Be honest with your seniors

[Anonymous]

Anonymous wrote:

Anonymous wrote:A lot of parents (and grandparents) just pay cash along the way and many let the kid take out $5k yr in loans. It’s really not that uncommon. Uncommon is this internet myth that everyone has a fully funded 529.

$5k/year is acceptable (20K for college), but why take it if you don't need to? Why saddle your kids with loan payments if you can afford not to?

I get that most do not have a fully funded 529. If we didn't my kid would work hard during all breaks (just like I did) and work part time during university (just like I did with 2 intensive majors that I did)---note my kid will work during summers, but wont be required to work PT in college. But as responsible adults, if you are making over $200K/year, you can most likely find a way to save something, except for extreme circumstances. I don't get why people waste $$ on non-essentials when they have not saved for college. When daycare ends, funnel that $$$ into a 529. Because your kid will not likely get financial aide, so why not plan and make your family life easier for kids at college age?

$20,000 in bachelor's degree loans if your kid is majoring in business, engineering or nursing is totally insignificant. It's peanuts. And also, if they plan to pursue something in the public sector, that will be forgiven.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:My parents did this. HHI of 300k in the early 2000s and didn’t save a penny. And wouldn’t co-sign for private loans. Found out when I’d already gotten in to my dream school.

Where did you end up? I’m sorry, similar story here. Can’t shake the resentment, years later.

NP here, but this is similar to my story. I was accepted to Brown, ended up going to to UMD, which had awarded me a full scholarship. I have a normal MC life now, so it’s not like UMD plunged me into a life of poverty, but I’m bitter that my parents were so irresponsible and didn’t prioritize my education over designer clothing, vacations, and tithing to our church.

Wow. Entitled much?

You’re angry that your parents have to the church??

I also attempted a state school on a full ride instead of paying for a more ‘prestigious’ college. It worked out fine.

This is all very odd to me, since in my circles people seem to have concluded in their 25 years since graduation that college prestige matters much LESS than they thought. And yet this person is still thinking about it years later? If you didn’t become what you wanted in life, it’s not because you went to UMD instead of Brown.

That’s odd, I don’t share that view at all (graduated in 2006). Employers who give you access to highly paid careers are very picky in their hiring and only consider big name schools. You can’t work your way up from the mailroom anymore. That first job is critically important.

+1

It's not the 90s anymore! Wake up! Name brand and prestige matters!

[Anonymous]

Anonymous wrote:

Anonymous wrote:We were upfront with our daughter that she would either attend in-state or OOS public or private with merit and she had her heart set on our in-state schools. She applied early to our in-state flagship and got in and from there, applied to LACs and public colleges that give generous merit aid. She also applied to some private colleges that don't give merit aid because we had toured them and hinted that we would perhaps consider paying for Cornell. In the end, we only considered the schools that she got generous merit aid from. She has always been price-conscious and so was happy that she got into Cornell, Williams, and Carleton but didn't dwell on not going there (the preemptive chats helped with this). We decided to swing a LAC with merit aid and she's very happy there.

I don't fully understand this post -- if Williams and Carleton were not realistic options since they don't offer sufficiently generous merit aid, why tour them and apply there? What was the point?

You're right, there wasn't much point. She didn't even get to tour them at all and applied because we had offered to potentially pay full if she got in and could make a case for going there over in-state (but it wasn't very realistic because it would have substantially reduced our budget and ability to pay for things like renovations and delayed retirement). I guess she wanted to apply to schools her friends wanted to apply to and maybe convince a wealthy relative or two to chip in.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:A lot of parents (and grandparents) just pay cash along the way and many let the kid take out $5k yr in loans. It’s really not that uncommon. Uncommon is this internet myth that everyone has a fully funded 529.

$5k/year is acceptable (20K for college), but why take it if you don't need to? Why saddle your kids with loan payments if you can afford not to?

I get that most do not have a fully funded 529. If we didn't my kid would work hard during all breaks (just like I did) and work part time during university (just like I did with 2 intensive majors that I did)---note my kid will work during summers, but wont be required to work PT in college. But as responsible adults, if you are making over $200K/year, you can most likely find a way to save something, except for extreme circumstances. I don't get why people waste $$ on non-essentials when they have not saved for college. When daycare ends, funnel that $$$ into a 529. Because your kid will not likely get financial aide, so why not plan and make your family life easier for kids at college age?

