$5M for college education
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Anonymous
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I need some advice. I am a single mother and my daughter is now a freshman in high school. My husband passed several years ago and we have been struggling to stay afloat since. I wanted my daughter to stay close to her grandfather even though her dad is no longer alive, so they see each other frequently and talk on the phone. Education has always been very important to him and he insisted on paying for private school for her. She made the switch from public to private last year and is loving her new school! However, she was devastated when Gramps passed last month. She took the hit pretty hard and we knew we could not keep her in private school without his financial support.
In his will, he left behind a large sum to support her educational journey: $5M to be exact. She was his only grandchild and they cared about each other so much. I am so grateful but not sure where to start. I know we will use some of the money to keep her in private school but how can I use this money to support her as she prepares for college? He clearly stated that the money was only for her education and I am new to all of this. She was always planning to stay close to home but now it feels like a whole new world of options has opened. Should I be hiring a college counselor? Making some sort of donation to her top school? Thank you so much and I am blessed to be in this position. |
Anonymous
WOW! You are in an amazing position. Sorry about Gramps  you should definitely hire a private counselor if you have this much money to throw around. I would recommend the Koppelman Group, they have a 50K package starting with freshman year. They can also talk you through the process of making a large donation to her top-choice school to secure her spot. Best of luck! This is something a professional can advise you on.
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Anonymous
| This is an amazing opportunity. You should make a ~250K donation to whatever her top choice is. That is a guaranteed way to secure acceptance. |
Anonymous
| Things That Didn't Happen for $500, Alex |
Anonymous
| You should not need $5mil for one person’s education. |
Anonymous
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A donation to a top school sounds nice, but if education was important to them both, I would suppose gaining acceptance through merit would be just as important.
Use the funds for graduate school etc I'm sure she will be able to apply the funds to research or a non-profit that continues his legacy. Manage the funds conservatively and let her leave a legacy or fund a special project with the school she ends up at. So many options. |
Anonymous
Don't listen to this troll, OP. Use that money wisely to get her the best education you can. Good luck. |
Anonymous
| Maybe she can buy a nice home near her college and grad school of choice, instead of slumming it in the dorms? |
Anonymous
+1 Second this. Tune out the noise, others will be jealous of the opportunities this money brings. Use it wisely. Definitely set some aside for graduate school and don't spend it all for her undergrad degree. |
Anonymous
| That is a crazy amount of money for one person's education. Very generous but also strange, because it's way more than one needs to get even a top-notch private school education + private college + grad school. |
Anonymous
| Is she allowed to keep the leftover money after she receives her education? If so, maybe use 1M and save the rest in a trust fund. Definitely consult a lawyer. |
Anonymous
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By the time your kid is in college, a top private will cost about $100K a year. (Currently about $83 at my kid's school, and then you add to that things like decking out the dorm, etc.).
Professional grad school (like law school, med school) will be about the same cost per year. There are educational expenses that could up that if you wanted to. Summer programs in high school and college come to mind. What a great, experiential set of summers she could have! This could bring you past a million, but certainly not to 5 million. |
Anonymous
If this was me, I would be paying for one-on-one tutoring from the best you can get. You could homeschool here and have a resolving door of world-class tutors in each subject taking advantage of Bloom's two sigma effect. I would not make a donation in the hopes of admissions - it doesn't seem to be I'm the spirit of the will (even those pay-to-play research programs are more ethical IMO), and you can't really buy your way in to T10 schools for less than 8 figures anyways. You could look into a college counselor, but once again it's unclear if that really counts as education (I guess you and her would be "educated" about the college admissions process?) Can you tell me more about her interests, what she wants to major in and do after college, etc? |
Anonymous
| If she wants to go to graduate school, self-funding can make PhD admissions *drastically* less selective. |
Anonymous
| Gonna be a lot of $ left over. lol! |