Cost of books depends on major. My DC is a science major, and one book can cost $300!

OP here. Yes no merit and no financial aid.

DD did apply early decision as that increased her acceptance chance to 25% instead of 11% as for regular decision.

I was pretty shocked when I first saw that generic chart of Expected Financial Contribution (EFC). With a family income of over $200K and only one child, we are to be able to contribute 45% of our income (full tuition).

If we didn't have $225K already saved, there is no way we could afford NU. Who can afford to pay 45% of one's income? Crazy stuff!

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Anonymous wrote:Lol! $75k/year!!!

For some, I guess. But half the student body gets need-based financial aid and the average award is around $50K. So every other kid on campus is paying nowhere near $75K.

I love people who can't read between the lines and buy this speel from colleges. You do realize that they include in that figure the work-study programs, and the federal loans, even for those like us that are donut hole families. And to further "improve" the stats, they hand out mini loans and grants. Just wait until you fill out the FAFSA and find out you make too much to qualify for anything but the min. $5500 loan. Oh, but that puts us in the "half the student body gets need-based financial aid" section. Besides, it doesn't sound like OP is getting any financial or merit aid.

Thanks for the lecture about my inability to read between the lines. It's 'spiel' by the way, and you conveniently ignored the second part of that statement: "and the average award is around $50K." That's the average. I work in an analytical field, so I understand the term. Now if your FAFSA gives you an EFC of $70K, God bless, but for most that won't be the case.

I'm very familiar with the smoke & mirrors many college financial aid offices employ. But at the nation's most highly selective schools, the ones with multi-billion dollar endowments and a pledge to meet 100% of need (increasingly without loans), that's not how it's done.

Dream on. That "pledge" means nothing if "YOUR need" doesn't match that of the FAFSA computer - and it won't. The universities and colleges manipulate those figures right and left so they can report high financial aid to USN&WR, but when you see it in action - NOPE, you won't get a penny except for the minimum $5500 loan. We have three in college at the same time, need to contribute to our own retirement, and are taking care of 3 parents. We NEED financial aid but the FAFSA computer says we don't. There is no way we can afford $75K a year for 3 kids x 12, 13, or 14 years. I'm glad for those who can but think it's unrealistic to claim that these colleges meet 100% of NEED when need is so narrowly defined.

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Anonymous wrote:More like $300K, going up 5% per year.

Can’t do this forever.

I've been thinking about the same thing. Even after DC graduate from college, I am going to keeping paying $8k/year into the 529 account. When I have grand kids, the account should help them a bit.

That's a really generous thought however, what if they don't have kids or they fall into bad times and need another type of help? I would save separately. You can always do a lump sum 5 year contribution later...currently that's $70k or $140k joint.

What if? None of us can predict the future. It’s great to plan for the future you expect. You can make adjustments as needed when the time comes.

After my children use the money in their 529s, I’m also going to continue to save for my future grandchildren’s education. I’m speaking it into existence!

I’m all for optimism, but this is a little messed up. Your kids are their own sentient beings, but just vehicles for your ego.

What in the world are you talking about? On what planet is this “messed up”?!? I’m sure my children won’t think it’s messed up when I contribute tens of thousands of dollars (tax free) to their children’s education. Educational attainment is a part of our family’s legacy. Clearly you’re unfamiliar with the concept.

Generous thought poster - You should talk to our advisor or CPA. The rules of 529s will lock you into tax penalties so adjustments as needed are not without a heavy financial price. You do you but be informed.

No, you just sound bitter that you can’t provide the same generous support for your future grandchildren.

Let's see if I can make this clearer. I am trying to say to you that saving with that goal is admirable. But do it outside of a 529. If all you can save is $8,000/year, you probably can't afford the penalties if your kids need the money for something else like health issues. Put it in a regular investent account or better yet a ROTH if you're eligible. Talk to your financial advisor.

You are misunderstanding my point. Both of my elementary school children have 529s with over $100K. My oldest child is 10 years old and her 529 has nearly $200K. By the time they reach college, they should have around $300K each. After my children have graduated from college (and hopefully graduate school), I will continue to contribute $8,000 per year to their 529s for my future grandchildren (and the DC tax deduction). We can afford to contribute much more, but we don’t want to do so. We will make it clear to our children that our 529 contributions are supplemental to their own—we don’t intend to fully fund our grandchildren’s education because that is their parent’s responsibility. They should regard our contribution as a generous scholarship. We won’t even tell them about our contribution until their children are a few years old.

There are max 529 contribution limits per beneficiary in te $300-30k range From the fgures you quote, dependig on where you live, the limits will be exhausted with your own children. The IRS imposes these conditions so that people can't take advantage of the tax beaks for phanton people.

