Donut family: Pay for T10 or go to state for almost free

[Anonymous]

I would really try and make Brown work. I do think it sets the student up for success and opportunities.

[Anonymous]

Anonymous wrote:
DC was accepted to a T10, her dream school, but we ended up with little financial aid. We would have to pay about 60k per year. DC can go to UMD CP for at least a third of that and will likely have other lower cost options at less competitive schools. DC is in the arts but otherwise undecided. She may pursue arts or museum work down the line.

We are in our early fifties with relatively low retirement savings (300k). We have a down payment saved up for a house (about 250k). No other debt or money. We live in the DC area. We rent a small house.

HHI is now about 200k, in public service careers. It took us a while to get to this level. No inheritances or major increases in salary expected.

She is our only. We want to set her up as well as possible, especially since she is leaning towards a soft major. We want her to have the benefits of a strong degree down the line. We are struggling with whether to pay for the T10. We don’t want her taking on the debt. But we know retirement needs to be our priority.

In my opinion, send your daughter to Brown if she seems like a practical, thrifty person and she’ll agree to try to double major in economics and do some business- or law-oriented activities and internships.

It would be a lot of fun to have a daughter at Brown.

You might have a hard time even getting a mortgage for a home in the DMV area, because who’s going to make a loan to a first-time homebuyer who’s near retirement age, anyway?

Chances you already spend about $25,000 per year or more on food and activities for your daughter. That could go to Brown.

If you’re already spending a lot on your daughter, you can probably scrape up another $10,000 from current income without too much problem.

Your daughter should be able to earn and borrow $15,000 per year without much problem.

So, maybe you can cut the hit to savings at about $30,000 per year, or even $20,000 per year, without too much stress.

And your daughter is an attractive, inflation-resistant, geopolitical-risk-resistant asset. She could easily earn about $3 million over 40 years in 2024 dollars without any huge success, and she could earn $6 million or more over her career if things go well.

Why invest in a stupid house or investments denominated in currency issued by a country with $30 trillion in debt when you could invest in a great daughter?

And why worry about $30,000 in federal student loans when she’s likely to earn at least $3 million?

Of course, the retirement advisors on TV will tell you to put your retirement first. That’s because most are paid based on your product purchases or your asset totals, not your daughter’s success.

The comparison would be different if the private school was a place like Emory or Cornell or the state school was UVa.

UMd. academics might be just as good for a great kid as Brown’s.

But life will be a lot more comfortable at Brown, and the networking opportunities will be a lot better. The gap between Brown and UMd. is simply bigger than the gap between UVa. and most private schools.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:It doesn’t sound like you can afford the T10. Did you run the aid calculator before she applied?

Why do people ask this? Apply widely, see what the offers come in at, and then decide. You only need to run the calculator if you apply ED.

Because you end up like OP, with a kid who got into Brown and will have to turn it down and will resent her parents for the rest of her life over it.
I’d go to the financial aid office one more time before you have her commit to UMCP. It’s not unheard of for them to find more aid.

This. If they accepted your child, they want her. Be open with them, you can correct or add information to the FAFSA, figure out a plan with the university.

[Anonymous]

Anonymous wrote:



The comparison would be different if the private school was a place like Emory or Cornell or the state school was UVa.

UMd. academics might be just as good for a great kid as Brown’s.

But life will be a lot more comfortable at Brown, and the networking opportunities will be a lot better. The gap between Brown and UMd. is simply bigger than the gap between UVa. and most private schools.

This

[Anonymous]

Make Brown work. It will pay off

[Anonymous]

IMO the top 10 school will pay for itself in dividends. She’ll have access to a network and opportunities the rest of us mere mortals rarely have access to/only get access to through extreme cleverness and luck. And I say this as someone who went to a no name state school and am fairly successful.

[Anonymous]

Like other people said, I would worry about your daughter if she had to give it up after she got accepted into Brown. You should’ve thought about this before she applied. My DD went to Brown and I had to get loans. That meant that I need to work more years before my retirement. What my daughter got out of Brown made this worthwhile. Brown was a great fit for her. She has great career, found good friends and really enjoyed her college years. I would try to find a way to make it work if possible.

[Anonymous]

Folks, this not an RD choice. OP is in an ED agreement w/ Brown, who offered her the expected financial aid. Then she guessed that her DD might get good money at UMD when she wasn't even admitted yet and was trying to play the ED admit off as an RD or EA. OP is just plotting and scamming, using the ED advantage and not honoring her contract out of personal gain, not financial duress as she depicts.

I am a Brown mom and hope she does weasel out of her agreement, so I don't have to deal w/ her in the parents' group!

[Anonymous]

Haven't read this thread .. but you should

- send her to Brown
- take out loans for entire thing
- have them forgiven in 10 years (post graduation) via PSLF

google Public Service Loan Forgiveness. Sounds like you'll be on track to have them totally forgiven by the time you hit about 65. If you have to work a year or two more it's worth it.

Theres' no limit so take them out for the full thing. Even for a second child

[Anonymous]

Anonymous wrote:Folks, this not an RD choice. OP is in an ED agreement w/ Brown, who offered her the expected financial aid. Then she guessed that her DD might get good money at UMD when she wasn't even admitted yet and was trying to play the ED admit off as an RD or EA. OP is just plotting and scamming, using the ED advantage and not honoring her contract out of personal gain, not financial duress as she depicts.

I am a Brown mom and hope she does weasel out of her agreement, so I don't have to deal w/ her in the parents' group!

The fact that PP assumes parents are all joining these college student groups and that she is somehow required to deal with parents of her college aged kid. This is not little league.

[Anonymous]

Anonymous wrote:
DC was accepted to a T10, her dream school, but we ended up with little financial aid. We would have to pay about 60k per year. DC can go to UMD CP for at least a third of that and will likely have other lower cost options at less competitive schools. DC is in the arts but otherwise undecided. She may pursue arts or museum work down the line.

We are in our early fifties with relatively low retirement savings (300k). We have a down payment saved up for a house (about 250k). No other debt or money. We live in the DC area. We rent a small house.

HHI is now about 200k, in public service careers. It took us a while to get to this level. No inheritances or major increases in salary expected.

She is our only. We want to set her up as well as possible, especially since she is leaning towards a soft major. We want her to have the benefits of a strong degree down the line. We are struggling with whether to pay for the T10. We don’t want her taking on the debt. But we know retirement needs to be our priority.

T10. Unless it’s Cornell

[Anonymous]

Brown 100%. Don’t hesitate

[Anonymous]

For medical, law and some other fields Brown makes sense. For arts or museum, it doesn't, and better using the money for grad school, down payment on a house or something else.

[Anonymous]

It’s about the peer group too. Please don’t screw this up for your kid. You cannot compare UMD and Brown. Only Jack the Dull Boy would pick UMD under the circumstances. You’re not destitute

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:It doesn’t sound like you can afford the T10. Did you run the aid calculator before she applied?

Why do people ask this? Apply widely, see what the offers come in at, and then decide. You only need to run the calculator if you apply ED.

Because you end up like OP, with a kid who got into Brown and will have to turn it down and will resent her parents for the rest of her life over it.
I’d go to the financial aid office one more time before you have her commit to UMCP. It’s not unheard of for them to find more aid.

This. If they accepted your child, they want her. Be open with them, you can correct or add information to the FAFSA, figure out a plan with the university.

Not how it works. Brown doesn't need to give more merit/FA. If your DD doesn't want the spot they will easily fill it from the WL with someone who is likely easily full pay