Cost of attendance? Wow

[Anonymous]

Anonymous wrote:

Anonymous wrote:My DS is starting to think of colleges (he's fifteen) and I was casually browsing some of the smaller, private schools-- the cost of these places is insane. Yes, we're realistic (529 plan and know that college is expensive). It just struck me that there are so *many* extremely expensive colleges, and most of them I've never heard of or wouldn't think twice about if I saw them on a resume.
I'm not trying to stir a fight-- I know that colleges are a lot about fit, and maybe these places offer something extraordinary, but many seem like rich people schools-- one said they basically cavort in LL Bean and music is a top major-- cost of attendance $80,000. SMH.

I'm middle-aged and one of the SLACs I considered in the early 90s was $26k a year (including room and board), so just over $100K for four years. At the time, it was the second most expensive private college in the country. The exponential rate of college pricing is disgraceful, and tied heavily into the behemoth student loan industry.

I went to a private school in the 2000's and it was around $40K, maybe more and my sibling went to an IVY and it was maybe $50K at the time. The pricing is absurd but its mostly for their overhead.

[Anonymous]

Anonymous wrote:

Anonymous wrote:This is why there are constant articles and discussion about college costs. Most UMC folks are usually well aware of this.

OP here-- yes, as previously stated, we know college is expensive and will have enough for most (not all) schools if DS does his part to make good grades and be responsible. I was just surprised that there were so many expensive colleges and even the well regarded public schools are a lot (I think UMich was something like 69K per year once you factor living expenses). I don't know how people who aren't rich and don't qualify for financial aid afford anything except in-state-- even then, the cost has gone up a lot.

There is an expectation families save. I don't get those families living in expensive housing and comfortable lives complaining about college costs. We aren't high income and we managed to save. We live in a house most people here would not, very small and needs lots of work. It was the cheapest house we could find at the time. We drive our vehicles till they die and only take a vacation every few years at best. True middle class will qualify for financial aid. If you don't qualify, then except for some exceptions like health issues, special needs, having to care for family, etc. then you need to make an effort to save.

[Anonymous]

Anonymous wrote:

Anonymous wrote:This is why there are constant articles and discussion about college costs. Most UMC folks are usually well aware of this.

OP here-- yes, as previously stated, we know college is expensive and will have enough for most (not all) schools if DS does his part to make good grades and be responsible. I was just surprised that there were so many expensive colleges and even the well regarded public schools are a lot (I think UMich was something like 69K per year once you factor living expenses). I don't know how people who aren't rich and don't qualify for financial aid afford anything except in-state-- even then, the cost has gone up a lot.

You save, like we do.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:This is why there are constant articles and discussion about college costs. Most UMC folks are usually well aware of this.

OP here-- yes, as previously stated, we know college is expensive and will have enough for most (not all) schools if DS does his part to make good grades and be responsible. I was just surprised that there were so many expensive colleges and even the well regarded public schools are a lot (I think UMich was something like 69K per year once you factor living expenses). I don't know how people who aren't rich and don't qualify for financial aid afford anything except in-state-- even then, the cost has gone up a lot.

There is an expectation families save. I don't get those families living in expensive housing and comfortable lives complaining about college costs. We aren't high income and we managed to save. We live in a house most people here would not, very small and needs lots of work. It was the cheapest house we could find at the time. We drive our vehicles till they die and only take a vacation every few years at best. True middle class will qualify for financial aid. If you don't qualify, then except for some exceptions like health issues, special needs, having to care for family, etc. then you need to make an effort to save.

300k for undergrad is an insane expectation

[Anonymous]

Planning is key if you are UMC. You may not be able to afford McLean or Bethesda and an expensive school. So many people stretch for expensive school areas and then complain cause they can’t afford private colleges.