In DC proper (where I reside), the lifetime contribution limit is $500K PER BENEFICIARY. I won’t reach that contribution limit for either child. After the grandchildren are born, I will officially change the beneficiary, and that resets the contribution amount.

What if you never have any grandchildren?

I’ll cross that bridge IF I get to it. There are many ways to liquidate the money if things don’t go as planned. However, I choose to plan for the future that I want. As I said before, I’m speaking (and planning) my wishes into existence (as well as my children’s stated dreams of spouses and children). It’s been working very well so far.

Your children are in elementary school. I hope that you have no occasion to regret that 10% penalty.
Still it will be many years and legislatures later until saving for your phantom granchildren will start. Who knows what the tax laws regarding deductions and withdrawals will be.

Who knows what the future holds, Little Miss Sunshine? My plans and my children’s plans do not affect you at all. If there are tax penalties, you won’t pay them. You should worry about yourself.

You're right. You don't affect me. But why are you bothering to post what you do or intend to do if you're not eliciting commentary or feedback? Just to show everyone how great you think you are?

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Anonymous wrote:Lol! $75k/year!!!

For some, I guess. But half the student body gets need-based financial aid and the average award is around $50K. So every other kid on campus is paying nowhere near $75K.

I love people who can't read between the lines and buy this speel from colleges. You do realize that they include in that figure the work-study programs, and the federal loans, even for those like us that are donut hole families. And to further "improve" the stats, they hand out mini loans and grants. Just wait until you fill out the FAFSA and find out you make too much to qualify for anything but the min. $5500 loan. Oh, but that puts us in the "half the student body gets need-based financial aid" section. Besides, it doesn't sound like OP is getting any financial or merit aid.

Thanks for the lecture about my inability to read between the lines. It's 'spiel' by the way, and you conveniently ignored the second part of that statement: "and the average award is around $50K." That's the average. I work in an analytical field, so I understand the term. Now if your FAFSA gives you an EFC of $70K, God bless, but for most that won't be the case.

I'm very familiar with the smoke & mirrors many college financial aid offices employ. But at the nation's most highly selective schools, the ones with multi-billion dollar endowments and a pledge to meet 100% of need (increasingly without loans), that's not how it's done.

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Anonymous wrote:Lol! $75k/year!!!

For some, I guess. But half the student body gets need-based financial aid and the average award is around $50K. So every other kid on campus is paying nowhere near $75K.

I love people who can't read between the lines and buy this speel from colleges. You do realize that they include in that figure the work-study programs, and the federal loans, even for those like us that are donut hole families. And to further "improve" the stats, they hand out mini loans and grants. Just wait until you fill out the FAFSA and find out you make too much to qualify for anything but the min. $5500 loan. Oh, but that puts us in the "half the student body gets need-based financial aid" section. Besides, it doesn't sound like OP is getting any financial or merit aid.

Anonymous wrote:Lol! $75k/year!!!

For some, I guess. But half the student body gets need-based financial aid and the average award is around $50K. So every other kid on campus is paying nowhere near $75K.

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Anonymous wrote:For the record, Harvard Law is about $64,000 in tuition this year. The other $32K or so is what they figure it would take someone to live (and eat) in Cambridge for the year. Still exorbitant, of course, but not truly $100k.

$95,800, which includes room and board in the dorm. https://hls.harvard.edu/dept/sfs/financial-aid-policy-overview/student-financial-aid-budget/. Add in a few flights home or to interview = $100K.

What kind of buffoon lives in a dorm/is on a meal plan in law school?

In my MBA program almost all the 1st years lived on campus. There was even a section of married housing.Everyone at the school had been out of college for at least 2 years and generally 4-5 years but still lived in the dorms.

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Anonymous wrote:For the record, Harvard Law is about $64,000 in tuition this year. The other $32K or so is what they figure it would take someone to live (and eat) in Cambridge for the year. Still exorbitant, of course, but not truly $100k.

$95,800, which includes room and board in the dorm. https://hls.harvard.edu/dept/sfs/financial-aid-policy-overview/student-financial-aid-budget/. Add in a few flights home or to interview = $100K.

What kind of buffoon lives in a dorm/is on a meal plan in law school?

I certainly was my first year at Yale Law School.

Lol! $75k/year!!!

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Anonymous wrote:DD got in to Northwestern and she is over the moon.

If we continue to save $1K a month, we should only be $35K short for the 4 years of tuition.

Still it's SO MUCH $! Am I the only one that feels this way? My DD has brought it up more than once to me. I tend to be okay about money issues. Just want to make sure I am not missing anything.

