Iowa | farmdude - 5/7/2012 06:05
Is anybody amazed at how much a college education cost? A friend off mine has small children an he was just looking in to cost lately an was shocked, I was reading where students an parents are getting so deep in to debt with college costs that its putting them in to deep financial trouble for years. Tuition hikes every year are really amazing when you consider the rate off inflation. So whats the big reason for all this high tuition? Any ideas?
Iowa State: Approx $7500 tuition and $7500 dorm per year. After a year of dorm experience, you can save money in an apartment.
It's not that hard to save it. It's discipline, that's all it really is
1) Start when they are born--nothing beats the time value of money. Once they are 10/12/14 years old it will be almost impossible to save enough.
2) no car payments, credit card payments, etc. Drive 100,000+ mile vehicles and save $$ every single month for their education
3) "Windfall" $$--no silly spending, put it in the college funds.
4) Live in a house with one/maybe two bathrooms, etc--live within your means.
5) Save.
6) Save
7) Save
Biggest benefits:
1) Kids see this going on, they know that college is a "given" for them--not an option but something they know they are going to do
2) Once they go off to school and you have already saved/paid for it, your household living costs drop to a tiny number compared to when they were at home--then you can really get ahead financially. The scraping and saving for school is done-now you and momma can "live a little". Magically, the day they leave, your cost of running your household goes WAY WAY down.
While other parents gripe about the cost of trying to put their kids through college, you can secretly smile because you've had it covered for years. When you hear of those with new cars, big houses, shiny boats, etc--their kids getting aid--yes that's kind of maddening but it's all about what you can live with and having the assurance for years that your kids WILL go because you have saved for it.
And the financial responsibility you have taught your kids is priceless. Watching them mature and not go in debt for "things" but save and get ahead--how do you put a price on that? Better than hoping for financial aid....
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College cost
