OT - That was uncomfortable
Had a discussion with DS about college and costs last night. I have never disparaged my XH to DS in the ten-plus years we’ve been divorced. DS could tell I was having a hard time explaining something so he told me to just say whatever it was. I told him his dad is not good with money and he probably should not count on any additional funds from his dad like we had calculated (XH and I still putting in $ to his 529). He said he knows. Phew. Then DS told me he had scrimped and saved moneys over the last few years from his odd jobs and had a surprising chunk of change stashed away. The kid is gonna be fine.
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Nice job ITB.Good job on your
Nice job ITB.
Good job on your son too for saving some money for his studies.
Sounds like your son is a
Sounds like your son is a smart young man who will do well. He already has figured out that "it's not my parents job to keep paying my way in life". Good for him.
Something to consider...
Some smaller, pricier colleges are now offering 4-year degrees that can be completed in 3 years. These colleges are struggling to get enough of the right students in their dorms to stay in the Top 50 rankings, but because there are so few college-age students (particularly in northeast U.S., where there are too many 4-year colleges) they are having to offer deeper financial aid. So they're in a bind.
One way they're trying to be more appealing is by offering the 3-year option. The cost savings is 25% if your kid can handle the pace!
Also, if your son chooses a state school, he could attend a commuter satellite campus. All the credits transfer and he still gets that degree from a large research institution. Even if he has to take an apartment at the satellite campus, it will likely be a lot cheaper than what he'll pay at the main campus after he transfers for his last few years. Think of it as a community college that guarantees everything transfers.
He's basically doing that last part
He's at a smaller campus of a large state system. If he can, if he wants to (he may end up liking the smaller campus), and if he can bear the cost he will transfer after a year or two to the large campus.