$20,000 in bachelor's degree loans if your kid is majoring in business, engineering or nursing is totally insignificant. It's peanuts. And also, if they plan to pursue something in the public sector, that will be forgiven.

Yes those degrees should be able to pay back debt. However, one can also argue that for engineering and nursing where you go doesn't really matter that much. For nursing what matters is passing the NCLEX. For engineering what matters is completing an ABET accredited degree---engineering degree from anywhere will have you decently employed afterwards. So if you can go somewhere without debt, there really is no need to accrue even $20-30K for the degree.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:We were upfront with our daughter that she would either attend in-state or OOS public or private with merit and she had her heart set on our in-state schools. She applied early to our in-state flagship and got in and from there, applied to LACs and public colleges that give generous merit aid. She also applied to some private colleges that don't give merit aid because we had toured them and hinted that we would perhaps consider paying for Cornell. In the end, we only considered the schools that she got generous merit aid from. She has always been price-conscious and so was happy that she got into Cornell, Williams, and Carleton but didn't dwell on not going there (the preemptive chats helped with this). We decided to swing a LAC with merit aid and she's very happy there.

I don't fully understand this post -- if Williams and Carleton were not realistic options since they don't offer sufficiently generous merit aid, why tour them and apply there? What was the point?

You're right, there wasn't much point. She didn't even get to tour them at all and applied because we had offered to potentially pay full if she got in and could make a case for going there over in-state (but it wasn't very realistic because it would have substantially reduced our budget and ability to pay for things like renovations and delayed retirement). I guess she wanted to apply to schools her friends wanted to apply to and maybe convince a wealthy relative or two to chip in.

Not PP, but we did let our children tour colleges that we would probably not be able to pay for (or get into), just for the experience. We toured NYU on a weekend trip to see relatives in NYC and we did the same for Berkeley and Stanford when visiting relatives in CA. Other friends specifically chose to visit HYPSM despite less competitive grades and budget constraints. I think as long as you and your child are on the same page and you discourage them from only having elite, full-pay schools on their lists, it's fine but I do see the point of not making specific or inconvenient trips to see colleges that aren't even an option.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

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Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:My kid is attending a private that cost $75k a year. She got significant merit scholarships that have us paying about $40k/year out of pocket.

That’s why.

Did you know (through Net Price Calculator or other means) that she had a good chance of receiving a significant merit scholarship BEFORE applying to that school? Otherwise - if $40K was your limit - you could have had a very disappointed kid.

Yeah, I think they just wanted to brag about the scholarship.

+1. Note also they didn’t provide the name. That’s because it’s not an elite school. Elite schools don’t have to give large merit awards in order to compose the class they want

And? So what?

My kid got $34K at Oberlin which enabled her to choose it over in-state options. It is not elite but it is what she wanted and we can afford it.

What is your point?

Do you mind sharing whether the 34K was all merit and what year it was? That would be a good number if available to us, but I had heard that 25K was top merit the last year or so.

Not PP, but my kids got 34k and 30k in 2020.

And my kid got 40K merit at a school for 2022 admission. It's different at each school
However that's at a $80K school, so still not affordable for many (for us, we are lucky to have saved enough and allowed DC to turn that down and attend a similar priced school for full pay, but if we hadn't had enough saved, they'd be at the school with $40K merit. )
And truly, there were schools my DC could have gotten even more $$$, and if we needed it, we would have had them apply to schools like that and search for the merit. Those schools do exist, they just might not be T50 schools

OK, but if true, that's not a top school, which is what most DCUMers obsess about. And for $40K your kid was offering something that the school wanted (URM, first gen, athlete, instrument, etc. etc. etc.). Please don't let the DCUM readers think everyone can get a $40K merit scholarship. Our DD applied to top schools and received zero in merit and zero in financial aid. That is what usually happens to people living in the DMV area.

