Reply to two kids in college - what is prestige worth?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]
First, it's a bit laughable to make assumptions on where the second child will end up.

Second, if you can afford it, go with what makes the most sense for the desired major. Often it's the better-known schools, but occasionally it's not.

Third, and this is where you get into the weeds - what exactly does it mean to you, to afford it? What do you plan to put towards retirement, nursing homes and health issues later in life, not to mention leisure and travel? [/quote]

No need to laugh.  I'm making zero assumptions about where second kid will end up -- other than another 4 year private college. The only reason I specified having two at Georgetown is that some schools are more generous if second is also at same school.  But, per Georgetown, even if second is there, they don't care. If second goes to a 4 year public, 2 year public, military academy or skips college altogether .. prices will be cheaper.  But I need to make some assumptions about attending college. [/quote]

Then you're not going about it the right way, OP. Prices are all over the place, and you cannot predict who gets what merit aid. If you want to prepare for the worst, you need to think $90K a year for the second kid.

Eh, I had some anxiety last Fall, but I feel like our kid is in a really great spot with terrific options. Making calls is not a hardship for me. Schools were actually pretty great. They gave historical price increases and I can do the math without much difficulty.  What will move the needle is my own income, which I understand.  
Or do what everyone else does, which is apply to in-state schools, and private colleges, and hope that private colleges give you merit aid. With a system this broken, you cannot make any predictions.

I have a senior going to George Washington on 20K award guaranteed 5 years (still comes to 65K a year), but I make no assumptions for my next kid, so I'm budgeting for future sticker price 5 years from now (90K? 100K?who the heck knows!).

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Five year from now is harder to predict than 12 months from now, which is why colleges so far have given me pretty specific numbers for what our expenses would look like starting a year from this September. They don't need to know what college number 2 will attend to run these estimates.  Your "prepare for the worst" 90k each scenario is the Georgetown one that everyone in my family has decided not to buy into. I get that I'm more of a planner than many, but this is how I deal with money. I plan. [/quote]

Sounds like you have anxiety. Not your fault, of course.
But again, you can call whoever you want, you're not going to magically know how much it's going to be until next year :-)
Your "planning" is just you going down the rabbit hole, OP. Maybe in a few years you'll see that. 
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