The cost of college

Grassshoppa said:
Was reading through the Costco magazine today. It said the average annual cost of college is $46,000. How are kids supposed to pay for college these days? That's quite a hefty price tag for parents.
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I dont buy that figure at all. University of Texas is 25k yearly and that includes room and board.
 
RerouteToRemain said:
I know people that have done it.

My brother went to school for commercial aviation. Out of pocket he paid around 30k, mostly for flight hours/private license from working at a car wash. He still has 90-100k worth of student loans but by working a job there is no reason you shouldn't be able to pay off a decent amount of that 10-12k per year.
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So you brother did not go to a traditional university or college, that I am sure the TS is talking about.
 
Community college is like 2k a semester MAX. You can easily knock out common courses at a CC and then transfer to a University for the degree portion.
 
MastiffMike said:
My oldest starts college in a couple weeks. Private college where tuition + room & board = $68,500 per year. The school is giving my kid $53k to incentivize them to go there.

In addition she got a couple small scholarships ($7500/yr). So it works out to being about $8500/yr that we have to pay (which will drop further once my younger child enters college in 2 years). We're splitting that with us paying half and she will cover the remaining $4250. She has enough saved up to pay the first year, and between work study during the school year and working over the summer she should be able to graduate debt free. However she may opt to take a small loan and either work less or buy a car.

She also got offers from other colleges equal or better (turned down a full ride at another private college).

So yes college costs are out of hand, but for smart, desired, students it's not too bad. But I do feel for the mediocre students where the scholarship dollars just aren't high enough to make it reasonable.
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Giving her $53k? Please explain.
 
MadSquabbles500 said:
OP states annual cost is $46K
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Midnighter said:
46k for 4 years.

So if they put ALL the money they earn toward that they've barely made a dent in their overall debt.
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Thought it was a 4 year total as that is roughly the cost of in state university 4 year degree. Googling out of state average cost it's still half of that per year.

I seriously doubt that is the average cost of college. I don't know anyone paying even remotely close to that.
 
Financial aid.
State Grants.
Tons of scholarships out there.

There are plenty of ways.
 
MastiffMike said:
My oldest starts college in a couple weeks. Private college where tuition + room & board = $68,500 per year. The school is giving my kid $53k to incentivize them to go there.

In addition she got a couple small scholarships ($7500/yr). So it works out to being about $8500/yr that we have to pay (which will drop further once my younger child enters college in 2 years). We're splitting that with us paying half and she will cover the remaining $4250. She has enough saved up to pay the first year, and between work study during the school year and working over the summer she should be able to graduate debt free. However she may opt to take a small loan and either work less or buy a car.

She also got offers from other colleges equal or better (turned down a full ride at another private college).

So yes college costs are out of hand, but for smart, desired, students it's not too bad. But I do feel for the mediocre students where the scholarship dollars just aren't high enough to make it reasonable.
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Wow! Just wow! I live in an area too where there’s some prestigious schools, and if you’re not an athlete then you better hope you have rich parents!
They are phenomenal schools, so nothing to worry about there, but any idea what she wants to do? Can they guide her there?
 
It really isn't that bad if you're smart about it. Community college is practically free and finishing up the rest at a state university isn't too bad. There are tons of scholarships and Grant's people dont apply for. Working part time helps also.

One more thing is if some of these dickheads are actually dropping 50k a year on college they at least should major in something worthwhile.
 
Gus Fring said:
does that include other costs outside of basic tuition?

transportation, a place to live, food, basic necessities, school materials, textbooks, computers.... etc?

I graduated without owing a dime... went to a community college and then to a state university that I could afford. It also helped that I had a job the entire time I was going through college.
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That's how I got through my first BS degree. Hardly any debt, maybe 2k in debt from what I remember but I paid it off pretty fast after graduation. Recently went for the RN-BSN but my employer paid for it so no harm done.
 
Change your last name to Hernandez or kaepernick and apply as a Hispanic or African American. Not only is it cheaper than the cost of college, you will have an easier time getting into college and get free money to attend college.
 
Gus Fring said:
does that include other costs outside of basic tuition?

transportation, a place to live, food, basic necessities, school materials, textbooks, computers.... etc?

I graduated without owing a dime... went to a community college and then to a state university that I could afford. It also helped that I had a job the entire time I was going through college.
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Same.

People need to stop trying to get the whole college experience at an out of state school and rack up tons of loans while getting a degree in some bullshit major.
 
As I read this, I just paid my upcoming semester's fees yesterday. They increased it by 20%, ffs lol.

I personally don't have any debt as it's from myself.
How do others pay back?

I don't think it's that difficult if you have a job. Not having a job or a proper one though then it'd be a struggle. Just put aside between 5-20% of your annual income towards repayment and you'd have it done in a decade or less. The higher the income the less portion of your income can be committed to repayments.

Like if your debt is 50k.
You're earning high at 100k, commit only 10% every year and you'd have it done in only 5 years. If you want a smaller portion to be paid then pay 5% and it'll take 10 years.
If you're a low to moderate earner at 60k then also you can also pay just 10% and have it paid within a decade.

So the conclusion is that people, who are struggling, might be bad at managing their money. Setting aside no more than 10% of your income towards that debt will have it repaid within a decade.
And when setting aside money, there shouldn't be any assumptions, put a fixed and physical amount aside like 8k.

A wise man once said,


6576cfa8aa06b5230bd04538179bef2c.jpg
 
The federal government in the US will pay you 2500 a year to be a student for four years. That's enough money to pay for the first two years of your degree at a community college and pay a quarter of your tuition at an in state public college. 15k of out of pocket expenses isn't bad for a bachelor's degree.
 
danny23 said:
As I read this, I just paid my upcoming semester's fees yesterday. They increased it by 20%, ffs lol.

I personally don't have any debt as it's from myself.
How do others pay back?

I don't think it's that difficult if you have a job. Not having a job or a proper one though then it'd be a struggle. Just put aside between 5-20% of your annual income towards repayment and you'd have it done in a decade or less. The higher the income the less portion of your income can be committed to repayments.

Like if your debt is 50k.
You're earning high at 100k, commit only 10% every year and you'd have it done in only 5 years. If you want a smaller portion to be paid then pay 5% and it'll take 10 years.
If you're a low to moderate earner at 60k then also you can also pay just 10% and have it paid within a decade.

So the conclusion is that people, who are struggling, might be bad at managing their money. Setting aside no more than 10% of your income towards that debt will have it repaid within a decade.
And when setting aside money, there shouldn't be any assumptions, put a fixed and physical amount aside like 8k.

A wise man once said,


6576cfa8aa06b5230bd04538179bef2c.jpg
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You forgot about taxes and interest.

A 100k earner in NY probably takes home 70k after taxes.
 
kahiljabroni said:
You forgot about taxes and interest.

A 100k earner in NY probably takes home 70k after taxes.
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My point still stands. If he/she saves 10% at both, before and after tax it'll be repaid in a decade at most.
 
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