College savings

[IGotWorms 3,302]

Now here's an adult topic for the Geek Club: what is/was your plan as far as college savings for the kiddos?

 

It seems the main options are a 529 savings plan, which is basically like an IRA but for college? Then my state has a prepaid tuition plan that seems pretty good - lots of flexibility to use tuition credits at schools in other states or private schools, for example.

 

So how about it geeks - what college savings vehicle did you pick and how did/has it panned out?

[GutterBoy 2,277]

I have a 529 for each kid. It's been OK, except when the market crashed, but has come back decently I guess. Prepaid tuition is because you don't want to be tied to one school.

[IGotWorms 3,302]

I have a 529 for each kid. It's been OK, except when the market crashed, but has come back decently I guess. Prepaid tuition is ###### because you don't want to be tied to one school.

Yeah my state seems to have a work-around on that though. Basically you pre-buy credits at today's prices and then you get back the cost of a credit at the most expensive in-state school. If you take it elsewhere that's fine, you get the value per credit to apply wherever you like.

 

I'm tempted, even though it seems the conventional wisdom is to go 529.

[GutterBoy 2,277]

Yeah my state seems to have a work-around on that though. Basically you pre-buy credits at today's prices and then you get back the cost of a credit at the most expensive in-state school. If you take it elsewhere that's fine, you get the value per credit to apply wherever you like.

 

I'm tempted, even though it seems the conventional wisdom is to go 529.

I've never heard of this. What state?

 

Since tuition costs rise at 4% and you can't get 4% safely anywhere now, I wonder if it's bullshit.

[KSB2424 3,082]

I play the lottery once a week. I also am teaching my sons how to kick a football. Not throw it or run it or tackle for cyring out loud. We are normal sized caucasians afterall. But I figure that if they practice FG's in the backyard starting at age 5 every day for 13 years, they can get a full ride.

 

Thats my college plan.

[IGotWorms 3,302]

I've never heard of this. What state?

 

Since tuition costs rise at 4% and you can't get 4% safely anywhere now, I wonder if it's bullshit.

Fully guaranteed:

 

http://www.get.wa.gov/howgetworks

[NorthernVike 2,080]

I've got a 529 for both of my kids. I doubt I'll have enough in them to pay for it all and I'm wondering if it will actually fock me over as it could effect financial aid and the sort by having assets for skool.

[IGotWorms 3,302]

I've got a 529 for both of my kids. I doubt I'll have enough in them to pay for it all and I'm wondering if it will actually fock me over as it could effect financial aid and the sort by having assets for skool.

I've wondered this same thing. It'll basically take them out of the running for any need-based aid or scholarships. And the standards at usually so loose for those it's not like you actually have to be poor or anything

[phillybear 364]

Under no circumstances should a parent pay a nickle towards their child's post high school education. I can't imagine a child being selfish enough to expect their parents to be saddled with such a financial ruination event. College is willingly sentencing oneself to financial prison for the rest of one's life, with little expectation or hope of finding a decent paying job upon graduating. The government will never allow that debt to be forgiven and it will ruin your life. College is pyramid scheme.

 

Steer them towards a trade school.

[edjr 5,547]

Another thread for people to lie in

[Jackal 4]

Now here's an adult topic for the Geek Club: what is/was your plan as far as college savings for the kiddos?

 

It seems the main options are a 529 savings plan, which is basically like an IRA but for college? Then my state has a prepaid tuition plan that seems pretty good - lots of flexibility to use tuition credits at schools in other states or private schools, for example.

 

So how about it geeks - what college savings vehicle did you pick and how did/has it panned out?

Did the state prepaid tuition plan when my son was born (2000). The younger they are, the cheaper it is to get this started. I think I ended up paying around $6500 total, but he is guaranteed 4 years worth of tuition to any school within the state when he turns 18. Liked the flexibility (transfer it to another family member, cash it out with interest, use it for other college expenses if son gets scholarship). Plus, if he decides to go to an out of state school, they will pay whatever the highest tuition is in the state towards the out of state tuition. He's 14, so don't know how it's gonna pan out yet.

[TK0001 97]

Under no circumstances should a parent pay a nickle towards their child's post high school education. I can't imagine a child being selfish enough to expect their parents to be saddled with such a financial ruination event. College is willingly sentencing oneself to financial prison for the rest of one's life, with little expectation or hope of finding a decent paying job upon graduating. The government will never allow that debt to be forgiven and it will ruin your life. College is pyramid scheme.

 

Steer them towards a trade school.

