So, how much does it really cost to put two kids through university?

[miss_thenorth]

Thanks guys. Right now the kids are 12 and almost 14. WE have very little saved. I'm not looking for exct dollar amounts, but I want to be prepared, and I am thinking worst case scenario. My dd will go to university of Guelph to the veterinary program, I believe it is four years. She's 12. DS, 14 (in June) is not really sure about what he wants to do, but has a few ideas. So we want to leave the university door open for him, and therefore, we would nee to budget for two kids in university. If only one goes, and the other goes to college, that's fine. OTOH if we budgeted for college and he decided to go to universtiy, we would be screwed.

My kids will definitely be working before and during their schooling. In fact DS has a job already helping with barn chores at the neighbouring farm. both my kids are set up working summers corn detassling, and helping with the hay, and straw and such. They will be required to pay for some of their schooling.

So, I think aiming for $100K for four years is accurate?

 

[Iceblink]

My parents always assumed I wouldn't go to college, they never thought about any of their kid's education past high school. I had a job from the time I was 14, and I paid for all my clothes, my car and insurance when I could drive, all my personal expenses and most of my food.

I did a program called Running Start where I went to Community College and high school at the same time, the state pays for the CC as long as grades are high enough. Most states have a similar program, sometimes where you can take classes at University level for CC prices. I don't know if they have something like that in Canada?

After being married for a few years I went back to school for my bachelors. The program I picked is only available at a private Jesuit school, and let me tell you, it's expensive. I can only afford to go part time, and I get a military spouse discount, and it's still $4000 per class. For a freshman going full time living on campus annual tuition is $45,000. And freshmen and sophomores are required to live on campus. BTW, that price doesn't include books, meal plans, parking permits or other specialized fees.

When I graduate I will have massive debts, but I am already planning on applying for loan repayment programs, and really, without a degree it's hard to find a decent job.

It's so great of you to look out for your kids' future.

 

[patandchickens]

Unfortunately I do not think that what anyone here says, matters much for your situation.

It is very very dependant on WHERE they go to school, and HOW.

Since you know you are looking at Guelph, phone or email them and ask for a cost projection for whatever years your kids will be university-age. Universities have these numbers all worked out, and if they know you are really aiming towards them they are typically pleased to share them with you That will get you reasonably good numbers for tuition, books, fees.

Living expenses is a bigger questionmark, because there are so many different ways of living whilst in university. Live at home and commute; live in dorms (again, Guelph should have SOME sort of guesstimate for this, for room+board); share cheap apartment with 6 other cheap people; rent luxurious single apartment by self. And how much is spent on food and expenses is, again, very very discretionary; you know your kids better than we do

One thing to consider, IMHO as a former college (university) professor, is that there are really quite a LOT of advantages to a person WORKING for a couple-few years before starting college or university. If they live at home, or cheap share with others, and do not spend their income as fast as they make it, they can really amass a nontrivial amount of money towards their schooling. And perhaps more importantly, they will a) have a better idea what they want to do in school, and b) usually have developed a MUCH better work ethic and DO better in school, and c) because it is partly their own already-earned money they're spending, they tend in my observation to work harder rather than just partying

Remember btw that to become a vet is not just 4 years of university (pre-vet or other science major), it is ALSO 3-4ish years of vet school AFTER that, which is a whole big FURTHER expense. Vet school is also very very hard to get into, like needing nearly perfect A's in university, so it would be a good idea to have a strong Plan B in mind too.

Good luck, have fun,

Pat

 

[miss_thenorth]

Well, it looks like my ball park was pretty close, and with what others have said, we should plan on socking away about $100K /kid
I called U of Guelph--
3 years university at A$3300/semester
4 years vet college at $4500/semester.
Then books, then housing, food, transportation.

And those costs are for today. She couldn't project 6 years from now, but the girl I talked to graduated 5 years ago, and costs have gone up quite a bit since then.

Pat, what you said about being older is true, hubby went ot college right after highschool on his parents dime and partied, so did his sis. I worked for several years, then went on my own dime, and tookk it more seriously. But I had student debt thta I absolutely hated.

I think a happy medium where we cover some and theycover some would be ideal, in that they shouldn't take it for granted. My dd will do whatever it takes, I;m not worried about her. DS is still unsure of what he wants to do, so he might take some time off.

I still want to be prepared though.

 

[abifae]

I hate to say this, but money is so tight EVERYWHERE that grants and loans are harder to come by and, worse of all, in my area at least, businesses are less willing to work around school schedules.

Millions have gotten themselves through school though So it's possible. It's just that things are tighter than normal everywhere right now.

