College costs are actually going down

[FlaGator]

Quote:

Originally Posted by Aiming_4_55 My kids are approaching college age. With money in pocket, I struggle with supporting $30 - 50k per year college expense when a major or career isn't reasonable. Even new teachers by me, they start at $45k/year salary. So, $120k - $200k a degree to teach, sorry, just seem unbalanced. My kid is signed up for some AP and dual credit classes at about $100 each. Kid will have the 1st year completed when she graduates high school, so considering a State university, but kid also mentioned Community College as they offer a degree in the field of interest. Might finish Associate and Bachelors between $10 and 30k with a starting salary in the $70k range.

You have the right plan, and kudos to your kid for "working ahead". Both of mine loaded up on AP classes and did well on the tests. Oldest was considered a sophomore after for first uni semester. Hope the second one lands there.

For someone wanting to be a teacher (as the first one was), anything but a state school is a waste of money, IMO.

[PlayinwithFIRE]

Quote:

Originally Posted by ncbill I'm still surprised how few nowadays here in the USA explore the military options for paying for college. My kids all had their tuition covered by ROTC scholarships, though one re-applied & moved on to a service academy (their first choice) after one year. In many states simply joining the state National Guard covers tuition at that state's public schools. Before receiving a last-minute ROTC scholarship one of mine was planning to move & join the National Guard in a different state to cover tuition at a public school where they (well, I) would otherwise have had to pay tuition at the expensive, out-of-state rate.

Well, we've been actively in war for what, the last 25 years? From a young persons point of view, why risk a potential outcome where you are in a foreign country risking your life when you can simply get student loans?

I don't undervalue this path, but i'm guessing how a teenager might look at it.

[HarveyS]

I am not doubting the data, but I have not seen costs decrease for my 3rd year student at a GA public school.

[Toocold]

Quote:

Originally Posted by HarveyS I am not doubting the data, but I have not seen costs decrease for my 3rd year student at a GA public school.

I think prices for the T20/50 private schools and state schools still continue to go up, but for private schools that are less competitive, they are likely giving more scholarships/merit aid to attract more kids.

[madatrub]

Most colleges locked tuition raises as a result of the pandemic. I'm betting you'll see it head higher... As for having 2 children about to start college in the next 5 years, my message to them has been: Max AP courses in HS, push 2yr community/bridge college, then finish at the college of their choice. Its a lot easier to swallow when its 4 semesters vs. 8. And lets be honest, paying a lot of money for the first two years of college is a waste.

[FlaGator]

Quote:

Originally Posted by madatrub Most colleges locked tuition raises as a result of the pandemic. I'm betting you'll see it head higher... As for having 2 children about to start college in the next 5 years, my message to them has been: Max AP courses in HS, push 2yr community/bridge college, then finish at the college of their choice. Its a lot easier to swallow when its 4 semesters vs. 8. And lets be honest, paying a lot of money for the first two years of college is a waste.

As long as we're being honest......

Yes, HS AP classes can take care of a lot of the first year or so of college. My oldest ended up as Soph after her first semester at University and was able to complete a Master's in four years. Definitely helps.

For those who didn't, or couldn't take advantage of AP or Dual Enrollment (hope that's not just a Florida thing), I find the argument against during 4 full years on campus, and away from home to be less persuasive if the funds are available. IMO, one of the reasons to leave home and go to school is to start to prepare for independent adult life. Yes, there is a cost to do so, and it can be mitigated by HS AP classes, community college, etc.

If kids have been prepared during HS beyond academics, I think there is no substitute for sending them away to an appropriate environment to go to school. I'm an older parent, and mine knew they had to get in, get it done, and graduate before I died .

[Koolau]

I find it difficult to wrap my head around the cost of college these days. When I was a HS Senior, I applied for a scholarship that was based on need and academics. I won $100 scholarship for both first and second semester of my Freshman year ($200 total.) That amount was more than half of the tuition of the state school I attended. Working summers, I easily paid all college tuition, fees, transportation, books, spending money, etc. The big advantage was that I lived at home. On a good day, I could use the family car to drive to class. If there were a conflict, the bus would take me. Heh, heh, I sense that things have changed.

