Student Loan Debt?

[milkman636]

It’s been a long wait for the feds to process a fafsa. After 7 or 8 weeks of waiting they kicked back the first submission because my son inadvertently placed a comma in the wrong spot in our address. So it had to be fixed and resubmitted.

The real costs for my son’s top four schools range from about $8000 to $16000 for the first year after grants and scholarships. He’s leaning towards one that’s roughly $10,000 for the first year. Plus I am guessing there will probably be 2-3000 of incidental costs that we aren’t aware of yet. For that amount he’ll receive education, housing with football teammates, a generous meal/snack plan, and all the weight room/training time he wants.

My wife and I just calculated that he cost about $1450 for us to keep at home last month alone, so college doesn’t seem as expensive as I initially feared.

The federal student loan rates, if needed, are about 5% on the first $5500 per year. Any amount needed over that gets into the 8s for interest. He shouldn’t need to go there though. We’re probably going to offer to split the cost. I’d love to see him finish debt free, but he also needs some skin in the game. Having to hustle for a few grand in the offseason shouldn’t be too demanding, and it may help keep him out of trouble.

 

[Torvy]

Good call on 'skin in the game'.

Our kids have thanked us for giving them minimal financial support. Their friends who had parents fully fund their college usually had strings (some explicit, some implied). (Usually related to which school, which major, which dorm, visits home, etc.) It also gave them more confidence that they could handle life after school.

We did have financial discussions, mostly about how to calculate what they need and what wage/hours they needed to pay for their expenses. It did result in child #2 changing from the idea of culinary school to nursing. (Now a L&D Nurse) She didn't realize that most culinary grads spend years making peanuts and working their backside off before they get into the 'fun stuff'. She was dreaming of being a pastry chef. No regrets!

I'd at least help him understand the risk- reward of his chosen vocation in terms of ability to pay for his share. Some athletes (Many? Most?) have unrealistic expectations of opportunities for a pro career. The 'easy' major often makes it tough to earn outside sports. Ultimately, it's more about how they plan to make a living and then adjusting major to suit that. Some kids want to major in something with no realization of what jobs (otr lack thereof) may stem from that choice.

 

[hiddentacocatneddih]

Tennessee offers free community college to residents

TN Promise - Nashville State Community College

www.nscc.edu

 

[Torvy]

Tennessee offers free community college to residents

TN Promise - Nashville State Community College

www.nscc.edu

TNSTAAFL

 

[hiddentacocatneddih]

?

 

[tradosaurus]

It’s been a long wait for the feds to process a fafsa. After 7 or 8 weeks of waiting they kicked back the first submission because my son inadvertently placed a comma in the wrong spot in our address. So it had to be fixed and resubmitted.

The real costs for my son’s top four schools range from about $8000 to $16000 for the first year after grants and scholarships. He’s leaning towards one that’s roughly $10,000 for the first year. Plus I am guessing there will probably be 2-3000 of incidental costs that we aren’t aware of yet. For that amount he’ll receive education, housing with football teammates, a generous meal/snack plan, and all the weight room/training time he wants.

My wife and I just calculated that he cost about $1450 for us to keep at home last month alone, so college doesn’t seem as expensive as I initially feared.

The federal student loan rates, if needed, are about 5% on the first $5500 per year. Any amount needed over that gets into the 8s for interest. He shouldn’t need to go there though. We’re probably going to offer to split the cost. I’d love to see him finish debt free, but he also needs some skin in the game. Having to hustle for a few grand in the offseason shouldn’t be too demanding, and it may help keep him out of trouble.

How does a kid cost $1450 / month?

 

[paulsharvey]

How does a kid cost $1450 / month?

I don't know in his case; I would say a teenager costs atleast $75/week in food, $60/month in cell phone; an extra $250/month on your car insurance, probably another $25/week in misc; sonin my case, Bad Paul probably costs me $515/month or so.

 

[riptides]

Kids are priceless.

 

[milkman636]

How does a kid cost $1450 / month?

His senior year has been a very expensive one. We’ve probably invested more time and money into positioning him where he wants to be than many of you would agree with. But, I legitimately feel like I’m gonna be saving money next year after looking over my wife’s spreadsheets of our expenses.

 

[kenmbz]

Adding my son to my car insurance was $300/month.
During the school year he does not get many hours at work.
School lunch is $200/month.
Supplements for him going on dates/out with friends about $100/month.
Food, well that is expensive, he's a teen, so that $1450 does not sound so far fetched.
Add in clothes etc. etc.

