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How do people afford OOS tuition?

13

Replies to: How do people afford OOS tuition?

  • CU123CU123 Registered User Posts: 937 Member
    edited August 11
    Did I not post clearly? I said paying $60k plus is "out if your mind" not paying $20k because I got scholarships etc. If you can go to UCB for 30k or less a year, that's a smoking good deal. Taking on $240k of debt to go to UCB is "crazy". JMHO
    Again read the post top privates and LACs are worth it, but not public FULL OOS tuition for public schools.

    PS if you have the money and it's no big deal then spend how you like. I had two go in state and one go to a top 10 private.
  • SnowflakeDogMomSnowflakeDogMom Registered User Posts: 17 New Member
    DD has a friend going to Cal Berkeley - the price tag is staggering as will be the debt - Kid is going to have staggering debt as parents are doing a combo of Parent Plus Loans and Co-Signed student loans. Family doesn't have money and its a large family without college savings plans. IMO Kid got in and Mom and Dad got sucked into the emotion of the acceptance and again IMO all making bad decisions saddling themselves and their kid with huge loans.
    IMO this family CANNOT afford Berkeley but the easy to obtain Parent Plus loans make it easy to finance.

  • skieuropeskieurope Super Moderator Posts: 24,463 Super Moderator
    edited August 11
    MODERATOR'S NOTE:
    I wont use the wotd here out of respect for you.
    More to the point, please do not use that word out of respect for everyone on both this site, and IRL. Another mod has already edited out the word in question.
  • skieuropeskieurope Super Moderator Posts: 24,463 Super Moderator
    MODERATOR'S NOTE:
    Did I not post clearly?
    To be fair to the users who responded, no, you did not post clearly, IMO. There is a difference between "why would anybody in their right mind pay OOS tuition" and "why would anybody in their right mind pay full-sticker OOS tuition," which is where I think you were headed.
  • thumper1thumper1 Registered User Posts: 61,940 Senior Member
    @CU123

    We paid $28,000 a year for our first kid in 2003...and by the time that same kid graduated, we were paying $38,000 a year. He had a $10,000 a year performance award.

    Second kid...we paid $45,000 a year for freshman year, and by the time that kid graduated, we were paying $50,000.

    We are not out of our minds in any way, shape or form. Kids had the Direct Loans, but we had no additional debt...because we were BOTH employed professional parents. We planned it that way. We always knew that MY total income would be going to college costs by the time our kids went to college.

    Carry on.
  • beth's mombeth's mom Registered User Posts: 3,331 Senior Member
    There are a number of kids from my D's high school who pay full freight at OOS schools, both public and private. It's a choice their families can afford. Some families pay out of pocket from current income. Some have family money. Some have saved for college since before the children were born. Others have lived well below their means for years to afford it because sending their children to certain schools is a priority - more so than big houses, new cars and vacations. Some families are comfortable borrowing and paying a portion of the cost in the future. We chose NOT to pay $250,000+ for our daughter's education - she went to an OOS public with a full tuition scholarship - but I certainly don't think anyone who chooses to pay that amount is out of his or her mind. I know many families who have done so. It's all a matter of priorities and values. Everyone is different, and families have many different financial circumstances. I find it best not to judge one way or the other.
  • CU123CU123 Registered User Posts: 937 Member
    I stand by my advice $250K is too much money for a state school, but anyone can spend there money however they want. Telling prospective students and ghee parents that they should mortgage there home for the $250k is irresponsible.
  • thumper1thumper1 Registered User Posts: 61,940 Senior Member
    @CU123

    Did anyone here say that mortgaging their home for $250,000 was a good idea?

    Please...you are digressing in a huge way. I've been posting in this forum for a LONG time and honestly..I've never heard someone say that taking $250,000 in loans for undergrad school is a wise move...for ANY college.
  • CU123CU123 Registered User Posts: 937 Member
    Well I'm glad we agree........
  • saillakeeriesaillakeerie Registered User Posts: 1,371 Senior Member
    There are two distinct questions here. One is how. The other is why. And they apply for in-states, OOS, publics and privates. Different students/families will reach different conclusions. Different strokes.
  • sushirittosushiritto Registered User Posts: 773 Member
    but anyone can spend there money however they want.
    Different strokes.

    Exactly. :)>-
  • HRSMomHRSMom Registered User Posts: 4,121 Senior Member
    If you can afford it, it's not crazy. I do it for UMich. Is it a top private or LAC? No, but it is every bit as good as them and significantly better than my in state choices.

    Borrowing it all is not financially wise tho...
  • skieuropeskieurope Super Moderator Posts: 24,463 Super Moderator
    MODERATOR'S NOTE:
    In no instance did the OP discuss class sizes, so a debate about size of classes at Mich serves only to detail the thread. 7 posts deleted.
  • mamommamom Registered User Posts: 3,219 Senior Member
    Why is the question of how much I am willing to pay for my kids education any different than the cars I choose to drive. And I choose to drive used a Prius for now. I don't buy new, I drive my cars into the ground. I also choose to not take expensive vacations or spend lots on clothes. My H and I have chosen to let our D apply to expensive schools next year because we have the money due to frugal living up to now. Perhaps I wonder why those who chose to only let their kids attend local state U are buying new minivans every 4 years. Frankly, I think it is no ones business how I chose to spend my money. It is all about choices.
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