How many kids really decline acceptances to Top 10-15 uni's for State U?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Financially responsible families who fall in the doughnut-hole will do this. Better off going to the Honors College of a strong state U and saving the money for grad school.

Also depends so much on what your child wants to do. My best friend's son went to an Ivy and she really struggled with the decision to spend so much but his goal is to work on Wall St. so the Ivy offered a clear benefit and for that field probably is worth the investmnet. In contrast, my sister turned down U of Penn for a state U -- she wanted to be a nurse and Pen offered no aid. Hospitals don't care where you went to college as long as it's an accredited program so it would have been stupid to go into debt for a nursing degree.

There is no “donut hole” if one is financially responsible. That is kind of the point.

So speaks the poster who has no clue what the real world is like.

Pray, tell, what are the donut hole families supposed to do? Sacrifice all their retirement savings just for a fancy college? Or take on a second mortgage? There's a thing called life and it's damn expensive and that's not even figuring in college. Being financially responsible is making sure you have enough retirement savings and paying down your mortgage and providing your family with a safe and decent place to live and ensuring there's food on the table. A fancy college is strictly a privilege, not a right. And guess what, a fancy college does virtually nothing in terms of advancement compared to a good state school for a highly capable student.

I agree that an honors program in a good state school is a great option, but that doesn’t really have anything to do with my statement.

The top 10-15 schools have their own way of figuring financial need. They are more liberal than the FAFSA calculations. There is no donut hole in financially responsible families because they have saved enough without sacrificing their retirement (and they get dinged more than the financially irresponsible because they have saved more). We live in the DC area- well within the beltway. Our HHI has been in the $150-$200k range for the past 10 years,before that it was closer to $100k. ($150-$200k is often referred to as the “donut hole”) We were able to save enough for our two children’s colleges (wherever they would have gone) and for our retirement. We are paying down a mortgage on a house in a safe decent place and ensured that there is/was food on the table. Our children are currently in college now and their costs are around $45k each per year; however, we had budgeted to allow each to go to a more expensive school. While we would have liked for them to go to one of our state’s in state schools for the financial $, they each chose a school that was better for each of them all around.

In the end, it is a choice on the parents to spend their money as they wish when they wish. Own that - don’t blame “the donut hole” for your choices.

I wouldn't say the top schools are more generous than the Fafsa would have you believe. I have a friend whose son got into Columbia. They didn't receive a dime. I'm guessing that their HHI is $250.000 max and they have three kids. I don't know how Columbia thinks they can spend $70,000 a year on college. My friend doesn't even earn $70,000 a year!

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Financially responsible families who fall in the doughnut-hole will do this. Better off going to the Honors College of a strong state U and saving the money for grad school.

Also depends so much on what your child wants to do. My best friend's son went to an Ivy and she really struggled with the decision to spend so much but his goal is to work on Wall St. so the Ivy offered a clear benefit and for that field probably is worth the investmnet. In contrast, my sister turned down U of Penn for a state U -- she wanted to be a nurse and Pen offered no aid. Hospitals don't care where you went to college as long as it's an accredited program so it would have been stupid to go into debt for a nursing degree.

There is no “donut hole” if one is financially responsible. That is kind of the point.

So speaks the poster who has no clue what the real world is like.

Pray, tell, what are the donut hole families supposed to do? Sacrifice all their retirement savings just for a fancy college? Or take on a second mortgage? There's a thing called life and it's damn expensive and that's not even figuring in college. Being financially responsible is making sure you have enough retirement savings and paying down your mortgage and providing your family with a safe and decent place to live and ensuring there's food on the table. A fancy college is strictly a privilege, not a right. And guess what, a fancy college does virtually nothing in terms of advancement compared to a good state school for a highly capable student.

I agree that an honors program in a good state school is a great option, but that doesn’t really have anything to do with my statement.

