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College and University Discussion
Reply to "Paying for Private College"
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[quote=Anonymous]My DC is at a private SLAC with a $26k/year merit scholarship. This takes our annual bill for this year to about $36,000. We do not qualify for need-based aid. DC'S school is a solid, well-regarded college but not top-tier. Top-ranked schools do not award merit scholarships. Choosing a lower-ranked school is key to merit aid. Do those 14 schools all award merit aid? DC was admitted to the UMDCP Honors program, which would have cost about $25,000/year, but for a variety of reasons chose the small private school instead. We can afford it, agree it is a better fit, and are happy to pay. We have enough college savings to cover this debt-free and are not jeopardizing our retirement by choosing the more expensive option. If your friend is forgoing saving for retirement by paying his child's way, he should rethink that.[/quote]
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