IS or OS for college
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Anonymous
| How are you guys going to pay for college. Our In State looks like 130,000 which we could cover via 529 and paying directly. However our DD wants to go to out of State that is 90,000 a year...Heart set on in. How are you guys paying for this type of situation. Loans are crazy and I don't want to pay that. I have said no and the FAFSA loan totals are quite low. Thanks. |
Anonymous
| She should consider OOS schools that are generous with Merit. Those are likely going to be likely/target schools, not reach ones. |
Anonymous
Most OOS public schools aren't 90k/yr. Primarily limited to Mich, UVA and CA schools. |
Anonymous
| We didn't let them consider schools that would cost $90k. Set the budget at $40k(ish). One went in state and the other OOS with merit and both came in under budget. All covered from 529. |
Anonymous
|
OP, as the parent, your job will be to set the budget. No parent loans. The small federal student loans are ok. She should plan to save summer earnings for spending money.
If she wants to get out of state, she will need to find a cheap school or a school that offers lots of merit. If you want suggestions, you would need to post a lot more details. |
Anonymous
| 529 and cash flow. But there are maybe 5 OOS I would pay this much for (luckily most are quite a bit less than that). |
Anonymous
| depends on the two states; you get what you pay for |
Anonymous
|
I had a cap on what I would pay. Let’s say $50k total COA. Most in states, although not all privates, and some out of state public, but not all and some out of state privates fit the bill.
When we were making the list, we looked up with the common cost of attendance was, and did the net price calculator if it was in doubt. We didn’t even have our kids apply to schools that were way out of range. For example, kid #1 was very interested in certain Northeast LACs because they had sports programs they could do for their sport, but we reminded them that they were $90,000 a year so they should just forget it. They had plenty of the schools that accepted them that were within budget |
Anonymous
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Many parents will say, "instate only". For some parents they don't want to risk that OOS *might* cost more, it's just easier they think to say no. Some of us said "yes" or "maybe, depending on final cost of acceptance."
"Heart set on it" is unimportant. You have said, "no". That's it, that's all. Not unusual. |
Anonymous
| Several OOS public universities offered enough “merit” aid to our DC and others that cost of attendance was the same as in state full pay. |
Anonymous
| Told DC he can go OOS with merit if the COA is within $10,000 from in state UMD. Accepted RD full tuition ride at a Top 20. Received additional other substantive merit scholarships, which made COA way less than UMD. Couldn't be happier. |
Anonymous
The risk is that your kid will get themselves a merit-based full ride at some OOS school somewhere and just take off. And yes, I have met someone who did this. If the kid is 18 and doesn’t need your money, you can’t actually bind them to stay in state. |
Anonymous
So, you would prefer to use money to keep your child geographically close to you? |
Anonymous
| Apply as early as possible for best merit everywhere. |
Anonymous
| Attend college where you don't have to take loans. Graduating debt free is a great gift. |