Re:Dartmouth Eliminates Student Loans for Undergraduates
by prepend on Wednesday June 22, 2022 @09:18AM
(#31835655)
This is such horseshit.
First, the $150k is at the time of child’s application, not over their entire life.
Second, college tuition has been increasing at highly variable rates so I doubt anyone would have guessed that tuition would increase 8%/year for 18 years.
Third, four years of Dartmouth tuition is $300k. Let’s graciously say the average income over the kid’s 18 years is $100k. That means that that parents would need to save $16k/year or 16%. There’s no tax deferred program that allows $16k/year so factor in tax dollars.
Fourth, families frequently have multiple children. So if they have two, you think parents should save 30% of their income for college? Or if 3, 45%?
It’s funny how people imagine $150k is some massive amount of money. And it’s a decent living, but it’s not something that paying an extra $6k per month is possible.
Re:Dartmouth Eliminates Student Loans for Undergraduates
by kaesar14 on Wednesday June 22, 2022 @03:20PM
(#31840589)
I've stopped bothering to argue this commenter, it's clear they think that an engineer making 150k a year supporting a family is the same as Jeff Bezos.
First, the $150k is at the time of child’s application, not over their entire life.
Second, college tuition has been increasing at highly variable rates so I doubt anyone would have guessed that tuition would increase 8%/year for 18 years.
Third, four years of Dartmouth tuition is $300k. Let’s graciously say the average income over the kid’s 18 years is $100k. That means that that parents would need to save $16k/year or 16%. There’s no tax deferred program that allows $16k/year so factor in tax dollars.
Fourth, families frequently have multiple children. So if they have two, you think parents should save 30% of their income for college? Or if 3, 45%?
It’s funny how people imagine $150k is some massive amount of money. And it’s a decent living, but it’s not something that paying an extra $6k per month is possible.