The top 10-15 schools have their own way of figuring financial need. They are more liberal than the FAFSA calculations. There is no donut hole in financially responsible families because they have saved enough without sacrificing their retirement (and they get dinged more than the financially irresponsible because they have saved more). We live in the DC area- well within the beltway. Our HHI has been in the $150-$200k range for the past 10 years,before that it was closer to $100k. ($150-$200k is often referred to as the “donut hole”) We were able to save enough for our two children’s colleges (wherever they would have gone) and for our retirement. We are paying down a mortgage on a house in a safe decent place and ensured that there is/was food on the table. Our children are currently in college now and their costs are around $45k each per year; however, we had budgeted to allow each to go to a more expensive school. While we would have liked for them to go to one of our state’s in state schools for the financial $, they each chose a school that was better for each of them all around.

In the end, it is a choice on the parents to spend their money as they wish when they wish. Own that - don’t blame “the donut hole” for your choices.

I wouldn't say the top schools are more generous than the Fafsa would have you believe. I have a friend whose son got into Columbia. They didn't receive a dime. I'm guessing that their HHI is $250.000 max and they have three kids. I don't know how Columbia thinks they can spend $70,000 a year on college. My friend doesn't even earn $70,000 a year!

And yes they turned down Columbia for UVA.

[Anonymous]

Anonymous wrote:

Anonymous wrote:I've always thought Big State U would be preferable for DC financial reasons. I mean, really, $70,000 a year? For 4 years? For what exactly? But I went to a Top 10-15 school (yeah it was like $20K then) and I'm having a hard time sticking to my frugal principles now that high school is approaching for DC. And a lot of it, I'm being honest here, has to do with status and how I'll feel saying DC is going to an Ivy or whatever. And how DC will feel. It's a normal human reaction, everyone considers status to some degree throughout their day so don't judge people!!! But does this happen often that kids turn down the > $70K school for the < $30K school? Can I ignore the siren song of the Ivy League? And yes, obviously DC may not get in but let's just say for argument's sake DC is admitted. And because DH and I are alumni, evidently DC will have to apply early to get the alumni bump so we can't just apply to both Top 10 and BSU and see what happens.

If you cannot pay for it, you cannot pay for it.

My DC, a Blair magnet student, has straight As and 1580 SATs. DC will not apply to elite schools, because we cannot pay for any of them. We neither qualify for need-based aid, nor can pay full freight.

There are a lot of such students in the same situation.

It really is that simple.

But the problem is that with loans technically everyone can pay for it. It's trying to figure out how much in loans a school is worth that's difficult. Is Harvard worth $300,000 in loans? Some would say absolutely not, others would think attending the most prestigious college on the planet is worth the price. It's really hard to say.

[Anonymous]

Anonymous wrote:Is Vanderbilt top 15? I turned it down for UNC. We just didn't have the money.

Vanderbilt and UNC aren't that far off. I think most would turn down Vanderbilt for UNC. The dilemma comes from turning down a top 15 for a school that's outside the top 40.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I've always thought Big State U would be preferable for DC financial reasons. I mean, really, $70,000 a year? For 4 years? For what exactly? But I went to a Top 10-15 school (yeah it was like $20K then) and I'm having a hard time sticking to my frugal principles now that high school is approaching for DC. And a lot of it, I'm being honest here, has to do with status and how I'll feel saying DC is going to an Ivy or whatever. And how DC will feel. It's a normal human reaction, everyone considers status to some degree throughout their day so don't judge people!!! But does this happen often that kids turn down the > $70K school for the < $30K school? Can I ignore the siren song of the Ivy League? And yes, obviously DC may not get in but let's just say for argument's sake DC is admitted. And because DH and I are alumni, evidently DC will have to apply early to get the alumni bump so we can't just apply to both Top 10 and BSU and see what happens.

If you cannot pay for it, you cannot pay for it.

My DC, a Blair magnet student, has straight As and 1580 SATs. DC will not apply to elite schools, because we cannot pay for any of them. We neither qualify for need-based aid, nor can pay full freight.

There are a lot of such students in the same situation.

It really is that simple.

But the problem is that with loans technically everyone can pay for it. It's trying to figure out how much in loans a school is worth that's difficult. Is Harvard worth $300,000 in loans? Some would say absolutely not, others would think attending the most prestigious college on the planet is worth the price. It's really hard to say.

I don't see what these statements mean. Sure, a student's parents can take out $$$ in loans (because the student max is about $25K), but for many donut hole families, taking out $$$ in loans would put retirement and/or their other kids' education in peril. What kind of a "choice" is that?

