edgarrian
Platinum Member
As for my kids, Purdue has held tuition for about 10 years. They told us to figure $88K average for 4 years, in state, living on campus. However, by choosing lower cost housing and meal plans, we got it down to about $75K per kid. We put $20 a month into 529 plans every week for each kid starting when they were born. That came up to about $18-20K by the time they were 18. They got merit scholarships. 1 worked in high school. Both worked during college and summers between years. Both got out of 4 year debt free. One has about $30K left in her savings account from her jobs and $5K left in her 529. The other spent it all on education. Oldest took $32K in loans to go to grad school. And $8K for a car loan. Has paid off $20K of student loans and $3K of car loan in 3 years. So has about $17K in debt at 27 years old. But has that much in savings and 401K, so she's effectively neutral this year, and by next she'll be in positive net worth.
We have done something similar to what you have done although the situation is different. My wife and i are gaurdians of my niece and have been since her7th grade year. My wife teaches at the HS that my niece attends. When we first took her in thats when we started a 529. It currently sits around 11k and she is finishing up her senior year. We will be continuing to put into the 529 till the end of the year. We have always told her if she desires a trade, 2 year, or 4 year. That it was ok. Not to be pressured into a college. When my niece turned 15 we did get her a smart phone with limitations and a watchfull eye. With the added freedom of a phone. The idea was to never let a grade slip below a B or lose it for three months. It happened only once as im sure she thought we would not go through with taking her phone for three months. Reasons for keeping a higher GPA were simple. If she decided to go to college. then grants and college scholarships are much easier to acquire for a person holding a respectable GPA. With her hard work she has a full ride. We had open conversations about college a lot. We did not pressure her to go. **** I went and dropped out. I have done just fine. My wife has her Masters and makes a respectable yearly salary as a teacher.
My feelings are that we were never going to pay for a 100% of her schooling. And we let that be known. She has several friends where the parents are paying 100%. IM really surprised parents would do this. I don't know how people afford it. We make really good money between the two of us. Had my niece not gotten any help, then i really don't know how all that pans out. I have a friend that accrued 100k in student loan debt. He is still paying on it but i believe he is nearly done. We are 43.
