Double post

[chadfromdallas]

To me, unless a person is going into a field where a $$$ school's name on the diploma will count for something, I never understood why anyone would go to a $$$ private school, when you can get as good an education at State U.

Yup, my dad has a few Ivy league folks working underneath him currently He graduated from East Texas (now called Texas A&M - Commerce)

 

[Chicago526]

Yup, my dad has a few Ivy league folks working underneath him currently He graduated from East Texas (now called Texas A&M - Commerce)

My best friend went to Valpairaso ($25k per year and up) to become...a school teacher! My other friend went to Loyolla and DePaul (each is over $20,000 a year, I think) and is working at a customer service center for Verizon Wireless. Both are very happy where they work, but a degree from Western Illinois would have been just as good, and a heck of a lot cheaper.

I think it's great that they got into such great schools (and they are all great schools). They both graduated with honors, so they deserved to be there. But both are now saddled with school debt that will take decades to pay off with their low paying jobs.

 

[jgmklmhem]

$125,000 not enough? Maybe if your kids go to Harvard or Yale.

To me, unless a person is going into a field where a $$$ school's name on the diploma will count for something, I never understood why anyone would go to a $$$ private school, when you can get as good an education at State U.

I'm paying for my kids to go to a state school. If they want to go to $$$ College, then they need to get grants, scholarships, or a great paying part time job to make up the differance in cost.

I think it depends on the student. I personally would not have done as well at a state U where the chemistry have over 200 students. My school a private one had at most 25. My school was about $17,000 but I had a $10,000 scholarship so it came to close to the same as the state school. I now have my PHD in chemistry...but I honestly do not think I would have been as prepared if I had gone to a state school. As for gradute school if your child is going into some of the sciences you have it made. I got free tuition (had to pay some fees about $300 a semester) and also got about $18,000 a year in salary for research and teaching. Most schools now are offereing more. So not all graduate programs are a lot of money.

 

[icebrat001]

Some people choose to go to a private university as opposed to a public university because public universities have larger class sizes, and a whole lot more students in general. When you go to a small private university, you get attention, professors know your name, you don't have to deal with TA's, classes have 8-12 students average and often times the professors are so close to you, you have study sessions in their home. With the smaller class sizes, in my opinion you are able to learn more.

Also, many Public U's (At least in California) are so crowded that students can't even get the classes they need, and they end up spending 5 or 6 years at the school. If someone is going to spend 6 years at a school and you add living expenses and what not, often times, it's cheaper to go to a private school. In addition, many private schools give larger financial aid packages.

On the topic of medical school, the entire entering class is between 25-130. So 4 years later, you only have that many students, not thousands of students graduating. You get attention, professors care how you are doing, they are able to notice any problems you are having early on and ensure that you do good.


Some people may want to go to a public U that cost $6,000 a year, whereas others may go to a private U that cost $31,000 a year. Each person has their preferences, I DO NOT recommend forcing a child to go to a cheaper school just for the sake that it is cheap because they will be unhappy and likely do poorly in school.

 

[chadfromdallas]

Some people choose to go to a private university as opposed to a public university because public universities have larger class sizes, and a whole lot more students in general. When you go to a small private university, you get attention, professors know your name, you don't have to deal with TA's, classes have 8-12 students average and often times the professors are so close to you, you have study sessions in their home. With the smaller class sizes, in my opinion you are able to learn more.

These are the exact reasons why community college is the best place to get your basics done if they will transfer to your final college You save so much money doing whatever classes you can at those places.

 

[Chicago526]

Oh, I won't force my kid to go to a state school, I just won't pay for private. He or she will have whatever money my DH and I have saved, and they need to make up the differance on their own. If they get scholarships and/or grants, that's great and I'll be very proud. If they need to get student loans, then it's their decision to spend the first 5 to 10 years out of college broke because of debt. But there is no way I can come up with $125,000, $150,000 or $200,000 per kid just because they want a smaller class size, or decided to be a lawyer. It's not a question of WON'T so much as CAN'T. DFi and I just don't make that kind of money.

My kids will be lucky that they even will have this much. My parents gave me no money towards college, it's why I never finished. I had no money and due to bad conselors and my parents fear of debt, I never knew there was such a thing as a student loan (neither the counselors or my parents ever told me I could get one, I thought they were like financial aid and only poor people could get them).