Once upon a time, if a student could get into a school, the money would work out. That is no longer true.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Is Vanderbilt top 15? I turned it down for UNC. We just didn't have the money.

Vanderbilt and UNC aren't that far off. I think most would turn down Vanderbilt for UNC. The dilemma comes from turning down a top 15 for a school that's outside the top 40.

Lol, you must be new to DCUM. UNC is #30 on USNWR rankings and UVA is #25. Yet, DCUM always debates the wisdom of going to UVA versus an Ivy.

[Anonymous]

We are paying $60,000+ for BigStateU in another state, lol. It’s just a much smarter choice for our student’s major. You will pick and pay what is best for your kid as long as you have the money.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I've always thought Big State U would be preferable for DC financial reasons. I mean, really, $70,000 a year? For 4 years? For what exactly? But I went to a Top 10-15 school (yeah it was like $20K then) and I'm having a hard time sticking to my frugal principles now that high school is approaching for DC. And a lot of it, I'm being honest here, has to do with status and how I'll feel saying DC is going to an Ivy or whatever. And how DC will feel. It's a normal human reaction, everyone considers status to some degree throughout their day so don't judge people!!! But does this happen often that kids turn down the > $70K school for the < $30K school? Can I ignore the siren song of the Ivy League? And yes, obviously DC may not get in but let's just say for argument's sake DC is admitted. And because DH and I are alumni, evidently DC will have to apply early to get the alumni bump so we can't just apply to both Top 10 and BSU and see what happens.

If you cannot pay for it, you cannot pay for it.

My DC, a Blair magnet student, has straight As and 1580 SATs. DC will not apply to elite schools, because we cannot pay for any of them. We neither qualify for need-based aid, nor can pay full freight.

There are a lot of such students in the same situation.

It really is that simple.

But the problem is that with loans technically everyone can pay for it. It's trying to figure out how much in loans a school is worth that's difficult. Is Harvard worth $300,000 in loans? Some would say absolutely not, others would think attending the most prestigious college on the planet is worth the price. It's really hard to say.

I don't see what these statements mean. Sure, a student's parents can take out $$$ in loans (because the student max is about $25K), but for many donut hole families, taking out $$$ in loans would put retirement and/or their other kids' education in peril. What kind of a "choice" is that?

Once upon a time, if a student could get into a school, the money would work out. That is no longer true.

No, it didn't. Back in the late 80s I was a National Merit semifinalist, accepted at every school I applied to -- a mix of privates including one Ivy plus UCs. Got some small awards from some privates but nowhere near what my parents would need to make it worth it vs in-state publics. As I recall, my parents income was around $75K at the time, the equivalent of around $170K now. The doughnut hole has always existed. I went to my preferred in-state option and graduated with no loans. Very happy I did that.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Is Vanderbilt top 15? I turned it down for UNC. We just didn't have the money.

Vanderbilt and UNC aren't that far off. I think most would turn down Vanderbilt for UNC. The dilemma comes from turning down a top 15 for a school that's outside the top 40.

Lol, you must be new to DCUM. UNC is #30 on USNWR rankings and UVA is #25. Yet, DCUM always debates the wisdom of going to UVA versus an Ivy.

Actually, I agree with that poster. Certain programs offered at the states are higher ranking or better fits for certain DCs and once you're up there in the rankings, you're up there. It just depends on interests.

[Anonymous]

Anonymous wrote:We are paying $60,000+ for BigStateU in another state, lol. It’s just a much smarter choice for our student’s major. You will pick and pay what is best for your kid as long as you have the money.

+1

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I've always thought Big State U would be preferable for DC financial reasons. I mean, really, $70,000 a year? For 4 years? For what exactly? But I went to a Top 10-15 school (yeah it was like $20K then) and I'm having a hard time sticking to my frugal principles now that high school is approaching for DC. And a lot of it, I'm being honest here, has to do with status and how I'll feel saying DC is going to an Ivy or whatever. And how DC will feel. It's a normal human reaction, everyone considers status to some degree throughout their day so don't judge people!!! But does this happen often that kids turn down the > $70K school for the < $30K school? Can I ignore the siren song of the Ivy League? And yes, obviously DC may not get in but let's just say for argument's sake DC is admitted. And because DH and I are alumni, evidently DC will have to apply early to get the alumni bump so we can't just apply to both Top 10 and BSU and see what happens.

