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[quote=Anonymous][quote=Anonymous][quote=Anonymous]OP are you insane or just stupid? You make $400k, have $2m+ in retirement accounts, and you're stumped about how to pay for college for your kids? You've been banking on the (mistaken) assumption that your kids would get merit scholarships to Ivy League and near peer schools?

I've got to say, as a two-nonprofit household that has forgone every luxury to be able to afford the best schools that our two kids might be able to get into, people like you just blow my mind.[/quote]

OP again. I’m definitely not stupid nor am I insane, but I do appreciate your candor. We’ve programmed a great deal of discretionary spending into our budget. We have no debt with the exception of our mortgage, which is less than 20% of our base take home pay. I think we can make some significant spending cuts to make this work and augment, if necessary, with temporary cuts to our retirement contributions. Sort of feels like colleges expect parents to liquidate all savings and take out both loans and second mortgages, which is something I just didn’t see coming when we started putting money into 529 plans 16+ years ago.

And, yes, I was definitely surprised to learn that merit-based scholarships are not available at Ivy League and comparable schools. [/quote]

OP, you are clearly not stupid or insane, but perhaps a bit narrow in your goals? Public schools are excellent sources of education. I wouldn't look past them to chase prestige. In the end, that $80K/year may not be worth more than a degree at UVA, UMD, or other state school. I can say that if you can fully fund a public school education but would defer to loans for private school, pick the former. Speaking from experience, encumbered by the weight of student loans is a crappy way to start a young career. I went to a great private school from K-12 and public for college/law school. I am endlessly thankful that I did because my law school loans are paid and I can now focus on savings. I also do not believe that my peers from HS who attended elite private schools are more highly educated or better situated in their careers.

All this is to say that you may want to think about what $80K will really bring them - particularly if they are taking out loans. [/quote]

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