Reply to "Fully fund" college... how much?

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Reply to ""Fully fund" college... how much?"

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[quote=Anonymous][quote=Anonymous]This thread may be getting derailed but I just wanted to highlight that many privates are now in the $80k range (I think USC may be over $90k). And tuition increases every year. So if that's your target plan accordingly.

There are lots of ways to pay much less than that - but not for every/any school. You can run the net price calculator at any school to get a sense of whether your income will make your kid eligible for financial aid, and how much. Do that. But also hunt around here and on other college forums for strategies for finding 'deals' - merit aid, OOS schools that offer instate tuition to high achievers, etc. There are tons of options you can pursue if you are savvy.

But also be clear that for the most part, the top privates and SLACs don't offer merit aid or other 'discounts.' They do offer income-based financial aid of course, but not the price breaks that less competitive schools often use to recruit kids.

Every family needs to figure out what is right for their financial situation and their kid. Most schools can provide a great education, but every kid won't do equally well in every environment. My kid applied to publics and privates, had some great choices including merit, and in the end we're footing a full pay private tuition, with struggle and sacrifice, because we guessed that was best for him. So far it's proven true - he's doing really well and loving college.[/quote]

But IF you are funding this with parent loans at the detriment of retirement savings, I'd argue it is not a smart choice.  There are plenty of schools that will give merit and be equally good.

If on the other hand, you have saved for college and can "afford" it easily, then yes, go for it.  Fully understand that.

Our youngest turned down a 60% merit award at a T50 school (2nd choice--80K school) to attend their top choice (T40) @ full pay $80K+/year.  We can easily afford it and have a fully funded 529.  But I get that most people would be sending their kid to the 2nd choice with a $160K savings for the 4 years as the cost savings is too great to ignore.    [/quote]

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