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[quote=Anonymous][quote=Anonymous]We knew we would qualify for little to no financial aid, and we also knew we could afford about $30k per year out of pocket, so we didn't allow DC to consider any schools that don't offer merit aid to students with stats like DC's. That pretty much took every elite school off the table (since most don't offer merit aid and the ones that do offer it only to the tippy-top applicants, which DC was not). It was made perfectly clear to DC that the most important factor in his final decision would be cost of attendance. If the cost were much more than $30k, DC wouldn't be going there, period.

As with any investment, choice of college should be made with the head, not the heart.[/quote]

Forgot to add: regarding Michelle Singletary's advice--I don't have a problem with students borrowing a modest amount of money to get an undergrad degree. I took out student loans to go to college and had no problem paying those loans off, even though my first job out of college was for pretty low pay. So I have no regrets about the money I borrowed--it wasn't a burden on me in any way. Adjusted for inflation, the amount I borrowed was $20k, and I've used that as a benchmark for how much debt my kids should take on. My DC1 will likely borrow $5k per year to get an undergrad degree; DH and I pay the rest.

OTOH, DH and I are adamant about not borrowing money ourselves to send the kids to school. We are using savings plus what we can swing in monthly payments. If that wasn't enough, then we all would have had to adjust our expectations. DC1 would have accepted the scholarship he was offered at a non-premiere state university, which would have meant spending about half what we are spending now.[/quote]

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