Is It Really Gonna Cost $280K? OMG

[Anonymous]

Anonymous wrote:OP here. Yes no merit and no financial aid.

DD did apply early decision as that increased her acceptance chance to 25% instead of 11% as for regular decision.

I was pretty shocked when I first saw that generic chart of Expected Financial Contribution (EFC). With a family income of over $200K and only one child, we are to be able to contribute 45% of our income (full tuition).

If we didn't have $225K already saved, there is no way we could afford NU. Who can afford to pay 45% of one's income? Crazy stuff!

We have a similar HHI and two children and cannot do it. We have saved enough to pay up to $50k/year for each of them, but cannot do more than that.

Therefore, neither of them can apply early decision. It’s too risky, because their ability to attend is dependent on merit aid.

[Anonymous]

Congrats on saving as much as you did, I am sure that it as not easy!

[Anonymous]

Tuition is out of control!! Universities get lots of money from the government this way. We are only doing state school or schools where our kids can get merit scholarships. We can’t afford $200000 plus for each child. OP, you are in good shape if you are only $35000 short.

[Anonymous]

Yeah, I am $53,000 short—and my child’s Merit scholarship is $26,000 a year. Just so you know, I have been told not to spend 1/4 of you 529 each year (assuming it won’t cover all 4 years, which is our situation). Spend it down aggressively from the start. That way, you can report less assets each year. And, if you wind up needing loans the 4th year, the interest period is shortened.

[Anonymous]

Anonymous wrote:DD got in to Northwestern and she is over the moon.

If we continue to save $1K a month, we should only be $35K short for the 4 years of tuition.

Still it's SO MUCH $! Am I the only one that feels this way? My DD has brought it up more than once to me. I tend to be okay about money issues. Just want to make sure I am not missing anything.

TIA

I have not read this thread, but I wanted to put in my two cents. I went through this with two older kids, and my younger kids will be applying for college in a few years.

Our older kids are doing great. Both are straight A students. One just got into highly selective grad schools. Both have been very happy at their state schools.

They were not happy when we said no to Northwestern, Haverford, Pomona, Bowdoin etc. because of the cost (we didn't qualify for FA at any of these schools).

To be frank: These private colleges are NOT WORTH THE $$$. No way. My kids are having a great experience at state schools. The younger kids are going to state schools too.

And, DH and I both went to elite private colleges. They were much cheaper in those days, affordable to the middle class. Now, no way. Not for us.

[Anonymous]

Anonymous wrote:

Anonymous wrote:DD got in to Northwestern and she is over the moon.

If we continue to save $1K a month, we should only be $35K short for the 4 years of tuition.

Still it's SO MUCH $! Am I the only one that feels this way? My DD has brought it up more than once to me. I tend to be okay about money issues. Just want to make sure I am not missing anything.

TIA

I have not read this thread, but I wanted to put in my two cents. I went through this with two older kids, and my younger kids will be applying for college in a few years.

Our older kids are doing great. Both are straight A students. One just got into highly selective grad schools. Both have been very happy at their state schools.

They were not happy when we said no to Northwestern, Haverford, Pomona, Bowdoin etc. because of the cost (we didn't qualify for FA at any of these schools).

To be frank: These private colleges are NOT WORTH THE $$$. No way. My kids are having a great experience at state schools. The younger kids are going to state schools too.

And, DH and I both went to elite private colleges. They were much cheaper in those days, affordable to the middle class. Now, no way. Not for us.

So we should all be like you. Cool, thanks.

[Anonymous]

Gotta love the imbecile posters who think their douchey kids’ experience should be universal. Such morons.

[Anonymous]

Agree with PP. Best decision we ever made was not draining every ounce of our college savings on undergrad.

[Anonymous]

Anonymous wrote:This is the problem with price shopping for everything to the exclusion of everything else. We have done this to our k-12 education also. We want to get a great education for our kids but pay teachers pittance in salary. Teachers have to take jobs as waitresses in summer to make ends meet. Maintaining and running a world class University with professors who can actually afford to live off their salary is expensive!! If the State doesn't subsidize it somebody has to pay the bills! What value do you put on smaller classes, easier time getting into required classes and other benefits at private colleges? And who should pay for it.

Imagine what would happen to tight state budgets and already overcrowded state schools if we had no private colleges? The reason state schools appear cheap is because somebody is massively subsidizing them. But that may not last to long. Look at Wisconsin, IL, CA and many other states. The state is pulling back and the schools in these states are now facing a lot of budget problems

What some parents really want is for somebody else to subsidize their kids education. They want tax payers or private donors to be suckers. They don't really want to pay the true price for a good education. They want massive subsidies but don't want any obligations for accepting those subsidies.

It's difficult to determine "the true price" of a good college education.

Private college tuition is completely out of control, and it is in no way tied to the actual cost of the education provided. Professors make very little money. Many are adjuncts at even the most elite private colleges. It's astonishing that in-state tuition is a fraction of the $70+K private colleges cost, yet the education is about the same.

One private SLAC we visited had a $100 million art center. Why? Another had a $50 million sports stadium. Why? Crazy waste of money.

