Reply to Cashing out home equity to pay for college

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[quote=Anonymous][quote=Anonymous]OP here.
PP asked about any college savings. I have $18k put away in DC college savings plan.
PP asked about retirement savings. I am over 40 and have $50k put away. I will not borrow against this.
PP wondered about maturity issue due to low gpa. I am not concerned wether DD has the drive to apply herself to college work. Her high-school is considered a grind and it was. I expect DD is ready to take on college work. She is not a people pleaser and is pretty tough. Does not intimidate easily. I think she will be fine advocating for herself in school. Her SAT was 1440, I think that is what has gotten her admitted and her gpa has barred merit aid. Maybe?
A PP mentioned that for a driven person a gap year may not make sense. I think DD is the “driven” type (unlike everyone else in my family and personal circles, we have been content managing used book stores or always being in a office support role ... DD does not give off those vibes). 
To PPs who felt some kind of way about my comment about her graduating to get a $40k job, I understand how dismissive and narrow that comment was. I do not scoff at working ones way up at all.... in fact I am quite familiar with getting a foothold and showing my superiors that they need me. And progressing on their timeline. I don’t think I will view my DDs twists or turns on her journey as failures. I live in a very glass house. 
As a DC resident we don’t have a state flagship but we do have DC tuition assistance grant which can give $10k towards a state school elsewhere.
She does want to go into computer science but I do not think cyber security was considered much yet.
I will call the schools for information on why full need was not met. I will look into FAFSA rules.
We will continue to look for other ways to pay for school.
Thank you DC Mum for the input![/quote]

I personally hate the idea of gap years or starting at a weak community college for good students. Maybe some common colleges are good at helping students get four-year degrees, but I worry many students will end up without even a master’s degree.

It sounds as if you could probably pay about $30,000 a year without using home equity — $4,000 from savings; $10,000 from
DC; $6,000 from you paying cash; $4,000 from your kid working; and $6,000 in loans.

I think you should cap annual spending at $30,000.

It looks as if there are a lot of respectable schools here, including the University of Alabama and South Dakota’s public universities, that cost only about $25,000 per year, all in:

https://www.bestcolleges.com/features/lowest-out-of-state-tuition/

Note that tons of fairly high-income people here with terrific, high-scoring kids are having their kids use Alabama as a safety.

Maybe some of these schools are the kinds that would have rolling admissions.

Another thing to think about is that these schools really want your kid and will nurture her. If Vassar expects you to pay $50,000, it just wants your money. It doesn’t actually care about your kid.

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