| Disappointed in financial need? Of course, but we knew where we were at . . . over $28,000 EFC. Disappointed in Merit aid? TREMENDOUS!! Looking at stats of people who were offered full rides and full tution at university my son desires to attend - none of the stats match my sons. That said, he is lacking in EC's . . . by cc standards. That said . . . colleges can give their $ to who they want. But why offer him a special program that only 10 students are invited to enroll in - said he was one of the best and brightest of his generation. He was offered good merit . . . but not enough. The merit put coa at . . . you guessed it . . . $28,000.
We have a current income of $100,000, of which I earned $45,000 . . . but in 2000 I earned $12,500. In 1999 my husbands income almost doubled due to a promotion. In September of 2001 I acquired a good job and my earnings have risen each year . . . but we did not have a $100,000 income to save for college until recently. Both myself and my husband have topped out at our jobs . . . only cost of living increases . . . which was 2% for us last year. We do not have any "toys", a second home or take wonderful vacations. We live paycheck to paycheck except for what we put into retirement and children's education fund. I will confess we go out to eat too much . . . sandwhich shops, birthdays may go to a regular restaurant.
Did we have an idea of the cost of education? NO!! Is that anyone else's problem? NO! Did we know we would have a high achieving son who for the first time felt like he was a part of a group and accepted when he went to a summer program at one of the top LAC's? (Scholarship!) No. My husband has a two year degree, I have a bachelors but we went to local college and lived at home. The local colleges will not challenge my son. Again, whose problem? OURS!! But it breaks my heart!!! Especially when college admission official basically said he would get a free tuition (different college) and that has not happened. Yes, he will be ok at the public LAC, will he be happy is another story . . . we searched long and hard for his financial safety . . . it is not the best fit for him . . . but the closest we could find in a public school.
My son had decided he would not go into huge debt to attend a private college but the special program he has been offered includes research opportunities, having a mentor and two summers of funded research with an adviser at the university with a good stipend, and enrollment in honors and graduate level courses, where available.
Is it worth it for my son to go into debt of $15,000 per year
for this type of opportunity?
We hope to pay $10,000 a year towards our two sons education. My son asked if we would be willing to take out retirement money and loan it to him, he would reimburse plus interest. My husband had a resounding NO. |