If your income is < $100,000, then best answer for savings is $0. Who needs Bernie?!!! If income is closer to 200k then expect to pay close to sticker price.
If your income is < $100,000, then best answer for savings is $0. Who needs Bernie?!!! If income is closer to 200k then expect to pay close to sticker price.
$0
College is a scam.
Your kids don't need to waste their time educating brain-washed professors. If your kids have the internal guidance and self discipline to want a degree that is marketable (likely an engineering or science degree) then you can help them out as they work their way through. Otherwise, don't play along with the scam. Unless college drastically changes by 2030, in which case the price will come back down to a reasonable amount because the Ponzi scheme student loan bubble will have collapsed, then don't even think about it. Just build you own wealth and see what happens.
If you make a decent salary, you better save because your kids aren't going to get much (if any) financial aid. We saved $500 a month per kid, starting the first month they were born. We have two in college now and saved enough over the 18 years with that amount. Just over $200,000 for each. They both ended up going to schools that were less expensive than the $65,000 price tag of some private schools so there will be money left over for graduate school if desired. One got an academic scholarship so he'll have about $60,000 left toward graduate school and the other will have about $25,000.
50k each child.
They can take out student loans for the rest.
We have one freshman in college and another who will start in 3 years.
A good strategy is 2 years commuting to a community college followed by 2 years commuting to a 4 year school or living at the university if the kid demonstrates the maturity to finish in 4 years.
Saying that, our freshman is in the dorm because she did well on the SAT and lopped 50% off the cost of attendance.
Remember, some kids will do better with a technical/IT school than going to a 4 year college for a business degree at 45 to 60k.
I provide no figures for savings because every kid is different and the on-line, home college/education trend will continue to grow due to the crazy inflation in costs of BA and BS degrees.
Most people underestimate how quickly the price of college is increasing. If college cost increases by 6% per year from now until 2035, state schools will cost $60k per year, average private schools $125k, and highly selectives will cost $200k per year.
Ivies of the future will be the jucos of today. Everyone will ultimately go for free until they decimate their endowments.
I save $200,000 per child for Harvard followed by medical school.
Your kid doctor yet? Mine on fast track...because I smart, you stupid
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