[Anonymous]

Anonymous wrote:

Anonymous wrote:OP here. Yes no merit and no financial aid.

DD did apply early decision as that increased her acceptance chance to 25% instead of 11% as for regular decision.

I was pretty shocked when I first saw that generic chart of Expected Financial Contribution (EFC). With a family income of over $200K and only one child, we are to be able to contribute 45% of our income (full tuition).

If we didn't have $225K already saved, there is no way we could afford NU. Who can afford to pay 45% of one's income? Crazy stuff!

We have a similar HHI and two children and cannot do it. We have saved enough to pay up to $50k/year for each of them, but cannot do more than that.

Therefore, neither of them can apply early decision. It’s too risky, because their ability to attend is dependent on merit aid.

Of course, the $110,00 left over is 2x the median HHI in the US.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:DD got in to Northwestern and she is over the moon.

If we continue to save $1K a month, we should only be $35K short for the 4 years of tuition.

Still it's SO MUCH $! Am I the only one that feels this way? My DD has brought it up more than once to me. I tend to be okay about money issues. Just want to make sure I am not missing anything.

TIA

I have not read this thread, but I wanted to put in my two cents. I went through this with two older kids, and my younger kids will be applying for college in a few years.

Our older kids are doing great. Both are straight A students. One just got into highly selective grad schools. Both have been very happy at their state schools.

They were not happy when we said no to Northwestern, Haverford, Pomona, Bowdoin etc. because of the cost (we didn't qualify for FA at any of these schools).

To be frank: These private colleges are NOT WORTH THE $$$. No way. My kids are having a great experience at state schools. The younger kids are going to state schools too.

And, DH and I both went to elite private colleges. They were much cheaper in those days, affordable to the middle class. Now, no way. Not for us.

So we should all be like you. Cool, thanks.

Snarky much?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:DD got in to Northwestern and she is over the moon.

If we continue to save $1K a month, we should only be $35K short for the 4 years of tuition.

Still it's SO MUCH $! Am I the only one that feels this way? My DD has brought it up more than once to me. I tend to be okay about money issues. Just want to make sure I am not missing anything.

TIA

I have not read this thread, but I wanted to put in my two cents. I went through this with two older kids, and my younger kids will be applying for college in a few years.

Our older kids are doing great. Both are straight A students. One just got into highly selective grad schools. Both have been very happy at their state schools.

They were not happy when we said no to Northwestern, Haverford, Pomona, Bowdoin etc. because of the cost (we didn't qualify for FA at any of these schools).

To be frank: These private colleges are NOT WORTH THE $$$. No way. My kids are having a great experience at state schools. The younger kids are going to state schools too.

And, DH and I both went to elite private colleges. They were much cheaper in those days, affordable to the middle class. Now, no way. Not for us.

So we should all be like you. Cool, thanks.

Your conclusion, not mine. Do what you want with your money.

[Anonymous]

Anonymous wrote:OP here. Yes no merit and no financial aid.

DD did apply early decision as that increased her acceptance chance to 25% instead of 11% as for regular decision.

I was pretty shocked when I first saw that generic chart of Expected Financial Contribution (EFC). With a family income of over $200K and only one child, we are to be able to contribute 45% of our income (full tuition).

If we didn't have $225K already saved, there is no way we could afford NU. Who can afford to pay 45% of one's income? Crazy stuff!

First, congrats to your kid. But ouch - it is even worse when you consider that you are paying post tax money. So the tax man is already taking at least $50K of your family income, and NU is going take another $75K of what's leftover. It may help you feel better to think that my flagship state college is close to $50K per year in state for tuition/room/board, so your delta for NU only about $25K extra per year.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:DD got in to Northwestern and she is over the moon.

If we continue to save $1K a month, we should only be $35K short for the 4 years of tuition.

Still it's SO MUCH $! Am I the only one that feels this way? My DD has brought it up more than once to me. I tend to be okay about money issues. Just want to make sure I am not missing anything.

TIA

I have not read this thread, but I wanted to put in my two cents. I went through this with two older kids, and my younger kids will be applying for college in a few years.

Our older kids are doing great. Both are straight A students. One just got into highly selective grad schools. Both have been very happy at their state schools.

They were not happy when we said no to Northwestern, Haverford, Pomona, Bowdoin etc. because of the cost (we didn't qualify for FA at any of these schools).

To be frank: These private colleges are NOT WORTH THE $$$. No way. My kids are having a great experience at state schools. The younger kids are going to state schools too.

And, DH and I both went to elite private colleges. They were much cheaper in those days, affordable to the middle class. Now, no way. Not for us.

So we should all be like you. Cool, thanks.

Your conclusion, not mine. Do what you want with your money.

But they aren’t worth the money for anyone. In bold.

[Anonymous]

Congrats to your kid. I don’t want to diminish that with my next discouraging paragraph about the money.

I want to remind you that while your kid is in college, life goes on and things still go wrong. I am about to do some unexpected and expensive maintenance on my house that cannot wait any longer. Price of a decent car.

I would be in a tougher situation if my child were at a private school full fees. I urge you to consider what it will feel like living o; the edge for the next bunch of years. Some people are comfortable with this, but I wouldn’t be.