 

[geffric]

Just checked the University of Illinois.. for 2005-2006 - tution, room, board, books and fees cost $ 19, 300. So today that is about $ 80K . IMHO, I think that the $120K is realistic for a state school in the next 5 -10 years..

 

[disneysteve]

I just reran the calculation for a public college. In 9 years, they project 4 years of tuition, room and board at about $86,000. Add in some expenses and you are at about $100,000. Add in graduate school, and you are still back well over $125,000 which so many of you thought was an extreme estimate.

 

[chadfromdallas]

I just reran the calculation for a public college. In 9 years, they project 4 years of tuition, room and board at about $86,000. Add in some expenses and you are at about $100,000. Add in graduate school, and you are still back well over $125,000 which so many of you thought was an extreme estimate.

This is just scary

 

[Chicago526]

Just checked the University of Illinois.. for 2005-2006 - tution, room, board, books and fees cost $ 19, 300. So today that is about $ 80K . IMHO, I think that the $120K is realistic for a state school in the next 5 -10 years..

U of I has always been the most expensive state school in IL. Western, Eastern, and Southern are less expensive. Southern, for example, is $15,650 for tuition, fees, room and board, and books. That's $62,600 for four years, or less than half the $125,000 estimate that you need to save. Now, what will it be 20 years from now? Who knows? Maybe it will be $125,000, but I doubt it.

 

[disneysteve]

That's $62,600 for four years, or less than half the $125,000 estimate that you need to save. Now, what will it be 20 years from now? Who knows? Maybe it will be $125,000, but I doubt it.

Assuming 6% inflation rate, which is about right for college costs I believe, in 10 years that would be over $112,000. In 18 years (for a newborn today) it would be about $179,000.

 

[minkydog]

Some people choose to go to a private university as opposed to a public university because public universities have larger class sizes, and a whole lot more students in general. When you go to a small private university, you get attention, professors know your name, you don't have to deal with TA's, classes have 8-12 students average and often times the professors are so close to you, you have study sessions in their home. With the smaller class sizes, in my opinion you are able to learn more.

On the topic of medical school, the entire entering class is between 25-130. So 4 years later, you only have that many students, not thousands of students graduating. You get attention, professors care how you are doing, they are able to notice any problems you are having early on and ensure that you do good.

This perfectly decribes my experience at the least expensive state university in the state of Alabama where I got my nursing degree,along with 18 other nursing students. I never took a science class that had more than 20 students and I babysat for my professors on the weekends. We all went to church together and some of them attended my wedding. When my parents went through an ugly divorce and i became extremely depressed, they took it upon themselves to call my mother and get me some help, even put off my finals until i could get back on my feet.

I still say, there are ways to get a good education without spending gobs of money. Four out of five of my sibs went to the same 4yr university as I did, one went on to graduate school in NM. My parents contributed -0- to any of our educations because they were poor. Thankfully, my DH & I have managed our money well and wil be able to help our kids out. But that still does not mean I'm gonna pony up >$100,000 for their education.

Cathy--1977 graduate of Livingston University, 28 yrs experience in nursing, can work anywhere in the U.S. & many foreign countries, loves her career

 

[Laurajean1014]

Not perfect by any sense, but a help.........................


http://www.savingforcollege.com/college_calculator/

(not to be considered financial advce)

Dan, I know it's a guideline, but I am now depressed~

I put away about $50 a month and it's telling me, I need about $450/mo.

 

[sue1013]

All state school's are not the same. DD graduated and DS starts freshman year at a state school. The college they attended only admits about 1200 new freshman each year. I don't think either would have done well in a large state school but there are smaller state schools out there where you get a good education. Just because its a state school don't rule it out.

 

[LK03]

I went to a public liberal arts school in Missouri even though I was an Illinois resident. Why? It was cheaper than staying in-state and it was a smaller campus and absolutely gorgeous. College is not just about your education. By the way, my 6,000 person attended University gave me an amazing education, better than those IL school's. All my business professors were doctorate's in their fields and actually cared about the students. Class sizes were about 20 students. Also, college is not just about the education, it's about the experience. Going away for four years, living on your own, meeting people from different backgrounds, getting a roommate for the first time, living off Ramen noodles, partying, going to Wal-Mart at 2 am because you're bored and have nothing else to do. When I started my University it was a little under 11k my freshmen year and I did the four year plan and ended over 15k this last year.

