What was your strategy for making college more affordable? Live in VA vs. MD?

[Anonymous]

Thinking ahead (we have ten years to go for our first) to paying for college. We are in the the category that many here are in--we make to much to get any financial aid, but we don't make enough to make it easy (by a long shot!) to pay for college. We have 2 kids, and they will overlap for 2 years in college. We're saving in 529s, of course, but I expect we won't have more than enough to pay for 2 years of private college tuition. And I expect at least one of our children (but probably both) would go to grad school, and we'd like to help them pay for that.

We live in MD, but have been toying with the idea of moving to VA just for the prospect of being in state for UVA or W&M. Would be interested for those with older children in hearing what you did. Did you make the decision to live in MD vs VA for the prospect of in state tuition? Did you decide on UMd, and if so, are you happy with that choice? Or are you paying for private college and do you think it's worth it? Paying over $200k for a bachelor's at anything other than maybe Harvard, Stanford, Princeton, Yale doesn't seem worth it--or do you think it is?

All thoughts welcome! What was your plan? How did it work out and are you happy with it?

[Anonymous]

I don't have a great answer, but certainly living in Virginia, with lower state income tax and more choices in public universities, is good a starting point. We live in Maryland and just throw money into the 529s, knowing that they will more than make up for the difference between current private school tuition ($42k + $30k) and college tuition. If DS and DD don't have the grades for a great private, they'll go to a good public.

[Anonymous]

Wasn't the plan, but the answer turned out to be "get good grades, don't overshoot"

[Anonymous]

Anonymous wrote:Wasn't the plan, but the answer turned out to be "get good grades, don't overshoot"

So what did that mean? Did your kid get merit aid?

[Anonymous]

I wouldn’t leave MD 10 years in advance just to maybe send kids to UVA. A lot can change in a decade. But then I chose MD for specific reasons.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Wasn't the plan, but the answer turned out to be "get good grades, don't overshoot"

So what did that mean? Did your kid get merit aid?

Yes. Made an OOS private be reasonable and an OOS public match UVA.

[Anonymous]

Anonymous wrote:I wouldn’t leave MD 10 years in advance just to maybe send kids to UVA. A lot can change in a decade. But then I chose MD for specific reasons.

Yeah, that seems crazy, and the difference isn't so great, anyway.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Wasn't the plan, but the answer turned out to be "get good grades, don't overshoot"

So what did that mean? Did your kid get merit aid?

Yes. Made an OOS private be reasonable and an OOS public match UVA.

I should note, though. Good grades weren't obviously going to happen. You can't force it beyond reason and ability.

[Anonymous]

Op, you can't guarantee both of your children will be in the top 10% of their high school class in NoVa. If not, they aren't likely to have an easy way in to UVA or WM. How do you like:
James Madision
Virginia Tech
Christopher Newport
George Mason
Virginia Commonwealth

This is where they will end-up. Know before you move.

[Anonymous]

Anonymous wrote:Op, you can't guarantee both of your children will be in the top 10% of their high school class in NoVa. If not, they aren't likely to have an easy way in to UVA or WM. How do you like:
James Madision
Virginia Tech
Christopher Newport
George Mason
Virginia Commonwealth

This is where they will end-up. Know before you move.

I think the good thing is that Va has a wide range of state schools including those listed above. I would definitely not move here 10 years out hoping for UVA or W&M.

[Anonymous]

Both kids went to U.Md.

Loved it.

It's the best STEM school from Pa to the Florida Keys.

[Anonymous]

OP here. I definitely am not assuming both kids will get into UVA or W&M. They are very young, so who knows. But so far, they appear to be bright by whatever measures exist (MAP scores, etc.) and do very well in school. I would have no problem with them going to a mid or lower tier state school if that seems like the most appropriate place for them based on their grades. I think I feel guilty about sending them to UMd due to costs if they are eligible to get into Hopkins or Cornell or something, even though I'm not sure it's actually worth the significantly higher cost. But I grew up in MD, and sometimes think I haven't fully appreciated that UMd is now viewed more strongly (and is more competitive to get into!).

PP, I'd love to hear more about why you loved UMd. Thanks!

[Anonymous]

I have a HS senior. He is not a top 10% student. We have been quite surprised at the number of schools that offer merit aid that makes a private just as affordable as instate.

[Anonymous]

OP here again. I should add that I am definitely interested in hearing thoughts about living in VA vs. MD. But I am also interested in other thoughts and strategies, like attending UMd even if your kid could have gone to a more highly ranked and much more expensive private. Or any other strategies (magic ways to grow the 529?) that I may be missing.

Also, we are not paying for private schools now, are kids are in public, so we will definitely have more payment shock than full pay private school parents who go from 30-40k tuition to 50-70k tuition. We'll be going from less than $5000/6000 per kid a year in aftercare and camps to college tuition. We're saving all we can, but it definitely won't be enough to fund 4 years per kid at a private college.

My middle class parents paid for both my and my brother's college and most of our grad school with no financial aid and a little bit of merit aid for my brother. It's depressing to think how hard it will be for us to achieve the same for our children, but I know that is the reality with the insanity of college costs now.

[Anonymous]

Anonymous wrote:I have a HS senior. He is not a top 10% student. We have been quite surprised at the number of schools that offer merit aid that makes a private just as affordable as instate.

That's great! Can you give examples of which schools? Thanks!