Of course she didn't. If you expected merit from a "top school" you were very uninformed about the process. If families are clear on their budget and how financial aid and merit aid works, there are plenty of options but you also have to get out of the obsession with rankings. A good education can be had at plenty of schools.

I did not expect anything. And, if you are savvy about college admissions as you think you are, you know that the merit awards often come out of nowhere because the school wants to attract that particular student because that student has something (usually reportable to the USNWR) be it a high ACT score, a high GPA, a national merit status, a particular instrument; a particular athletic skill, etc. And I am "out of the obsession with rankings". I have no idea what you are referring to but I think you should analyze your own behaviors to determine why you have to snark at a perfectly reasonable point. Yes, only 2nd and 3rd tier SLACs and others offer merit. Everyone know that. But not everyone reading here. My DS received unsoliticted big scholarships ($26K) but ONLY after he had scored a 35 on the ACT, then a 36. You will now snark "how did you know that?' because I took the calls and spoke to the AO officers about how they had found out and what they were willing to offer for my son's 35 and 36. These offers were from 2nd tier slacs, maybe 3rd tier, that few discuss on this board. It's like selling used cars.

[Anonymous]

Anonymous wrote:

Anonymous wrote:My parents didn’t pay a cent for my college. I got a mix of scholarships, grants and loans. I went to grad school entirely on loans.

I don’t think a parent should limit a child.

Almost all 18-year old students are not fully capable of making a well-informed and wise decision about something like college loans that could negatively impact their lives for decades. Study after study has shown that the human brain is not fully developed until a person is well into their 20s. Our job as parents is thus to guide our kids into making good decisions, even if it may sometimes mean vetoing an option, especially when there are plenty of good educational opportunities that are more affordable.

We can full pay for our 3 kids.

Dh was a scholarship kid. I was a scholarship kid. If the student is a top student and gets into a top school, I don’t think the parent should stop child from attending a prestigious school.

Obviously If we are talking second or third tier, it will probably not be worth it to go into hundreds of thousands of debt for a school that is only slightly better than your state school.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:My kid is attending a private that cost $75k a year. She got significant merit scholarships that have us paying about $40k/year out of pocket.

That’s why.

Did you know (through Net Price Calculator or other means) that she had a good chance of receiving a significant merit scholarship BEFORE applying to that school? Otherwise - if $40K was your limit - you could have had a very disappointed kid.

Yeah, I think they just wanted to brag about the scholarship.

+1. Note also they didn’t provide the name. That’s because it’s not an elite school. Elite schools don’t have to give large merit awards in order to compose the class they want

And? So what?

My kid got $34K at Oberlin which enabled her to choose it over in-state options. It is not elite but it is what she wanted and we can afford it.

What is your point?

Do you mind sharing whether the 34K was all merit and what year it was? That would be a good number if available to us, but I had heard that 25K was top merit the last year or so.

Not PP, but my kids got 34k and 30k in 2020.

And my kid got 40K merit at a school for 2022 admission. It's different at each school
However that's at a $80K school, so still not affordable for many (for us, we are lucky to have saved enough and allowed DC to turn that down and attend a similar priced school for full pay, but if we hadn't had enough saved, they'd be at the school with $40K merit. )
And truly, there were schools my DC could have gotten even more $$$, and if we needed it, we would have had them apply to schools like that and search for the merit. Those schools do exist, they just might not be T50 schools

OK, but if true, that's not a top school, which is what most DCUMers obsess about. And for $40K your kid was offering something that the school wanted (URM, first gen, athlete, instrument, etc. etc. etc.). Please don't let the DCUM readers think everyone can get a $40K merit scholarship. Our DD applied to top schools and received zero in merit and zero in financial aid. That is what usually happens to people living in the DMV area.

Of course she didn't. If you expected merit from a "top school" you were very uninformed about the process. If families are clear on their budget and how financial aid and merit aid works, there are plenty of options but you also have to get out of the obsession with rankings. A good education can be had at plenty of schools.