TIA

Dear OP - I think the costs are going to be higher than you may think based upon your post. Costs of attendance at NW (I have no affiliation or position on Northwestern) are now $76,000 a year, as is common among many of the private colleges and universities.

No, it's not $76K before incidentals. It's no bargain but let's not keep inflating the number. I do have a freshman at NU (never NW, by the way) and I just got done paying her bill for the Winter quarter so I can tell you what it costs down to the penny. The quarterly breakdown: tuition $18,040; room (double) $2,974; meal plan $2,176 = $23,190 x 3 (quarters) = $69,570. Add in a few hundred per quarter for books etc, plus relatively cheap airfare to Chicago several times a year, plus a budget for other random stuff, and the total package price should be somewhere around $72K. So, again, not arguing that it's a bargain, but just giving the real numbers for the sake of accuracy. Also, on-campus jobs are plentiful and DD got one at the student center for around 10 hours a week that covers her incidentals.

Yes, it is - $75,576 to live on campus. Maybe this is for next year, but it's right here. https://undergradaid.northwestern.edu/aid-basics-eligibility/cost-of-attendance.html

Do you know how to read a chart?

From the link:
Direct costs are tuition (54,120), fee (447), on campus room and board (16,626).

It is only when you add in the indirect costs (“THESE EXPENSES WILL NOT APPEAR ON YOUR INVOICE FROM NORTHWESTERN”) do you get the $75K number.

The link is to NU's own page. Don't be daft. It says $75,753. You're really going to quibble over a $4K difference? Are you saying that OP's kid won't need "Books & Supplies" of $1,605, or won't have "Personal expenses of $1,850" (ever set up a dorm room long distance?), or have transportation expenses of $1050? I realize you want to win the argument but you're being silly.

I'm not the PP rather rudely challenging your chart reading skills, but I'm the PP with the kid at NU paying the actual bill. I definitely see where you get the inflated figure from but I can report our real-world sum is a bit less. They cite $16,626 for room and board, but our actual cost is about $1,200 less. That's for your basic old-school double room with a bathroom down the hall. NU has far plusher, more expensive options, and that's obviously what they're citing here.

As for $1,600 for books and supplies? We're only 1/3 of the way through the year but we haven't come anywhere close to that yet. The old laptop computer works just fine at NU, and used books are abundantly available. I think she spent about $175 on books the first quarter. Personal expenses of $1,850? Well, every kid is different, and mine has an on-campus job to cover this stuff, so I don't know. As for travel expenses, we use credit card airline miles so we're paying nothing close to $1,000.

So I'm not "quibbling". You're getting your info from the school itself, which is a pretty solid source. In our real-world experience, however, it's not totally accurate.

It's the estimates for 2019-2020, so YRMV

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Anonymous wrote:DD got in to Northwestern and she is over the moon.

If we continue to save $1K a month, we should only be $35K short for the 4 years of tuition.

Still it's SO MUCH $! Am I the only one that feels this way? My DD has brought it up more than once to me. I tend to be okay about money issues. Just want to make sure I am not missing anything.

TIA

Dear OP - I think the costs are going to be higher than you may think based upon your post. Costs of attendance at NW (I have no affiliation or position on Northwestern) are now $76,000 a year, as is common among many of the private colleges and universities.

No, it's not $76K before incidentals. It's no bargain but let's not keep inflating the number. I do have a freshman at NU (never NW, by the way) and I just got done paying her bill for the Winter quarter so I can tell you what it costs down to the penny. The quarterly breakdown: tuition $18,040; room (double) $2,974; meal plan $2,176 = $23,190 x 3 (quarters) = $69,570. Add in a few hundred per quarter for books etc, plus relatively cheap airfare to Chicago several times a year, plus a budget for other random stuff, and the total package price should be somewhere around $72K. So, again, not arguing that it's a bargain, but just giving the real numbers for the sake of accuracy. Also, on-campus jobs are plentiful and DD got one at the student center for around 10 hours a week that covers her incidentals.

Yes, it is - $75,576 to live on campus. Maybe this is for next year, but it's right here. https://undergradaid.northwestern.edu/aid-basics-eligibility/cost-of-attendance.html

Do you know how to read a chart?

From the link:
Direct costs are tuition (54,120), fee (447), on campus room and board (16,626).

It is only when you add in the indirect costs (“THESE EXPENSES WILL NOT APPEAR ON YOUR INVOICE FROM NORTHWESTERN”) do you get the $75K number.

The link is to NU's own page. Don't be daft. It says $75,753. You're really going to quibble over a $4K difference? Are you saying that OP's kid won't need "Books & Supplies" of $1,605, or won't have "Personal expenses of $1,850" (ever set up a dorm room long distance?), or have transportation expenses of $1050? I realize you want to win the argument but you're being silly.

