If you have kids now. save 500K for college.

[Hugo Drax]

http://www.cnbc.com/id/100966386

Parents scraping together cash for this year's tuition bills may have it relatively easy. By the time today's newborns graduate from high school, the total cost to attend a four-year private college could tally nearly $500,000.



So start saving for your kids college. Wow 500K for a College degree. My prediction of 1 Million dollar college degrees in 25-30 years from now seems to be coming to fruition.

 

[nehalem256]

By the time today's newborns graduate from high school, the total cost to attend a four-year private college could tally nearly $500,000.

Or go to a cheaper state school maybe?

 

[Hugo Drax]

Or go to a cheaper state school maybe?

State school will be 250K

 

[xBiffx]

Don't have kids, problem solved.

 

[Hugo Drax]

Don't have kids, problem solved.

Actually that is already happening. There is a Baby Bust going on with the new generation.

 

[jaedaliu]

State school will be 250K

So you're saying that there's no difference?

Whatever. My eventual kids will take out loans for school. Depending on how well they do, my wife and I may pay off the loans.

 

[xBiffx]

Actually that is already happening. There is a Baby Bust going on with the new generation.

Smart people. Tuition will be super cheap for them.

 

[Texashiker]

By the time today's newborns graduate from high school, the total cost to attend a four-year private college could tally nearly $500,000.

In other words, part of the US will be third world, the other part first world.

Fewer middle class families will be able to send their kids to college, which will further a slide into poverty.

 

[halik]

Don't have kids, problem solved.

this

 

[nageov3t]

no kids, and not planning on having them... but if I did, I'd probably encourage my hypothetical son or daughter not to jump into college straight away from high school and instead, spend a year working and trying to figure out what kind of a career they want to move into (and once figured out, think about whether a 4-year university is necessary or if they could instead go to a trade school, get an apprenticeship, etc)

I'd be more than proud of my plumber son :thumbsup:

 

[Genx87]

this

I saw this on the magazine stand the other day. Was tempted to pick it up. I am in a position where my friends are finally having children by it looks like my chances are it simply wont happen. And honestly, I dont have that drive to have children either. And the difference in lifestyle may be a factor. They are scrambling to pay bills, find baby sitters just to see a movie together, or make it near impossible to go on trips. Anyways my eyes were also opened when going to a focus group last week about finances. And how people with children cant save anything while the few of us in my age group without kids live very comfortable lives and can sock away a lot of money for retirement.

 

[nageov3t]

there's a definite downside to it, though.

my understanding is that population is only growing in the US thanks to immigration. in heavily graying countries where birth rates are declining and they don't have the same levels of immigration (Japan is probably the poster child for the issue), there seems to be issues huge medical expenses and an unsupportable social security structure.

so maybe I should adopt from some third world country like Detroit... :hmm:

 

[drebo]

It's a good thing that I realize my kids can get good jobs without college degrees.

 

[drebo]

there's a definite downside to it, though.

my understanding is that population is only growing in the US thanks to immigration. in heavily graying countries where birth rates are declining and they don't have the same levels of immigration (Japan and Italy jump to mind), there seems to be issues huge medical expenses and an unsupportable social security structure.

so maybe I should adopt from some third world country like Detroit... :hmm:

The people who should be having kids are smart enough not to right now. The people who shouldn't be having kids are being rewarded and encouraged to keep having kids.

We're fucked.

 

[Genx87]

The people who should be having kids are smart enough not to right now. The people who shouldn't be having kids are being rewarded and encouraged to keep having kids.

We're fucked.

There appears to be an idiocracy element. And this is the issue I debate in my head right now.

 

[dank69]

Started putting away $600/mo when my daughter was born specifically for college. Calculations show I'll be able to send her to State with that. If she wants to go Ivy League she's going to have to get some scholarships.

 

[brandonb]

I won't be sending them to college for 500k. Let alone 50k.

