In partnership with CBSSports.com
Online Now 464
Online now 822 Record: 11761 (2/27/2012)
The Web's No. 1 forum for coverage and discussion of Terps sports
Visitor discussion of University of Maryland and college sports
A place for lively discussion for all other sports unrelated to Maryland athletics
Feedback for IMS and 247Sports
You have no favorite boards.
The most viewed topics.
The most replied to topics.
The most up-voted topics.
The most down-voted topics.
The most up-voted posters.
The most down-voted posters.
The most followed posters.
That's just not true. I don't know why such an overwhelming majority of people keep repeating this line of thought. Are you guys not properly reading/applying for unsubsidized Stafford loans? Federal unsubsidized Stafford loans DO NOT REQUIRE A SHOWING OF FINANCIAL NEED.
This post was edited by terps99 22 months ago
Staffordterp, I feel your pain and I only have 1. Our plan was to have our house paid off by the time ours entered college. It sounded good at the time but now we realize that mortgage payment will only pay for about half of her tuition/room and board at a 4 year, in state school. So if she left today as opposed to 4 years from now, we would still be about 40k short.
I've tried to introduce the idea of community college or the military which garnered a luke warm reception. All I can say is that if I'm going to have to sell my soul to get her an education, she is going to have limited options when it comes time to pick a major. I'm not dumping 80k into a sociology degree.
I did this for my one month old. Even though my ego said you can invest in the stock market and make tons, my experience said otherwise. I bought an annuity w/Northwest Mutual based on what we expected college costs being 18 years from that point. Came pretty close to guessing the amount, the fund underpeformed, but still it covered 3 years and I had been saving on the side seeing that I would probably have to come up w/one year.
The key was to start early. You don't miss money you don't have, felt good writing the check each year, w/the assumption this would make the later years easier and less stressful. The only stick in the spokes was when he considered some 50K colleges and I said it wasn't really worth it, unless it was Harvard, Yale, Cal Tech, etc. Fortunately he went to UMd and that made it affordable.
Saving and adjusting your life style to help your children is the key. My son is debt free, working locally and enjoying his youth.
Have your kids be taller imo.
Not really related to your kids, but I guess this is a decent enough place for it.
I'm considering doing a graduate certificate program in corporate finance. I'm not quite ready yet to do an MBA, professionally or financially. I was wondering if anyone has had any experience of can offer any reccomendations. I'm in DC so it would have to be pretty local or online. Any input with online vs. classroom, certificate only vs. certificate that can be used towards an MBA eventually, or any school suggestions. Feel free to PM me if you have any suggestions. thanks
I have two in college now. It was tough saving up to cover most of it. They both get 4 years on us and then the rest will be on them I suppose. Feel fortunate not to be on loans yet, or touching my home's equity. Seriously though, those of you with 5 years olds, dunno how you'll pay for it, unless you are making GoTerpSS money. UMD alone is costing us slightly over 20K a year now when all is said and done.
We did start with 529s for both when they were young, but that only covered about 2 years of UMD. The rest was just cold hard savings (owning Saturns instead of BMWs). I almost wish I went with the prepaid trust since in the end the 529s did average on their returns. I would advocate the 2 year CC then university approach, Virginia has something similar. Only way to be affordable as well as let your kid figure out what they want to major in before you spend the big bucks.
This post was edited by MoCoTerp 22 months ago
I paid 90% of my ugrad tuition/housing via loans and work, but got a lot of cash.
Rather than have your kids go to cc, i had a friend put their kid through cornell in 2.5 years and another went somewhere else in 3. they steered their kids to AP classes and had them take summer classes. It really sucked the college experience out of them, but their kids have no loans and are much further along than their peers. If you go the cc route, make sue that they have an idea of the four year schoo they would lie to go in to, so tey can make sure their credits transfer. A lot of kids I know who went too cc only saved a year because they didn't take te right classes or they didn't transfer over. THese kids went cc for two years and then to somewhere else for 2.5 or 3 years because of bad planning.
Burdening a kid with large loans is wrong. Have them go to community college and help them plan their route to a 4 year University. Don't buy the whole "being deprived of the freshman year experience". You can't deprive anyone of something they are not entitled to. Getting drunk in a location other than your hometown and banging some sluts from New Jersey isn't worth 20-30k. I had a hell of a lot of fun my freshman year but i'd trade it for the 25k I spent on it in a heartbeat.
