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Pregnant after a Loss
ShellShockedMama
member
Labor Buddy to Blowfish11
I think i just poo'd myself:
ShellShockedMama
member
100% of your total college costs will be $312,166. You will need to make monthly contributions of $602 to meet this cost.
Here are the assumptions we've made. Feel free to change these assumptions and recalculate the results by pressing "Submit" below.
https://www.savingforcollege.com/college-savings-calculator/index.php
little sebastian, I foresee some college loans in your future.
Labor Buddy to Blowfish11
This discussion has been closed.
Re: I think i just poo'd myself:
Harper Oksana, born on her due date, January 20, 2011, and the love of my life
That also assumes a public college, right? $25K a year?
Though unless salaries actually start to increase rather than flatlining or going up by 1% a year, I can't see college continuing to increase at the same rate.
When I started school in 1999 the tuition at my college was just shy of $27K. This coming year the tuition is $41K. That doesn't even include room and board or student fees. That's absurd.
BFP #2 4/13/10. Bridget born 12/28/10
BFP #3 Finn born 8/11/15
[url=http://www.thebump.com/?utm_source=ticker&utm_medium=UBB&utm_campaign=tickers][img]http://global.thebump.com/tickers/tt1cb8c4.aspx[/img][/url]
yes, it just estimates $25k a year.
see this is why I side eye college. I mean, WHY is it that pricey? Where's the justification? I went to college and will be paying it off for the rest of my life and honestly, it hasn't helped THAT much---especially in this economy. I'm making markedly less than I should (hell, i'm making less than some janitors).
Labor Buddy to Blowfish11
I want my kid to be an electrician or plumber or some sort of trade. They make great money, no student loans, and will always be in demand.
I wish we did college the way they do in Europe. Minimal or no cost to attend, but you have to truly earn your place there by excelling in school.
I SO agree with this. If you have a trade, you'll most always be in demand. Unless your trade is construction, and then you can get completely screwed.
Labor Buddy to Blowfish11
I just looked up state school tuition (for me my dream school was Texas A&M so that's what I went with) and unless there are hefty scholarships involved our kids is not going out of state! Estimated cost for Texas A&M right now is 19k a year, tuition, room and board, fees all that. So basically I'm gonna be making the equivalent of a car payment for the next 18 years!
This is just for college, not for university? WTF!
Regardless though, that's just crazy.
it's for a school that they estimate to charge $25k a year, so I'm not sure if it would be "college" or "university"
It's mind boggling. and that's for ONE.CHILD.
We all better win the lottery soon, that's all I have to say.
Labor Buddy to Blowfish11
Balls!!! Yeah, my kid will be applying for loans just like momma. I like Colinda's idea too!
It seems that financial planners are encouraging parents to put away $1000 a month per child from birth to age 18. Yup. It's crazy.
But rememeber - these calculators are usually taking inflation into consideration. Keep that in mind. Inflation at 7% per year over 18 years does make it seem like a lot more money.
Labor Buddy to Blowfish11
LOL, this!
DH & I decided that we aren't really concentrating on saving for college for our kids until our retirement is secure. We'd rather make sure we aren't a burden to our children later in life.
I've got a crapton of student loans, and while they suck, they aren't the worst thing in the world. We make it work. Our kids can make it work, too.
Maybe we're just selfish, though.
Bloggin' It
Ditto this. Sinisterkat can chime in here too. Veterinary school loans topped $175k for out-of-state for 4 years. Add to that my private school undergrad (had I owned the crystal ball when I started undergrad, I would have gone to a public undergrad...always thought I'd be accepted to the state veterinary school), and you're looking at student loans that are higher than our mortgage!
Unfortunately, veterinary salaries are not increasing to match the incredible rise in costs of education. There have been multiple focus groups in place on this topic, but it seems like they are getting nowhere in making the situation better.
We, too, make it work. We don't live like what most people think a doctor should...even my mom was surprised that we didn't opt for new construction when we decided to buy a house. Good lord, we couldn't come close to affording what we have in THIS house in new construction! We live modestly, with 2 SUVs (one paid off, woot, woot).
I had to take out student loans, but my parents helped here and there when they could with the little things. I don't want my child to expect that we can pay for her college, but we'll certainly help if we can. My parents co-signed for the loans, and I would presume we'll do that for her. We have to set aside retirement for ourselves, and pay MY student loans (DH's loans are small in comparison), so setting aside an actual college fund is not feasible.
One thing my mom & dad are doing for baby is starting a life insurance policy for her at birth. It will be a whole life policy. (Mom's an agent for MetLife.) Baby will be able to access the funds from that for college if she chooses to do so when she's 18. It won't be a ton of money, but enough to help out too. Or she can continue to save it for its intended purpose.