Paying for your children's college tuition

Discussion in 'General Discussion' started by CCHolderinMaine, Jul 21, 2013.

  1. CCHolderinMaine

    CCHolderinMaine Well-Known Member

    Joined:
    Mar 21, 2012
    Messages:
    1,562
    Location:
    Steep Falls, Maine
    About an hour ago my wife and I finished the endless application process to borrow a RIDICULOUS amount of money to send our first born son to college this fall. Every day I see illegals getting a free ride, for goodness sake's we the taxpayers paid the tuition and expenses of the Boston Marathon bombers.
    Best part is, my son is going to a school in Massachusetts as well, and the price is, well, it's obscene.
    My wife and I agonized deeply over this. My son did very, very well in high school and as such was able to get accepted into a very prestigious school. So we decided that we would take the plunge and spend our retirement to send him.
    For all you parents sending kids to this type of school, you know the price.

    nearly $65,000 a year. Yes, SIXTY FIVE THOUSAND a year.
    It's absurd. He got almost 20,000 in scholarship, borrowed 12,000 in his name, and my wife and I just signed on for the other 33,000. Four years of this and we bought another house.

    In case you're wondering, he'll be attending Worcester Polytechnic Institute
    We are so very proud and now poor with blown up retirement plans.
    To all you other parents in similar situations, What did you do?
  2. WHSmithIV

    WHSmithIV Well-Known Member

    Joined:
    May 3, 2012
    Messages:
    5,461
    Location:
    Moore, Idaho
    I married someone in a foreign country (Finland) where college tuition is part of the education system - if you're smart enough that you can get in. I also paid well over a 1/4 million bucks for taxes in that country over 22 years and my kids are dual nationals. So, my kids will go to university there - at least my youngest son will. I think my daughter won't bother and that's sad. My youngest son is waiting for the results of his entrance exams which he'll find out around the end of this month.

    At least my retirement 'should' be secure. The Finnish government owes me a lot for retirement.
  3. mogunner

    mogunner Well-Known Member

    Joined:
    Oct 31, 2011
    Messages:
    1,585
    Location:
    Eastern Missouri
    On the other end of it here, the wife and I are on fixed income so our kids basically get a free ride at the local community college. Two of them screwed it up and got booted, one is one semester short of being able to substitute teach but will have to finish up her degree at a 4 year college, but can do it in one year instead of 4. The other just started back (at 28 years old) last year and needs one semester to go to work at a manufacturing facility making 40k a year. All with Pell grants and working part time.
  4. gvw3

    gvw3 Well-Known Member Supporting Member

    Joined:
    Oct 16, 2011
    Messages:
    5,762
    Location:
    Chicago IL Area
    This country is really headed for problems. The cost of education is a real problem. The cost is so high our kids will be slaves for life with the debt they will have after graduation.

    We are headed to become a 3rd world country with an uneducated population.
  5. gdmoody

    gdmoody Moderator Supporting Member

    Joined:
    Sep 7, 2007
    Messages:
    10,676
    Location:
    Northeast Georgia
    My Son did not want any more schooling so he joined the Army when he graduated from High School.

    My Daughter did want to go to college and since we were residents of Tennessee at that time, I encouraged her to go to a school in Tennessee (to hold down the out of state tuition elsewhere). She selected East Tennessee State University in Johnson City and my wife and I paid cash for everything every semester. We paid for tuition, books, meals, and housing expenses out of the savings that we had. When she decided to change her major at the end of the first year, we went along with it.

    We learned a few years later that SHE had gotten student loans and spent that money partying. I paid for college for five years and what does she do for a living - she is a maid at a resort in Hawaii. Go figure!!
    Last edited: Jul 21, 2013
  6. Zhurh

    Zhurh Active Member

    Joined:
    Mar 19, 2010
    Messages:
    2,112
    Location:
    Upper Yukon, Alaska
    We have two kids in school, son at UAF in Fairbanks and daughter at a junior college in Texas. We saved for years and had enough for the first year and a half. We haven't taken any loans out yet and hope we don't have to. Our kids can't get any aid even though we get our taxable income down to within 10 gran of what I heard is the max where people can still get food stamps; ain't rich for sure but live out in the sticks, house paid off, drive 22 year old truck, heat with wood, grow much of our food, and harvest meat & fish subsistence, We could make our monthly bills on 500/month if we had to and no taxes in Alaska. It's so much cheaper living rural than urban; but lifestyles are also different.

    Anyway, our boy costs us 1800/month and that includes tuition and room and board; actually cheap by college cost standards. Then there's books, I phone bill, insurance and his trk payment, and a little spending money which all and all amounts to just under 2500/month.

    Our daughter is an RA this year and she got $400 semester from feds because she is deaf. She really saved us some bucks by getting that RA job at school. Her entire semester is only costing us around 4000 from what we hear; but I figure it will be more. Honestly I think we will be paying out around 35K this school year for two kids.

