two kids in college - what is prestige worth?

[Anonymous]

Have a kid deciding now with another at her tail. So I'm getting estimates - directly from schools - about what it will be next year and what it will be when there are two in at same time.

Kid at Princeton and second at 4 year private college
basically paying full fare first year of first and last year of last. Then about 50k per in the doubled up years.
Total COA for two: 480K

Williams a bit more but in same range.

Two kids at Georgetown
Total COA for two: 700kish. I assume at some point we'd qualify for FA, but not first several years.

Two kids at Grinnell. Merit from the beginning.
Total COA for two: 175k

Humanities major for first, not sure of second. This seems easy to me. Problem is, everyone we talk to is like, "hmm.. Grinnell .. now that seems like a school I've heard of but remind me" and my kids and my husband just get down on the prospect. But they're realists .. they won't sulk if that's the decision. Georgetown is off our list, for sure. Wouldn't pay more for Williams when Princeton is cheaper. Could we pay for Princeton? Yes. But that's it then, kids. No help with grad school, downpayment, anything like that.

[Anonymous]

Kid 1 - If you can afford it without loans, don't turn down Princeton for Grinnell.

Kid 2 - How do you know they will get into Princeton? That decision can happen when you have their admissions in hand.

Maybe it'll end up being, Princeton for kid 1 and Grinnell for kid 2.

[Anonymous]

Anonymous wrote:Kid 1 - If you can afford it without loans, don't turn down Princeton for Grinnell.

Kid 2 - How do you know they will get into Princeton? That decision can happen when you have their admissions in hand.

Maybe it'll end up being, Princeton for kid 1 and Grinnell for kid 2.

The second kid doesn't need to be at Princeton .. just a second private four year college. Per Princeton. Obviously, we'd have to curate list for #2 to exclude schools that think our EFC can cover two kids in private colleges at once (ie, we'll be skipping Georgetown). But Princeton, Grinnell, State U and many others work.

[Anonymous]

You cannot put a price eon prestige. It lasts a lifetime.

[Anonymous]

My personal perspective is, this is what the money is for. Education is the #1 thing for me as a parent. I get the sticker shock when it finally comes time to write the check, but this is what I and the kids have been working toward the whole time.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Kid 1 - If you can afford it without loans, don't turn down Princeton for Grinnell.

Kid 2 - How do you know they will get into Princeton? That decision can happen when you have their admissions in hand.

Maybe it'll end up being, Princeton for kid 1 and Grinnell for kid 2.

The second kid doesn't need to be at Princeton .. just a second private four year college. Per Princeton. Obviously, we'd have to curate list for #2 to exclude schools that think our EFC can cover two kids in private colleges at once (ie, we'll be skipping Georgetown). But Princeton, Grinnell, State U and many others work.

That may be, but the only decision you have to make now is Princeton vs Grinnell. I wouldn't base that on the $480 vs $175 decision (unless money is a problem for you). the prestige that comes with Princeton will last a lifetime and more than pay for that difference.

[Anonymous]

Anonymous wrote:Have a kid deciding now with another at her tail. So I'm getting estimates - directly from schools - about what it will be next year and what it will be when there are two in at same time.

Kid at Princeton and second at 4 year private college
basically paying full fare first year of first and last year of last. Then about 50k per in the doubled up years.
Total COA for two: 480K

Williams a bit more but in same range.

Two kids at Georgetown
Total COA for two: 700kish. I assume at some point we'd qualify for FA, but not first several years.

Two kids at Grinnell. Merit from the beginning.
Total COA for two: 175k

Humanities major for first, not sure of second. This seems easy to me. Problem is, everyone we talk to is like, "hmm.. Grinnell .. now that seems like a school I've heard of but remind me" and my kids and my husband just get down on the prospect. But they're realists .. they won't sulk if that's the decision. Georgetown is off our list, for sure. Wouldn't pay more for Williams when Princeton is cheaper. Could we pay for Princeton? Yes. But that's it then, kids. No help with grad school, downpayment, anything like that.

First, Grinnell is a fabulous school and the people that matter know that. But, if I could pay for Princeton without loans or sacrificing my retirement, I'd probably make that an option with the 100% clear caveat to Kid 1 that there will not be other assistance beyond that. Let them know $X is the amount of budget you have allocated to help them get started in life and they can choose how to use that. If they choose Princeton and Kid 2 chooses in-state public U and then gets $$ for grad school and a downpayment, Kid 1 doesn't get to complain that Mom & Dad aren't helping them with those expenses.

My kids weren't competitive for that level of school but we did have $X total we could spend for college and DS chose the in-state U that would leave some $ for grad school vs. a more expensive OOS school.

[Anonymous]

Anonymous wrote:You cannot put a price eon prestige. It lasts a lifetime.

Yes but people don’t know which schools that applies to sometimes. You don’t turn down Princeton; it certainly applied there. However I could totally see someone turning down UVA for JMU for cost or other reasons—sorry.

[Anonymous]

First, it's a bit laughable to make assumptions on where the second child will end up.

Second, if you can afford it, go with what makes the most sense for the desired major. Often it's the better-known schools, but occasionally it's not.

Third, and this is where you get into the weeds - what exactly does it mean to you, to afford it? What do you plan to put towards retirement, nursing homes and health issues later in life, not to mention leisure and travel?

[Anonymous]

Anonymous wrote:
First, it's a bit laughable to make assumptions on where the second child will end up.

Second, if you can afford it, go with what makes the most sense for the desired major. Often it's the better-known schools, but occasionally it's not.