I did not expect anything. And, if you are savvy about college admissions as you think you are, you know that the merit awards often come out of nowhere because the school wants to attract that particular student because that student has something (usually reportable to the USNWR) be it a high ACT score, a high GPA, a national merit status, a particular instrument; a particular athletic skill, etc. And I am "out of the obsession with rankings". I have no idea what you are referring to but I think you should analyze your own behaviors to determine why you have to snark at a perfectly reasonable point. Yes, only 2nd and 3rd tier SLACs and others offer merit. Everyone know that. But not everyone reading here. My DS received unsoliticted big scholarships ($26K) but ONLY after he had scored a 35 on the ACT, then a 36. You will now snark "how did you know that?' because I took the calls and spoke to the AO officers about how they had found out and what they were willing to offer for my son's 35 and 36. These offers were from 2nd tier slacs, maybe 3rd tier, that few discuss on this board. It's like selling used cars.

I agree PP was a bit sassy, but I think the point she was trying to make is that tippy top schools (most) deal in need based aid only, not merit. I think it was a matter of defining top. There are a lot of great schools that do offer merit, but with a few exceptions, those elite ones don't.

Congrats to your kid on the scholarships! Would you mind sharing the schools?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:A lot of parents (and grandparents) just pay cash along the way and many let the kid take out $5k yr in loans. It’s really not that uncommon. Uncommon is this internet myth that everyone has a fully funded 529.

$5k/year is acceptable (20K for college), but why take it if you don't need to? Why saddle your kids with loan payments if you can afford not to?

I get that most do not have a fully funded 529. If we didn't my kid would work hard during all breaks (just like I did) and work part time during university (just like I did with 2 intensive majors that I did)---note my kid will work during summers, but wont be required to work PT in college. But as responsible adults, if you are making over $200K/year, you can most likely find a way to save something, except for extreme circumstances. I don't get why people waste $$ on non-essentials when they have not saved for college. When daycare ends, funnel that $$$ into a 529. Because your kid will not likely get financial aide, so why not plan and make your family life easier for kids at college age?

$20,000 in bachelor's degree loans if your kid is majoring in business, engineering or nursing is totally insignificant. It's peanuts. And also, if they plan to pursue something in the public sector, that will be forgiven.

Yes those degrees should be able to pay back debt. However, one can also argue that for engineering and nursing where you go doesn't really matter that much. For nursing what matters is passing the NCLEX. For engineering what matters is completing an ABET accredited degree---engineering degree from anywhere will have you decently employed afterwards. So if you can go somewhere without debt, there really is no need to accrue even $20-30K for the degree.

We're not talking about $100k in debt and taking a chunk of equity out of the house. In the grand scheme of things, $20k-30k in undergrad debt to give your children a superior dating, social and professional network is well worth it. But you can go ahead and send your own kids to some laughing stock where most of their classmates fail out or take six years to complete bachelor's studies. Crummy colleges bribe you with merit and various other low-bar automatic scholarships to offset the fact that your kid will be spending four years around nitwits. There is no such thing as free lunch.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:A lot of parents (and grandparents) just pay cash along the way and many let the kid take out $5k yr in loans. It’s really not that uncommon. Uncommon is this internet myth that everyone has a fully funded 529.

$5k/year is acceptable (20K for college), but why take it if you don't need to? Why saddle your kids with loan payments if you can afford not to?

I get that most do not have a fully funded 529. If we didn't my kid would work hard during all breaks (just like I did) and work part time during university (just like I did with 2 intensive majors that I did)---note my kid will work during summers, but wont be required to work PT in college. But as responsible adults, if you are making over $200K/year, you can most likely find a way to save something, except for extreme circumstances. I don't get why people waste $$ on non-essentials when they have not saved for college. When daycare ends, funnel that $$$ into a 529. Because your kid will not likely get financial aide, so why not plan and make your family life easier for kids at college age?

$20,000 in bachelor's degree loans if your kid is majoring in business, engineering or nursing is totally insignificant. It's peanuts. And also, if they plan to pursue something in the public sector, that will be forgiven.

Yes those degrees should be able to pay back debt. However, one can also argue that for engineering and nursing where you go doesn't really matter that much. For nursing what matters is passing the NCLEX. For engineering what matters is completing an ABET accredited degree---engineering degree from anywhere will have you decently employed afterwards. So if you can go somewhere without debt, there really is no need to accrue even $20-30K for the degree.

