This was an earlier post I did estimating DL's college costs:

DL's expected net college costs:

$32,000 Tuition/fees

-10,000  tax credits

-16,000  CA middle class grants

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$6,000 Net cost

Probably minus some increased middle class grants in the future, which could easily net out this cost to $0.  

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DL's actual net college costs (Years 1-3):

$24,686 Tuition/Fees

+  1,100 Parking Fees

+       0  College Laptop (paid with credit card reward)

+    314   Orientation, books, supplies

-  7,500  Tax Credits

-11,590  CA middle class grants

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$7,010 Net cost

In the end, grants decreased a little bit re: political budgets and games.  I believe the grants were set to drastically reduce last school year, but then were saved at the last minute.  In the end, I think the grant is basically the same all 3 years for DL (probably about where MM maxed out).  But his college is a lot less expensive (no outside room/board to pay) and so the amount is ~$4,000 per year.   (MM received more because it's a % of total college costs).  $4,000 (per year) is what I originally estimated re: DL first year grant.  I would personally not count on anything next year but will see where things land.

We technically should be eligible for lower income grant this year (full $6,000 to cover tuition; this does not cover fees).  But even this middle class grant number is just a first pass/estimate at this point.  Nothing is set in stone.  It's all clear as mud, at this point.  It will be clear when the money hits my bank account.

In the end, DL(20) is probably on track to spend closer to $10,000 on his degree.  What is notable is that $10K was the cost of my own college degree.  Which I considered to be extremely affordable, 30 years ago.  Factoring inflation, he's paying about 1/4 as much for a similar (State) degree.  The full sticker price has scaled with inflation.  The very low (net) cost is due to college tax credits and state middle class grants that did not exist 30 years ago.

Note:  While looking up actual dollar amounts paid, I figured I would share *all* of the costs.   I consider my first estimate to be a really rough estimate.  'Actual costs' include every college related expense that we paid to-date.

DL(20) is just living at home, and so these are *all* of his college costs.  Commute becomes a bigger college expense in this situation, but he is paying for all of the car/commuting expenses.  He was.  MIL just gave me the annual $1K for the kids' gifted college funds (she forgot last year).  So this was the first time I just passed on the money to DL(20).  It's just enough money to cover the fuel for his college commute.  The money might stretch a little farther this school year, now that he has a more fuel efficient vehicle.

After a couple of really terrible jobs (many broken employment laws, measly pay, etc.)...  DL(20) landed a real job at the end of last summer.  It was a teacher's aide type job (I think his job title is 'recreational aide') and the interview sounded far more difficult than any job interview I have ever had.  What!?  But he's a smart and articulate kid.  That won't get you a job at McDonalds (fast food was literally only hiring 1 out of every 6 that came in for in-person interviews).  But it was enough to get this job.

They were not honest at all about the job.  DL(20) is in charge of 20 kids for 4 hours a day.  No one prepared him for that.  (It's an after school daycare basically.  One classroom per grade).  And...  He absolutely loved the job.  He was there a full year (did a 4-week summer program) and made about $12,000.  Roughly $1,000 per month.  There's lots of holidays and breaks.  

He had already changed his major (very early on) from accounting to Stats.  I think he's about 99% sure at this point he wants to be a teacher.  He's locked into his fall class schedule and isn't sure what route he wants to take yet.  He could always get a credential later.  Teachers are paid *very well* in our region, but I suspect the high paying jobs require Masters degrees.  Things to figure out.  He's got homework to do and options to consider.

The serendipity is crazy though.  That he just happened to get this one random job.

DL(20) ended the summer with $10,000 cash, as expected.  Setting that aside for a 'newer car' fund. 

Not sure if his job will mesh with his college class schedule all year, but I think it's probably safe to say that DL will make $5,000 this semester.  Could be $0 next semester.

It looks like DL(20) spent about $4,500 the last 12 months.  If he wants to take a couple of years off work (like his brother did), he certainly has the luxury.  Living at home and going to college, he has even more luxury to do this.  He's less likely to use his college funds for college, so has more money to access.  Could use his college funds to replace his car (that he needs to get to college).  He has options.  

DL(20) is overall more interested in working during his college years.  He's ready to tackle long-term investing and ready to start some financial planning.  He may want to just play it conservative and make sure he has money to get a Masters and a teaching credential.  He is interested enough in investing that I think he will also want to make sure he is investing some percentage of his paycheck.  We've just been going from 0 to 100 because we needed to do all the things.  Got his a savings account (he didn't have enough money to bother before), got him his own credit card (now that he has income.)  Longer term financial plans and investing will be topics to go over in the next few weeks.

