and lower your EFC via the FAFSA (and possibly qualify for financial aid). There are many caveats, and this should be set up with professional advisors, but I know a few who have been successful in lowering their costs with this approach.</p>
<p>stradmom, We got the lunch totes at one of S1’s commencement events. I should write the school and tell them Freshman Parents’ Weekend would make more sense.</p>
<p>moonchild,ditto. We did it in 6 years with 2 years overlapping.
I’d like some financial advice from OP also about how he pays only $10K for Stanford and what his justification on saying his DD is the first generation to attend college. I never saw the question specifically indicates “in US”.</p>
yes but then you have two gaps to fill. it is not all it’s cracked up to be.</p>
<p>My seven year old car has 155,000 miles on it. It needs to last just two more year. I have had a kid in college since fall of 2001. In 2008-9 I had three in college. Last year, this year and next year I have two in college then I am done. forever.
One of mine is essentially putting herself through the last two years, thank goodness. </p>
<p>It would be nice of me to be able to sock my money in different directions to avoid taxes but honestly, I never made much so I never had a big tax liability (if any) to begin with.</p>
<p>Our goal is to get kids through college without borrowing $. We have 7 kids and will have some (no more than 2 at a time) in college from 2006-2027. Our first two kids went to private colleges, the 2nd with decent merit aid (only qualified for a few thousand in loans which we did not take). Last year was a rough year with two in. We have no savings, stopped putting into retirement for several years. College kids worked in high school and summers. Younger kids will have to take any big merit aid they can get, or go to public schools. We live cheaply, that’s all I can say.</p>
<p>We’ve been on the family tuition austerity plan for over 10 years.</p>
<p>Our youngest just graduated and the other two are in post-grad studied, self-funded with some university support and some loans. We hope to contribute to the loan pay off eventually, but want to take the next two school years before any loans come due, and pay back the HELOC we used to fund having multiple tuitions for years.</p>
<p>We feel like it should be a relief, that we are done and should be able to breathe, BUT we still need to play catch up for the last 10+ years. It does, though, feel good to begin working on catching up. By the time the first student loans come due, we hope to be feeling caught up and able to pitch in…does it ever end?! ;)</p>
<p>* you need aid, it helps a great deal to split the EFC
yes but then you have two gaps to fill. it is not all it’s cracked up to be.*</p>
<p>We paid EFC for one child at a 100% need aid school.
We are paying EFC for the 2nd at an instate public.
Our costs for the 2nd are significantly higher despite the costs for the first school being more.</p>
<p>Didn’t know OP’s D applied as first generation. Is that CC folklore…or was it actually stated somewhere and I missed it?</p>
<p>I believe I read that as well- it was even more interesting because I believe while the BA was obtained out of the usa, the Ph.d was received in the US. However don’t you need to put your occupation down on the PROFILE? I imagine that the occupations would be a dead giveaway to whether the parents had a college degree. Provided that the finaid office actually looks at them.</p>
<p>The OP got called out on the unethical aspect of the “twist” of words about “first generation” in that thread. Definitions of “first generation college student” were posted, but the OP apparently took the comments as personal insults.</p>
<p>Like many of the families posting here we have been “frugalistas” for a long time, saving as much as possible and spending just a little on the fun stuff. I have also gone back to work part time and that money goes straight into the college fund. I do worry that I will be really tired of sacrificing by the time number three starts college in 3 years and also that my kids will not be able to ultimately find employment in their “field of dreams”. What happens then? Will I feel satisfied or stupid? Anyone else worried about that?</p>
<p>And Greetings to all those familiar names from the music posting area - especially to viola dad {no relation =)}. My daughter is considering Hart for grad school. Didn’t your son do his UG there? Ahh but that’s another topic.</p>
<p>Folks…it does end. We made our last college payment in April. My WHOLE (yes…all of it) paycheck went directly to one or two colleges for SEVEN years. I feel like I won the lottery. We were thrilled to be able to give our kids the gift of a college education and working full time to do so was well worth it in our minds.</p>
<p>Our kids receives some merit aid, but we paid the balance. </p>
<p>Like others here…we saved our money, did not do any discretionary spending while the kids were in school, and lived frugally. It’s nice to be able to go out to dinner now without thinking too much about the cost (although old habits are hard to break).</p>
<p>So…for those of you at the beginning or in the middle of this college paying thing…just hang in there. It ends.</p>
<p>Looking forward to it, thumper! Hoping it won’t be like paying off the mortgage - we thought we’d be rolling in cash when we weren’t writing that check every month. Hasn’t happened, though - college is sucking up the leftovers like my nephews on the day after Thanksgiving.
Three kids here, too - I think it’s more that you get used to the sacrificial lifestyle than that you resent it after several years. We found it harder to adjust with #1 than #3, at any rate.</p>
<p>As to feeling satisfied or stupid - decide you’ll feel satisfied. ;)</p>
<p>Frazzled…our college bills were three times our mortgage payment. Retiring our mortgage will give us enough monthly money to buy a new used car. We were also sensible with our housing choices and we haven’t “upgraded” homes.</p>