We're not talking about $100k in debt and taking a chunk of equity out of the house. In the grand scheme of things, $20k-30k in undergrad debt to give your children a superior dating, social and professional network is well worth it. But you can go ahead and send your own kids to some laughing stock where most of their classmates fail out or take six years to complete bachelor's studies. Crummy colleges bribe you with merit and various other low-bar automatic scholarships to offset the fact that your kid will be spending four years around nitwits. There is no such thing as free lunch.

There are always people who go out of their way to say how much college name doesn’t matter. I don’t know if they truly believe this, if they have a chip or they can’t afford it.

We went to good college and grad schools and plan to send our kids to the same and can easily pay for it. Maybe if the pp studied harder and went to a better college, met someone better to marry and had better career prospects, their kid wouldn’t have to choose a worse school due to money.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:My parents did this. HHI of 300k in the early 2000s and didn’t save a penny. And wouldn’t co-sign for private loans. Found out when I’d already gotten in to my dream school.

Similar story here. I got admitted to a T20 and was thrilled. Then my dad got sticker shock (having apparently saved nothing and not paid attention to college tuition prices since he attended in the 70s). He first insisted that I work summers and cover all expenses with a summer job, just like he had. I did the math and showed him this was impossible. He then told me that since women just end up SAHMs he didn't believe in investing in helping me get a college education. He said he needed to save his money to make sure he could afford for my younger brother to go to college, as he'd have to support a family (unlike me).

I didn't have a good in state option because he'd chosen to live in a no income tax state and we didn't qualify for financial aid because of his income so the in state school was more than many private options. I ended up at a tier 3 college on full ride. He didn't agree with my decision to attend college so he cut me off financially. I worked three jobs throughout undergrad to afford groceries and clothes and books. No help from him.

Let me be the first (or probably not the first in your life) to agree with you and tell you your dad is an ASS.

Just piping in to say that your dog whistle of "no income tax state" to mean Republican-led doesn't work. Florida has no income tax and has one of the best in-state college programs in the nation. It did 20 years ago and it does now.

That said, I'm sorry about your dad not paying for your college or giving you many options...that does suck.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:My parents did this. HHI of 300k in the early 2000s and didn’t save a penny. And wouldn’t co-sign for private loans. Found out when I’d already gotten in to my dream school.

Similar story here. I got admitted to a T20 and was thrilled. Then my dad got sticker shock (having apparently saved nothing and not paid attention to college tuition prices since he attended in the 70s). He first insisted that I work summers and cover all expenses with a summer job, just like he had. I did the math and showed him this was impossible. He then told me that since women just end up SAHMs he didn't believe in investing in helping me get a college education. He said he needed to save his money to make sure he could afford for my younger brother to go to college, as he'd have to support a family (unlike me).

I didn't have a good in state option because he'd chosen to live in a no income tax state and we didn't qualify for financial aid because of his income so the in state school was more than many private options. I ended up at a tier 3 college on full ride. He didn't agree with my decision to attend college so he cut me off financially. I worked three jobs throughout undergrad to afford groceries and clothes and books. No help from him.

Let me be the first (or probably not the first in your life) to agree with you and tell you your dad is an ASS.

Just piping in to say that your dog whistle of "no income tax state" to mean Republican-led doesn't work. Florida has no income tax and has one of the best in-state college programs in the nation. It did 20 years ago and it does now.

That said, I'm sorry about your dad not paying for your college or giving you many options...that does suck.

If you got into your dream school, did you go on loans?

My BIL used to date this girl who already had 400k by the time she was a second year med student. That was a decade ago so that same debt maybe have been 500k by second year of med school. Her parents made too much to qualify for aid. I want to say it was like 250k but it wasn’t like they made 250 forever. Either way, she had a ton of debt.

Dh is a surgeon and it isn’t uncommon to have hundreds of thousands of debt when graduating from med school. Both Dh and BIL graduated with no debt.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:My kid is attending a private that cost $75k a year. She got significant merit scholarships that have us paying about $40k/year out of pocket.

