How do you grapple with the cost of expensive colleges?

[Anonymous]

It's a very common problem and we did find that in-state made the most sense in our situation. Even with pretty nice merit aid, private universities were going to be twice as much as we were comfortable paying. Look closely at ALL of your in-state options and don't just go on what the peanut gallery says because they are all really wonderful in their own way.

[Anonymous]

Anonymous wrote:It's a very common problem and we did find that in-state made the most sense in our situation. Even with pretty nice merit aid, private universities were going to be twice as much as we were comfortable paying. Look closely at ALL of your in-state options and don't just go on what the peanut gallery says because they are all really wonderful in their own way.

What state are you in?

[Anonymous]

We've just been saving. Started at $750 a month when our oldest (8) was born and now we're up to $1250 a month per kid we have 3 total). Our 8 yo has ~ 125k and the younger two have corresponding amounts to their ages.

We plan to pay for all of college and as much as their grad school as we can.

[Anonymous]

For us, the key was establishing expectations. DS knew what the options were for college - public schools (we are in DC, so get the $10,000 DC Tag), or a private school that would give him merit aid to get down to the right price level.

We didn't visit places we could not afford.

We made clear - and he understood - that some families can afford to do different things, but that we are not making that kind of money.

[Anonymous]

Anonymous wrote:

Anonymous wrote:It's a very common problem and we did find that in-state made the most sense in our situation. Even with pretty nice merit aid, private universities were going to be twice as much as we were comfortable paying. Look closely at ALL of your in-state options and don't just go on what the peanut gallery says because they are all really wonderful in their own way.

What state are you in?

VA.

I'll add that we did go in on the advice that privates can be as cheap or cheaper than in-state, but that wasn't the case. C'est la vie. Oh, and in our case it wasn't a situation of "settling" for UVA over Princeton. My kid found his just-right state university by touring, interviewing and researching, and sometimes just-right isn't the flagship.

[Anonymous]

Back in the day, I applied to colleges where I would be "over-qualified" with the thought that they would want me more and therefore offer more aid, my parents not being able to afford anything. Ultimately, I got a full tuition scholarship and financed the room/board by loans and work, and never going off on Spring break. It worked.

For my own DC, we are putting $1k per month per child into the MD529 program and will pay for the rest out of pocket. We are paying $70k (total) per annum for the two of them for private school, so college itself will actually be less expensive than current tuition + 529 payment.

[Anonymous]

Anonymous wrote:We've just been saving. Started at $750 a month when our oldest (8) was born and now we're up to $1250 a month per kid we have 3 total). Our 8 yo has ~ 125k and the younger two have corresponding amounts to their ages.

We plan to pay for all of college and as much as their grad school as we can.

That's impressive. The amount you set aside is getting close to what I clear from each month's pay check.

[Anonymous]

I don't care. We are not paying for an expensive college. In-state is the max. DC know that we don't care much for college education, it's just four more years of childcare/activities/camps/sports

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:It's a very common problem and we did find that in-state made the most sense in our situation. Even with pretty nice merit aid, private universities were going to be twice as much as we were comfortable paying. Look closely at ALL of your in-state options and don't just go on what the peanut gallery says because they are all really wonderful in their own way.

What state are you in?

VA.

I'll add that we did go in on the advice that privates can be as cheap or cheaper than in-state, but that wasn't the case. C'est la vie. Oh, and in our case it wasn't a situation of "settling" for UVA over Princeton. My kid found his just-right state university by touring, interviewing and researching, and sometimes just-right isn't the flagship.

Thank you. We are in VA, too, and wonder if looking at privates make any sense from a cost standpoint.

[Anonymous]

If they choose in-state or get significant merit aid to bring costs down to in-state levels, they can have $5K to travel in the summers & I'll help with grad school. Otherwise I'm only paying $60K for a school that will make future employers go "Wow."

[Anonymous]

We have the same HHI, and set a monetary limit very clearly. We explained to our DC that he could apply to in-state public schools as well as private schools, and that he could choose whatever school he wished from his selection, subject to the budget. we can pay up to about $40k, roughly. We are not permitting him to take out loans, or taking loans ourselves.

He is now a rising sophomore at an OOS SLAC and very happy. Our costs this upcoming year are about $37k for tuition, room, board and fees. DC is responsible for his own spending money.

[Anonymous]

Do people automatically write off OOS schools? Some are the same cost or possibly even a bit less than some VA state schools.

[Anonymous]

We have $180,00 saved for each child. One leaves for college in 2 years and the other child in 5 years. Anything beyond what we saved they will to take out student loans.

[Anonymous]

Need

[Anonymous]

Anonymous wrote:We have $180,00 saved for each child. One leaves for college in 2 years and the other child in 5 years. Anything beyond what we saved they will to take out student loans.

Wow. $180k for each? Wow. Good on ya! That's impressive.