Funding kids college

Discussion in 'Bad Dog Cafe' started by glenlivet, Sep 12, 2020.

  1. telleutelleme

    telleutelleme Doctor of Teleocity Silver Supporter

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    I am a director of an Education Foundation, created to assist K-12, At-Risk, Adult Learning and Higher Education. Our industry society; one of many, use grants and scholarships to promote fields of study which bring new candidates into our disciplines. There are such groups for almost every industry and discipline. If your children have chosen a direction, then you/they/school advocate should research and reach out to the organizations like ours. Generally the requirements are listed and funds are awarded on need, merit and interest.

    Surprisingly, it can be quite challenging to find applicants.
     
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  2. chris m.

    chris m. Poster Extraordinaire

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    It is true that if you go to grad school for a higher degree, then at that point where you got your 4-year degree is a lot less important....although going to a prestigious 4-yr school makes it more likely to get into a prestigious graduate program since admissions people get swayed by fancy names, too.

    Regarding the question from Europe regarding tuition, the cost is bankrupting, hence the discussion. Here's a couple of examples:

    Harvard University-- $51,925 tuition and fees per year, and that does not cover room and board. So let's call it about $75k.

    University of California at Berkeley-- $14,253 tuition for state residents, $44,007 tuition for non-residents. If you move to California from out of state in order to attend university, they make it as difficult as possible to establish official State residency because they want to keep charging the higher rate.

    Bear in mind that in the 70s, tuition for an in-state resident to the UC system was basically free. You had to pay a small annual fee, but there was actually no tuition. This illustrates the shift of the economic burden to individual students and their families that has occurred over time, even in the state university systems, even in the most liberal states.

    Somewhat more affordable is the California State University System-- (UC is generally considered higher end vs. Cal State....)

    $6,802 in-state, $18,682 out-of-state for Cal State Channel Islands.
     
  3. BigDaddyLH

    BigDaddyLH Tele Axpert Ad Free Member

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    My younger daughter is off to UBC (off as as in going online from home :lol:). Tuition varies by program, but for her (Arts): https://students.ubc.ca/enrolment/finances/tuition-fees/undergraduate-tuition-fees

    (There is no difference between being a BC resident and other provinces and territories.)

    Canadian: $CAD 5,506 [$USD 4,182]

    International: $CAD 39,573 [$USD 30,053]

    That's a factor of 7 difference! Despite that, she tells me she's talked to some American students who say they go to UBC because it's cheaper than the US.

    EDIT: the least expensive universities in Canada are in Quebec (for Quebec students), around $CAD 2,500 [$USD 1,900]: https://www.univcan.ca/universities/facts-and-stats/tuition-fees-by-university/
     
  4. imwjl

    imwjl Poster Extraordinaire

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    I don't have time to read 5 pages, but hopefully someone said start a 529 account. At the moment this topic remains big in hour house. One in college, twins in high school. It's indeed costing a lot but so far we have a kid in college who's great, a high performance kid, and we hope we can keep helping.

    It's all worth doing. Education has had obvious and less obvious benefits for my wife and me.

    Some stress that's a tangent from the savings is encouraging them to make choices that will aid having income and a good life.
     
  5. Guitarzan

    Guitarzan Poster Extraordinaire

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    1. The first thing any parent should do is teach young people the truth about college. The truth is that some degree programs matter and some colleges matter. The corollary is that all degree programs do not matter (generally avoid anything with the word "Studies" in it such as General Studies or Womens' Studies) and all schools do not matter (avoid a mountain of debt for a degree from an institution that is really nothing more than an adult daycare center). A big lie has been foisted on young people for several decades now that one must get a degree, any degree, from any old school, and it will help them succeed.

    2. College of the Ozarks is a tuition-free school that makes students work and has a strict code. It is not for everyone but can impart and education without a mountain of debt.

    3. There are few "free" or "low cost" options and a lot of young people talk about wanting "free college". Well, there is one other way aside from hoeing the row at a school like College of the Ozarks. There are a lot of jobs that outside the line of fire with low risk of injury in the USAF, Navy, and Coast Guard.

    https://www.va.gov/education/about-gi-bill-benefits/montgomery-selected-reserve/
     
  6. chris m.

    chris m. Poster Extraordinaire

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    If you can write well, that will always pay off. I am amazed when I hire people with Ph.D.s and they are still fairly abysmal writers. My Mom got her Ph.D. in sociology, but she got tired of the academic rat race and went into banking. And she was working in the era where women and minorities were treated like total crap, and she is both. She started out as a loan officer, but because of her sharp writing skills and ability to write LONG, clear documents, she ended up literally writing the loan officer's manual for a large corporate bank. To give you an idea of how messed up the corporate culture was, Scott Adams, the creator of Dilbert, worked in the same group as she did.

