I’m going to college…maybe

My excellent adventure to college

My New Email and the Emilia-O-Meter

In case you would like to contact me please use this email: 

Emilia2College@gmail.com

 

I also just created a donation page. All donations small and large will help me achieve my goal. Thanks for helping me out with my great college adventure!

 You can find it at:

 

http://emilia2college.chipin.com/emilias-college-fund

 

Finally, I spent all weekend creating the Emilia-O-Meter. It’s a simple graph that tracks the current status of my college savings goal. From today July 14, 2007 to July 14, 2008, I want to save $100,000 in my college account this year. My dad and grandparents contributes about $50 a month, my mom uses the U-promise credit card everywhere she goes, and  we set up a donation page so anybody in the world can help me. Can you imagin, if 100,000 people donated a $1 each, my life would be changed forever. So far I have $2,770 saved up.

 

Emilia-O-Meter

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July 15, 2007 Posted by | chipin, College, donation, education, grad school, my email, Saving for college, Student loan | 4 Comments

Please pass the nitroglycerin!

Jeepers, My dad almost had a heart attack today. In researching for today’s post he realized that he forgot to take into account graduate school. This will add another 4 years of financial burden. So he calculated that the total college costs will be $988,776 not the $379,687 we originally posted. That means my dad will need to make monthly contributions of $1,518 to meet this cost.

 

Here are the assumptions he made to come up with is astronomical number: He thought that I would be attending a college that currently costs $ 35,000 annually (that includes room, books, food and trips home for holidays). He thought that he has 18 years until I leave for college, and I will attend college for 8 years on a full time basis.

 

He wants to save enough to pay for 100% of projected college costs and wants to meet our savings goal by the time I end college. Thanks to my grandparents, dad currently has $2,663 in a 529 college savings plan and wants to continue making monthly contributions to my college savings. He is guessing that college costs will increase by 6% per year and he is guessing that he will earn 7% after-tax each year in my college savings fund.

 

So he should be saving $1,518 a month but can only afford $50 a month. No wonder he is clenching this chest and gasping for air. Can someone please pass the nitroglycerin?

Total that needs to be saved each month

June 3, 2007 Posted by | College, education, grad school, Saving for college | Leave a comment