    There is this payment plan called Tuition management and it splits up costs over 10 months and works well for us. oN the 10th of every month, 1800 comes outta our checking account for our son. Thing is, you better not have a house payment or any debt when the kids start school; never make it if ya do. We started a savings account and interest doubled what we put in over 15 years, but still not enough, but did get us through the first year.

    No vacations, no new toys, lucky to get a couple guns a year and thats about it, but the kids are in school and in the end the most important thing for us. If we didn't live rural on a shoestring, our kids would have never went to school, honestly.

    My wife and I have our teaching degrees and having those certifications has changed the financial aspect of our lives in so many ways. Both our kids will get their degrees or I won't go to my grave in peace; they'll get them if its the last thing we do. Then I can die knowing no matter what, their lives will be OK financially; no joke. And Good Luck, the payin out will end someday and your boy will benefit immensely thoughout his life.
  7. time2shoot

    time2shoot Active Member

    Joined:
    Jan 17, 2012
    Messages:
    3,032
    Location:
    Brandon SD


    That's the difrence between US here and others across this country. And the ones who saport the LIBS.
    WE ARE WILLING TO DO WHAT EVER IT TAKES TO SUPORT YOUE KIDS, FROM OURE OWN POCKET. TO THE LAST DOLLER. EVEN BOROWING$$$$ to do it.pAYING IT BACK IN FULL PLUS MORE THEN SUM. Where the rest will say, It's ok the Government will pay.
    HOLD YOUR HEAD HIGH. YOU HAVE A RIGHT TO. FROM PRINCAPLE AND CARECTER ALONE.

    Sorry this is what happens when you decide to grab your CCW hand it to your wife and say " Your tour to take care of any bad guys coming into the house" and ya grab a 12 pack and remember your DAD on a day that is special to the two of ya.
    Last edited: Jul 21, 2013
  8. dons2346

    dons2346 Well-Known Member Supporting Member

    Joined:
    Aug 21, 2009
    Messages:
    1,730
    Location:
    Move between WA and points south
    Take a look at what "Big Sis" is going to make in the CA system. She left a job that payed in the 200's and now will be in the eduction system of CA making in the 600's for just sitting there. Pelosi is saying this is such a deal. I can't believe it. This is the reason a college education costs so much, lots of dead wood.

    I am glad our daughter graduated in '97 with two degrees, one in economics/accounting and political science, both on the deans list.

    The best part is that she was a dumokrat but once she gathered some capitol and found out what the idiots wanted to do with her assets, she quickly came to the right side.

    On edit, I have to say that we paid out of state tuition for 5 years
    Last edited: Jul 22, 2013
  9. mjp28

    mjp28 Well-Known Member

    Joined:
    Dec 17, 2011
    Messages:
    4,510
    Location:
    anytown, OHIO
    Wow some expensive stuff! :eek:

    In 1968 I paid $150/quarter, $450/year + $5 parking/qtr + books.

    In year two I was working at USSteel and could easily pay a quarter out of one pay and money to spare. Bought my first house for $24,000 the week I graduated, $137/mo. house payment.

    Times are sure different, student loans are unreal now.
  10. jmace57

    jmace57 Member

    Joined:
    Feb 12, 2011
    Messages:
    151
    I paid $75K for my son's degree and $90K for my daughter's. I had saved $55K by the time they started school. My goal was to pay for it all...where they didn't come out with student loans to pay. So, I took out $100K in PLUS (parent loans for undergraduate students) loans. Let me tell you, it hurt. It has taken me 7 or 8 years to pay these loans off (early). All of my younger friends who have children I tell them that however much they are saving...double it...and it still won't be enough.

    It has become such that the upper and lower class can go to college, but it is tremendously difficult for the middle class.
  11. carver

    carver Moderator

    Joined:
    Jul 28, 2008
    Messages:
    15,992
    Location:
    DAV, Deep in the Pineywoods of East Texas, just we
    There are so many things I'ld like to say about the education system in America, but, the bottom line is that you paid the price, and was there for your kids. Most young people in America will never come close to having such a chance at an education.
  12. Petergunn

    Petergunn Member

    Joined:
    Jan 17, 2011
    Messages:
    249
    Location:
    ohio's northcoast
    Debt is not a place I'd want to be at when then second shoe drops and a return on a college education in the future is suspect IMHO.

