Super high EFC

[Anonymous]

I wish my parents would have had the means to save 100k for my college, though I would really have loved 50k for school and the rest for a nice down payment on a condo after graduation.

[Anonymous]

Don't rule out the private schools, OP.

Now, if your kid has her eyes set on University of Chicago, Duke, etc., it's probably not going to happen, but you'd be surprised at what some of the middle-range private schools can do.

This. We did not have even 100K saved up (and he did not qualify for financial aid), but our son is at a small LA school due to merit aid. Look past the top schools and you will find great small schools that are giving out money to bring down their prices. Your child has a solid GPA and test scores. You will find that there are plenty of choices that you can afford.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

State school is by far the best value for your money. Going to a private over-priced college will not ensure your children's success. It will only make them feel entitled.

I went to a state school and hate it when people make sweeping proclamations like that. Yes, it worked out well for me, but some students may really benefit from smaller classes and more individualized attention offered at a small liberal arts college.

A lot of people would benefit from that environment, but is it worth the $150k+ that most people would have to borrow? I'm not sure the benefits outweigh the cost.

+ 1 We could all benefit from a nice LAC but they are overpriced.

[Anonymous]

Don't worry OP. Your kid will be going to state school with plenty of other students just like them. My friend is a surgeon and has a very high income. But they have 4 kids and do not want to pay 1 million dollars for 4 undergrad degrees. It is state school for their kids too!

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

State school is by far the best value for your money. Going to a private over-priced college will not ensure your children's success. It will only make them feel entitled.

I went to a state school and hate it when people make sweeping proclamations like that. Yes, it worked out well for me, but some students may really benefit from smaller classes and more individualized attention offered at a small liberal arts college.

A lot of people would benefit from that environment, but is it worth the $150k+ that most people would have to borrow? I'm not sure the benefits outweigh the cost.

+ 1 We could all benefit from a nice LAC but they are overpriced.

There are public LAC's and LAC's with great merit aid. If you think an LAC is the right choice for your kid, you can find one without paying 60K.

[Anonymous]

Is it really such a big problem? At a $60k private college, that means you're eligible for $10k in financial aid. If you've saved up $25K/year, you only need to come up with an additional $25k to meet your EFC. Your DC could take an unsubsidized direct loan for $5500, leaving less than $20k or 10% of income to pay. At your income level, most families find that achievable.

On the up side, when DC#2 goes to college, your EFC will be cut in half.

[Anonymous]

Anonymous wrote:Is it really such a big problem? At a $60k private college, that means you're eligible for $10k in financial aid. If you've saved up $25K/year, you only need to come up with an additional $25k to meet your EFC. Your DC could take an unsubsidized direct loan for $5500, leaving less than $20k or 10% of income to pay. At your income level, most families find that achievable.

On the up side, when DC#2 goes to college, your EFC will be cut in half.

Lots of good advice here.

OP, you've got lots of options.

First, as mentioned, your in-state publics will cost you about what you have saved.

Second, lower-tier privates will offer solid students merit aid that can bring the price close to what you'd pay in-state.

Third, at that income, you should be able to pay a couple thousand out of pocket each month, maybe more. You can pay $25k from savings, $25k from earnings, and your kid can borrow $5-7k per year.

The world is your oyster, OP. We should all have your problems.

[Anonymous]

PP has it right. You have nothing to worry about at your income level.

[Anonymous]

We could all benefit from a nice LAC

No. There are people who prefer publics, and some prefer large publics.