That’s why.

Did you know (through Net Price Calculator or other means) that she had a good chance of receiving a significant merit scholarship BEFORE applying to that school? Otherwise - if $40K was your limit - you could have had a very disappointed kid.

Yeah, I think they just wanted to brag about the scholarship.

+1. Note also they didn’t provide the name. That’s because it’s not an elite school. Elite schools don’t have to give large merit awards in order to compose the class they want

And? So what?

My kid got $34K at Oberlin which enabled her to choose it over in-state options. It is not elite but it is what she wanted and we can afford it.

What is your point?

Do you mind sharing whether the 34K was all merit and what year it was? That would be a good number if available to us, but I had heard that 25K was top merit the last year or so.

Not PP, but my kids got 34k and 30k in 2020.

And my kid got 40K merit at a school for 2022 admission. It's different at each school
However that's at a $80K school, so still not affordable for many (for us, we are lucky to have saved enough and allowed DC to turn that down and attend a similar priced school for full pay, but if we hadn't had enough saved, they'd be at the school with $40K merit. )
And truly, there were schools my DC could have gotten even more $$$, and if we needed it, we would have had them apply to schools like that and search for the merit. Those schools do exist, they just might not be T50 schools

OK, but if true, that's not a top school, which is what most DCUMers obsess about. And for $40K your kid was offering something that the school wanted (URM, first gen, athlete, instrument, etc. etc. etc.). Please don't let the DCUM readers think everyone can get a $40K merit scholarship. Our DD applied to top schools and received zero in merit and zero in financial aid. That is what usually happens to people living in the DMV area.

Of course she didn't. If you expected merit from a "top school" you were very uninformed about the process. If families are clear on their budget and how financial aid and merit aid works, there are plenty of options but you also have to get out of the obsession with rankings. A good education can be had at plenty of schools.

I did not expect anything. And, if you are savvy about college admissions as you think you are, you know that the merit awards often come out of nowhere because the school wants to attract that particular student because that student has something (usually reportable to the USNWR) be it a high ACT score, a high GPA, a national merit status, a particular instrument; a particular athletic skill, etc. And I am "out of the obsession with rankings". I have no idea what you are referring to but I think you should analyze your own behaviors to determine why you have to snark at a perfectly reasonable point. Yes, only 2nd and 3rd tier SLACs and others offer merit. Everyone know that. But not everyone reading here. My DS received unsoliticted big scholarships ($26K) but ONLY after he had scored a 35 on the ACT, then a 36. You will now snark "how did you know that?' because I took the calls and spoke to the AO officers about how they had found out and what they were willing to offer for my son's 35 and 36. These offers were from 2nd tier slacs, maybe 3rd tier, that few discuss on this board. It's like selling used cars.

I agree PP was a bit sassy, but I think the point she was trying to make is that tippy top schools (most) deal in need based aid only, not merit. I think it was a matter of defining top. There are a lot of great schools that do offer merit, but with a few exceptions, those elite ones don't.

Congrats to your kid on the scholarships! Would you mind sharing the schools?

Oh not it's "tippy top" person again....

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:My kid is attending a private that cost $75k a year. She got significant merit scholarships that have us paying about $40k/year out of pocket.

That’s why.

Did you know (through Net Price Calculator or other means) that she had a good chance of receiving a significant merit scholarship BEFORE applying to that school? Otherwise - if $40K was your limit - you could have had a very disappointed kid.

Yeah, I think they just wanted to brag about the scholarship.

+1. Note also they didn’t provide the name. That’s because it’s not an elite school. Elite schools don’t have to give large merit awards in order to compose the class they want

And? So what?

My kid got $34K at Oberlin which enabled her to choose it over in-state options. It is not elite but it is what she wanted and we can afford it.

What is your point?

Do you mind sharing whether the 34K was all merit and what year it was? That would be a good number if available to us, but I had heard that 25K was top merit the last year or so.

Not PP, but my kids got 34k and 30k in 2020.

