Ask:
I graduated from a University of California school 16 years ago. My entire education (dorm, books, tuition) for four years of undergraduate study cost $28,000...$7,000 per year. I just checked my university's web site and it now costs $21,000 per year! That's for a public university with in-state tuition.
Does anyone else get stressed at the thought of what it will cost to send your kids to college?
Answer:
We're fortunate enough to live in a state that has prepaid college programs, where you can lock in at today's tuition rates even though my kids won't go to go college for many years. The prepaid programs cover all our state colleges and universities
Even better, the state of Georgia will pay the tuition if a student qualifies with good and maintains good grades. The student has to be a resident of the state of Georgia and graduate from a Georgia High School as far as I know.
Answer:
No my kids and us will just have to get loans. We don't have the funds to save for college now. We are not even saving enough for retirement and that should take precedence (who is going to loan you money to retire on). My state has an awsome program should my kids want to do it (no pressure) Its running start where they start there Junior year of high school at the Community College (for FREE) and graduate High school with an associates. So we will try to save when we are better off.
Answer:
for some reason I never worry about the cost of college. I paid my own way and expect to help dd's but I know it can be done. I don't assume I will be footing the entire bill. I expect my dd's to help fray the costs somehow. I think if u worry too much about it u tend to scare yourslef into doing nothing b/c it seems so overwhelming.
allgirls
Answer:
I'm not worried about it. Like another poster said, my boys will have to help out with college costs. We do have a college savings plan for both of them but I doubt it will cover all of their expenses. I had to (and still have to) pay my own way for college, I don't think it will hurt them to have to pay some as well.
Answer:
I wonder about those state plans. if your child doesnt go to the school, do they give you your original amt back and keep their interest? if you had invested say 7K when the child is born rather than give to that plan, you could get a good return of 8% or so and you'd have 30K in 18 years and the freedom to go anywhere. it seems all to their benefit.
I was surprised but I guess makes sense that our planner discouraged too much in our 529s bc the children may not qualify for financial aid if they have lumps of money in their names.
Answer:
Hi Lilygracemom....In our state the prepaid college plan is run differently than a traditional 529 plan. It only covers tuition and mandatory fees. My children are young, so when I locked in the rate a couple of years ago, it was alot cheaper than the tuition prices are now. By the time they go to school in about 10-12 years, the rate I paid will definitely seem like a bargain. If for some reason they don't go to college, yes after the money has been in the plan for four years, you get the money back with the interest it has accrued. Before the four years, you get the money back without interest.
Also, if my kids don't go to a four year university, it will cover community college, and any state approved technical or trade school. Our state's program is very flexible. I hope that answers your questions.
I also agree with the parents that say that it is OK for the kids to help pay for their education. The kids will have to help with their room and board as well as their books. They are not covered in the program and I don't know whether we will be able to save enough to cover that.
Answer:
i worry but my kids know they need to get good grades because mom and dad arent rich and so they will have to get some scholarships, my oldest wants to go into the military first so she can get the GI bill, that is what her daddy is using right now since he got injured in Iraq and needs to re-educate himself now because he cant do his old job.