Third, and this is where you get into the weeds - what exactly does it mean to you, to afford it? What do you plan to put towards retirement, nursing homes and health issues later in life, not to mention leisure and travel?

No need to laugh. I'm making zero assumptions about where second kid will end up -- other than another 4 year private college. The only reason I specified having two at Georgetown is that some schools are more generous if second is also at same school. But, per Georgetown, even if second is there, they don't care. If second goes to a 4 year public, 2 year public, military academy or skips college altogether .. prices will be cheaper. But I need to make some assumptions about attending college.

[Anonymous]

Anonymous wrote:

Anonymous wrote:
First, it's a bit laughable to make assumptions on where the second child will end up.

Second, if you can afford it, go with what makes the most sense for the desired major. Often it's the better-known schools, but occasionally it's not.

Third, and this is where you get into the weeds - what exactly does it mean to you, to afford it? What do you plan to put towards retirement, nursing homes and health issues later in life, not to mention leisure and travel?

No need to laugh. I'm making zero assumptions about where second kid will end up -- other than another 4 year private college. The only reason I specified having two at Georgetown is that some schools are more generous if second is also at same school. But, per Georgetown, even if second is there, they don't care. If second goes to a 4 year public, 2 year public, military academy or skips college altogether .. prices will be cheaper. But I need to make some assumptions about attending college.

Why are you assuming a private college? I’d rather send my kid to Georgia Tech than Grinnell by a long shot. And nothing to do with money.

[Anonymous]

How the heck do you have such exceptional kids?

[Anonymous]

Anonymous wrote:

Anonymous wrote:Have a kid deciding now with another at her tail. So I'm getting estimates - directly from schools - about what it will be next year and what it will be when there are two in at same time.

Kid at Princeton and second at 4 year private college
basically paying full fare first year of first and last year of last. Then about 50k per in the doubled up years.
Total COA for two: 480K

Williams a bit more but in same range.

Two kids at Georgetown
Total COA for two: 700kish. I assume at some point we'd qualify for FA, but not first several years.

Two kids at Grinnell. Merit from the beginning.
Total COA for two: 175k

Humanities major for first, not sure of second. This seems easy to me. Problem is, everyone we talk to is like, "hmm.. Grinnell .. now that seems like a school I've heard of but remind me" and my kids and my husband just get down on the prospect. But they're realists .. they won't sulk if that's the decision. Georgetown is off our list, for sure. Wouldn't pay more for Williams when Princeton is cheaper. Could we pay for Princeton? Yes. But that's it then, kids. No help with grad school, downpayment, anything like that.

First, Grinnell is a fabulous school and the people that matter know that. But, if I could pay for Princeton without loans or sacrificing my retirement, I'd probably make that an option with the 100% clear caveat to Kid 1 that there will not be other assistance beyond that. Let them know $X is the amount of budget you have allocated to help them get started in life and they can choose how to use that. If they choose Princeton and Kid 2 chooses in-state public U and then gets $$ for grad school and a downpayment, Kid 1 doesn't get to complain that Mom & Dad aren't helping them with those expenses.

My kids weren't competitive for that level of school but we did have $X total we could spend for college and DS chose the in-state U that would leave some $ for grad school vs. a more expensive OOS school.

You also have to decide what your philosophy is about kid expenses. Our approach was that we had an equal budget per kid and anything not spent from that kid's budget was available for them for grad school (which we would not otherwise contribute to). But I know other parents don't see it that way. They'll figure out how to pay for the school each kid most wants to go to and if there's a big price differential, that doesn't matter. Each kid got what they wanted. They may later be willing to help with grad school or downpayments but the differential in college costs isn't considered.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:
First, it's a bit laughable to make assumptions on where the second child will end up.

Second, if you can afford it, go with what makes the most sense for the desired major. Often it's the better-known schools, but occasionally it's not.

Third, and this is where you get into the weeds - what exactly does it mean to you, to afford it? What do you plan to put towards retirement, nursing homes and health issues later in life, not to mention leisure and travel?

No need to laugh. I'm making zero assumptions about where second kid will end up -- other than another 4 year private college. The only reason I specified having two at Georgetown is that some schools are more generous if second is also at same school. But, per Georgetown, even if second is there, they don't care. If second goes to a 4 year public, 2 year public, military academy or skips college altogether .. prices will be cheaper. But I need to make some assumptions about attending college.

Why are you assuming a private college? I’d rather send my kid to Georgia Tech than Grinnell by a long shot. And nothing to do with money.

Because that's what colleges ask to calculate FA award.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:
First, it's a bit laughable to make assumptions on where the second child will end up.

Second, if you can afford it, go with what makes the most sense for the desired major. Often it's the better-known schools, but occasionally it's not.

Third, and this is where you get into the weeds - what exactly does it mean to you, to afford it? What do you plan to put towards retirement, nursing homes and health issues later in life, not to mention leisure and travel?

No need to laugh. I'm making zero assumptions about where second kid will end up -- other than another 4 year private college. The only reason I specified having two at Georgetown is that some schools are more generous if second is also at same school. But, per Georgetown, even if second is there, they don't care. If second goes to a 4 year public, 2 year public, military academy or skips college altogether .. prices will be cheaper. But I need to make some assumptions about attending college.

Why are you assuming a private college? I’d rather send my kid to Georgia Tech than Grinnell by a long shot. And nothing to do with money.

Because that's what colleges ask to calculate FA award.

Also, OOS public colleges can cost as much as private schools.