If she does community college and then transferred to UMD, she could get thru college with less than $45K debt. That is manageable.

Another vote for community college and then transfer. She can take a loan in her name of $6500 the first year, and slightly more in the next 3 years.

Highly selective schools encourage gap years. If she’s trying to earn money to pay and she is accepted, that won’t hurt her to defer. Do not use home equity.

Call the schools and see if they can increase the FA. It can't hurt. Gap year is a good idea. There are schools that have rolling admissions that maybe she could still apply to.

Anonymous wrote: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.

OK. You need to be thinking about your own retirement at this point. Borrowing from your home equity for your daughter's college is absolutely not on the table for you.

So time for other options. Look into the cybersecurity or other scholarships. Your daughter needs to find a free college education and live at home. Even if you find a school that meets need, you really can't be cash flowing anything for your daughter. You need to prioritize retirement savings.

No full ride with 100K income. I am similar and the EFC is about 20K.

Are you saying that at the end of the month you have $0 to pay for college?

Did you confer with your child's guidance counselor during the application process? Perhaps you were hoping to receive more aid (merit or need). What state are you in? What schools did she apply? Major? Keep in mind that the tuition amounts that you listed will INCREASE every year. Your DD will only receive $5500 in federal loans for her freshman year. That means YOU will have to secure loans for the remaining amount. YOU will be responsible for the repayment. I would not incur this debt for you or her. That's crazy.

I would seriously consider community college for 1 or 2 years. Much less money.

No! If you only make $100k, then she should be getting almost a full ride at certain schools.

And five years for undergrad? Just no. Make her take community college courses each summer for credit.

Grade inflation is overrated.

I would tell her she needs to go to a state college you can afford in less she gets a lot of financial aid.

If she can't afford to attend
given the aid package, she needs to tell the school. Tell professors in her department. Network. See what they can do.

Did she get into any other schools?

OP, I understand how hard it is, but I think you are better off with student and parent plus loans in the long run than refinancing your house. This is how people lose not worrying about a mortgage in their old age.

OP, you're in a negotiation with the school. Don't settle for their first offer. Many families I know do this. Good to have a credible alternative. If we don't get our full need met from you we will not be able to attend. You can't be expected to take from your home at your age. The financial people understand that. But you have to push them. They can probably improve their offer twice. So two rounds of this isn't enough. Or wait a year if all else fails. Good luck! Great SAT score. You can do this and not from your hard earned home equity.

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!