Saving $$ for Kids College, do you think you put enough away

[danacara]

Originally posted by maleficent1959
I voted yes, I think so, but I should add a caveat -- provided that my children don't choose Harvard or Yale! Then I think we'll probably come up short.

Harvard just announced that they will no longer charge tuition to any student whose family makes under $40K/year, and they'll charge limited tuition for families under $60-70K/year. Princeton doesn't give loans as part of financial aid - 100% of aid is in grants, and they guarantee that they'll meet full financial need. In one of the great shocks of my life, Princeton was CHEAP, and I am the daughter of an elementary school teacher and a deceased phone repairman. In short - careful what you wish for! Going to the Ivies can be a huge college cost savings! It's their best-kept secret!

 

[Lewski709]

Originally posted by danacara
Harvard just announced that they will no longer charge tuition to any student whose family makes under $40K/year, and they'll charge limited tuition for families under $60-70K/year. Princeton doesn't give loans as part of financial aid - 100% of aid is in grants, and they guarantee that they'll meet full financial need. In one of the great shocks of my life, Princeton was CHEAP, and I am the daughter of an elementary school teacher and a deceased phone repairman. In short - careful what you wish for! Going to the Ivies can be a huge college cost savings! It's their best-kept secret!

I guess it is, I had NO idea!!!!

 

[zurgswife]

NO, haven't saved a penny....we live paycheck to paycheck....my kids better get money from other places

 

[my3kids]

Most private colleges, generally, are far more financial aid friendly than state universities. Private schools often will meet 100% of a family's financial need, as determined by the FASFA, the form used by colleges to determine a family's need. You come up with that amount, then the colleges offer a package to take care of the rest. That is how the Harvard thing mentioned above works...it really isn't any different than other private colleges and universities. You apply for need based aid and the college meets the need.

State universities often can not meet 100% of a family's need. An example: A family fills out the federal form and it is determined they can pay $5000 for the first year of college. A $30,000 a year private college might discount $25,000 through endowed scholarships former graduates have funded, a job working on campus in an area you have an interest in, and grants. A state school might cost $10,000 and not offer but $1000. The family would have to come up with $9,000 for the cheaper state school.

Ever situation is different, but don't rule out a private education. It very well might be far less expensive.

 

[DiznEeyore]

There wasn't a category for us ... we don't intend to finance our son's college education. He will appreciate it much more if he earns it himself, rather than having it handed to him. (Don't bother flaming me -- my opinion is born out of fact and personal observation and it ain't gonna change, EVER.) We will, however, be glad to HELP him pay for it, i.e. pay for his tuition if he pays for books, or vice versa.

We also anticipate him earning scholarships -- will start applying for those in his sophomore year. Barring scholarships, he can always live at home and attend community college for two years. There's no shame in that.

 

[DocRafiki]

Originally posted by DiznEeyore
There wasn't a category for us ... we don't intend to finance our son's college education. He will appreciate it much more if he earns it himself, rather than having it handed to him. (Don't bother flaming me -- my opinion is born out of fact and personal observation and it ain't gonna change, EVER.) We will, however, be glad to HELP him pay for it, i.e. pay for his tuition if he pays for books, or vice versa.

We also anticipate him earning scholarships -- will start applying for those in his sophomore year. Barring scholarships, he can always live at home and attend community college for two years. There's no shame in that.

Exactly what I was going to say. If & when I have kids, that's my plan. I'm going to be pushing it to be able to retire before I become senile, as it is. You have to really screw up to NOT get a scholarship these days, anyway.

Man, I should have tried to have gone to Harvard. That's it... my kids are going ivy league. Good connections are the only way to get ahead. I wish I would have known that about private schools back in the day. My parents didn't make jack.