Off-Topic

Buy a flux capacitor, go back 20 years, start saving your ass off.

Seriously, I can't preach to new parents enough the value of college financial planning because the next 18 years will pass by faster than anything and college will always cost more than you think

My wife and I lucked out; we saved, invested and then hit the lottery when my daughter got a half-ride athletic scholarship. But it's shocking how much college costs -- and what you don't see until the day comes is home much the little things (fees, books, dorm furniture, etc.) add up.

If I had four kids, I'd definitely consider/persuade each one of them going two years comm college- then transfer to a 4 year. That alone, may save them 50k each (100-125k each in 18 years from now if history repeats itself), and their job prospects won't go down by going that route.

My oldest is doing that now. It makes complete sense because all that matters is where you graduate from. We gave him the option after telling him how much we would be able to pay if he went out of state (which is what he wants to do). My goal is for none of my kids (3) to have loans when they come out of college. It's going to be tough, but I think we might be able to pull it off.

There's no right or wrong answer here, but I think it's completely fair for you to contribute as much as you can, but to the extent loans are needed for the rest, for your children to assume the responsibility for those loans. Put differently, you can co-sign for them (to help them get the loans or get favorable terms on the loans), but they then have to repay the loans.

Help them the best you can, steer them to major in subjects where they can have a career, and try to make them get an on-campus job, like working at the student rec center or dining hall to work on time management skills.

Our plan:

-athletic scholarship (unlikely)
-military
-prison

If none of those work, then he'll be an electrician.

I dont know what the general rule is for stafford loans but my brother and I were both turned down for them and my father is the only active income at a GS15/SES paygrade.

We were prepared in that we had pre-paid tuition investments from Florida but even then come my last year my Dad realized a gov. subsidized loan would make things a lot easier, but neither of us qualified financially.

I honestly wish I knew the extent of how expensive school would be for my parents because I thought we were well off but two kids through school back to back is pretty damn expensive if you are paying it with straight up cash. If I had realized the extent of the impact I would have applied for so many academic scholls. to at least alleviate some of the strain.

they could also become RAs and get free housing

I was turned down for everything. Including an unsubsidized loan. I had to go through Sallie Mae.

My brother was awarded the option of an unsubsidized but not the subsidized and turned it down. We only were looking to avoid the interest because we COULD pay it off with cash but with our ages being so close giving some time between the huge cash payments was desirable.

I don't know if you remember, but I ended up selling my car to pay off my loan in cash so my Dad could focus on my Brother and Mom for now (they just moved back to Florida and lost money when selling the house they bought up here in MD).

If you live in DC and are lower middle class, you are generally going to be denied for unsubsidized Stafford loans. At best you will get like 1k a year.

This a thousand times. I got like 5 $500 scholarships, plus a couple $1000. I even got $250 scholarship from Harold Baines!

It adds up.

I am in the community college camp for the general electives...why pay a premium for classes liek history, sociology, lit etc when it isn't your major and more than likely an 18 y/o can care less about them.