If your kid isn't going to major in a hard science, math, engineering, accounting or something of that nature....or doesn't have an incredible innate burning desire to achieve at a very high level in a liberal art that he's amazingly passionate about....encourage trade school. The value of a college degree is not what it used to be and certainly not worth the outrageous loans some kids are encouraged to take on for something that amounts to indentured servitude in an air conditioned environment.
Do not even entertain the though of having them pay their way through a private institution. In state tuition is the only appropriate way to go in this situation.
This post was edited by swathorne 22 months ago
I disagree with this, but of course when I started school 15 years ago I only had to spend 6K a year.
Where else in the world has the cost of something gone up 400% in a little over a decade?
You and I started at about the same time...how did you only pay $6K? Is that tuition only? Tuition, room, board, fees, etc for UVa (in-state) was about $10-$11K in 1998.
This is the smartest quote in this thread....
IIRC, tuition was only like 2000/semester my first year, and room&board, etc were about 5500. Knocked out some of the cost via scholarships (I had a bunch of $500-1000 ones)
I honestly don't remember for certain, but I came away after 4.5 years with 16K in total student loan debt, and I didn't pay much out of pocket. And that was with 3 years of living in dorms and paying for that.
Maybe it averaged out to cost about 8 grand a year, of which 2/3 I had those Stafford loans (sub and unsub) and paid for the rest via other means.
I had a talk with my mom this morning on the phone and she regaled this;
She graduated school with 4 years of tuition and housing on a private bank loan. She got a job as a teacher in Texas. She had the loan paid off AND a new car she bought as a graduation gift to herself paid off in 4 years. As a teacher. In Texas. ~20 some odd years ago.
This paid for 80% of my tuition at Duke for my last three years. Be reasonably fit, major in one of the right subjects (I did engineering), and getting a scholarship was easy. Commitment was 8 years in the reserves - which means one weekend a month and 2 weeks a year if you live in the US, and basically "we'll call you if we need you" if you live overseas like me. Even with Afghanistan and Iraq, they didn't need me.
You don't give up much in terms of good times to do ROTC. You can't let your hair grow, you can't have fun with your facial hair, you spend a few hours a week on military training, and you occasionally have to work out as a group. If you're in good shape, you can get a free pass from a lot of the workouts. For me, I could still have fun, and it gave me enough structure to keep me from partying every night and skipping too many classes.
FWIW, when a friend of mine recently had a baby, their financial advisor recommended they save $600/mo from day 1 for college tuition.
Welp, fuck that, that settles it. I'm not having kids.
"Maryland football: Where everybody gets hurt and the starting left tackle has an existential crisis."
even earning 0% interest, that's 130k for a college education.
im sorry i was confusing...your "Superbowl" was the Redskins losing since you know that the Ravens cant win it all.
don't even have any kids yet but my fiance wants us to have 3. dagger
Agree with some of this, but I have a kid who has done everything right, both inside and outside of the classroom, and he wants to go away to school. I'm going to find a way to pay for it and I'm sure he will get some academic assistance. I have another who screwed around in high school and is now at community college for 2 years. He wanted to go away and we said not until you prove you can handle it. Depends on the kid to me.
Out of state schools will grant in-state tuition if your kid has very good grades and test scores and if you push hard enough. I've had three friends whose kids went out of state to good schools and they were able to get in-state tuition.
Estimated cost of attendance 2012-13:
VT: $18k in-state, #33k out-of-state
UM: $22k in-state, $40k out of state
That's gonna go up over 18 years. IIRC, Duke was around $18k/yr when I was there 18 years ago.
there's no chance tuition will rise the next 18 years like it has the past 18. 600/month is probably overdoing it for the average in-state education, but it doesn't hurt to over-budget.
Easily the biggest benefit of working at a higher education college/university is the free tuition that you get, your spouse gets, and your children get. Depends on the school, but most state schools pay for all tuition for you and your dependents (not room/board).
I work with people who purposely decided to work at a college for this benefit for their kids. It gets real messy when they've been working here a number of years to get the free tuition for their kid(s) and then the kid(s) don't get admitted to the school....
I know 5 females working admin jobs at Johns Hopkins so there kids can go free.
247Sports In partnership with CBS Sports