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06.30.08, 11:45 AM General Topics
30 replies
How do families that make under 200K manage to fully fund their children's college education? [ Reply | Watch | Flag ]
General Topics 06.30.08, 11:45 AM Flag
 

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god knows. We make 90k and know we won't be able to fund their college. they will have to do it the old fashioned way like we did (work and loans) [ Reply | More
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General Topics 06.30.08, 11:48 AM Flag
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OP. But don't most Americans make under 200K (uneder 100K for that matter)? What is the average HHI? [ Reply | More
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General Topics 06.30.08, 11:49 AM Flag
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Where are you from? The average HHI is closer to $50K than $100K, definitely nowhere near $200K. Plenty of people manage to save a lot more than you do, especially those living in areas with reasonable cost of living. [ Reply | More
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General Topics 06.30.08, 11:52 AM Flag
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or: I would think so..not sure what the ave. american HHI is [ Reply | More
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General Topics 06.30.08, 11:53 AM Flag
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nnp last time I saw figures, the avg income was around 55 or 60K [ Reply | More
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General Topics 06.30.08, 12:03 PM Flag
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The average HHI in the U.S. is about 55K. And, this is not just a non-NYC issue. The fact is that the vast majority of NYC households ALSO make between 30-70K--which (as most of those posting here know) doesn't travel far in NYC. Among the most progressive ways that this issue could be redressed is to begin to allow the first 25-40K of earned income to escape FICA tax, while significantly upping the upper threshold past which no FICA is paid (currently around 100K). This is the most regressive tax that exists in the U.S. and the sad truth is that most people have no fucking clue. [ Reply | More
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General Topics 06.30.08, 05:07 PM Flag
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NP --- same here [ Reply | More
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General Topics 06.30.08, 11:49 AM Flag
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Where do you live? [ Reply | More
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General Topics 06.30.08, 11:51 AM Flag
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or; Manhattan [ Reply | More
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General Topics 06.30.08, 11:53 AM Flag
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How on earth??? They save, imagine that. Plenty of people do it with $100K and less, too. [ Reply | More
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General Topics 06.30.08, 11:51 AM Flag
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OP. But many private colleges cost about 40K per year. [ Reply | More
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General Topics 06.30.08, 11:56 AM Flag
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np: then I guess many go to a state school [ Reply | More
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General Topics 06.30.08, 11:57 AM Flag
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Yep! Most everyone I went to HS with went to the excellent state university down the street. [ Reply | More
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General Topics 06.30.08, 11:59 AM Flag
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Exactly, most kids go to their state school, which is much much less than $40K. [ Reply | More
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General Topics 06.30.08, 11:59 AM Flag
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Not I. I went to a private school on the west coast 40k a year, I had 2 years of tuition from my parents the rest was grants, scholarships, and student loans. [ Reply | More
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General Topics 06.30.08, 12:08 PM Flag
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don't spend money on shit, put it in the bank instead [ Reply | More
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General Topics 06.30.08, 11:53 AM Flag
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yeah, unfortunately concept of saving and not spending money you don't have is not something majority of US population bought into. [ Reply | More
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General Topics 06.30.08, 11:54 AM Flag
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NP true, but some of us don't spend $$ on shit and still don't have emough to save for college. We do ok but seriously, after house payments (on a $145K house so no comments) and gas and food, funding retirement etc, there isn't much left over [ Reply | More
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General Topics 06.30.08, 12:07 PM Flag
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Do you qualify for a Coverdell Education account? That's the best deal in education funding, but its income-limited. [ Reply | More
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General Topics 06.30.08, 12:13 PM Flag
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not sure. I know DH was looking into all that when DD was born. He handles the finances and I can't remember what he decided. Probably so if it's a good deal. I'll check into that though. Thanks for the reminder [ Reply | More
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General Topics 06.30.08, 12:15 PM Flag
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it beats 529 plan by a mile, but again, not everyone qualifies. Also, Series EE bonds can be used tax advantaged, but subject to income limits as well. [ Reply | More
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General Topics 06.30.08, 12:17 PM Flag
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cool. thanks. I do need to check up on that. DH is good with $$ etc but can be a procrastinator! Thanks again for the info and reminder [ Reply | More
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General Topics 06.30.08, 12:18 PM Flag
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We probably won't be able to, at least not a private school. We save for her, but it would require, like 7K a year in savings, which we definitely don't have with our 95K HHi in NYC. [ Reply | More
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General Topics 06.30.08, 11:53 AM Flag
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Some savings, some loans, some of dc's income [ Reply | More
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General Topics 06.30.08, 11:54 AM Flag
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Private colleges cost about 50K per year including room and board. [ Reply | More
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General Topics 06.30.08, 12:02 PM Flag
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not sure what you mean by "fully fund". We try to save what we can for retirement and for her college. She will go to private school so we will be paying for that fully. She will know from early on that we will be able to help but not pay for everything. She iwll have to work (like I did) and get scholarships to pay for college. I don't think that is a bad thing. [ Reply | More
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General Topics 06.30.08, 12:02 PM Flag
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No, it's not. I was lucky that my parents could pay my tuition, but I was responsible for the rest. I had jobs during the school year and summers, and it worked out fine. [ Reply | More
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General Topics 06.30.08, 12:04 PM Flag
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yep. I know among my friends that those of us who paid for at least part of our educations, appreciated it more and were more serious about it. [ Reply | More
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General Topics 06.30.08, 12:05 PM Flag
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I mean your kid does not have to work (except for own spending money) or take out any loans for school. [ Reply | More
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General Topics 06.30.08, 12:06 PM Flag
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that's what I guessed you meant but I wasn't sure. Still, I think it's not bad to expect a kid to pay for at least some of her own education [ Reply | More
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General Topics 06.30.08, 12:09 PM Flag
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