    You pays your money and you take your chances but when I hear a smart man like Jim Rogers tell young folks to learn agriculture and forget the liberal arts I have to believe this new normal is not going to be what a lot of folks want.
  13. carver

    carver Moderator

    Joined:
    Jul 28, 2008
    Messages:
    15,992
    Location:
    DAV, Deep in the Pineywoods of East Texas, just we
    I applaud any parent or guardian, for making sure their children have a good education. When, not if, the other shoe drops, I would rather have an educated man, or woman, beside me, than some hip hop dope smoking high school drop out! Think, if the system falls apart, who will collect the debts? How do they repossess your house? Where would you get the money to make the payments, if there was anywhere to send the payments?
  14. Petergunn

    Petergunn Member

    Joined:
    Jan 17, 2011
    Messages:
    249
    Location:
    ohio's northcoast
    don't underestimate the power of a bankster and greed, there was a lot of fortunes made in the great depression, buying up notes and paying off back taxes.

    I'm not saying that kids shouldn't get an education (my 3 have) I'm saying what was needed before may not be what's needed in the future.

    School districts having cash issues it would stand to reason there's a glut of teachers on the market and nobody knows yet what'll happen with the health industry, but the worst I believe will be in service, sales and marketing industries .

    I don't believe in a zombie apocalypse but I do see an upheaval of the social structure and there'll be a lot of folks scratching their heads and wondering what happened while they sleep in a cardboard box under a bridge.
    Last edited: Jul 22, 2013
  15. bumblebee

    bumblebee Active Member

    Joined:
    Feb 24, 2013
    Messages:
    914
    Location:
    Tallahassee
    16 years ago when daughter # 1 was born, Florida had just come out with a prepaid college annuity. We bought it outright instead of paying over the years, so she is locked in. They have made changes to the program over the years, but we are locked in. As long as she qualifies and attends a college in Florida, it is covered. If she doesn't, we lose it, as it is not transferable.
  16. wv hillbilly

    wv hillbilly Well-Known Member

    Joined:
    May 20, 2012
    Messages:
    2,385
    Location:
    mountains of wv.
    I graduated in 70. I attended a votec center for the last 2 years of high school for 1 1/2 hours each day
    back then it was considered for slow learners
    as I watched the elite class mates make fun of us that attended the votec center, I made a statement to some of them that I am sure that they never forgot.
    anyway, as I aged I found better jobs. to make a long story short out of all the class that went to college there is only only that has made his life very comfortable. most are still working while I have been retired since 2009
    college is not for everyone! just remember someone has to get their hands dirty
  17. bamajoey

    bamajoey Well-Known Member

    Joined:
    Aug 17, 2009
    Messages:
    1,597
    Location:
    Pensacola
    We put both of our kids through the local 4 year college. Never borrowed a cent. Neither one of them had a car until they started to college. When they started I told them they had a car as long as they were in school, and would sign it over to them when they graduated. If they dropped out I would sell the car. Both graduated in the top of their class and now are living happily ever after.;):)
  18. firefighter1635

    firefighter1635 Well-Known Member

    Joined:
    Jan 4, 2012
    Messages:
    2,995
    Location:
    FEMA Region V
    Same thing your doing. Sending my daughter to Ohio State University to become a Dr. Quite expensive isn't it.
  19. CampingJosh

    CampingJosh Well-Known Member

    Joined:
    Sep 25, 2007
    Messages:
    5,457
    Location:
    Indiana
    One of the most important pieces to paying for college is to get as much scholarship money as you can. I have a young lady who has worked for me since she was 16, and she's headed to a very pricey private school in a month. Her tuition and room/board will be about $46,000 per year. She has $188,000 in scholarship money. She has worked her tail off, and she's earned it. It can be done even from a middle class family.

    The second thing I will recommend is that you really look at the value vs. cost of each school. The community college classes at $70 per credit hour will get you a degree the same as that private school at $1070 per hour. Even if you transfer after two years so that you get the degree from the big name school, you've still saved tens of thousands of dollars. And employers are increasing looking at what you can do rather than where you went to school.

    "But what about missing the 'college experience' that all my friends are getting?" You can buy a lot of experience for a lot less than $30,000.
  20. mjp28

    mjp28 Well-Known Member

    Joined:
    Dec 17, 2011
    Messages:
    4,510
    Location:
    anytown, OHIO
    How very true that is!! After my dad retired and retired and retired again he went on to teach HVAC at two local trade schools here in Ohio.

    Many former students up until he died a decade ago used to write him and thank him, telling him how well they are doing all over the country, many down South and many with their own businesses.

    He was the best motor, controls and electrical guy I've ever seen and loved to teach his guys how to study and succeed. One great guy, my dad!
    Last edited: Jul 23, 2013
Similar Threads
Forum Title Date
General Discussion PAYING IT FORWARD! Nov 19, 2012
General Discussion MUST BE PAYING FOR MY PAST SINS Aug 26, 2012
General Discussion How much are you paying for gas? Apr 1, 2011
General Discussion If you like paying taxes, you will love this' May 22, 2010
General Discussion What are you paying for a FFL transfer? Oct 10, 2009

Share This Page