Final College Payment Today! Total: $90,045

[TromboneAl]

All done with paying for college! DD is now financially independent from us.

We have champagne in the fridge, and will drink it tonight.

Note that the cost went down after the first year, since we used up money saved in DDs name, making her eligible for more financial aid.

 

[REWahoo]

You're a wonderful dad, Al.

Parting with that kind of money was surely an agonizing and excruciating experience for a frugalista like you. I hope your DD appreciates the gut-wrenching financial sacrifice you made to give her an education. But don't hold your breath.

 

[Sue J]

Congratulations, Al! Our younger son graduates in Dec.2009. We've made the payment for the Spring semester and we have one more due in August for the Fall semester. Our costs are lower because he's going to a state school and commuting.

Have a nice time tonight. You two deserve it.

 

[Moemg]

Congratulations ! Of things I've spent money on educating my children was the best !

 

[KB]

Congratulations to your daughter and you and your wife, Al.

I would have gladly spent the money if my boys had decided to complete their college education. I have offered to help if they decide to return, but I'm not holding my breath.

I know you are very proud of her, as you should be.

 

[SteveL]

Congrats! It is a real accomplishment to have a child graduate from college without having student loans.

 

[FinanceDude]

All done with paying for college! DD is now financially independent from us.

We have champagne in the fridge, and will drink it tonight.

Note that the cost went down after the first year, since we used up money saved in DDs name, making her eligible for more financial aid.

View attachment 5459

I heard that kids still need money in their 20's.........

 

[TromboneAl]

Congrats! It is a real accomplishment to have a child graduate from college without having student loans.

No, no, she has student loans as well.

 

[Culture]

OK, I have to ask, given the cost, what school and what degree?

 

[Bestwifeever]

Hot damn, good for you (and her!).

 

[Rich_by_the_Bay]

Good going, Al.

We accumulated about 12 years of tuition for our two kids, starting just about the time I got my educational and practice loans paid off. It felt really good to have that over and done with. That's when I started seriously saving for retirement.

If I had it to do again, I'd probably have them incur some of the debt themselves but from my current vantage point it all feels good. Enjoy the champagne.

 

[donheff]

Congratulations Al. That is a big step. I am nearly at the same place. DD is four credits short of graduation. I just sent $5k in to cover her last "course" which is actually an internship at the Smithsonian. DW is living at home and will graduate in May provided she satisfactorily completes the internship. Not quite independent yet, but close.

 

[Bimmerbill]

Thats a lot of coin! I think I have under $10K in on my education, including my recent MBA. State school tho, not ivy league or anything fancy!

 

[Leonidas]

Well, now I'm a little bummed out. With a college sophomore and a high school sophomore I have at least 6 years of tuition checks to write.

Eldest will probably not graduate in four years, so I'm guessing that the overlap year is going to really suck.

I would go ahead and buy the champagne now, but it will be so long before I can pop the cork to celebrate it will most likely have turned into vinegar.

Congrats Al. I'm jealous. Excuse me while I go look for the animated avatar of the guy banging his head against the wall.

 

[Independent]

All done with paying for college! DD is now financially independent from us.

We have champagne in the fridge, and will drink it tonight.

Note that the cost went down after the first year, since we used up money saved in DDs name, making her eligible for more financial aid.

View attachment 5459

Congratulations. And I hope that "financially independent" means that she has a job that will repay her student loans.

 

[Martha]

What did you end up doing with her old bedroom? Inquiring minds. . . .

 

[bssc]

Have you explained to her that she needs to send you 20% of all her earnings? And did you decided if this was pre or post tax.

 

[TromboneAl]

OK, I have to ask, given the cost, what school and what degree?

Wash University in St. Louis, biomedical engineering. No job yet. She turned down one $60K job offer, was turned down for another job, and is waiting to hear from some others. I don't think she'll have any trouble with the student loans.

What did you end up doing with her old bedroom? Inquiring minds. . . .

It's currently an exercise room, with a stationary bike and rowing machine.

 

[ProspectiveBum]

Congratulations! Just curious, how did you draw the line between what you were willing to pay for, and what DD needed student loans for? Did you have a hard figure that you'd decided you could afford, and she was on the hook for anything beyond that?

DW and I have been having conversations about how we'll manage this with our kids (currently 4 and 2), and I'm interested in hearing what others have done.

 

[TromboneAl]

Congratulations! Just curious, how did you draw the line between what you were willing to pay for, and what DD needed student loans for? Did you have a hard figure that you'd decided you could afford, and she was on the hook for anything beyond that?

DW and I have been having conversations about how we'll manage this with our kids (currently 4 and 2), and I'm interested in hearing what others have done.

Easy, she took the maximum loans that were allowed. In addition I loaned her money, but for a graduation present, we will tear that up.

After the first year, she paid for all her food and other expenses through summer jobs and jobs during the year. She had several jobs each semester (tour guide, alumni contributions telemarketer, lab work).

 

[yakers]

Good to hear this has worked for you. We are 1 1/2 yrs into probably a 5 yr degree but at a state school it has been manageable. So far no loans. I was able to jump into retirement in early 08 because he is in a state school & I had been saving up for college. The bad news is....he's a music major; particularly percussion. I told him that degree is good for 'do you want fries with that' job wise but he is serious, practicing hours every day and getting very good grades.

 

[free4now]

TromboneAl, you often have interesting attachments to your posts, and that graph was very enlightening. My takeaway: My parents did it best by essentially becoming broke on paper so I would qualify for lots of financial aid. Then again they weren't making kids take out as many loans as they do today.

 

[Alan]

Congrats Al. We put both our kids through college and didn't regret it one minute - it felt really good when they graduated and even better when they started their first job.

DD graduated 2003 and had a job lined up a few months before she graduated. DS graduated 2007 and got a job in 6 weeks.

 

[jazz4cash]

Congratulations on a job well done, Al. You are an inspiration to those of us still on the tuition treadmill......thanks for posting and enjoy the toasting!

 

[NotReady4Purple]

Congratulations Al, to you and your daughter.

Biomedical engineering should be a good field - even these days.