s/o BC thread - Recs for kids who won't get in to BC or ND

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:What's wrong with taking out loans? Everyone I knew did except for one friend. She was an only child and her parents sent her to Mt. St. Mary's which may be of interest to your son. She called me when she went to grad school and asked me, "So I am taking out a student loan. Does a loan mean I have to pay it back?" OMG. Loans mean your kid has some skin in the game.

Kid himself can only qualify for around $5500 federal student loan. Beyond that, mom and dad or somebody must cosign—and cosign means you and your credit are totally on the hook if your kids flakes.

That's $5500 you don't have to pay yourself. Why the reluctance? I took out the maximum each year and paid it back within 6-7 years. I also took out graduate loans and paid them back too. The interest rates are pretty low.

No just clarifying because sometimes people seem to think an 18 year old can borrow 20 or 30 grand a year or more.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:What's wrong with taking out loans? Everyone I knew did except for one friend. She was an only child and her parents sent her to Mt. St. Mary's which may be of interest to your son. She called me when she went to grad school and asked me, "So I am taking out a student loan. Does a loan mean I have to pay it back?" OMG. Loans mean your kid has some skin in the game.

Kid himself can only qualify for around $5500 federal student loan. Beyond that, mom and dad or somebody must cosign—and cosign means you and your credit are totally on the hook if your kids flakes.

That's $5500 you don't have to pay yourself. Why the reluctance? I took out the maximum each year and paid it back within 6-7 years. I also took out graduate loans and paid them back too. The interest rates are pretty low.

Ummm... because if they only have $100K in a 529, $5500/year probably isn’t going to make up the difference...

[Anonymous]

529 has $100k

[Anonymous]

Anonymous wrote:Fordham, College of the Holy Cross, Villanova (although that might also be a stretch)

I love Fordham but remember it is in NYC and your son's COL will increase substantially compared to elsewhere. And it is on the West Coast but every kid I've ever known to go to Santa Clara University has flat out LOVED it. I cannot say enough good things about what I've heard from Santa Clara students.

Any chance your kid would like a Mid-West school other than ND? St. Louis University, Creighton and Marquette come to mind.

[Anonymous]

Anonymous wrote:

Anonymous wrote:What is it that DS finds appealing about ND and BC, besides the sportiness? If Catholic affiliation is key, that steers things in one direction. If being in a suburb near a real city is crucial, that's something different. If size matters... and on and on.

OP here. This is a good question. I know he appreciates the fact that the few kids he knows who went to one of those schools were kids he likes and relates to. Obviously, DH being an alum created a fan of DS, so since he's been to football games at both ND and BC, he knows the atmosphere in both places during football season. It's one that fits him. I think he believes that all the students at both of these schools are smart, but not too smart and not too bro-ish. That may be wrong, but it's an opinion he's kind of run with.

He goes to public HS in MD. He is more attracted to BC because of its proximity to Boston, without actually being in Boston. ND is simply ND in his mind and it's worthy of love, regardless of the fact it's in South Bend. Still, he's a realist and much more pragmatic than me and DH, he knows he doesn't have the resume to be accepted into either of these schools and it disappoints him. And, as a side note, it's really too bad that the middle-class, average to above-average, Catholic, sporty kid can't get into either of the two schools that were created for middle-class, average to above-average, Catholic, sporty kids. But, that's an argument for another thread.

He doesn't need to go to a Catholic school; however, we have heard (and a few PPs have confirmed) that they offer more merit aid. He wouldn't mind Big State U, but doesn't want to settle for 2nd tier state u. He'd rather go to smallish, private school and, based on his interests and financials, the Catholic universities seem to be a better fit.

I've really loved seeing all of these recommendations. They are opening up some schools that we never even considered. I'm going ask him to look into University of Rochester, Providence College, and Fairfield. Through my research since starting this thread, I've also found Siena, Stonehill, and Salve Regina. Does anyone know anything about these schools?

Catholic schools do not offer more merit aid.

On the contrary, they are notoriously stingy.

[Anonymous]

Anonymous wrote:What's wrong with taking out loans? Everyone I knew did except for one friend. She was an only child and her parents sent her to Mt. St. Mary's which may be of interest to your son. She called me when she went to grad school and asked me, "So I am taking out a student loan. Does a loan mean I have to pay it back?" OMG. Loans mean your kid has some skin in the game.