There is a certain point in your life where you say things just aren't worth it. It's like highway robbery. Either through tuition, taxes, whatever, and you put your hands up and say "Enough is enough." I feel that way about school. You shouldn't have to be indebted to your school for 20 years after you finish. So you could get that stupid piece of paper "BA" and get that glorious job. That's ridiculous.

It's sort of like restaurants charging $2.99 for a cup of Soda (where their costs are $0.10 per cup)... Instead I'll just drink water! Eventually restaurants will figure out if they just lower the price to $1, and they'll make more money. (Unless people just have that much money to spend on a drink, and are willing to pay it. Idiots I say)

Schools will figure out this lesson as well. Do idiots really pay $500k for school? I could find better uses for my cash.

 

[Strk]

Community college for two years and transfer

While it would depend on the state, but in MA, it would be around 30k going that route, not including room and board.

 

[velillen]

It's sad the cost of tutition. Every single year colleges raise their tuitions for no real reason other than that they can.

I'm already not excited to pay my gfs med school loans when they come due. Couldn't imagine what they will be in 20 years. Thankfully she's already said I can quit me job and stay at home . Though ill keep working and pay the loans off and house off before I quit for good

 

[gevorg]

I would rather send them to study in Europe/Taiwan. Living expenses would be higher than here, but tuition would still be much lower.

 

[Attic]

500k sounds high enough that, if saved, turning into a trust fund at the time your child turns 18 may be a better use of the money.

Particulary given that to earn real money these days you are either non college educated or have a masters or higher (more tuition cost). The degree mills are pumping out nothing special.

At the very least consider letting the kid work a year or two prior to pillaging a sizeable retirement account that if untouched over 20 years at 5% with minor monthly contributions could give them at 1.5 million dollar account before they are 40.

 

[Nintendesert]

I agree, nothing says smart people like self imposed Darwin awards. That's ok though, us brown people are breeding you all out.

 

[DrPizza]

I think that a lot of the tuition rise is sort of a bubble - tuitions rising at rates significantly above inflation isn't something that can be sustained forever.

 

[Engineer]

I think that a lot of the tuition rise is sort of a bubble - tuitions rising at rates significantly above inflation isn't something that can be sustained forever.

I can agree to this and also wonder how really expensive this stuff is. My daughter received a small scholarship ($3,500 per year), the Kentucky Kee's money ($2,000 per year) and our per semester payment is under $3,600 including books but no meals (tuition, fees, dorm, books, etc). Understandable that it's a mid size state university but still. Throw in a nice, fat tax credit and it's even less than that (IIRC, was a $3,000 credit last year so....).

I saved up quite a bit of money for college and so far, I've touched zero dollars and am actually expanding it year over year (even after paying her expenses). I can only hope that it stays the same for my youngest or so.

On a side note, the university where my daughter is at had to pre-cut 20% from the state appropriated funding that they were receiving because they were "expected" to take a 20% cut. They did just that and what do you know, they didn't get a 20% state cut. They did however cut salaries, staff and raise tuition/fees to cover the 20%. They are now plowing the 20% "fat reduction" back into the university with, of course, no lowering of tution/fees/books. What a crock of crap! (I may contact my state congressman about this issue - probably will fall on deaf ears though).

By the way, I'm by no means saying that a private school tuition is going to be equal to what an in state school is. Just throwing the numbers out there and shaking my head as to why the numbers are always quoted so high, even for in state universities.

 

[fskimospy]

http://www.cnbc.com/id/100966386

Parents scraping together cash for this year's tuition bills may have it relatively easy. By the time today's newborns graduate from high school, the total cost to attend a four-year private college could tally nearly $500,000.



So start saving for your kids college. Wow 500K for a College degree. My prediction of 1 Million dollar college degrees in 25-30 years from now seems to be coming to fruition.

I find this unlikely. This number clearly assumes that the current unsustainable rate of tuition inflation will continue, and that's just not going to happen for the simple reason that no one will be able to afford it.