[MichaelB]

Quote:

Originally Posted by Koolau I find it difficult to wrap my head around the cost of college these days. When I was a HS Senior, I applied for a scholarship that was based on need and academics. I won $100 scholarship for both first and second semester of my Freshman year ($200 total.) That amount was more than half of the tuition of the state school I attended. Working summers, I easily paid all college tuition, fees, transportation, books, spending money, etc. The big advantage was that I lived at home. On a good day, I could use the family car to drive to class. If there were a conflict, the bus would take me. Heh, heh, I sense that things have changed.

Visual Capitalist has nice graphs. Here’s one for college tuition https://www.visualcapitalist.com/ris...ollege-in-u-s/

Quote:

Since 1980, college tuition and fees are up 1,200%, while the Consumer Price Index (CPI) for all items has risen by only 236%.

Note - the light area in the graph is inflation and the dark area is average college costs above inflation.

[Koolau]

Quote:

Originally Posted by MichaelB Visual Capitalist has nice graphs. Here’s one for college tuition https://www.visualcapitalist.com/ris...ollege-in-u-s/ Note - the light area in the graph is inflation and the dark area is average college costs above inflation.

Thank goodness the gummint has been helping out with FAFSA, student loans and other such things. Without gummint help, the poor universities would have had to keep their tuitions stable to get any students. That would have been unfortunate.

[Phroig]

The number of administrators has grown exponentially.

[Koolau]

Quote:

Originally Posted by Phroig The number of administrators has grown exponentially.

Not to mention new and improved administration buildings. It's very beautiful. I no longer recognize my university campus. It went from old buildings that were adequate for 80 years to diamond plated edifices that I'd feel like I needed to take off my shoes to enter. I'm not sure they would even let me in any more.

[anothercog]

my eldest will be attending college in the fall, thankfully a UC.

According to the FAFSA, I can supposedly afford 125% of my take home pay per year towards his education. Only "aid" was unsubsidized loans.

He did apply to one elite private school but wasn't admitted so I don't know if there would have been any fee reduction but based on my co-workers, they are paying full price for their kids' college. Yes, these colleges have plenty of money to give but they are only giving it to poor and lower middle class. I'm actually thrilled he wasn't admitted because I thought the school was horribly overpriced.

For lesser tier private schools, they will pay for kids with exceptionally high test scores.

The best value in California is to attend community colleges and then transfer into a UC as a junior. It's easier to get in as a transfer too.

We considered this route but ultimately, I felt a large part of college learning is the college experience and I'm willing to pay for him to have that experience.

[madatrub]

Quote:

Originally Posted by anothercog my eldest will be attending college in the fall, thankfully a UC. According to the FAFSA, I can supposedly afford 125% of my take home pay per year towards his education. Only "aid" was unsubsidized loans. He did apply to one elite private school but wasn't admitted so I don't know if there would have been any fee reduction but based on my co-workers, they are paying full price for their kids' college. Yes, these colleges have plenty of money to give but they are only giving it to poor and lower middle class. I'm actually thrilled he wasn't admitted because I thought the school was horribly overpriced. For lesser tier private schools, they will pay for kids with exceptionally high test scores. The best value in California is to attend community colleges and then transfer into a UC as a junior. It's easier to get in as a transfer too. We considered this route but ultimately, I felt a large part of college learning is the college experience and I'm willing to pay for him to have that experience.

I dunno about that. My nephew has no father, no mother, and has graduated with a 3.8 GPA from a local university. His EFC was $0 and he's was maxed out on Unsubsidized and Subsidized student loans for his 4 years.