And my kid got 40K merit at a school for 2022 admission. It's different at each school
However that's at a $80K school, so still not affordable for many (for us, we are lucky to have saved enough and allowed DC to turn that down and attend a similar priced school for full pay, but if we hadn't had enough saved, they'd be at the school with $40K merit. )
And truly, there were schools my DC could have gotten even more $$$, and if we needed it, we would have had them apply to schools like that and search for the merit. Those schools do exist, they just might not be T50 schools

OK, but if true, that's not a top school, which is what most DCUMers obsess about. And for $40K your kid was offering something that the school wanted (URM, first gen, athlete, instrument, etc. etc. etc.). Please don't let the DCUM readers think everyone can get a $40K merit scholarship. Our DD applied to top schools and received zero in merit and zero in financial aid. That is what usually happens to people living in the DMV area.

Of course she didn't. If you expected merit from a "top school" you were very uninformed about the process. If families are clear on their budget and how financial aid and merit aid works, there are plenty of options but you also have to get out of the obsession with rankings. A good education can be had at plenty of schools.

I did not expect anything. And, if you are savvy about college admissions as you think you are, you know that the merit awards often come out of nowhere because the school wants to attract that particular student because that student has something (usually reportable to the USNWR) be it a high ACT score, a high GPA, a national merit status, a particular instrument; a particular athletic skill, etc. And I am "out of the obsession with rankings". I have no idea what you are referring to but I think you should analyze your own behaviors to determine why you have to snark at a perfectly reasonable point. Yes, only 2nd and 3rd tier SLACs and others offer merit. Everyone know that. But not everyone reading here. My DS received unsoliticted big scholarships ($26K) but ONLY after he had scored a 35 on the ACT, then a 36. You will now snark "how did you know that?' because I took the calls and spoke to the AO officers about how they had found out and what they were willing to offer for my son's 35 and 36. These offers were from 2nd tier slacs, maybe 3rd tier, that few discuss on this board. It's like selling used cars.

I agree PP was a bit sassy, but I think the point she was trying to make is that tippy top schools (most) deal in need based aid only, not merit. I think it was a matter of defining top. There are a lot of great schools that do offer merit, but with a few exceptions, those elite ones don't.

Congrats to your kid on the scholarships! Would you mind sharing the schools?

Oh not it's "tippy top" person again....

If that triggers you, you are a fragile being.

Just trying to delineate variation between what both posters may have been thinking with "top."

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:A lot of parents (and grandparents) just pay cash along the way and many let the kid take out $5k yr in loans. It’s really not that uncommon. Uncommon is this internet myth that everyone has a fully funded 529.

$5k/year is acceptable (20K for college), but why take it if you don't need to? Why saddle your kids with loan payments if you can afford not to?

I get that most do not have a fully funded 529. If we didn't my kid would work hard during all breaks (just like I did) and work part time during university (just like I did with 2 intensive majors that I did)---note my kid will work during summers, but wont be required to work PT in college. But as responsible adults, if you are making over $200K/year, you can most likely find a way to save something, except for extreme circumstances. I don't get why people waste $$ on non-essentials when they have not saved for college. When daycare ends, funnel that $$$ into a 529. Because your kid will not likely get financial aide, so why not plan and make your family life easier for kids at college age?

$20,000 in bachelor's degree loans if your kid is majoring in business, engineering or nursing is totally insignificant. It's peanuts. And also, if they plan to pursue something in the public sector, that will be forgiven.

Yes those degrees should be able to pay back debt. However, one can also argue that for engineering and nursing where you go doesn't really matter that much. For nursing what matters is passing the NCLEX. For engineering what matters is completing an ABET accredited degree---engineering degree from anywhere will have you decently employed afterwards. So if you can go somewhere without debt, there really is no need to accrue even $20-30K for the degree.

We're not talking about $100k in debt and taking a chunk of equity out of the house. In the grand scheme of things, $20k-30k in undergrad debt to give your children a superior dating, social and professional network is well worth it. But you can go ahead and send your own kids to some laughing stock where most of their classmates fail out or take six years to complete bachelor's studies. Crummy colleges bribe you with merit and various other low-bar automatic scholarships to offset the fact that your kid will be spending four years around nitwits. There is no such thing as free lunch.

Wow. So unkind and unnecessary.