Worth every penny, but it does cost with our great current economy.

 

[Tinhack]

I live pretty high on the hog with steak, pork ribs, pulled pork, chicken breast fillets and shrimp. Including various microwavable items for quick meals, I don't spend $1450 a month on food. My bathroom scale will testify I'm not starving. That kid needs a diet.

 

[CloverKnollFarms]

Anything my son "wants" comes from his work. We will pay $50 for a pair of shoes. He wants $150 shoes? Better pick up a shift. We provide educational opportunities through some summer camps and missionary work, which we fund. But pure "wants"... That's on him. Apple watch? Fancy shoes? $135 cologne? iPhone? He pays for all of that, and he is 14.
We did fund his college education, but he will nearly have an associates degree when he graduates HS at age 16... And those classes were all free to us. So we will fund his last two years only.
It's ok for him to want, as long as he is also willing to work for it. I think a large part of my responsibility as his father is to educate him, to the best of my ability, driving a 2007 Saturn, without making him a slave to debt.
Oh, and if he "wants" to go to a hyper expensive university and exceeds his college savings, that is on him. His wants, are his responsibility. His needs, are mine. And those are two distinctly different things.

 

[CloverKnollFarms]

I live pretty high on the hog with steak, pork ribs, pulled pork, chicken breast fillets and shrimp. Including various microwavable items for quick meals, I don't spend $1450 a month on food. My bathroom scale will testify I'm not starving. That kid needs a diet.

Our monthly budget for 3, one being a teen boy, is $500.

 

[Sawyer Rob]

Adding my son to my car insurance was $300/month.
During the school year he does not get many hours at work.
School lunch is $200/month.
Supplements for him going on dates/out with friends about $100/month.
Food, well that is expensive, he's a teen, so that $1450 does not sound so far fetched.
Add in clothes etc. etc.

Worth every penny, but it does cost with our great current economy.

IF my parents poured out money for me, like you are doing for your son, I would have thought that I had died and went to Heavan!!!

I had to work for what I got and I'm glad I did. because now I know what a dollar is, and how to save it, for what I WANT!

SR

 

[paulsharvey]

Our monthly budget for 3, one being a teen boy, is $500.

Shoot; with 5 of us, we are probably at $300-350/week at the grocery store. Now, that's not 100% groceries, and includes general stuff, like dish soap, toilet paper, laundry stuff, ect.

 

[paulsharvey]

IF my parents poured out money for me, like you are doing for your son, I would have thought that I had died and went to Heavan!!!

I had to work for what I got and I'm glad I did. because now I know what a dollar is, and how to save it, for what I WANT!

SR

Honestly his numbers aren't that extreme at all.

Let's say they have their own car, doesn't matter even if they pay their own insurance, because they live in the household, your insurance will go up atleast $300/month.

$200/month for school lunch, it's about half that around here, but it is what it is

Heck, clothes, even if you say 8 pair of pants and 12 shirts per year, and 1 pair of boots; that works out to be $50/month bare min.

With my son. he worked all year (just had to quit because they wouldn't let him take prom night off, and I don't blame him), he probably bought 70% of his own clothes, paid most of the genetic senior stuff, maybe we ordered his cap/gown, think he paid for a trip to Busch gardens, his year book, we paided for some college applications, think he paid to retake the SAT, he paid for his own homecoming/prom, and his own dates. He owns is truck out right, (we gave him wife's old durnago, he traded that for his 1500HD), and he bought all his own gas, we did pay his insurance, his cell,

 

[paulsharvey]

Now, so, he made like $14,500 working in 2023, and I think he admitted; of that, $60 every 2 days on gas; or between $6250-8000 in gas; about $6/day on energy drinks ($2000), and about $8/day that he worked (5 days per week) on food at work ($40/week; another $2080).

We did have to help him pay for a couple truck repairs, and gifted him 2 tires at 2022 Christmas, and another 2 later for his birthday.

 

[hiddentacocatneddih]

I always tell young guys at work, if you want to be rich. Stay single and kidless.

 

[ultrarunner]

I always tell young guys at work, if you want to be rich. Stay single and kidless.

A good first marriage is common to many well to do…

No doubt children are expensive but managing low income rentals for years having a kid opens the doors to dozens of programs with Section 8 Housing being very valuable… $2800 rent with Section 8 of which tenant pays $50

 

[hiddentacocatneddih]

Or marry a rich spouse