Hell, in Colorado, a perfect score on only ONE section of the SAT isn't good enough for schools to even friggin WRITE you back.

So I'm kinda stuck on the school thing, here.

Some states are better though.

 

[ToLiveToLaugh]

She's also looking down the road, to a time when economic recovery will probably have progressed far from where it is now. So hopefully grants will be a bit more available then.

 

[FarmerChick]

I will have about $100K for Nicole down the road (hopefully)

and by goodness if $100k isn't enough then there isn't much more I sure can do for her.

if you haven't banked much now then you best put a financial budget into plan to get BIG money into the bank NOW.....cause yes any university is going to cost money big time. And if they don't use all of that education fund for any reason, then you can gift that money to them for a home downpayment or wedding or "whatever"

I think everyone should have "some type of kid fund for college, wedding, help to buy a new home" etc etc if they truly want to help their kid start off "kinda" debt free in life at young adulthood----but heck ya it is going to be hard to do that for most people.

you can only do what you can only do but one thing to keep in mind for everyone is start early. Nicole is 5 and I am socking away cash for her. But in the end you can only do what you can do.

 

[Wifezilla]

I went to college on a scholarship right after high school and blew it. I went back after I was married and had 2 kids and got straight A's.

I really didn't know what I wanted to do right after high school. All the classes I was taking seamed pointless. When I went back it was with a specific goal in mind.

 

[bibliophile birds]

for a bit of comparison, i can share a bit of the several universities i went to. these are both for undergrad degrees in the same thing (i transferred).

college 1: small public college (but felt/acted private) in small historic southern city

tuition: $9,000/yr (in-state) OR $24,000/yr (out-of-state)
room & board: $900/month for a 2 bedroom (the proverbial ugly house in a nice street) walking distance to campus (so $450/person/month), plus ~$100/per/mon utilities, plus ~$200/per/mon groceries + eating out "a bit"= $750/mon = $9000/yr
extra expenses: ~$900/yr for books, ~$400/yr parking permit (drove very little in town but used it for the 6 hr drive home) = $1300

grand total = $19,300/yr OR $77,200 for 4 years (in-state), $34,300/yr OR $137,200 for 4 yrs (out-of state)

college 2: large state university in large but cheap city

tuition: $7,000/yr (in-state) OR $21,000/yr (out-of-state)
room & board: $400/mon for a single apartment 5 mins drive from school, water & heat included, $70/mon other utilities (power, cable/internet), $250/month groceries + eating out "a bit"= $720/month = $8640/yr
extra expenses: ~$900/yr for books, ~$300/yr parking permit (had to drive to school and work everyday) = $1200

grand total = $16,840/yr OR $67,360 for 4 yrs (in-state), $30,840/yr OR $123,360 for 4 years (out-of-state)

as you can see, where you go to school has a big impact, especially if one is in-state and one is out-of-state (don't know how that applies in Canada...). my very BEST advice is what others have said: take time off between high school and college. we should have MANDATORY gap year where you have to work or volunteer. no matter how good you do in high school, no matter how much you think you know what you want to do, i just don't believe anyone is prepared at 17/18 to make such big, important decisions.

i sure wasn't, and i squandered a really spectacular opportunity- i had a scholarship to a great college in a town i loved and was even in the prestigious honors college. i was so excited about learning. but i had never lived in town and had never been on my own. i'd also never had to manage my own money. it was a recipe for disaster. i did nothing but "enjoy myself" and the freedom i had. i lost the scholarship and had to come home.

i took some time off to grow up, worked full-time and saved some money. when i started over at a uni close to home, i knew what i wanted and what it took to get it. i guess what i'm saying is that, more than ANY financial planning you need to do, the MOST important thing is to know that your kids are mature enough not to waste the money you work so hard to save for them. even smart, good kids can be immature and waste your money...

 

[TheMartianChick]

I have two kids in college right now. They are a year apart in age and the economy is lousy, so you can probably understand why I am broke!

That being said, my kids are not the best students in the world, but they did manage to get a couple of small scholarships. They also weren't so sure about what they wanted to be when they grew up. They did make a very mature decision to attend school at the local community college (which is a part of the State University of NY- SUNY system) to figure out what they wanted to do. They stayed on campus in a dorm for two years. Tuition and a dorm were about $8600 per year. This drastically reduced the amount of money that we had to pay for all of those basic classes like English 101, etc... One daughter became a Resident Assistant which garnered her a private dorm room at no cost. One will be graduating this year and going off to a SUNY school.

Altogether, the girls have saved us a lot of money and they will graduate with degrees from the SUNY system which is said to be one of the best values in the country for the education dollar. So far, neither one has had to take out a single student loan.