 

I told my kids they better get scholarships if they want to go to college. Unless it's a very specific course of study, I don't see the need for college. It's a racket.

[IGotWorms 3,302]

Did the state prepaid tuition plan when my son was born (2000). The younger they are, the cheaper it is to get this started. I think I ended up paying around $6500 total, but he is guaranteed 4 years worth of tuition to any school within the state when he turns 18. Liked the flexibility (transfer it to another family member, cash it out with interest, use it for other college expenses if son gets scholarship). Plus, if he decides to go to an out of state school, they will pay whatever the highest tuition is in the state towards the out of state tuition. He's 14, so don't know how it's gonna pan out yet.

Now that sounds like a bargain

[GutterBoy 2,277]

Now that sounds like a bargain

 

yeah that sounds like a no brainer. As does yours in WA. We get in NJ. NJ.

[IGotWorms 3,302]

 

I told my kids they better get scholarships if they want to go to college. Unless it's a very specific course of study, I don't see the need for college. It's a racket.

This is a pretty short-sighted approach IMO. College certainly doesn't guarantee you a great job and an easy life; but it can really cap your career advancement if you don't have a college degree.

 

I do think it is a waste to spend $40,000+ per year for a private undergraduate degree though. My attitude is go to the cheap state school for undergrad and then focus more on prestige for grad school if you choose to go.

[Mungwater 588]

I don't have kids, but If we did, I'd make then at least look at the military route. Worked well for me and my brothers, except for my oldest brother getting blown up a few times, all in all, it was good.

[RLLD 3,455]

Most of my eldest kids education is covered by an athletic scholarship, another portion by academic stuff, she can finance the rest.

[IGotWorms 3,302]

Most of my eldest kids education is covered by an athletic scholarship, another portion by academic stuff, she can finance the rest.

What if she hadn't turned out to be athletic?

 

I took out loans and worked in the summer to pay for my college education. It worked out fine for me.

 

Although between the (relatively modest) loans I took out for undergrad and then the larger loans for law school, I did end up with just over six figures in loans that I will still be paying off for at least a decade. It would be nice to not have all that debt but it won't crush me or anything as long as I don't fall off the rails or something career-wise.

 

So I kinda go back and forth on whether education savings is even a necessary or good thing at all.

[RLLD 3,455]

What if she hadn't turned out to be athletic?

 

I took out loans and worked in the summer to pay for my college education. It worked out fine for me.

 

Although between the (relatively modest) loans I took out for undergrad and then the larger loans for law school, I did end up with just over six figures in loans that I will still be paying off for at least a decade. It would be nice to not have all that debt but it won't crush me or anything as long as I don't fall off the rails or something career-wise.

 

So I kinda go back and forth on whether education savings is even a necessary or good thing at all.

 

Then she figures it out, atheltic is not where the real money is anyway, if you hit theacademic marks you can find much more $$ Her athletic money is just a bonus really. Same holds true for her younger siblings, we stress academics and activities.

 

The wife and I managed college without any money from our parents, our kids will as well. It is entirely possible to get through it without crushing debt, you jast need to navigate well, and my wife and I know how to coach them through the system

[Mungwater 588]

RLLDs daughter will be on stage popping ping pong balls out of her snatch in a year.

 

Sorry dude

[RLLD 3,455]

RLLDs daughter will be on stage popping ping pong balls out of her snatch in a year.

 

Sorry dude

 

:motumbo finger wave:

[Mungwater 588]

 

:motumbo finger wave:

She'll be like Forrest Gump launching them into a bedpan

[Baker Boy 1,479]

Now here's an adult topic for the Geek Club: what is/was your plan as far as college savings for the kiddos?

It seems the main options are a 529 savings plan, which is basically like an IRA but for college? Then my state has a prepaid tuition plan that seems pretty good - lots of flexibility to use tuition credits at schools in other states or private schools, for example.

So how about it geeks - what college savings vehicle did you pick and how did/has it panned out?

1. Take out massive student loana, live it up and have a great time.

2. Get an entry level government job after graduation, after 10 years the loans will be forgiven under ACA legislation.

[IGotWorms 3,302]

 

Then she figures it out, atheltic is not where the real money is anyway, if you hit theacademic marks you can find much more $$ Her athletic money is just a bonus really. Same holds true for her younger siblings, we stress academics and activities.

 

The wife and I managed college without any money from our parents, our kids will as well. It is entirely possible to get through it without crushing debt, you jast need to navigate well, and my wife and I know how to coach them through the system

"Without crushing debt", yes. But without some fairly substantial debt - let's say at least $40-50k currently -- not likely. So that's kind of what I'm wondering here, is whether it's worth it to spare them that debt.