We want our kids to start their adult lives debt free.

[Anonymous]

Anonymous wrote:

Anonymous wrote:What is it that DS finds appealing about ND and BC, besides the sportiness? If Catholic affiliation is key, that steers things in one direction. If being in a suburb near a real city is crucial, that's something different. If size matters... and on and on.

OP here. This is a good question. I know he appreciates the fact that the few kids he knows who went to one of those schools were kids he likes and relates to. Obviously, DH being an alum created a fan of DS, so since he's been to football games at both ND and BC, he knows the atmosphere in both places during football season. It's one that fits him. I think he believes that all the students at both of these schools are smart, but not too smart and not too bro-ish. That may be wrong, but it's an opinion he's kind of run with.

He goes to public HS in MD. He is more attracted to BC because of its proximity to Boston, without actually being in Boston. ND is simply ND in his mind and it's worthy of love, regardless of the fact it's in South Bend. Still, he's a realist and much more pragmatic than me and DH, he knows he doesn't have the resume to be accepted into either of these schools and it disappoints him. And, as a side note, it's really too bad that the middle-class, average to above-average, Catholic, sporty kid can't get into either of the two schools that were created for middle-class, average to above-average, Catholic, sporty kids. But, that's an argument for another thread.

He doesn't need to go to a Catholic school; however, we have heard (and a few PPs have confirmed) that they offer more merit aid. He wouldn't mind Big State U, but doesn't want to settle for 2nd tier state u. He'd rather go to smallish, private school and, based on his interests and financials, the Catholic universities seem to be a better fit.

I've really loved seeing all of these recommendations. They are opening up some schools that we never even considered. I'm going ask him to look into University of Rochester, Providence College, and Fairfield. Through my research since starting this thread, I've also found Siena, Stonehill, and Salve Regina. Does anyone know anything about these schools?

My dad went to Siena. It's well-known and respected in the Albany area, especially for finance. Cousins who graduated from there had no trouble finding jobs. Very pretty campus. I think that basketball has been popular there in recent years. It's Catholic, but not in-your-face. Check it out!

[Anonymous]

Anonymous wrote:

Anonymous wrote:What's wrong with taking out loans? Everyone I knew did except for one friend. She was an only child and her parents sent her to Mt. St. Mary's which may be of interest to your son. She called me when she went to grad school and asked me, "So I am taking out a student loan. Does a loan mean I have to pay it back?" OMG. Loans mean your kid has some skin in the game.

Kid himself can only qualify for around $5500 federal student loan. Beyond that, mom and dad or somebody must cosign—and cosign means you and your credit are totally on the hook if your kids flakes.

This is true. We're a donut hole family. We make too much according to FAFSA for anything but the minimum federal loan but every bit helps, so both of our children take out the FAFSA loans each year and we pony up the difference. Fortunately we're in-state. And yes, to a much earlier PP, some of the state schools have very off-campus Catholic programs.

[Anonymous]

Anonymous wrote:

Anonymous wrote:What's wrong with taking out loans? Everyone I knew did except for one friend. She was an only child and her parents sent her to Mt. St. Mary's which may be of interest to your son. She called me when she went to grad school and asked me, "So I am taking out a student loan. Does a loan mean I have to pay it back?" OMG. Loans mean your kid has some skin in the game.

We want our kids to start their adult lives debt free.

Actually, the $5500 a year is a drop in the bucket if you are looking at some of the institutions mentioned here that are $70K a year. And OP has to pay that our of savings or after-tax bucks. I firmly believe the child should have some skin in the game even if it is only $22 - $25K at the end. Also the PP immediately above fails to realize that the $5500 minimum is at such favorable rates that it makes much more sense to have the child take out the $5500 (it grows in amount every year of school) and then if the parents runs into some money pay it down! But those loan dollars will be at a much better rate of interest and payment terms than credit card debt, IRS debt, regular loan debt, refinancing your house debt, etc.

[Anonymous]

Anonymous wrote: My kid would actually fit in very well at BC or ND, and has expressed interest in both of them(and DH went to one of these schools, so DS is familiar with both campuses). We are sometimes-active Catholics, conservative-ish (with the liberal SJ bent that comes with Catholicism), and he is looking to major in economics or finance. He'd like a school with sporty kids, but it doesn't have to be D1, and the lack of frats is appealing.

