I'm 26 and have about $40k saved up. Though I am somewhat proud of that, I also realize that my parents paid for about $40k of my schooling all in all, so really I should just now be breaking even. I'm wondering though if I'm exceptionally fortunate or if it's fairly normal for parents to pay quite a bit of their children's schooling.
How was it in your case?
they paid exactly $0.00.
I received $0 from my parents for a university education. I applied for student loans and worked part time to cover those costs.
paid room/board and tuition plus an allowance. Three semesters later I practically flunked out. On my own thereafter. They could afford to pay easily. Best thing that ever happened
I'm in my second year of college, and so far my parents have paid about $1500.
Zilch- scholarships paid 100% undergraduate and stipend 100% graduate education.
absolutely $0.00
$0.00
About $40K. That covered tuition, textbooks, and my rent while in school. I worked full time or 2 jobs in the summers to save up to pay for all else.
Probably around $40k as well.
Growing up, we were very cheap. Many of my friends had every gaming console imaginable. They got generous presents for Christmas every year, and lived in larger houses than I did. When they got to college, their parents paid nothing. So now I realized where they got that money from.
I do feel sorry for those whose parents valued "keeping up with the Joneses" and buying their kids expensive toys over education.
abu akbar wrote:
I do feel sorry for those whose parents valued "keeping up with the Joneses" and buying their kids expensive toys over education.
Not everyone needs to spend lots of money on college, but I agree that $40K is not a huge amount to save up for college. I think most lower middle class families should be able to save that much if they value education.
My folks paid for most of my undergraduate education (maybe 10000 in tuition). I lived at home in college, so I suppose that counts as a contribution. I came in to some money senior year and offered to cut them a check for everything that they had paid for but they refused. Paid for graduate school myself.
Coming at it from the other direction, my wife and I paid about 80% of the costs for each of our three kids. The range was roughly $60k-$70k each for the first two to $150k for the third.
My parents are paying max 120k undergrad. We are upper middle class. Dental School will be payed by me for the majority. It's gonna run me around 300-400k. Probably more on the upper end of that range. (and that's not even specializing :o)
I haven't paid a penny of my schooling.
I went to a private school for undergrad that ran about $45,000 per year.
My M.A. program was about 22,000 for the entire program.
Fortunately i'm on a full ride for my PhD, but my parents still put about 1,000 every other month into my account for miscellaneous expenses.
Parents have paid for it all out of pocket.
spoiled brat wrote:
I'm 26 and have about $40k saved up. Though I am somewhat proud of that, I also realize that my parents paid for about $40k of my schooling all in all, so really I should just now be breaking even. I'm wondering though if I'm exceptionally fortunate or if it's fairly normal for parents to pay quite a bit of their children's schooling.
How was it in your case?
Above a 4.0 at relatively highly ranked usnews HS with many ap classes, 90 something percentile on entrance exams. Varsity and all state runner.
No scholarship money since I'm Asian even though I applied for like 15 scholarships.
Dad made too much money. Paid for college though.
Half black guy at our school got full ride to same near ivy league college with a
coreyRI wrote:
My parents are paying max 120k undergrad. We are upper middle class. Dental School will be payed by me for the majority. It's gonna run me around 300-400k. Probably more on the upper end of that range. (and that's not even specializing :o)
Your dental tuition is most likely 35-45k a year. You can live very comfortably on 15k a year in average priced town. 55k total a year.
220k total base.
Add 40 k for interest.
260k total.
Dentists don't have to do residency, make money right after dental school. Specialize for mad money though.
Half of my expenses for school/rent, which after scholarships and grants came out to about $30k.
spoiled brat wrote:
I'm 26 and have about $40k saved up. Though I am somewhat proud of that, I also realize that my parents paid for about $40k of my schooling all in all, so really I should just now be breaking even. I'm wondering though if I'm exceptionally fortunate or if it's fairly normal for parents to pay quite a bit of their children's schooling.
How was it in your case?
Congrats on saving 40k as a 26 year old. Really.
We pay 100% for our one kid because we can. We don't see the value in her taking on debt as some kind of life lesson. There will be plenty of those ahead.
I'm in my first year of college right now, so I'm not exactly sure, but I expect my parents to pay about $50k over 4 years: $20k the first year and $10k the remaining three years since my brother starts college as well next year. My school is about $60k per year. The rest will be covered by a $20k per year academic scholarship that I have, loans, and hopefully a paid internship or something like that. Now if I go beyond 4 years of school, who knows who will pay.
So yeah, I guess I am a bit spoiled. Hopefully I can pay my parents back someday though.