Is a top dream school really better than a free ride at a state school?

[Christcorp]

anothernjmom; I feel your pain. You are correct that working hard, saving, planning, being financially responsible, etc... can sometimes have a negative impact on what you would expect. You are part of the crowd that can't get need based aid for most schools.

The only thing I can suggest, is that there are a lot of scholarships out there. Most scholarships are achievement and merit based. Don't believe that because a school doesn't offer merit scholarships, that they don't exist. There are thousands of scholarships out there that will allow your child to go to almost any school. Getting these scholarships just require applying and praying. When my daughter graduated high school, she received 2 scholarships. Her dorm room mate hat 6 scholarships. They ranged from $1000 a year to $4000 a year. All 6 scholarships combined gave her th opportunity to go to college on a full ride. These scholarships are all private, but there's plenty of them out there. For this one young lady, she had scholarships from her church, girl scouts, Masonic Temple, local credit union, and a couple of others. A kid 2 years ago paid to go to princeton on multiple scholarships. He was able to come up with about $30,000 a year in renewable scholarships. He had work program on campus to take care of most of the rest. When he was done at princeton, he had a total debt of about $10,000. Not bad. Anyway, there are ways. Just search and be creative. If you want the elite/ivy/high priced school enough, you can do it. If it's too much of a hassle, then there are plenty of other schools. Good luck,.....

[skrlvr]

I find these numbers interesting.

The average price of a new car in 2007 was $28, 715

Average tuition and fees (does not include room and board) at a 4 year public institution in 2007 was $6,185

So after 4 years--$24, 740 spent in tuition and fees (of course this doesn't include books).

Tuition and fees at your average 4 year public college over 4 years is cheaper than the price of a new car, and probably about the same if you add the price of books etc.

Also, that 24, 740 dollars should be seen as a good investment, because your average salary with a 4 year degree is higher than without--by some estimates it is almost double ($43, 782 vs. $23, 594).

But a car loses its value almost immediately.

[mini]

Try gold or platinum jewelry.

[cptofthehouse]

In our case we have many issues brewing that may cost a lot of money in the future. The question becomes whether an expensive college should be where we put our money, thereby jeopardizing our ability to pay for some other things that can be more critical. That is what many families face. You may have the major bread winner in a job that does not look too stable without many other opportunities at that income bracket. You may have a family member who is now stable but has a medical condition that could need immediate expensive treatment. You may have other children in the family that have needs that are not yet out there, but definitely a possibility. When you commit to a $200K 4 year ride, that can really tighten up the money in a family, making it difficult to do other things. And I am not talking about a second home, or new cars, new furniture or other luxuries. I am talking about helping out a grandmother, or a cousin who has a true need. Perhaps providing important flexibility for an upcoming situation. That has to be weighted against using the money for an expensive college.

In our case, we are eligible for merit money only, and loans. Our state has inexpensive options, and our son has gotten a full ride offer at one of his state options. He also has options in the $50K range to more selective schools . In between he has some merit money at some colleges that mitagates the cost somewhat, and he has been accepted to some state schools with no scholarships offered but low sticker prices and good reputations.
I know that my second son wants to enter a field that is very uncertain in terms of income. He is actually going to become a poor, starving artist, LOL. For him to take out loans for college would have caused additional burdens. I have put aside some money for him since he has saved us considerably by going to a state school. This will give him some breathing room when he is out there trying to make it in his field. Frankly, I would have probably coughed up the money, had he gotten into his first choice programs, but I would not have the funds to help him once he got out, had I done so, since I would have 3 more to get through college. With our family, we just have a lot of demands and we have to prioritize them.