hello. im in the 9th grade and am wondering if i should start saving money for college. about 3 months ago, i found out that my grandparents left me 100k when they died to be used for college. is that enough or do i still need to save money? how much does a university cost per year? i really want too attend U.t. thank you :)
2007-10-13 03:19:57 · 4 answers · asked by Anonymous in Education & Reference ➔ Higher Education (University +)
Congratulations on having thought far enough ahead (or even if it was your parents who thought this far ahead) to have you save for college. If I were you, I would keep saving. It is not that today, you can't go to college for $100,000, but what you would like would be to have as many choices as possible. Yes, you could get a bachelor's degree at a state university for far less than that, but what if you decide you want to go to Harvard, and you have the grades to get in? That would cost you far more than $100,000. Or if you decided you wanted to go to graduate school after college, then you would need to pay for a minimum of another year of school (or in the case of something like medical school, four more years), you could better afford to pay for that. It is wonderful that your grandparents were so thoughtful, but don't use that as a reason to give up on saving. It is a great habit to start, because you should be saving throughout your life, so that you will be protected in case of emergencies and can have a happy retirement.
2007-10-13 03:34:06 · answer #1 · answered by neniaf 7 · 1⤊ 0⤋
Andrew,
If you the have the chance to save more money..do so!! pretend like that 100K does not exist. Haveing a nice chunk in your savings account will only help you when you get out of high school. Or better yet, maybe talk to your parents about someway to invest you savings while you are in high school..something like an IRA. Do that, and you will be the smartest kid out there. Most college students go into debt, you have a chance to not have to deal with that. KEEP SAVING...it is only going to help you later on!!!
2007-10-13 10:29:28 · answer #2 · answered by Jennifer H 6 · 1⤊ 0⤋
It's always good to save. $100,000 is a fantastic start. But if you want to go to a private school, or go on to graduate school, you'll need more. Also, you might want to use that money for a down payment on a house as you get older. You can look at the schools' websites to give you some approximate costs of tuition, room and board. Don't forget to add in incidental living costs such as a car, insurance, entertainment, etc. Trust me. You'll want that money.
2007-10-13 10:39:22 · answer #3 · answered by Anonymous · 1⤊ 0⤋
if they did not have restrictions that the money be used only for college thenyou may be able to use it for other expenses - you may go beyond a undergraduate degree which will cost more than 1000000- you can figure 20000 per year minimum unless you are living at home...
2007-10-13 10:29:03 · answer #4 · answered by Judy W 2 · 1⤊ 1⤋