The Case For NOT Saving For College

[Jacob1983]

College is a ponzi scheme.

[LnGrrrR]

Emmm...yeah, unless I'm at Apple bees blow me.......kids at movies not rated G ain't cool..

One, I don't get the Applebees line. Two, PG-13 is, ya know, with parental guidance. Three, I was watching R movies as a kid (roughly 8 to 10 years old), and didn't turn out to be some idiot because my parents explained what was good and bad in the movies. Fourth, I have a 3 and a 1 year old... you really think I'm even trying to take them to movies that won't entertain them with bright colors and loud noises? Fifth, gfy.

[DUNCANownsKOBE]

College is a ponzi scheme.

For people who get worthless degrees, yes.

[leemajors]

One, I don't get the Applebees line. Two, PG-13 is, ya know, with parental guidance. Three, I was watching R movies as a kid (roughly 8 to 10 years old), and didn't turn out to be some idiot because my parents explained what was good and bad in the movies. Fourth, I have a 3 and a 1 year old... you really think I'm even trying to take them to movies that won't entertain them with bright colors and loud noises? Fifth, gfy.

One of my good friends' mom dropped him off at the mall to see Conan when he was 5

[symple19]

wouldn't present this as a forking path.

the two options aren't mutually exclusive; one can strike a balance between prudent saving and participation.

I agree with this...My parents did both.

[symple19]

Thought it was an excellent article. Life experience before 18 is invaluable, tbh

[DarrinS]

I agree with this...My parents did both.

If you can AFFORD to do both, that is ideal.

[LnGrrrR]

One of my good friends' mom dropped him off at the mall to see Conan when he was 5

Did he refer to her as a "wench" when he got back to his house?

[Drachen]

Did he refer to her as a "wench" when he got back to his house?

He probably stole all of his sister's barbies and told them that he must hear their lamentations.

[LnGrrrR]

"Crom, give me the strength to hit this homerun to win the game... and if you don't, then to WITH YOU!"

[Drachen]

Crom laughs at your Joe Boo

[TeyshaBlue]

*whistles as threads sail over my head*

[ploto]

There is no reason why you can not do things with your kid and still save some money if like him you have $2000 per year with which to deal. You can drive to national parks and state parks for little money and still have lots of time together and save the rest for their future. You can visit museums during their free time and attend cultural events and talks for free at many universities if you have one nearby. Libraries have books you can check out for free.

I have no clue where he gets the notion that people who are saving for their kid's college are not doing things with them, as well. I would suggest that those are the very people who are probably already doing the kinds of things he suggests because they value learning of all types.

[sickdsm]

There is no reason why you can not do things with your kid and still save some money if like him you have $2000 per year with which to deal. You can drive to national parks and state parks for little money and still have lots of time together and save the rest for their future. You can visit museums during their free time and attend cultural events and talks for free at many universities if you have one nearby. Libraries have books you can check out for free.

I have no clue where he gets the notion that people who are saving for their kid's college are not doing things with them, as well. I would suggest that those are the very people who are probably already doing the kinds of things he suggests because they value learning of all types.

The problem with that is it is too easy to forget about the local destinations and think we need to travel across the country to do similar things. Most of us are guilty of forgetting about our backyard.

Also, it takes a diferent lifestyle to open eyes. My kids would be wide eyed to experience san antonio but to those that live their, probably not so much.

[sjacquemotte]

True. It took a bunch of medics who trained in San Antonio to tell me about alot of stuff I had never done...

[Agloco]

The waiver that Med students get isn't based on parents at all. their waiver is for lifetime loan limits.

57,500 for Undergraduate
138,500 for Graduate or professional
224,000 for Health professionals

It aggregates too. If you spend 50 on your undegrad then you have 88500 for your graduate degree.

Ya. I think I stated that the loan limits were based on their future earnings potential....at least I was trying to anyway.

[Latarian Milton]

college is these days but education is still a better investment than the stock and real estate market imho, and you don't necessarily have to attend a college to be a well educated person. working as an apprentice or intern in the profession your interested in will give you more knowledge than the teacher can possibly teach you in a classroom imho

[Xevious]

Well, like I said, it was a small windfall. I could put something aside, but I doubt it would be that much in 6-10 years.

Most of us won't be able to save enough to really make that much of a difference. School is outrageously expensive these days. All I'm hoping for is to get them started, to put something away for emergencies.

[MannyIsGod]

I recently had a small windfall, so this article is both timely and thought-provoking. I have one kid in 3rd grade and one in 6th. Admittedely, I haven't saved a dime for their college (assuming they are even going). But, is it really money well invested? Why wouldn't the things listed in the article be even better investments -- even if they aren't as quantifyable as compounded interest?

SMH

[MannyIsGod]

I didn't know that student loans were based on parents' income. If that's the case, I'm surprised I was ever loaned any money. Might it also be based on the type of degree you are getting? I know people that were loaned tons of money to attend med school.

All student financial aid is based on parental and student income until they are 24 years old even if they are independent students.

[MannyIsGod]

There is no reason why you can not do things with your kid and still save some money if like him you have $2000 per year with which to deal. You can drive to national parks and state parks for little money and still have lots of time together and save the rest for their future. You can visit museums during their free time and attend cultural events and talks for free at many universities if you have one nearby. Libraries have books you can check out for free.

I have no clue where he gets the notion that people who are saving for their kid's college are not doing things with them, as well. I would suggest that those are the very people who are probably already doing the kinds of things he suggests because they value learning of all types.

[Drachen]

All student financial aid is based on parental and student income until they are 24 years old even if they are independent students.

No.

That is unless you are just using the word " independent" to mean " doesn't live with parents". The definition of independent recognized by the department of ed (from my post above) means parental income doesn't matter (ONE of the things to make you independent is turning 24)

[sickdsm]

With all the information and misinformation ( i dont know who is right) on this thread, does it even matter? If a bunch of seemingly mildly intelligent adults cant agree how student loans work, how is the 18 yr old going to figure it out on his/her own?

[Drachen]

With all the information and misinformation ( i dont know who is right) on this thread, does it even matter? If a bunch of seemingly mildly intelligent adults cant agree how student loans work, how is the 18 yr old going to figure it out on his/her own?

I work for a university.

[sickdsm]

Like i said, i didnt know whos right. I assume you probably are but hs counselors as far as i remember are really dropping the ball on this issue.