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College Savings questions for those living the reality now
Posted on 5/31/22 at 2:49 pm
Posted on 5/31/22 at 2:49 pm
Our kids are 14, 12, and 10.
It's impossible to know where things will go, but they are excellent students and I assume they will attend college. My hope is that they earn scholarships of any value, and we do have college accounts for each of them.
Questions
1. What's the reality with scholarships these days? Without getting political, is it going to be realistic for Caucasian kids with good to great grades to earn some level of scholarship? What are you seeing?
We have a niece and nephew in college now, 3 years apart. the younger of the two was a far superior and more well-rounded student, but received HALF the scholarship money.
2. What is your savings target? I was targeting $80k, but who knows where the market goes. What goal did you set? Do we think college costs are going to level off with all the "loan forgiveness" talks these days, or will they continue to skyrocket?
Thanks!
It's impossible to know where things will go, but they are excellent students and I assume they will attend college. My hope is that they earn scholarships of any value, and we do have college accounts for each of them.
Questions
1. What's the reality with scholarships these days? Without getting political, is it going to be realistic for Caucasian kids with good to great grades to earn some level of scholarship? What are you seeing?
We have a niece and nephew in college now, 3 years apart. the younger of the two was a far superior and more well-rounded student, but received HALF the scholarship money.
2. What is your savings target? I was targeting $80k, but who knows where the market goes. What goal did you set? Do we think college costs are going to level off with all the "loan forgiveness" talks these days, or will they continue to skyrocket?
Thanks!
14
Posted on 5/31/22 at 2:57 pm to concrete_tiger
If you're in Louisiana, I don't see TOPS going anywhere anytime soon, and if you include that $80k should be more than enough with no other scholarships
Posted on 5/31/22 at 3:09 pm to Mingo Was His NameO
quote:
If you're in Louisiana, I don't see TOPS going anywhere anytime soon, and if you include that $80k should be more than enough with no other scholarships
We are in GA, which has HOPE. The oldest has his sights on our alma mater (out of state) but honestly, I will lobby for in-state.
Posted on 5/31/22 at 3:25 pm to concrete_tiger
Hope in GA is too good a deal to pass up. Tell the kids they can go out of state if they can get an equivalent scholarship, so full tuition if they are excellent students. They will study hard, get denied for a large merit scholarship at their dream OOS private, then attend GaTech or UGA on Hope. Everyone wins.
Posted on 5/31/22 at 3:30 pm to concrete_tiger
But yes large merit scholarships at top 50 schools are almost impossible without some major hook. There are still some schools with auto merit awards based on stats alone; like Alabama, UA-Huntsville, Arizona, FSU, UCF. May change in 4 years.
Posted on 5/31/22 at 3:43 pm to concrete_tiger
Send him to trade school bruh
Posted on 5/31/22 at 3:52 pm to concrete_tiger
quote:
1. What's the reality with scholarships these days? Without getting political, is it going to be realistic for Caucasian kids with good to great grades to earn some level of scholarship? What are you seeing?
Gonna need more than great grades. 1400/1500/1600 SATs, top 10 of graduating class, financial need, etc.
Posted on 5/31/22 at 3:53 pm to concrete_tiger
If you are in Louisiana and plan for your kids to attend LSU, don't expect much other than TOPS. Even with good scores you will be offered less than you will be at the directional schools in Louisiana.
Posted on 5/31/22 at 4:35 pm to el Gaucho
quote:
Send him to trade school bruh
If that's what he wants, then that's cool. They just need to support themselves as far as I'm concerned, I don't care how they do it, if it's HVAC or engineering.
Posted on 5/31/22 at 4:37 pm to concrete_tiger
My most recent child who had the highest level of tops AND a merit scholarship attended ULL. We paid I think nearly $1500 in freaking fees and whatever TOPS didn't cover PER semester. He graduated in May 2020.
Then books, etc. He loved out I think his third year and he paid his own rent/utilities; we still helped w/ car insurance/phone/food when he needed. 529 can be used for living expenses .. not sure about insurance/phone.
Then books, etc. He loved out I think his third year and he paid his own rent/utilities; we still helped w/ car insurance/phone/food when he needed. 529 can be used for living expenses .. not sure about insurance/phone.
Posted on 5/31/22 at 4:46 pm to tiger91
You said you are in Georgia, my son will be attending a state u in Georgia (not UGA or GT).
He was a
HS honor grad, with 6 AP classes, 1310 SAT, 3.7 or so GPA. He got Zell Miller Scholarship.