Side note: DL has been contributing to a work retirement plan (mandatory).  It's something like they take 8% and pay 3% interest.  Ugh.  It's really unclear if he is getting a match.  Haven't seen any paperwork since he signed up a year ago.  I am just adding this to the list of financial things to figure out.  I expect we will ignore this when deciding what % of his income to invest in the future.  Because it's not very helpful and he has so little in expenses.  Heck, his savings account pays 5% interest.

It has felt like a huge load off of my shoulders that DL(20) has found some financial footing.  It's just icing on the cake that both my kids *love* their jobs right now.  They are finding their true passions.

Edited to add:  I think both my kids are interested in working and making money (now) but the truth is that MM(22) is distracted by his many extra-curriculars.  He has a lot more conflicts.  & motivation is a factor.  I think MM(22) has been a lot more *Shrugs* about his pile of money from earlier jobs.  DL(20) was getting increasingly desperate, applying for anything and everything.  I think the reason he wants to work and make another $12,000 this year is mostly because he can't imagine not doing this job at this point.  It's more about the passion for the job than the money.

MM(22) will end the summer with about $15,000, as I expected.

I am advising him to keep $10,000 set aside for a car replacement.

I presume that $5,000 will cover his expenses this next school year.  I just looked it up and he spent $3,500 the past 12 months. Considering that he has a car now (for the last 8 months or so), I will just round up to $4,000.  Realistically he will spend $4,000 this last school year.  But for planning purposes we can round up and add some buffer.  $5K is a nice and safe round number for planning.

I am unclear on the details, but he told me his job is extended through the fall quarter.  This is surprising because his schedule is so jam packed in the Fall.  He told me, "It's only 6 hours per week".  Still, I wouldn't hold my breath that he keeps this job.  But a few thousand extra dollars is probably good re: the 'running out of money' factor.  If we are short $1,000 re: his last month of rent (July 2026), MH and I may just agree to gift that money to him.  But for the most part we have closed our pocket book and are done using our own money to pay for MM(22)'s college expenses.  It's possible he will have a month or two of rent to cover at the end. 

There is no long-term financial planning in MM(22)'s world.  He chose to take a full 3 years off of working, so this is what he is left with.  Long-term financial planning will be a post-college discussion.

Edited to add:  Oh yeah, and all my kids' CUs keep sending MM(22) 'pre-approvals' for $60,000 car loans.  🙄  I got another offer in my email the other day.

Second edit:  MM just told me that he will be a paid research assistant for the entire school year and there was something like $17,000 in the budget to pay him.  It will be interesting to see what he ends up with.  Maybe I can do a 2-for-1 investing lesson when he is back in town in a couple of weeks.  If he's got a year-round job (for the first time) it would be wise to start contributing some percentage to retirement.  That changes the equation considerably.

I confirmed rent numbers with MM(22).  Did some rough math and I think rent will just zero out earmarked college funds.  Crazy how that works out.  I am probably getting way too much credit for 'planning ahead'.  We obviously have a tendency to plan ahead and erred on the side of not touching 'money saved for college' for as long as possible.  But...  that we will have just enough 'college' funds to cover Year 5.  That is very random. 

I also would have felt completely *shrugs* if MM(22) had to cover 100% of his college costs this school year (or any other year).  To try to get across how this is not a, 'I planned everything down to the penny' situation.  Far too many unknowns, and very little financial commitment on our part.  

MM(21) gets a lot of credit for being frugal with his housing choices.  His rent will increase 50% this year re: solo room.  His housing choice is still frugal considering that he lives walking distance from campus (and comparing average rents).  

I forgot that currently they are splitting a house 3 ways.  & there was some talk of adding another roommate.  Will see how it all ends up.  MM has also lost roommates 6 months in, two years in a row.  Things can always go either way.  

MM(22) July 2025 'College Rent Fund': $2,400

Rent is paid through August 31.

MM(22) July 2025 'Gifted College Fund': $16,015 (+$5K ROTH IRA ~ unknown current value)

I pulled $3,400 out in July, to pay for Fall quarter tuition.

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It took me so long to post this...

MM(22) got me utility numbers for the first 6 months of the year.  Was about $1,100.  Between that and rent, his 'college rent fund' will be exhausted in August.  Will be hitting the 'gifted college fund' pretty hard after that.