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university costs

university costs

Old Mar 9th 2005, 3:30 pm
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Default university costs

Hi we moved here in July 04 with our 2 children aged 12 & 9, i'm not sure whether we'll stay or not but i'm sure on the chance we do we should start to make some kind of provision for them going to university, does anyone have any suggestions, we did take out plans at home when they we're born which we are continuing but i can't imagine they'll cover the cost here so any advice would be great.
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Old Mar 9th 2005, 3:36 pm
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Default Re: university costs

Kind of depends on what visa your here on, and all that as to what kind of student loans and grants you'll be able to apply for...also, some of them depend on which schools you go to, which states your in, if the uni is in state etc...

Not much help there really, but just things to look out for as well
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Old Mar 9th 2005, 3:41 pm
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Default Re: university costs

Originally Posted by Bob
Kind of depends on what visa your here on, and all that as to what kind of student loans and grants you'll be able to apply for...also, some of them depend on which schools you go to, which states your in, if the uni is in state etc...

Not much help there really, but just things to look out for as well
we have green cards,at present we're in AZ thanks for the things to look at.
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Old Mar 9th 2005, 4:11 pm
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Default Re: university costs

Have a look at these sites:

http://studentaid.ed.gov/PORTALSWebA...lish/index.jsp

http://www.college-scholarships.com/

There's also a whole bunch of books (but check your local library first - they'll have stacks of books about college...)

http://www.amazon.com/exec/obidos/se...185780-3301601
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Old Mar 9th 2005, 4:13 pm
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Default Re: university costs

You can set up "trust funds" to cover costs of university. Talk to your bank or financial adviser and see what they offer.
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Old Mar 9th 2005, 4:32 pm
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Default Re: university costs

Originally Posted by Duncan Roberts
You can set up "trust funds" to cover costs of university. Talk to your bank or financial adviser and see what they offer.
I think you want to be really careful about putting money in the children's names as this would be taken into account in calculating their financial aid package. AFAIK it is better to keep the money in the parents' names.

It's very complicated - there's probably a dozen books on this topic alone...
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Old Mar 9th 2005, 5:03 pm
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Default Re: university costs

What about Uni in Britain? When do you kids qualify/not qualify for British fees?
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Old Mar 9th 2005, 5:24 pm
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Default Re: university costs

Originally Posted by britchicknyc
What about Uni in Britain? When do you kids qualify/not qualify for British fees?
then you spend a lot of money...
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Old Mar 9th 2005, 5:24 pm
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Default Re: university costs

http://britishexpats.com/forum/showt...1&page=1&pp=15

About college in the UK
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Old Mar 9th 2005, 5:42 pm
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Default Re: university costs

Presumably you want to cut your tax bill while saving for kids' education. Here are some starters:

Coverdell education savings account - http://www.irs.gov/newsroom/article/...107636,00.html
529 plans - state sponsored - Google on individual states, but you can take one from any state
IRAs (all forms thereof)- http://www.irs.gov/publications/p970/ch09.html
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Old Mar 9th 2005, 6:32 pm
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Default Re: university costs

Originally Posted by fatbrit
Presumably you want to cut your tax bill while saving for kids' education. Here are some starters:

Coverdell education savings account - http://www.irs.gov/newsroom/article/...107636,00.html
529 plans - state sponsored - Google on individual states, but you can take one from any state
IRAs (all forms thereof)- http://www.irs.gov/publications/p970/ch09.html
For some of these plans, it would behoove you to make your stay/go decision fairly soon.
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Old Mar 10th 2005, 2:20 am
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Default Re: university costs

Got our financial adviser to do some projections on costs for sending our 2 to uni here (they're currently 3.5 and 2 yo).

They took what I considered pretty crap assumptions - inflating todays uni costs at 5% (bet its a lot more than that!) and funds appreciating at 8 or 12% annually., and gave us figures for Harvard (who knows, maybe he has mummy's brains... ) and in-state uni. It worked out at $340kfor a 4 year course at Harvard, requiring $930/month/kid savings from now at 8%, or $640/kid/month savings at 12%. Equivalent figures for an in-state uni were $106k, 290/month, 200/month.

Poor little sods are gonna have to have mighty big paper-rounds to pay for that little lot!!
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Old Mar 10th 2005, 2:25 am
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Default Re: university costs

Originally Posted by Yorkieabroad
Got our financial adviser to do some projections on costs for sending our 2 to uni here (they're currently 3.5 and 2 yo).

They took what I considered pretty crap assumptions - inflating todays uni costs at 5% (bet its a lot more than that!) and funds appreciating at 8 or 12% annually., and gave us figures for Harvard (who knows, maybe he has mummy's brains... ) and in-state uni. It worked out at $340kfor a 4 year course at Harvard, requiring $930/month/kid savings from now at 8%, or $640/kid/month savings at 12%. Equivalent figures for an in-state uni were $106k, 290/month, 200/month.

Poor little sods are gonna have to have mighty big paper-rounds to pay for that little lot!!

And students in blighty complain about being a few k in debt! $340K! Stuff that! Its the Car Sales or Realtor routes for mine then!

disclaimer: Car Sales people and Realtors are very worthwhile jobs and are performed by very intellgent people. No realtors or car sales people were harmed in the making of this post. If stupidity continues please consult your doctor. Who did go to university. At great cost.




Last edited by ImHere; Mar 10th 2005 at 2:28 am.
 
Old Mar 10th 2005, 2:33 am
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Default Re: university costs

Originally Posted by ImHere
And students in blighty complain about being a few k in debt! $340K! Stuff that! Its the Car Sales or Realtor routes for mine then!

Or Baconwhore?


Don't mind if I do - thanks!
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Old Mar 10th 2005, 2:36 am
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Default Re: university costs

Originally Posted by Yorkieabroad
Don't mind if I do - thanks!

 

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