those of us who make $250,000 or more are vilified — Page 2

Even in the most expensive and wealthy parts of the country, $250,000 is a healthy chunk of change:

http://www.slate.com/id/2243529/

They spend it, snort it, gamble it...

Amen, mb -- not a direct analogy, but it brings this graphic to mind:

Tuition for California UC Schools has skyrocketed these past years.

To get the degrees I received over 20 years ago, presuming I went away to college, costs well in excess of $200,000 dollars today. Undergrad tuition and expenses totals more than $25,000 (including tuition, room & board and other expenses) if you live off campus. Tuition alone (without books, living expenses and the like) is over $13,000 a year for undergrads.

For law school (which cost me $1400 a year in tuition), in state tuition is just about $41,000 (just tuition, not including cost of living). Out of state tuition is $50,000.

http://facts.ucdavis.edu/current_fees_tuition.lasso


If you go to a state college in California, which are still great schools, (but are not state universities), the cost of in state tuition is a bit more affordable - ranging from $5-6,000 dollars a year (again, only tuition). If you away to school, the cost is generally about $20,000 a year for in state tuition and expenses.

http://www.calstate.edu/SAS/fa_coa.shtml

Not exactly chump change.

Updated On: 9/21/10 at 12:53 PM

Those numbers were from state schools. To go to a state college (the Cal State System) in California costs about $5-6,000 dollars a year in tuition alone. Plus books and materials and other expenses. You figure even if you live at home, it is costing almost $10,000 a year (without soft dollar costs of food and rent).

The tuition number of $41,000 was for a University of California law school. What cost me $1,400 about 20 years ago now cost $41,000. Private tuition at a good law school is a bit more. In California at least, the tuition for professional state-sponsored schools (Doctors, laywers, vets, MBAs) is a bit cheaper, but not drastically cheaper than private schools.

And, not everyone is eligible for student loans or aid. When I was in school, my dad was an engineer and my mom a teacher. I was not considered for anything other than student loans, and even those were limited, because my folks were back then considered too well off for financial aid.

My post was more specifically in response to bethnor's comment on how affordable tuition is in California. That, like many things in California is a thing of the past.

Updated On: 9/21/10 at 01:41 PM

Wouldn't reexamining and possibly amending rules/restrictions regarding tuition deductions/credits be a better solution, in that case?

"that said, i don't see why this person is paying off their children's student loans. that really is the child's job."

That immediately went off in my head. I am going to be well within five figures of debt when I graduate. Also, I am wondering if this happens in California, but my parents (in NY) have gotten a tax credit/break. Now it is pretty small since I go to a really expensive liberal arts school but it is better than nothing.

The good state schools when I was applying were incredibly competitive because they were so affordable, making it very friendly to out of state people. You were lucky to make waiting list in some cases. It's now a pretty popular move to take college-level courses (offered in conjunction with a local community college or local 4-year college) in high school and even spend a semester to the full two years at a community college to save your parents money then transfer to university.

Updated On: 9/21/10 at 02:54 PM

"And Strummer, even back when I was in HS (the dark ages), I took AP classes for college credit, and went to Jr. College summer school to get as many college credits in the books before I started."
Yeah I never meant to say this was a whole new phenomenon, but I do think community colleges have lost its stigma over the years. Colleges also have been and are still hardasses on what credits (AP, community college, otherwise) you take can be accepted as credit for their school.

that said, i don't see why this person is paying off their children's student loans. that really is the child's job.

Disregarding the discussion about the cost of college, if the parents are paying back the loans anyway- with interest- why couldn't they have paid out of pocket while the student was in school? They're just instilling the same values in their children that have them believing $250,000 a year is middle class- loans, mortgages, credit cards- always live beyond your means, because banks will always find a way to give you more. It's sad we now believe it's normal to be in debt our entire adult lives.

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I really have to wonder if these geniuses in the $250,000+ category understand the concept of marginal vs. overall tax rates.

And speaking as someone who grew up middle class and perfectly comfortable in one of the highest cost-of-living areas in the country on nowhere near that kind of money....$250,000 a year in income makes you rich. Get over it.

Disregarding the discussion about the cost of college, if the parents are paying back the loans anyway- with interest- why couldn't they have paid out of pocket while the student was in school?

Because they couldn't afford to pay the entire $20,000 per semester at once but can afford to pay a few hundred dollars per month over time? It's not that crazy of an idea.

Updated On: 9/21/10 at 09:31 PM