Reply to Did anyone get more than $30K in merit aid at private college?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]Op, you ask a very reasonable question. With the same uw GPA and 710 math as a STEM major, DD got 1/2 OOS tuition at a flagship public and 1/3 off at a STEM focused private. Those were 2 very good (money) results out of 10. We would never have been able to anticipate the end results, so I'd advise to apply widely. Just make sure DC has financial safeties from which to choose. A problem your DC will have is Theatre is such a competitive major, students are lucky to get into the major at all.[/quote]

Hmmm. Thank you. Good to know. DS is thinking of coming up with something different than a straight theater major to differentiate himself.  But it's good to know there may be some OOS options.  The problem for us is our budget is capped at $25K per year, so 1/3 off a private is not going to be enough. sigh. [/quote]

Why is your budget capped at 25K per year?  Will your child take out loans to move the 25K max?  Will you get any FA? [/quote]

Not eligible for FA. Won't take out loans or let our kids take out loans. So our kids go in-state or OOS with merit aid. Just trying to find OOS options, should there be any, for DC#2.

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Everyone takes out loans...I still have 60K! That's the reality of being a millennial.[/quote]

OP here. We are not "everyone." We will not take out loans. I do not want my kids saddled with huge debt when they graduate. DC#1 was admitted to several prestigious colleges, but since we're not eligible for FA, DC#1 did not go to any of them. In-state is the most affordable option, but not the only one. A friend's child got a free ride at an OOS flagship, so I know it's possible. [/quote]

There is a difference between being "saddled" with loans and your child making an informed decision to take out a reasonable amount of loans per year to attend a college that is a good fit for the profession he wants to pursue.

A much better approach in my opinion is to have many conversations with your child to make sure he understands that if he is going to pursue acting his expected earnings are "x", and that can buy "y" types of lifestyle.  One if the most valuable discussions my father had with me as I was looking at colleges was how much each profession pays and what that means for the lifestyle I will live, including paying back student loans.  Based on those discussions I decided I didn't want to be a history teacher because the return on investment was low, instead I went to an expensive college (with loans) and pursued a career with a high return rate.  My 40k in student loans were no big deal because I'm in a high paying profession.  If I decided I really wanted to be a history I knew what schools made sense financially given my future earnings.

Although my children are in elementary school I am already having that discussion with them so they understand risk/benefit tradeoffs.[/quote]

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