    When I went to college, I knew plenty of connected blue bloods who majored in philosophy, religion, art history, history, etc. But they knew that through family connections that they would go down to Wall Street and get a job with Goldman Sachs or whomever and soon be rich as Croesius. They certainly had an ability to write really well, and to think analytically. That plus a degree from an elite institution (even "gentleman C's"), ideally a history of playing an elite sport (lacrosse, crew, squash, or the regular plebian sports), and coming from the right family, and the sky was the limit. For regular middle class folks this is not a path that can be counted on, because those slots are protected for the privileged. For regular folks you have to do it all on merit. If you're good enough then an English major is just as good as an economics major to get your foot in the door at the bottom rung of some boiler room company, but you better be DAMN good.
     
  7. jimd

    jimd Friend of Leo's

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    I am a big believer in higher education and the college experience. But, because of the ridiculous costs these days you have to be very careful. I knew exactly what I wanted to do in life, so there was no point in delaying things. But if your kid doesn't know what they want to study community college, or a fews years of working is not the end of the world and I think it is the way to go. I've seen numerous parents with tunnel vision that their kid had to go to college right away. Its not the right move for a lot of kids.

    When I was in school I saw a lot of people just taking whatever classes tickled their fancy, or worse, whatever their friends were taking. When they finally picked a major, they realized half their classes didn't count towards it and they needed an extra year or more of school. At the big $2000/year State U., that wasn't the end of the world. Now my school is at least 10 times as much. If you don't know what you want to study, wait until you figure it out. Don't waste your money and rack up debt.

    I also saw a lot of kids just self destruct the first year through partying/drinking and just plain goofing off and not going to class because they don't have someone making them. Again, at $600-$700 a quarter it is a valuable life lesson. But at today's prices it could be a disaster. Make sure your kid has their head on straight and is mature enough to handle the big change that happens when they go off to college.
     
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  8. glenlivet

    glenlivet Tele-Holic

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    I've heard that a few grant opportunities go unused simply because "no one applied for them"....qualified or not, or even meeting the letter of the grant seems to be less of a issue when they "can't give it away". As someone here mentioned earlier...."apply for everything" (ie: the shotgun approach) seems to have zero risk / zero loss.
     
  9. glenlivet

    glenlivet Tele-Holic

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    I have heard this same thing....that depending on current value of the Canadian dollar, it can be cheaper in certain circumstances...but, we'd be a foreign student at that point, and would probably have to pay through the nose. So I think the Canadian Dollar would really have to take a big hit for that to be attractive.
     
  10. glenlivet

    glenlivet Tele-Holic

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    Yea...my kids *fairly* focused....He has a direction in mind, and he understands that this isn't just for the "college experience" ... (kind of makes me sick when i hear kids / parents say that)
     
  11. jrblue

    jrblue Friend of Leo's

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    Everything's up for grabs since COVID-19. Colleges are destabilizing financially and none of them are confident that tuition income will return given the number of lost jobs. Everyone's looking to state (tax-supported) school, with good reason. I suspect some private and independent colleges will come up with new costs and programs simply because hardly anyone will want to pay $60K of after-tax income for college. And though I hate to say it, we're all seeing how much that college-supervised "discover of self and other people in college life" is actually drinking, more drinking, and more drinking and screwing around. I would participate in funding an economical, purposeful, and sound college education, and unfortunately that's only a slice of the whole pie. Colleges have been brutally exposed for what they are. Unless you're a tycoon, funding a four year on-campus self-absorption vacation is off the table now.
     
  12. BigDaddyLH

    BigDaddyLH Tele Axpert Ad Free Member

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    It shouldn't. Even back when I was in university I realized there was more to it that just the classes. I think kids doing the semester online will realize they are missing a lot.
     
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  13. mugen74

    mugen74 Tele-Holic

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    My advice, don’t waste four years of your life in college. Learn a trade. 2 year technical school tops. Go make some money, if you want to waste time and money learning things for fun that will get you no where, do it later in life.