[Anonymous]

Anonymous wrote:

Anonymous wrote:I agree, op. It’s a shame and a scandal. We’re saving for public university and will urge our kids to choose wisely in terms of value. We both went to Top 20 SLACs, but not sure they’re going to be a smart investment for our kids.

This is OP-- this is what I'm thinking about-- outside of a certain area, a lot of the schools don't have the brand recognition. Any Ivy League school will be recognized most places, but others, not so much. I realize that some schools may be highly regarded and well-known for certain majors-- so that could be an exception. As I said, I'm not trying to be nasty or target any particular school-- it just struck me as absolutely ridiculous.

But you said yourself that name recognition doesn't matter much (which is why rankings are dumb too). So pick the school that works for your child and your budget. We are in the process now, and when you really start to look at your child and really get to know some of these schools, you may be surprised as what gets kicked to the side and what rises to the top. It's kind of fascinating and is very different for each kid. Not every school is great in every major and not every kid wants the same kind of atmosphere/weather/etc. And if you are lucky enough to visit some schools and have a real tour, your child will start dropping schools left and right and often for odd ball reasons.

[Anonymous]

For those reading this and freaking out, use the college Net Price Calculators for an estimate of need-based aid. If that's not going to cut it for your family, the earlier you understand that, the better you can begin to look for lower priced options and places that offer merit scholarships. Realistic expectations.

[Anonymous]

Anonymous wrote:Planning is key if you are UMC. You may not be able to afford McLean or Bethesda and an expensive school. So many people stretch for expensive school areas and then complain cause they can’t afford private colleges.

Meh. There are worse "habits" than buying a not-so-expensive house in one of those areas - and attending PUBLIC schools; and worse "problems" then your kid getting into (only) private colleges. Some people don't have family to help out, so no matter how much they save, or how much they plan, it is not enough due to the quickly rising college prices, and the lack of financial aid that goes to middle class donut hole families.

Don't pretend to know other people's situations, and maybe be glad if you don't experience that issue.

[Anonymous]

Anonymous wrote:For those reading this and freaking out, use the college Net Price Calculators for an estimate of need-based aid. If that's not going to cut it for your family, the earlier you understand that, the better you can begin to look for lower priced options and places that offer merit scholarships. Realistic expectations.

What if those colleges are not a good fit for your kid?

[Anonymous]

I just had the first “we can’t afford that” moment with DD who was starting to get excited about a school that touted it was usually $30k after FA. We can afford instate public or she can get a scholarship to fill the gap.

[Anonymous]

We told our kids very early on that it was a public instate college or they paid the difference. Even if I could afford $80,000a year, I wouldn’t pay that for an undergrad degree.

[Anonymous]

Anonymous wrote:

Anonymous wrote:For those reading this and freaking out, use the college Net Price Calculators for an estimate of need-based aid. If that's not going to cut it for your family, the earlier you understand that, the better you can begin to look for lower priced options and places that offer merit scholarships. Realistic expectations.

What if those colleges are not a good fit for your kid?

Then they go to a school that isn’t a great fit.

[Anonymous]

Anonymous wrote:We told our kids very early on that it was a public instate college or they paid the difference. Even if I could afford $80,000a year, I wouldn’t pay that for an undergrad degree.

Why did you have kids if you're not prepared to pay for college? We saved the money and paid every cent (full pay) for the costs and all expenses at top 10 schools for each of our kids.

[Anonymous]

I’m not the least bit surprised after paying for private school. My nephew’s preschool (4 hours) is $24,000 an academic year. My DD’s high school is $42,600. My alma mater is now $58,195 and DH’s is $72,200.

Private schools are extremely expensive.

[Anonymous]

Anonymous wrote:I’m not the least bit surprised after paying for private school. My nephew’s preschool (4 hours) is $24,000 an academic year. My DD’s high school is $42,600. My alma mater is now $58,195 and DH’s is $72,200.

Private schools are extremely expensive.

+1. After 12 plus years of “free” education in public school, lots of public school parents are shocked.