529 Plans and Saving for Education

[MarkD]

Great advice above. You will be shocked at what colleges cost and what you as parents are expected to contribute, especially if you make over $100K a year. Even multiple kids in college at the same time doesn't really help a whole lot.

The only thing that I might add is don't be put off by the high prices of private colleges. While a private college that charges greater than $40K a year looks very expensive, they often have more money to give to students. A lot of the time a private college can pitch in financial aid to bring your net cost down to under what a state college or university costs.

 

[PedroNY]

I know this is a bit off topic, but it does relate to college cost. If you can, you should consider moving to D.C. I believe if you move there before you children are sophomores in H.S., then you will be able to get reciprocity and in-state tuition at all 50 states. At least that used to be the case, so going to some top state schools will be at instate prices. I do recognize that is not a feasible option for most people.

Cheers,

PedroNY

 

[Outlying Anomaly]

^^ http://osse.dc.gov/service/dc-tuition-assistance-grant-dc-tag

Looks like its $10,000/year now ($2,500 more for local DC area colleges). That doesn't meet the higher price for many out-of-state public universities. D got an $80,000 4-year scholarship from one public, but that wasn't even enough to meet the school's in-state rates.

BTW, just wanted to make sure people of a certain possibly blissfully-ignorant age know that when we talk about college being $40K or $60-$70K at the top end, we're talking about per year, not total. I hope I didn't just make you suddenly ill. Now Google your local in-state university with "total cost" or "cost of attendance" (never just "tuition"). Probably didn't make you feel much better, but I tried.

Matt, could we have a college-specific area? The application process (where to apply? how to choose?) is linked to the costs/financial aid/scholarship process (who gets how much? why?), and I hate to bog this thread down with more possibly-O/T posts to the original title. However, I think that the likely third most expensive thing you'll spend money on deserves it's own area. Does anyone else want the info, though?

 

[gomike]

I know this is a bit off topic, but it does relate to college cost. If you can, you should consider moving to D.C. I believe if you move there before you children are sophomores in H.S., then you will be able to get reciprocity and in-state tuition at all 50 states. At least that used to be the case, so going to some top state schools will be at instate prices. I do recognize that is not a feasible option for most people.

Cheers,

PedroNY

Wouldn't living in DC nullify any savings :-D

 

[Matt]

^^ http://osse.dc.gov/service/dc-tuition-assistance-grant-dc-tag

Looks like its $10,000/year now ($2,500 more for local DC area colleges). That doesn't meet the higher price for many out-of-state public universities. D got an $80,000 4-year scholarship from one public, but that wasn't even enough to meet the school's in-state rates.

BTW, just wanted to make sure people of a certain possibly blissfully-ignorant age know that when we talk about college being $40K or $60-$70K at the top end, we're talking about per year, not total. I hope I didn't just make you suddenly ill. Now Google your local in-state university with "total cost" or "cost of attendance" (never just "tuition"). Probably didn't make you feel much better, but I tried.

Matt, could we have a college-specific area? The application process (where to apply? how to choose?) is linked to the costs/financial aid/scholarship process (who gets how much? why?), and I hate to bog this thread down with more possibly-O/T posts to the original title. However, I think that the likely third most expensive thing you'll spend money on deserves it's own area. Does anyone else want the info, though?

I think it is a fascinating subject and certainly would like to see more info on it. Please feel free to start up specific threads, and once we get to a couple to make critical mass I will gather them together into the 529 section.