[madatrub]

Quote:

Originally Posted by anothercog my eldest will be attending college in the fall, thankfully a UC. According to the FAFSA, I can supposedly afford 125% of my take home pay per year towards his education. Only "aid" was unsubsidized loans. He did apply to one elite private school but wasn't admitted so I don't know if there would have been any fee reduction but based on my co-workers, they are paying full price for their kids' college. Yes, these colleges have plenty of money to give but they are only giving it to poor and lower middle class. I'm actually thrilled he wasn't admitted because I thought the school was horribly overpriced. For lesser tier private schools, they will pay for kids with exceptionally high test scores. The best value in California is to attend community colleges and then transfer into a UC as a junior. It's easier to get in as a transfer too. We considered this route but ultimately, I felt a large part of college learning is the college experience and I'm willing to pay for him to have that experience.

I dunno about that. My nephew has no father, no mother, and just graduated with a 3.8 GPA from a local university. His EFC was $0 and he's was maxed out on Unsubsidized and Subsidized student loans for his 4 years.

[Librarian]

3rd son just graduated last weekend.
This story is SO SO misleading.

When I attended state university in the 80s, it was $1K/yr for tuition & fees. My parents were making a combined $50K/yr at the time. I wanted to go to a private school but $10K/yr was out of the question (even with the “generous” $3K scholarship I was offered)

It is now $10K/yr at state. We were nowhere CLOSE to making $500K the years b4 retiring (2020 was last year we both worked full time all year) 2 teachers, no aid offered.

2 oldest went to TCU—Costs there increased 8%/yr while they were there!
DS 28 had 3rd best freshman scholarship offered, DD25 received 2nd best (best being full ride).
Costs for DD were nearly identical to DS with those increases.
Even with scholarships their annual costs were about $40K (they were all blessed with grandparent’s 529s)

Ok, TCU’s expenses are now $65K/yr.
That is INSANE (it was insane 10 yrs ago)
Saying “college prices are coming down” is a joke.
They have been out of control for some time & could not POSSIBLY continue to go up…

[NameTaken2]

If in HS now, I'd consider the trades and other options that can earn a very good living without taking on huge college debt.

If considering college, I'd investigate the options to pay for it that are provided by military service. Yes, there's some risk involved -but there's also pride in serving your country along with personal growth/experience.
To confirm my perspective that there's better opportunities these days, I'd explore all options before opting to take on huge debt to follow the "4 year degree for success" mantra.

[anothercog]

Quote:

Originally Posted by NameTaken2 If in HS now, I'd consider the trades and other options that can earn a very good living without taking on huge college debt. If considering college, I'd investigate the options to pay for it that are provided by military service. Yes, there's some risk involved -but there's also pride in serving your country along with personal growth/experience. To confirm my perspective that there's better opportunities these days, I'd explore all options before opting to take on huge debt to follow the "4 year degree for success" mantra.

How much does the military actually provide? With Private schools at $80k+/year and public at $30k+/year, does it cover today's tuition?

[HawkeyeNFO]

Quote:

Originally Posted by anothercog How much does the military actually provide? With Private schools at $80k+/year and public at $30k+/year, does it cover today's tuition?

Full Ride in many cases.

[NameTaken2]

Quote:

Originally Posted by anothercog How much does the military actually provide? With Private schools at $80k+/year and public at $30k+/year, does it cover today's tuition?

Nephew completed ROTC full ride at a state school.
Now based stateside, working in Cybersecurity.
No debt, and in a high-demand occupation.

My impression is that there's many similar great opportunities.
IMHO, an option worth exploring regardless of preconceptions.

[anothercog]

Quote:

Originally Posted by NameTaken2 Nephew completed ROTC full ride at a state school. Now based stateside, working in Cybersecurity. No debt, and in a high-demand occupation. My impression is that there's many similar great opportunities. IMHO, an option worth exploring regardless of preconceptions.

That's a pretty good deal. the military is not a good fit for my eldest but I could see my youngest in the Navy. We'll see how high school goes for him.

My son will be attending UC Santa Barbara. The most expensive part of it is housing. I'm hoping he gets a job as an RA in his second year which will give him free room and board plus a small stipend.

If I can help get him a summer internship at my company he would earn enough to cover housing costs as well. It pays pretty well.