As some of you may remember I attended and graduated from Michigan State. I met my DW at Michigan State. We fully intend on sending our girls to Michigan State. It is of course their choice, and we really won't be pushing it, but at this point that is the plan.
Nagging at the back of my mind, from time to time, is the expense of sending two girls to college. They'll overlap one year. DD1 will be a senior when DD2 is a freshman. I think I have that right, anyway.
I wen to the MSU web site, and found their tuition and fees calculator. I entered household income, family size, value of assets, and 2013 income taxes paid. The calculator computed the following for the 2014/2015 year (two semesters):
Tuition/Fees = $14,080
Room/Board = $9,204
Books/Supplies = $1,060
Other Expenses = $1,864
Total = $26,308
Estimated needs based grants = $11,080
Estimated net price = $15,128
Student loans = $6,500 (per year)
Parent loans/other sources = $8,628 per year
DD1 won't be going to college for another six years. So, this is a way out there estimate, but gives me a general idea for the time being.
Heck, I earned about $6,500 per year between working during school and summer in the early and mid '90s. I finished school about 10K in debt in 1995.
Of course we'll be working on scholarships, scholarships, and scholarships as well.
Also, Room/Board, Book/Supplies, and Other Expenses, which account for nearly half the cost can be whittled down to an extent through frugality.
Costs for College
September 11th, 2014 at 02:12 pm
September 11th, 2014 at 02:20 pm 1410445239
Do you have a plan to save some for college over the next six years?
September 11th, 2014 at 02:40 pm 1410446430
Keep in mind tuition at MSU (cost per credit hour) has increased an average of around 6.5% annually when you're doing your planning. I'm not sure about room and board but I'd probably figure about the same.
September 11th, 2014 at 03:19 pm 1410448785
It's good to be thinking ahead and planning ahead.
September 11th, 2014 at 03:46 pm 1410450365
doingitallwrong - Huh. I wonder if we had any classes together. Probably not. The joke when I was there was that you would tell someone that you attended MSU, and they would say "I know someone who goes to MSU, my friend Joe. Do you know Joe?" And I'd say, no, there are like 40,000 other students there. I don't know all of them.
MM - We are really rural. There are no community colleges in commuting distance. Also, DW and I both had the four years on one campus experience. Yes, it's more expensive, but we value that experience.
September 11th, 2014 at 04:13 pm 1410452026
I too had sons overlap at university for 1 year as undergrads followed by two years for Master's program that we hadn't anticipated. By 2nd year both worked part time in popular restaurants [4-9 PM] and summers in truly ghastly jobs that paid well. While the hourly rate in restaurants is minimal, tips retained after tipping out was usually $ 100. per shift. There are a ton of problems for students working part time as the employer expect their needs be met for more hours/less hours with no notice and no flexibility for major papers, holidays, exams etc.
September 11th, 2014 at 04:21 pm 1410452494
September 11th, 2014 at 05:18 pm 1410455922
September 11th, 2014 at 05:48 pm 1410457729
September 11th, 2014 at 09:16 pm 1410470217
September 12th, 2014 at 04:54 pm 1410540850