Our expected financial contribution, per FAFSA, will be about $43k, leaving us about $20k per year short for HYP.

Actually, even $43k is too rich for my blood. We will have enough saved to pay about $33k per year for DC1, currently a junior. That would mean we would have to borrow $120k to make HYP a reality for one child.

Since there is no way on god's green earth we are borrowing that kind of money to send one child to college, we have pretty much eliminated HYP and any private or public OOS college that offers only financial aid. Regardless of their grades/scores/record, our children will go in-state public or second-tier private with merit aid.

I assume the problem is that DC has sights set on an expensive school that is NOT top drawer? If so then you need to have a serious conversation about bang for the buck - especially because DC will be saddled with loans.

And even if it is HYP or Stanford, ye gods make sure the kid majors in something sensible and finishes no more than four years after starting (preferably three).

Remind DC that GRAD SCHOOL is even more important than undergrad and also costs a ton of money.

We are all screwed. College costs too much. As does housing and healthcare. They will take every last penny you have.

How middle class are we talking? For college aid, your HHI and income can be quite high in some places and still qualify. Many take location into account when calculating your house value, so you're not automatically screwed because you're in DC.

Anonymous wrote:

Anonymous wrote:We can totally afford full tuition for any school. And we can afford the additional room and board and car as well. We have lived way under our means. Kids are in MCPS magnets and admissions to top schools can probably happen(based on GPA and SAT scores only). One wants to do engineering and another medicine.

For both of them - if they get scholarships based on merit - they can go to the Ivies or top schools. Otherwise, they will go for free to state school. The money we save will be invested for them. That will ensure a better standard of living in the future - rather than debt or the cost of education.

I am not seeing the value for money for MOST of these colleges and for most majors.

merit scholarships won't happen at MIT/HYPS..even Williams isn't offering any merit aid, according to their website. Need-based ONLY for these schools, hence my question

Take a hard look at what the major is going to be and what advantages having a degree from a particular college brings in terms of earning potential and job placement. Then figure out how much loan you need, and how many years it will take to pay it off. If you can earn the same amount as a HYPS graduate with the exact same degree in a couple of years - then rethink going to the prestige school. Would you be better off with an additional masters degree or an MBA with the money saved?

Anonymous wrote:We can totally afford full tuition for any school. And we can afford the additional room and board and car as well. We have lived way under our means. Kids are in MCPS magnets and admissions to top schools can probably happen(based on GPA and SAT scores only). One wants to do engineering and another medicine.

For both of them - if they get scholarships based on merit - they can go to the Ivies or top schools. Otherwise, they will go for free to state school. The money we save will be invested for them. That will ensure a better standard of living in the future - rather than debt or the cost of education.

I am not seeing the value for money for MOST of these colleges and for most majors.

merit scholarships won't happen at MIT/HYPS..even Williams isn't offering any merit aid, according to their website. Need-based ONLY for these schools, hence my question

We can totally afford full tuition for any school. And we can afford the additional room and board and car as well. We have lived way under our means. Kids are in MCPS magnets and admissions to top schools can probably happen(based on GPA and SAT scores only). One wants to do engineering and another medicine.

For both of them - if they get scholarships based on merit - they can go to the Ivies or top schools. Otherwise, they will go for free to state school. The money we save will be invested for them. That will ensure a better standard of living in the future - rather than debt or the cost of education.

I am not seeing the value for money for MOST of these colleges and for most majors.

I think $20,000 for state school, $40,000 for private. $60,000 a year is too much and now they cost more than that. In a few years they will cost $70,000 a year. That is crazy.

Would not pay more than $40,000 a year for room, board, and school. Simply can't afford any more if that. Children will need student loans or will go in-state.

We will only be able to afford in state rates and it's going to suck to do that..

If a scholarship is involved, awesome. Go to the best you can afford without a loan. If your kid can get into an Ivy, MIT, Stanford or something impressive like that, a loan is a reasonable thing to do. If my kid got into one of those, I'd make it happen. Otherwise, in-state public for us.

Don't worry OP, many of us feel like you. $60,000+ a year is a lot of money. I think HYPS, MIT, CMU if I had a vey motivated student. Maybe Penn for business. Otherwise State School.

Anonymous wrote:Any of the top 50 college, small or large, probably.

Have you not saved anything for college?

I totally have saved, but the math isn't working. I have 150k or so, but 62k x 4=248k so I'm short. A school with a 40-45k price I can do without loans

Any of the top 50 college, small or large, probably.

Have you not saved anything for college?

I'm a 'DC middle-class' parent, family income too high for financial aid but not so high that a 62K tuition and board bill is easily affordable. My DC has set sights on some of those schools which don't offer any merit aid at all. Which schools could you wrap your head around paying full price?
For me, only MIT/Princeton/Stanford would work (though I doubt DC would gain admittance); am I short-selling DC by advising against the SLAC's?
(I'd be happier paying for UMBC out of state though)