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litenin
LSU Fan
Houston
Member since Mar 2016
1283 posts

Last minute college savings for child?
We have one child that is currently a high school soph and have not saved a penny for her college fund. We sort of figured that she would somehow manage through a combination of scholarships, part-time jobs, and student loans (similar to how my wife and I managed during our college years). I realize that this isn't the best approach and only having one kid also played a role in our lazy actions.

On the plus side, we have about 30k in savings (separate from 401k and other retirement). Any suggestions on the best way to set aside some (or most) of this amount to maximize the total amount in 2.5 years or so?



deeprig9
Georgia Fan
Member since Sep 2012
32181 posts

re: Last minute college savings for child?
At this point, stick with your original "plan".

Supplement her monthly with extra cash while in school, and a little more help after college grad.



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hungryone
LSU Fan
river parishes
Member since Sep 2010
8094 posts

re: Last minute college savings for child?
I have no suggestions on savings, but I do have one: please tell your child NOW that she cannot expect you to cover her entire tuition. She needs to know that college will mostly be on her own dime so that she can consider schools within her budget. Be brutally honest with her: you cannot afford to send her to Dream College X out of state, unless she gets an amazing scholarship. Please do not leave this conversation until her junior year when she's working on applications. This might also encourage her to take on a part time job and start saving on her own for college, or to work harder at her studies.

On the other hand, plenty of people attend in-state schools w/tuition mostly covered by TOPS and go on to become productive citizens.....


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TigrrrDad
Member since Oct 2016
3640 posts

re: Last minute college savings for child?
Weed penny stocks.

You’re welcome.

I was actually in the same boat. Mine started college this year. I put around $500/month toward college plus $5,000 from my income tax return, so around $11,000/yr. He gets around $10,000/yr. from TOPS and his scholarship. He makes a student loan for the other $5,000 or so. Seems fair to me.

ETA: And before he’s done with college, his 270,000 shares of LVVV should have his student loans covered.
This post was edited on 2/5 at 5:23 pm


hungryone
LSU Fan
river parishes
Member since Sep 2010
8094 posts

re: Last minute college savings for child?
$5k a year in loans is $20k for an undergrad education.....ouch. I’m very glad I didn’t have that sort of debt straight out of school. But I pinched pennies, lived in campus housing w no AC......


BigVoodoo
Xavier Fan
Milky Way Galaxy
Member since Jul 2015
722 posts

re: Last minute college savings for child?
Stay in state and supplement with the TOPS scholarship


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hungryone
LSU Fan
river parishes
Member since Sep 2010
8094 posts

re: Last minute college savings for child?
quote:

Stay in state and supplement with the TOPS scholarship


Agree--this kid needs to stay in-state, and to make sure she qualifies for the maximum TOPS award. (Unless she's incredibly talented & scores a full ride somewhere else.) Her parents can help to steer her in that direction by taking her to visit in-state campuses, introducing her to friends and family who are productive graduates of these schools, and to help convince her to graduate from UG with little/no debt. Save the debt for graduate or professional school, if necessary.


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TimeOutdoors
Mississippi St. Fan
Depends on the day
Member since Sep 2014
4007 posts

re: Last minute college savings for child?
I agree with letting her know now and setting expectations. While education is more expensive now, I was able to save a considerable amount of money by going to a Community College for the first two years before transferring. It made things more difficult as an engineer student once I got to State, but it was very doable. I also worked construction during the summer and got a job with a caterer that was perfect for college. I could come home on the weekend and between setting things up and cleaning up afterwards I could get in 20 plus hours over the weekend and when I was out of school for Christmas I could easily pick up 70ish hours doing Christmas parties etc. All in it all it probably kept me out of trouble and made college expense much more manageable.


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biggsc
USA Fan
Bald Cypress
Member since Mar 2009
27367 posts

re: Last minute college savings for child?
Setup a 529


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southside
Member since Aug 2018
23 posts

re: Last minute college savings for child?
The opportunity for your child to even know about scholarships, grants, etc. is plenty of "help" to her. Guide her on what it will take for HER to fund HER college education. As a sophomore she has plenty of time to work on GPA/Test scores that are needed to apply for many scholarships and grants. As well as work part time in High School to start saving.

There are many options to fund college besides a parent's account. I can think of a quick list below
-Scholarships(major and minor)
-Grants
-Part Time work(uber, wait tables, Waitr, runners at law offices)
-student loans
and the BIGGEST IS "CONTROL SPENDING"

Yea, a lot of the kids have nice cars and live in nice apartments, but they also have rich parents or student loans. Minimize spending and you can minimize "costs".

I went to college driving a vehicle with 250k+ miles and lived in a below average apartment complex, but I made those sacrifices so that I could be the first person to go to college in my family.

The kids that I met in college that were set up the best and most prepared(financially and academically) were the ones who were 2nd generation college students. Their parents guided them to the path of success. My girlfriend(2nd gen college) had applied for and earned so many scholarships that she was getting paid to go, plus she worked part time as a dental assistant all while she studied Chemical Engineering with a 3.5 GPA.

Paying for college without their parent's money is possible for the kids that want to EARN a degree.


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ml
Alabama Fan
Japan
Member since Mar 2015
43 posts

re: Last minute college savings for child?
529. Even if you don't load/nvest in it, still set one up. You can make a deposit, wait a day or so, make a withdrawal and use it towards any educational purchase. It'll help you out on your taxes.


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