We still have to pay 1000 or so in fees per semester, books, dorm/meal plan (they are required to live on campus). All together this is around 15,000 a year that the Zell Miller won’t cover.
He was a
HS honor grad, with 6 AP classes, 1310 SAT, 3.7 or so GPA. He got Zell Miller Scholarship.
We still have to pay 1000 or so in fees per semester, books, dorm/meal plan (they are required to live on campus). All together this is around 15,000 a year that the Zell Miller won’t cover.
Posted on 5/31/22 at 5:03 pm to Dawgfanman
My son is going to kennesaw in the fall.
Room and board is the biggest nut.
$5831/semester. Im covering that for his freshman year. Afterwards, it is on him.
Most of the kids in my area are going to stay home and commute.
Tuition is $3774/semester but hope is covering that.
Fees are estimated at $993/semester.
Books/supplies estimated at $750/semester.
My son is covering those not picked up by scholarship.
KSU estimates transportation at $1298/semester and personal expenses at $2149/semester. Im guessing that is a car, insurance, gas, clothes, etc...
My son is responsible for that as well.
The reality is that the biggest expense is "the college experience" living on campus.
Room and board is the biggest nut.
$5831/semester. Im covering that for his freshman year. Afterwards, it is on him.
Most of the kids in my area are going to stay home and commute.
Tuition is $3774/semester but hope is covering that.
Fees are estimated at $993/semester.
Books/supplies estimated at $750/semester.
My son is covering those not picked up by scholarship.
KSU estimates transportation at $1298/semester and personal expenses at $2149/semester. Im guessing that is a car, insurance, gas, clothes, etc...
My son is responsible for that as well.
The reality is that the biggest expense is "the college experience" living on campus.
Posted on 5/31/22 at 5:08 pm to meansonny
quote:
The reality is that the biggest expense is "the college experience" living on campus.
Mine is headed to GCSU. It’s 3800 for dorm and 1800 for meal plan per semester. Required for first year. Looked at apartments and it’ll be much cheaper when he can live off campus.
Posted on 5/31/22 at 5:25 pm to concrete_tiger
Don't forget that these kids are growing up in a different world than we did.
My brother learned coding for free online/youtube and makes $250,000 a year. No degree.
I won't say what I make but it is a silly number and my degree is not worth the paper it is printed on.
The world has changed.
My brother learned coding for free online/youtube and makes $250,000 a year. No degree.
I won't say what I make but it is a silly number and my degree is not worth the paper it is printed on.
The world has changed.
Posted on 5/31/22 at 6:10 pm to concrete_tiger
Tops for top 10% type of student at $100k
4-year LSU recently cost us net $40k. Targeted $80k in 529 at $200/month for most of their life. Remaining balance for grad school if that is path forward.
Hope this helps.
4-year LSU recently cost us net $40k. Targeted $80k in 529 at $200/month for most of their life. Remaining balance for grad school if that is path forward.
Hope this helps.
Posted on 5/31/22 at 7:40 pm to vistajay
quote:We are finding this. Our son has a 4.5, 35 ACT and will be Merit finalist. OU and Alabama are talking 5 year full rides. Many other southern schools will do 4 years. None are top 50 tho. Plenty offering him $ here and there but nothing like bama.
But yes large merit scholarships at top 50 schools are almost impossible without some major hook. There are still some schools with auto merit awards based on stats alone; like Alabama, UA-Huntsville, Arizona, FSU, UCF. May change in 4 years.
Posted on 5/31/22 at 7:40 pm to Turf Taint
Target $80K per child?
Posted on 5/31/22 at 7:45 pm to good_2_geaux
quote:
Target $80K per child?
That’s about the cost for 4 years at an in state school (including room and board).
Posted on 5/31/22 at 7:53 pm to concrete_tiger
Have two that have gone to college in state now. Oldest for mid tier tops and southeastern merit ($3250/yr tuition/fees +$2k year housing) scholarship 27 act and 3.0+gpa
2nd got top tier tops and $5k/yr scholarship at La Tech 29act and 3.9 gpa.
Both went to BR high.
2nd got top tier tops and $5k/yr scholarship at La Tech 29act and 3.9 gpa.
Both went to BR high.
Posted on 5/31/22 at 8:08 pm to good_2_geaux
quote:
Target $80K per child?
Yes. Contributions set to get us there assuming standard growth, etc. Always the risk the market tanks, of course.
I’d love for them to get scholarships and this be a nest egg for when they get started in life.
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