I'm not the PP rather rudely challenging your chart reading skills, but I'm the PP with the kid at NU paying the actual bill. I definitely see where you get the inflated figure from but I can report our real-world sum is a bit less. They cite $16,626 for room and board, but our actual cost is about $1,200 less. That's for your basic old-school double room with a bathroom down the hall. NU has far plusher, more expensive options, and that's obviously what they're citing here.

As for $1,600 for books and supplies? We're only 1/3 of the way through the year but we haven't come anywhere close to that yet. The old laptop computer works just fine at NU, and used books are abundantly available. I think she spent about $175 on books the first quarter. Personal expenses of $1,850? Well, every kid is different, and mine has an on-campus job to cover this stuff, so I don't know. As for travel expenses, we use credit card airline miles so we're paying nothing close to $1,000.

So I'm not "quibbling". You're getting your info from the school itself, which is a pretty solid source. In our real-world experience, however, it's not totally accurate.

Here, on a different page, NU cites the cost of attendance at $75,758. Having now sent two to college (without cars, no no fees there), I can tell you that those incidentals add up to far more than $3K-$4K (new computer that syncs with the school's system, books, supplies, fan, dorm stuff, linens, clothes, drinks and food off campus, train and airfare back and forth, online fees, frig rental or purchase, cost of participation in two study abroad programs, costs of suits and shoes for unpaid internship during the summer and transportation (hope that the internship is near where you live so DC can live at home). Then there's the kicker when you find out that DC can't graduate in four years - as is now our national norm - because they couldn't get the courses they needed first year so are behind or upon return from study abroad they can't get the classes they need to finish up. Lots of students are taking five and six years to complete.

Anonymous wrote:

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Anonymous wrote:

Anonymous wrote:

Anonymous wrote:DD got in to Northwestern and she is over the moon.

If we continue to save $1K a month, we should only be $35K short for the 4 years of tuition.

Still it's SO MUCH $! Am I the only one that feels this way? My DD has brought it up more than once to me. I tend to be okay about money issues. Just want to make sure I am not missing anything.

TIA

Dear OP - I think the costs are going to be higher than you may think based upon your post. Costs of attendance at NW (I have no affiliation or position on Northwestern) are now $76,000 a year, as is common among many of the private colleges and universities.

No, it's not $76K before incidentals. It's no bargain but let's not keep inflating the number. I do have a freshman at NU (never NW, by the way) and I just got done paying her bill for the Winter quarter so I can tell you what it costs down to the penny. The quarterly breakdown: tuition $18,040; room (double) $2,974; meal plan $2,176 = $23,190 x 3 (quarters) = $69,570. Add in a few hundred per quarter for books etc, plus relatively cheap airfare to Chicago several times a year, plus a budget for other random stuff, and the total package price should be somewhere around $72K. So, again, not arguing that it's a bargain, but just giving the real numbers for the sake of accuracy. Also, on-campus jobs are plentiful and DD got one at the student center for around 10 hours a week that covers her incidentals.

Yes, it is - $75,576 to live on campus. Maybe this is for next year, but it's right here. https://undergradaid.northwestern.edu/aid-basics-eligibility/cost-of-attendance.html

Do you know how to read a chart?

From the link:
Direct costs are tuition (54,120), fee (447), on campus room and board (16,626).

It is only when you add in the indirect costs (“THESE EXPENSES WILL NOT APPEAR ON YOUR INVOICE FROM NORTHWESTERN”) do you get the $75K number.

The link is to NU's own page. Don't be daft. It says $75,753. You're really going to quibble over a $4K difference? Are you saying that OP's kid won't need "Books & Supplies" of $1,605, or won't have "Personal expenses of $1,850" (ever set up a dorm room long distance?), or have transportation expenses of $1050? I realize you want to win the argument but you're being silly.

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Anonymous wrote:For the record, Harvard Law is about $64,000 in tuition this year. The other $32K or so is what they figure it would take someone to live (and eat) in Cambridge for the year. Still exorbitant, of course, but not truly $100k.

$95,800, which includes room and board in the dorm. https://hls.harvard.edu/dept/sfs/financial-aid-policy-overview/student-financial-aid-budget/. Add in a few flights home or to interview = $100K.

What kind of buffoon lives in a dorm/is on a meal plan in law school?

almost all of the One Ls when I attended because we were flying in from all over the world and most of us had never even been in Cambridge before. I know of only one person in my One L class who was off campus but she had gone to harvard undergrad so knew the locale.