But, here's the thing, both schools would be a stretch for him, academically, and we couldn't afford either (only have 100k in 529, which would get us 1.5 years at either) one of them.

Where else should someone like my son look? So far, as a junior, he has a 3.9 weighted / 3.6 unweighted. SAT = 1260 (going to take it again obviously) He is a one-sport varsity athlete, volunteers with a youth organization, and participates in a couple of clubs (sports-oriented clubs)He is a confirmed Catholic, but isn't really into it. He'd like to stay on the East coast.

Thoughts?

A "stretch" is putting it mildly. Your son has zero chance at ND, even as a legacy. Zero.

[Anonymous]

Slim chance at Villanova as well. Not much better chance at Holy Cross, and no chance of any aid at either. Look lower.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:What's wrong with taking out loans? Everyone I knew did except for one friend. She was an only child and her parents sent her to Mt. St. Mary's which may be of interest to your son. She called me when she went to grad school and asked me, "So I am taking out a student loan. Does a loan mean I have to pay it back?" OMG. Loans mean your kid has some skin in the game.

We want our kids to start their adult lives debt free.

Actually, the $5500 a year is a drop in the bucket if you are looking at some of the institutions mentioned here that are $70K a year. And OP has to pay that our of savings or after-tax bucks. I firmly believe the child should have some skin in the game even if it is only $22 - $25K at the end. Also the PP immediately above fails to realize that the $5500 minimum is at such favorable rates that it makes much more sense to have the child take out the $5500 (it grows in amount every year of school) and then if the parents runs into some money pay it down! But those loan dollars will be at a much better rate of interest and payment terms than credit card debt, IRS debt, regular loan debt, refinancing your house debt, etc.

Yes, you stated above what you believe about "skin in the game." We don't share that belief and place a high value on graduating debt-free. Therefore we have done everything possible to ensure that our kids won't need to take out loans.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:What is it that DS finds appealing about ND and BC, besides the sportiness? If Catholic affiliation is key, that steers things in one direction. If being in a suburb near a real city is crucial, that's something different. If size matters... and on and on.

OP here. This is a good question. I know he appreciates the fact that the few kids he knows who went to one of those schools were kids he likes and relates to. Obviously, DH being an alum created a fan of DS, so since he's been to football games at both ND and BC, he knows the atmosphere in both places during football season. It's one that fits him. I think he believes that all the students at both of these schools are smart, but not too smart and not too bro-ish. That may be wrong, but it's an opinion he's kind of run with.

He goes to public HS in MD. He is more attracted to BC because of its proximity to Boston, without actually being in Boston. ND is simply ND in his mind and it's worthy of love, regardless of the fact it's in South Bend. Still, he's a realist and much more pragmatic than me and DH, he knows he doesn't have the resume to be accepted into either of these schools and it disappoints him. And, as a side note, it's really too bad that the middle-class, average to above-average, Catholic, sporty kid can't get into either of the two schools that were created for middle-class, average to above-average, Catholic, sporty kids. But, that's an argument for another thread.

He doesn't need to go to a Catholic school; however, we have heard (and a few PPs have confirmed) that they offer more merit aid. He wouldn't mind Big State U, but doesn't want to settle for 2nd tier state u. He'd rather go to smallish, private school and, based on his interests and financials, the Catholic universities seem to be a better fit.

I've really loved seeing all of these recommendations. They are opening up some schools that we never even considered. I'm going ask him to look into University of Rochester, Providence College, and Fairfield. Through my research since starting this thread, I've also found Siena, Stonehill, and Salve Regina. Does anyone know anything about these schools?

My dad went to Siena. It's well-known and respected in the Albany area, especially for finance. Cousins who graduated from there had no trouble finding jobs. Very pretty campus. I think that basketball has been popular there in recent years. It's Catholic, but not in-your-face. Check it out!

My Cousins from the Albany area also went to Siena - I would second the above perspective.

[Anonymous]

Take the 529 and change the beneficiary to your younger child.

[Anonymous]

Anonymous wrote:Take the 529 and change the beneficiary to your younger child.

Why?