 

If they invested wisely I think it would be.

 

But if they just buy more stupid crap (quite possible when young), then probably not.

[RLLD 3,455]

1. Take out massive student loana, live it up and have a great time.

2. Get an entry level government job after graduation, after 10 years the loans will be forgiven under ACA legislation.

 

3. Self-Identify as African American, get access to massive amounts of money

3a. Dont be a focking dumbass, actually work in high school and get good grades, and a decent SAT score.

[Mungwater 588]

Schpooooof

 

Schpooooof

 

Schpooooof

[IGotWorms 3,302]

1. Take out massive student loana, live it up and have a great time.

2. Get an entry level government job after graduation, after 10 years the loans will be forgiven under ACA legislation.

I wouldn't characterize it that way but the public service loan forgiveness is a useful program. Does that apply to undergrad though, or grad loan debt only?

 

The other thing is you're limited to working for the government or a non profit. So if a nice public sector opportunity comes open you either pass it up or toss out however many years you had already put towards loan forgiveness. That's what happened to me anyway. It certainly isn't the worst conundrum to be in but I don't think its nearly the boondoggle you make it sound like.

[RLLD 3,455]

"Without crushing debt", yes. But without some fairly substantial debt - let's say at least $40-50k currently -- not likely. So that's kind of what I'm wondering here, is whether it's worth it to spare them that debt.

 

If they invested wisely I think it would be.

 

But if they just buy more stupid crap (quite possible when young), then probably not.

 

In state schools tend to have reasonable tuition, but yet out of state can be very pricey.

 

By pushing AP classes, and the IB program, in high school she can graduate HS with up to 30 college credits; money saved. If needed she can get another 30 credits at the CC level, much better pricing, and transfer those credits to one of those well priced in-state schools, thereby only paying 2 years at the 4-year level.

 

There are options. I assert that money spent at a 4-year school where one is dropping 40-50k is wasted.

 

I think knowing the landscape and how to play the system can enable one to achieve that 4-year degree at a cost effective rate.

[IGotWorms 3,302]

 

In state schools tend to have reasonable tuition, but yet out of state can be very pricey.

 

By pushing AP classes, and the IB program, in high school she can graduate HS with up to 30 college credits; money saved. If needed she can get another 30 credits at the CC level, much better pricing, and transfer those credits to one of those well priced in-state schools, thereby only paying 2 years at the 4-year level.

 

There are options. I assert that money spent at a 4-year school where one is dropping 40-50k is wasted.

 

I think knowing the landscape and how to play the system can enable one to achieve that 4-year degree at a cost effective rate.

I think you're living a bit of a pipe dream. I went to college with scholarships and a few AP credits. I also worked every summer in a job that let me rack up a ton of overtime. Still incurred about $35k in debt and that was ten plus years ago now.

 

You have to have some money for living expenses. No you don't need it for drugs, booze, etc. but you need some for food, clothing, rent, etc. Then you probably need a bit of tuition supplement as well even with scholarships, etc. Throw in books and "fees" and it's pretty easy, in fact quite likely, to run up tens of thousands of dollars in debt over the course of your degree program.

 

Maybe you really do have it figured out otherwise but I kinda doubt it. When it's all said and done I think you'll find they come out with debt close to my estimate

[Mungwater 588]

I had a partial athletic and an army scholarship. I have a masters and bachelors paid by uncle sugar and I don't owe anyone a dime. My brothers both have masters and one has a phd, all paid for by joining the military, it's a nice gig

[Jackal 4]

I don't have kids, but If we did, I'd make then at least look at the military route. Worked well for me and my brothers, except for my oldest brother getting blown up a few times, all in all, it was good.

Same here. GI Bill paid for my degree. I'm pushing my son to go that route as well, except for the blowing up thing.........

[RLLD 3,455]

I think you're living a bit of a pipe dream. I went to college with scholarships and a few AP credits. I also worked every summer in a job that let me rack up a ton of overtime. Still incurred about $35k in debt and that was ten plus years ago now.

 

You have to have some money for living expenses. No you don't need it for drugs, booze, etc. but you need some for food, clothing, rent, etc. Then you probably need a bit of tuition supplement as well even with scholarships, etc. Throw in books and "fees" and it's pretty easy, in fact quite likely, to run up tens of thousands of dollars in debt over the course of your degree program.