If you cannot pay for it, you cannot pay for it.

My DC, a Blair magnet student, has straight As and 1580 SATs. DC will not apply to elite schools, because we cannot pay for any of them. We neither qualify for need-based aid, nor can pay full freight.

There are a lot of such students in the same situation.

It really is that simple.

But the problem is that with loans technically everyone can pay for it. It's trying to figure out how much in loans a school is worth that's difficult. Is Harvard worth $300,000 in loans? Some would say absolutely not, others would think attending the most prestigious college on the planet is worth the price. It's really hard to say.

I don't see what these statements mean. Sure, a student's parents can take out $$$ in loans (because the student max is about $25K), but for many donut hole families, taking out $$$ in loans would put retirement and/or their other kids' education in peril. What kind of a "choice" is that?

Once upon a time, if a student could get into a school, the money would work out. That is no longer true.

No, it didn't. Back in the late 80s I was a National Merit semifinalist, accepted at every school I applied to -- a mix of privates including one Ivy plus UCs. Got some small awards from some privates but nowhere near what my parents would need to make it worth it vs in-state publics. As I recall, my parents income was around $75K at the time, the equivalent of around $170K now. The doughnut hole has always existed. I went to my preferred in-state option and graduated with no loans. Very happy I did that.

I cannot speak to your family's financial situation vis-à-vis the cost of various colleges in the late 80s, but there is in fact a donut hole now that did not exist decades ago, because college costs have far outpaced inflation and the cost of living index.

https://college-education.procon.org/view.resource.php?resourceID=005532

http://www.businessinsider.com/this-chart-shows-ho...-skyrocketed-since-1980-2015-7

[Anonymous]

Anonymous wrote:Around 40% of seniors at Blair Science Magnet and Richard Montgomery IB Magnet end up at UMD, generally in the honors programs and very often with merit aid. Many/most of these UMC kids turn down spots in more highly ranked colleges in order to attend UMD. At the risk of triggering the UMD booster I will note that I have not heard of these kids being unhappy with their decision. Most do end up in graduate school

I had a great experience at Maryland in the honors program. Had straight A's and a 1500+ SAT

Got merit scholarships and was able to do all my education debt free, including a full scholarship for a master's at a higher ranked school

Now I was able to buy a house in my early 30's much earlier than my peers with student debt

[Anonymous]

We know a UVA over Cornell for financial reasons.

[Anonymous]

Well, I did, for one. I turned down an Ivy and two other Top 10 schools (as well as a few others) for my Big 10 school. I would do it again in a heartbeat. Money did not matter into my consideration at all since my parents were paying all my expenses no matter what. I choose my Big 10 school because I liked it better. It was the only school I was interested in and I applied to all the others to make my parents happy. They actually sent in deposits to the Ivy and my Big 10 school. In the end, they let me decide.

[Anonymous]

Anonymous wrote:I've always thought Big State U would be preferable for DC financial reasons. I mean, really, $70,000 a year? For 4 years? For what exactly? But I went to a Top 10-15 school (yeah it was like $20K then) and I'm having a hard time sticking to my frugal principles now that high school is approaching for DC. And a lot of it, I'm being honest here, has to do with status and how I'll feel saying DC is going to an Ivy or whatever. And how DC will feel. It's a normal human reaction, everyone considers status to some degree throughout their day so don't judge people!!! But does this happen often that kids turn down the > $70K school for the < $30K school? Can I ignore the siren song of the Ivy League? And yes, obviously DC may not get in but let's just say for argument's sake DC is admitted. And because DH and I are alumni, evidently DC will have to apply early to get the alumni bump so we can't just apply to both Top 10 and BSU and see what happens.

The ONLY reason I want my kid to go to a top 10-15 school is so they don't have to even think twice about paying for their kid's college when it's time. If you have to think, what was the point of your top 15 education?