Anonymous wrote:It’s not. Your kids would be better off if they took full rides to a flagship state U and you gifted them all that money for a down payment on a house or professional school.

Anonymous wrote:Have a kid deciding now with another at her tail. So I'm getting estimates - directly from schools - about what it will be next year and what it will be when there are two in at same time.

Kid at Princeton and second at 4 year private college
basically paying full fare first year of first and last year of last. Then about 50k per in the doubled up years.
Total COA for two: 480K

Williams a bit more but in same range.

Two kids at Georgetown
Total COA for two: 700kish. I assume at some point we'd qualify for FA, but not first several years.

Two kids at Grinnell. Merit from the beginning.
Total COA for two: 175k

Humanities major for first, not sure of second. This seems easy to me. Problem is, everyone we talk to is like, "hmm.. Grinnell .. now that seems like a school I've heard of but remind me" and my kids and my husband just get down on the prospect. But they're realists .. they won't sulk if that's the decision. Georgetown is off our list, for sure. Wouldn't pay more for Williams when Princeton is cheaper. Could we pay for Princeton? Yes. But that's it then, kids. No help with grad school, downpayment, anything like that.

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:
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?

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.

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.

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!).

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.

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.

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I wish this forum had more people with kids in their 20s and 30s.

Everything is So Important when you're living through it and it's what your circle is talking about 24/7. Preschool seemed awfully important to me at one time - now I look back and shake my head. I know parents who look back on college and feel the same. Plenty of kids graduate from Top Name College and now they work in tutoring, or in non--profit work, or are project managers making 65k. And that's all just great. But unless you're super rich, there's a lot to be said for having some money available for a down payment and that 35k rolled from the 529 to their Roth. Prestige lasts a lifetime but so does that ROTH IRA. I had to get 40k together to put down money on my first place - and real estate is where most of our net worth comes from. So many millennials priced out of home ownership. The math our kids are looking at is a lot different.

Great post.

"Prestige lasts a lifetime" UNLESS the student attends graduate school or a professional school (MD, JD, or MBA).

And even if not, the importance of prestige declines as you get more experience. Until recently, when the topic came up since a couple of us have kids going through the process, I had no idea where my coworkers went to college. Turns out, a range from highly selective to regional publics to never-heard-of-it LACs. We all work for the same "brand name" company. Yes, I know in certain particular fields it matters. But not for the great majority of them.

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I wish this forum had more people with kids in their 20s and 30s.

Everything is So Important when you're living through it and it's what your circle is talking about 24/7. Preschool seemed awfully important to me at one time - now I look back and shake my head. I know parents who look back on college and feel the same. Plenty of kids graduate from Top Name College and now they work in tutoring, or in non--profit work, or are project managers making 65k. And that's all just great. But unless you're super rich, there's a lot to be said for having some money available for a down payment and that 35k rolled from the 529 to their Roth. Prestige lasts a lifetime but so does that ROTH IRA. I had to get 40k together to put down money on my first place - and real estate is where most of our net worth comes from. So many millennials priced out of home ownership. The math our kids are looking at is a lot different.

Great post.

"Prestige lasts a lifetime" UNLESS the student attends graduate school or a professional school (MD, JD, or MBA).

And even if not, the importance of prestige declines as you get more experience. Until recently, when the topic came up since a couple of us have kids going through the process, I had no idea where my coworkers went to college. Turns out, a range from highly selective to regional publics to never-heard-of-it LACs. We all work for the same "brand name" company. Yes, I know in certain particular fields it matters. But not for the great majority of them.

Anonymous wrote:

Anonymous wrote:I wish this forum had more people with kids in their 20s and 30s.

Everything is So Important when you're living through it and it's what your circle is talking about 24/7. Preschool seemed awfully important to me at one time - now I look back and shake my head. I know parents who look back on college and feel the same. Plenty of kids graduate from Top Name College and now they work in tutoring, or in non--profit work, or are project managers making 65k. And that's all just great. But unless you're super rich, there's a lot to be said for having some money available for a down payment and that 35k rolled from the 529 to their Roth. Prestige lasts a lifetime but so does that ROTH IRA. I had to get 40k together to put down money on my first place - and real estate is where most of our net worth comes from. So many millennials priced out of home ownership. The math our kids are looking at is a lot different.

Great post.

"Prestige lasts a lifetime" UNLESS the student attends graduate school or a professional school (MD, JD, or MBA).

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:
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?

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.

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!).

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.

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.

Anonymous wrote:I wish this forum had more people with kids in their 20s and 30s.

Everything is So Important when you're living through it and it's what your circle is talking about 24/7. Preschool seemed awfully important to me at one time - now I look back and shake my head. I know parents who look back on college and feel the same. Plenty of kids graduate from Top Name College and now they work in tutoring, or in non--profit work, or are project managers making 65k. And that's all just great. But unless you're super rich, there's a lot to be said for having some money available for a down payment and that 35k rolled from the 529 to their Roth. Prestige lasts a lifetime but so does that ROTH IRA. I had to get 40k together to put down money on my first place - and real estate is where most of our net worth comes from. So many millennials priced out of home ownership. The math our kids are looking at is a lot different.

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:
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?

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.

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.

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!).

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.

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:
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?

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.

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.

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!).

Anonymous wrote:

Anonymous wrote:
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?

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.