 

Maybe you really do have it figured out otherwise but I kinda doubt it. When it's all said and done I think you'll find they come out with debt close to my estimate

 

I depends on the insitution and where she decides to go, by way of example she could simply attend Frostburg St, UMBC, Towson or maybe Salisbury and do so very cost effectively, or she can accept the offers to play for one of the out of state schools; then atheltic+academic covers it to the same level as paying for an in state school. I am open to helping with food etc, since I am already doing that now essentially.

 

I know it works, I actually did some of these things. It may seem implausible, but it is not, you do have to give up the "experience" of the four year instituation,

 

I beleive, just me here, that the cost is not commensurate with the return. One is far better off chasing down the least expensive track.

 

In the end, all the degree really does is get you past my HR weenies.

[Patriotsfatboy1 1,432]

We have 529 plans for both kids. I don't think that we will have nearly enough saved for them by the time they hit college and we started when they were born.

 

They can cover the rest if they go to college.

[Voltaire 4,555]

 

 

3. Self-Identify as African American, get access to massive amounts of money

 

We'll try it in a dozen years. Stay tuned, I'll tell you if it works later. It's not like we've gotten a millimeter's worth of mileage out of this 'white privilege' thing anyways. Try the 'Soul Man' route to school.

[Voltaire 4,555]

My kids will probably qualify for a full ride scholarship in a Chinese school since they are American, don't look Chinese, and know the language better than English. I know Panzhihua University has these scholarships and go mostly unused. Likely the whole country has them. They could also work teaching English part time and pay for it or get lots of spending money. I don't know if they or I will want to go that route. I'd rather them think of themselves as Americans and try to build a life there.

 

There's also a free accredited online school : College of the People which I'm intrigued by and have been tracking. It's run by some retired NYU professors that sounds great. I'd hope they'd be interested in that.

 

If not, they can join the military like I did. Preferably, find a state with generous National Guard benefits rather than active duty which was an absolutely miserable existence in the Army, I'd steer them to the Navy which has to be better.

 

But as for saving for college, that's just not going to happen. I'm leading a fake middle class life, translate Chinese money to $US goes nowhere.

[NorthernVike 2,080]

My kids will probably qualify for a full ride scholarship in a Chinese school since they are American, don't look Chinese, and know the language better than English. I know Panzhihua University has these scholarships and go mostly unused. Likely the whole country has them. They could also work teaching English part time and pay for it or get lots of spending money. I don't know if they or I will want to go that route. I'd rather them think of themselves as Americans and try to build a life there.

 

There's also a free accredited online school : College of the People which I'm intrigued by and have been tracking. It's run by some retired NYU professors that sounds great. I'd hope they'd be interested in that.

 

If not, they can join the military like I did. Preferably, find a state with generous National Guard benefits rather than active duty which was an absolutely miserable existence in the Army, I'd steer them to the Navy which has to be better.

 

But as for saving for college, that's just not going to happen. I'm leading a fake middle class life, translate Chinese money to $US goes nowhere.

You're breading the enemy?

 

 

 

 

Or did you mean our army?

[mobb_deep 917]

I 100% agree with philly. FML.

[Voltaire 4,555]

You're breading the enemy?

 

 

 

 

Or did you mean our army?

 

Relax. Jeebus.

 

How is it even possible to read Chinese military out of my post? When I mentioned Chinese schools, I said they could almost surely go for free since there are scholarships for foreigners who can speak the language and even then I wasn't sure I wanted them to attend. But when you're poor, free university anywhere sounds really appealing.

 

If they want to go the US schools, then I'd expect them to do what I did, and join the US military. I'm also mentioning states and National Guard benefits because active duty sucks. Also I don't know cr@p about the difference between the experience of the Chinese Army and Navy anyways to compare.

 

If I could choose for them I'd send them here: http://uopeople.edu/

[NorthernVike 2,080]

[Reality 2,710]

Have 529 for both my kids, won't even be a drop in the bucket. My daughter is a senior and every school she is looking at is 20-40k a year. Luckily she is a top sprinter and a honor student. We are looking for the best deal right now. Looking at division 2 full ride as long as she has a good and healthy spring track season.

 

My son, who is a good athlete, will have a much tougher time getting an athletic scholarship. Athletic scholarships are much more competitive among males. He'll have what's in his 529 for school, everything else is on him. I'm not risking my retirement for his education, my parents didn't. He is only 11 and a 6th grader, so silly to talk about anything athletic at the moment but, you can tell when a kid has it. I played college ball (D2) and my wife was a gymnast, his sister is obviously talented, so he is lucky genetically.