    Contrary to popular opinion, high school and college are not the best years of your life. Get that crap over with as cheaply as possible and start living.

    jh
     
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  14. TeleCarlos

    TeleCarlos TDPRI Member

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    Haven't read the other replies but I couldn't help myself in sharing....

    My daughter has graduated already and is doing her masters for almost free since she is working for the finance dept. Good on her.

    If I were 18 again, I would look into studying abroad for free*. Germany welcomes foreign students, and tuition is close to $0. Not only will you get a fine education, but the opportunity to live and learn the ways of other cultures (if you are so inclined) is a superb education.

    copy pasted :
    1. Free-tuition education in most universities (and very low fees in others).
    2. World class education by highly qualified staff.
    3. Hundreds of academic courses to choose from.
    4. Interesting country to explore with a profound history.
    5. Cultural diversity and students from all over the world.
    6. Practice speaking both English and German.
    7. Endless opportunities to work in Germany after you graduate.
    8. You can study every subject in English, no need to speak German.
    9. The cost of living in Germany is affordable, averaging around 720-850€ including rent, food, transport, health insurance, telephone/internet, study materials and leisure activities.
    10. The chance to live and explore one of the world’s most developed countries and its unique culture, history and landscape.

    I would have loved this opportunity back in 1991. It's even easier now.

    It's not for everyone, but for those who are open to it, I'm sure it is life changing in many ways!

    https://www.studying-in-germany.org
     
  15. Leonardocoate

    Leonardocoate Tele-Meister

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    How much does he have to pay? He should Have some skin in the game. I helped put 3 kids through. Which means they did a lot of the heavy lifting. They studied and worked. Colleges have also developed their two year programs which are a great way to start, depending on your son’s major or interest
     
  16. 3-Chord-Genius

    3-Chord-Genius Poster Extraordinaire

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    I don't believe in paying for my kids college education. If they choose their field of study wisely, and are employed successfully, they should be able to pay it off themselves.
     
  17. chris m.

    chris m. Poster Extraordinaire

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    One option is to at least loan your kids money. Zero interest is a lot easier to pay back. Also consider what you would pay if they still lived in your house— maybe it’s worth paying that much for four years while they live somewhere else...
     
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  18. P-Nutz

    P-Nutz Tele-Afflicted Silver Supporter

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    We funded for therapy ... :cool:
     
  19. cravenmonket

    cravenmonket Tele-Holic

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    I have no idea what things will be like in two years when my son is ready for college.

    I went to university in England in the 90s when we were given grants to go to college - not huge grants, but we certainly didn't have to pay for the education. I went to the Courtauld Institute (University of London) - the best school in the whole world for my subject - for free.

    My wife went to a small private college for women in Virginia and her parents paid for the whole four years.

    We live in the US now, and we have adequate funds to pay for my son (and my daughter eventually) to attend any school, but my concern is that it doesn't offer value for money.

    I am glad I went to university and so is my wife, but neither of us ended up using our degrees for our jobs. My wife also has a Masters degree. The value of her education is maybe $100,000.

    If I was 18 again, I'm not sure what I would do - learn a trade, maybe?

    Either way, we have a few hundred thousand set aside for my son and daughter if they want to go to US colleges. If they don't, they can lobby us for the funds some other way and we'll see if they have a good enough argument...

    Otherwise I'm buying a '59 Strat and a '51 Tele, and a pre-war Martin.
     
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  20. Chief101

    Chief101 Tele-Meister

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    FAFSA & Community College

    Community College for all the General Ed classes is the way to go, at least in my state. Our state transfers 100% of Community College credit hours to our 4-year state universities. Comm. Colleges are about 1/3 cost per hour of the 4-year universities.

    We paid for our oldest to go to Community College to get a Fire Science Degree. He is now a full-time firefighter working for a city government that pays for higher education, to include some Masters programs, as part of benefits. Good investment. Our son worked the entire time he was in school to pay for a used car, auto insurance, car maintenance, entertainment, cell phone, etc. No free ride. They have to learn sacrifice and responsibility as part of the experience.

    Our two younger kids have 529’s we started when they were babies that I hope will be sufficient to cover much of the cost of college when the time comes. If they get grants/scholarships all the better.

    By then I hope to be entering my second retirement.
     
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