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re: How much is goal to save for each kid’s college?

Posted on 10/8/19 at 5:36 pm to
Posted by hob
Member since Dec 2017
2127 posts
Posted on 10/8/19 at 5:36 pm to
quote:

what happens if they get scholarships?


If Junior gets scholarships that just means you have lower qualified expenses.

Posted by Eightballjacket
Member since Jan 2016
7313 posts
Posted on 10/8/19 at 5:38 pm to
Take the money that you would put into the 529 and pay down your home mortgage.
Posted by ksayetiger
Centenary Gents
Member since Jul 2007
68272 posts
Posted on 10/8/19 at 5:38 pm to
Why would any of yall save 100K or more? Thats like one or two paychecks for most of yall.
Posted by LSUtoBOOT
Member since Aug 2012
12386 posts
Posted on 10/8/19 at 6:02 pm to
quote:

I thought the Dems were going to pay for it.


They will, unfortunately there won’t be any decent paying jobs for the kid to get upon graduation. Bernie has a plan, and he’s as serious as a heart attack.
Posted by GeauxGutsy
Member since Jul 2017
4715 posts
Posted on 10/8/19 at 6:17 pm to
So the average American has $3-9k in savings, yet OT ballers are saving 100k/child for higher ed.
Posted by brass2mouth
NOLA
Member since Jul 2007
19681 posts
Posted on 10/8/19 at 6:18 pm to
My oldest is 13 and I’ll have about 30k for her.

My son is only 9 but I have 10k saved right now.

He should me in the same area by the time he graduates though.

I’m not trying to pay for all of it. Just knock off a year or so. The rest they’ll need scholarships or loans for.
Posted by RobbBobb
Matt Flynn, BCS MVP
Member since Feb 2007
27890 posts
Posted on 10/8/19 at 6:38 pm to
As bad as I hate them, an online diploma is gonna be the thing. States cannot keep up the maintenance on all the brick and mortar buildings they will have to have in order to accommodate an entire nation of students that qualify for college

You and your kid will never pay off the costs of a 4-year college education. Its becoming a for-profit business, and quickly merging into a scam

Save yourself some money. Let your kids work, while taking online classes, and graduate debt free.
Posted by Gaston
Dirty Coast
Member since Aug 2008
38945 posts
Posted on 10/8/19 at 6:51 pm to
I want my son to go meet friends and girls and go live it up. I don’t want the real world to start at 18.


I went to LSU for ~8 years. It. Was. Awesome.

Moved to San Francisco with a Chimes St waitress, married 17 years now, and a couple of good degrees...but I was ready. Did it take me too long, yes. Was the investment worth it to my parents, oh hell yes.

Covering his expenses for at least 4 years is what I want to accomplish. I worked at LSU’s CAMD for 5 years, he should at least be able to get a school job in a few years.
This post was edited on 10/8/19 at 6:54 pm
Posted by Bullfrog
Institutionalized but Unevaluated
Member since Jul 2010
56191 posts
Posted on 10/8/19 at 7:09 pm to
We had saved absolutely nothing after private school tuition. Paid for LSU out of pocket and some help from TOPS.

It’s been painful but they had jobs to pay for a good bit of their spending money, some food and gas.

We and TOPS covered tuition, fees, cars, insurance, housing, laptops, phones, Greek bills, parking tickets, utilities and food to varying degrees.

Glad it’s getting in the rear view mirror and that they are great kids.
Posted by MSTiger33
Member since Oct 2007
20368 posts
Posted on 10/8/19 at 7:13 pm to
The goal is $200k for each kid’s 529 and then cover the rest.
Posted by Hangit
The Green Swamp
Member since Aug 2014
39071 posts
Posted on 10/8/19 at 8:11 pm to
I went to Freshman orientation and was told that $86,000 was what we were looking at for 4 years. They had included cell phone, laptop, health insurance, car insurance, Etc. in that figure. We were already paying all of that anyway and did not consider it a school expense.

Florida Bright Futures, a similar program to LA's Tops, has picked up a ton. She also got enough in outside scholarships to cover everything but food. Her dorm has a kitchen and we give her $75 per week to cover groceries, gas, etc. If she comes home for the weekend, I fill her tank.

Have him apply for every scholarship he is qualified for. It is a pain, but almost every one gave her money. They give a minimum of $1k, with her highest coming in at $20k. Every scholarship application must be accompanied by an essay. They are all different subjects because they do not want you using 1 essay for 25 applications.

One of the scholarships she received asked her to come, with family, to a presentation dinner, RSVP. It was awesome. They gave her a laptop for RSVP'ing, plus a $1k scholarship., just for showing up. It was prime rib and fried Jumbo shrimp. But I digress...

You can also apply for lowered school costs through the school. It is based on need and ethnicity. She has some Hispanic friends whose parents are wealthy. They got their costs lowered to almost nothing. My daughter did not get hers lowered at all, and she had a 4.62+.

TLDR: Apply for scholarships, keep a high GPA, and be ethnic.
This post was edited on 10/8/19 at 8:19 pm
Posted by greenbean
USAF Retired
Member since Feb 2019
4553 posts
Posted on 10/8/19 at 8:21 pm to
Four ways to pay, Army, Navy, Air Force Marines.

Also for MS residents, tuition is covered at most schools for members of the MS Army or Air National Guard, the GI Bill, etc, is on top of that.
Posted by tigerfoot
Alexandria
Member since Sep 2006
56211 posts
Posted on 10/8/19 at 8:37 pm to
Just had one get out from Tech. She kept TOPs at the highest level with her stipend. She also kept a couple other scholarships. So most if tuition was free. It still cost me a little over 30k. Without her doing her part you would be looking at 60-70k or so to get a bachelors from Tech.
This post was edited on 10/8/19 at 8:41 pm
Posted by DarthRebel
Tier Five is Alive
Member since Feb 2013
21233 posts
Posted on 10/8/19 at 8:38 pm to
College is going to be different in 10 years and the bubble is going to pop.

Unless your child is going into a STEM program, you are actually just tossing money down the drain.

I have not bothered looking at college crap on a resume in over 10 years. It does not matter now, since every idiot can go to college.

Then again I am hiring professionals and not baristas.
Posted by tduecen
Member since Nov 2006
161244 posts
Posted on 10/8/19 at 8:40 pm to
If they can't get a scholarship they don't belong in college
Posted by shutterspeed
MS Gulf Coast
Member since May 2007
63232 posts
Posted on 10/8/19 at 8:43 pm to
Posted by 99BLKBRD
Member since Mar 2015
575 posts
Posted on 10/8/19 at 8:45 pm to
0$....make those frickers own their own way.
Posted by zippyputt
Member since Jul 2005
5746 posts
Posted on 10/8/19 at 8:45 pm to
Use the Coverdell Education accounts which can also be used for elementary through high school just in case.
Posted by Old Sarge
Dean of Admissions, LSU
Member since Jan 2012
55225 posts
Posted on 10/8/19 at 8:46 pm to
50k per kid is a good solid number for in state

If you make them get a small part time job so they have skin in the game 50k will get them a bachelors degree
Posted by jimmy the leg
Member since Aug 2007
34055 posts
Posted on 10/8/19 at 8:47 pm to
No TOPS...100k.
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