Back To School? Back To The Piggy Bank

Discussion in 'News / Current Events' started by Crabtownboy, Sep 1, 2015.

  1. Crabtownboy

    Crabtownboy
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    So if you add up all the college costs that students and parents probably didn't plan for — the stuff that isn't tuition and room and board, how big is that number? The National Retail Federation estimates that, this year, it will total $43 billion. That's a hard number to grasp so let's break it down to one family — mine.
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    The obvious one, that's often jaw-dropping: textbooks. Depending on your child's major, they can be super expensive.

    Like the metereology book Chilton's own son once had to buy: "$325, used — $510, new," he says.
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    Next, housing. Living on campus versus off is a big decision. Not having your child live in a dorm could save you up to $20,000 over the four years. On the other hand, your daughter could end up sharing a dumpy apartment or group home with a bunch of people who skip out on the rent or utilities. You get the picture.
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    Our daughter, Bianca, of course insisted that her perfectly good laptop from high school was too old and too slow. The one we bought her for her freshman year set us back about $800. Then there was her smart phone, which might as well be another appendage. Count on an initial cost of $200 plus an $80 monthly fee. Even the cheapest plans these days cost about $1,000 a year.
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    Kathy Allen, a spokeswoman for the National Retail Federation, says more than half of the $43 billion students and parents will spend on non-academic items this fall will go towards room furnishings.
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    Another big item on the NRF survey: food. Your options? A meal plan versus the grocery store around the corner. Don't forget fast food and late night snacks. And if your child is anywhere near a Starbucks, we're talking about $120 a month for venti skim lattes and caramel macchiatos.

    And alcohol. Yes, your child will drink and yes, that money you put into your kid's debit card every other week is paying for it.

    On a typical Friday or Saturday night, figure somewhere between $10 and $50. That may not seem like a lot of money but here's something the U.S. Department of Health and Human Services wants you to think about: College students spend a whopping $5.5 billion on alcohol every school year.
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    Finally, health insurance. It's the last thing college students think about. Me? Sick? Not realizing that dorms are breeding grounds for all sorts of diseases.

    http://www.npr.org/sections/ed/2015/09/01/432222772/back-to-school-back-to-the-piggy-bank
     
  2. targus

    targus
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    Why is this guy so irresponsible as to fund all of this kid's wasteful spending?

    He isn't doing his kid any favors.

    And no doubt we will all next be lectured on the need for a government program to provide "free" college...

    At a ridiculous cost to the productive members of our society.
     
  3. InTheLight

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    My oldest son is going off to college today. Yes, there are costs above and beyond tuition and room and board.

    Textbooks are the killer cost. You can sometimes buy them used on ebay or Amazon but if you want to save money you need to buy them when they are not in demand. That means buying your books for next year's classes in March. Not easy to do since you won't know your which professors you will get, at least in the first couple of years.

    The phone example in the OP is way too high. No one needs to pay $80 a month for a cell phone plan these days. We had to buy a new laptop for him. His 5 year old Toshiba was a relic and the hinge was broken meaning he couldn't close the cover. Hard to tote around a laptop that you can't close.

    My son won't be spending our money on coffee and alcohol, since he doesn't drink it. Besides, he's going to get a part time job for all his personal expenses.

    I didn't see anything in the article about college savings plans. We saved money over the years and invested it in a 529 plan. While we don't quite have enough for one year of college about a third of that money was earned through investing. Anything spent on college can be withdrawn tax free and is tax deductible.
     
  4. Don

    Don
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    The first time I read the OP, I didn't respond because I couldn't figure out what the point of the article was. I think Targus nailed it.
     
  5. just-want-peace

    just-want-peace
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    WOW!! I just glanced at the article, noticed it is dated 9/01, and the comments section is already closed??????
    Obviously there is a glitch with the site, OR this sorry excuse for logic generated so much undesired backlash that it was just to hot for comfort! :confused::confused::confused:

    I do believe i would find a better source for info than this well of "non-responsibility and logic"!:sleep:
     
  6. JohnDeereFan

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    Our oldest daughter is the only one of our children who wanted a career that requires a college degree. She became a veterinarian.

    Our oldest son went for a year and a half and quit because he knew he could do better on his own. And he did. He's now a successful engineer.

    Our next son took a few semesters and is a successful contractor.

    Our next daughter took a few classes and started her own business making and later, marketing, ladies bath and beauty products.

    The others are still figuring out what they want to do.

    Unless you're looking at a career that requires a college degree, it seems silly to waste all that time and money, only to come out tens of thousands of dollars in debt, and with no job.
     
  7. just-want-peace

    just-want-peace
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    Totally agree!!

    A huge portion of the jobs that "require" a degree today, IMHO, require the degree more as a tool to limit applicants rather than a true need to manage the job.
     
  8. JohnDeereFan

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    It's 2015. There are so many better ways to get an education now and so many better ways to get set up in a career.

    My son, Jason, went to school to become an engineer and quit after a year and a half because he thought he could do better working outside the system.

    After a year, the same guy who told Jason he was throwing his life away was the first in line to ask him to come work for his company.

    A good internship or apprenticeship is as good, if not better than a college education because you have no debt, you have experience, they may keep you on, and you've been networking for a couple of years.
     

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