I applaud the posters here who are being realistic about what costs will be like in a few years or many few years for your children. My parents helped me get through, and junior year when the money ran out, it got scary for me. A college student can only take out so much in student loans before you have to get an actual credit loan. I plan to save for my future children before we have children because I want them to pick a school that fits with them, not go to one we can afford that they don't like.

 

[Lisa loves Pooh]

Don't know--we do the Florida Pre-pay tuition--which legally is a 529...for DD2, it is ~$90 per month for 18 years...

You'd have to caculate estimated expenses, what you plan to cover and then figure in rate of growth and you have your number.

Harvard cost a lot more than a state school....so if Ivy League is in any of your future child's future.....the number will be a lot larger.

 

[cruisnfamily]

Don't know--we do the Florida Pre-pay tuition--which legally is a 529...for DD2, it is ~$90 per month for 18 years...

I don't know your financial situation but I just wanted to let you know it's a MUCH better deal to do the 55month payment plan. The 55month only costs you about $1,000 than paying in full. The pay for the next 18years route costs a lot more than that. Of course your payments would be probably $225 per month instead of $90 but it's way cheaper in the long run.

We've just signed up for the prepaid-tuition only-for our kids 12 & 9. We paid in full for the 12yo and are doing the 55month for the 9yo. This will only cover tuition.

 

[Lisa loves Pooh]

I don't know your financial situation but I just wanted to let you know it's a MUCH better deal to do the 55month payment plan. The 55month only costs you about $1,000 than paying in full. The pay for the next 18years route costs a lot more than that. Of course your payments would be probably $225 per month instead of $90 but it's way cheaper in the long run.

We've just signed up for the prepaid-tuition only-for our kids 12 & 9. We paid in full for the 12yo and are doing the 55month for the 9yo. This will only cover tuition.

i know--we can't commit to the 5-year plan. We have to do the 18 year. Then when hubby gets a windfall of money--we'll pay off DD2's as we did DD5's. One of the discussions for uses for the field assignment bonus money is to close out DD2's pre-pay account.

Since not considered "loans"--the payment schedule is actually so that the state can end up with the same amount of money to pay for school as they would have if you paid it in full up front...you cannot pay ahead on them. The $200+ per month would be too tight on our budget to commit to for 5 years.

 

[cruisnfamily]

Since not considered "loans"--the payment schedule is actually so that the state can end up with the same amount of money to pay for school as they would have if you paid it in full up front...you cannot pay ahead on them.

I'm not sure what this means?

I spoke to them at length regarding what we wanted to do with our 9yo. We're signing up for the 55month and then giving them more than 1/2 the money up front. This won't "save" us money on the 55month but it will prepay us for about 2 years we'll continue to make payments eventhough we're prepaid, just not as much as the 55month req'd payment would ordinarily be. If we were to make payments and then decide to pay it off later(which is what you're doing) then we were told to call and we would get a payoff which would be less than the total of the payments. The woman did say they figure it at some rate of interest. Don't quote me but I think it was 5%.

 

[Lisa loves Pooh]

I'm not sure what this means?

I spoke to them at length regarding what we wanted to do with our 9yo. We're signing up for the 55month and then giving them more than 1/2 the money up front. This won't "save" us money on the 55month but it will prepay us for about 2 years we'll continue to make payments eventhough we're prepaid, just not as much as the 55month req'd payment would ordinarily be. If we were to make payments and then decide to pay it off later(which is what you're doing) then we were told to call and we would get a payoff which would be less than the total of the payments. The woman did say they figure it at some rate of interest. Don't quote me but I think it was 5%.

It isn't considered a loan--and it really isn't an interest rate per se.....

For example--investing $10K up front....the program has 18-22 years for that money to grow and be able to pay the fees at the time of enrollment.

Dividing it into payments of 5 years or 18 years--the entire amount does not have the entire 18-22 years to grow. If you could equally split the up front amount--there would be no way for the money to "grow" to the amount necessary to sustain the program and afford college. So they calculate a value....that allows the purchaser to make payments...while allowing the money the opportunity to grow at that same time.

You can get "payoff amounts" to pay it off early--but you cannot pay ahead to reduce yoru "debt" b/c it is considered neither a debt nor an investment.

Your options are pay it up front, pay in 5 years, pay in 18 years, or set up payment plan and then pay it off in full at any time earlier.

ETA: or your situation as stated---but I can't decide one month to pay an extra $50--or in another month to pay an extra $10. Once set up...I make stated payments or pay it off.