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Best strategy for funding college

24

Replies to: Best strategy for funding college

  • DadTwoGirlsDadTwoGirls Registered User Posts: 2,625 Senior Member
    "@DadTwoGirls this student is in TENTH grade."

    When they asked "He will do the PSAT , is that number going to matter?", given that they expressed this as future tense, I assumed that they were talking about the PSAT that he had not yet taken.

    "there should be some out of state options that aren't all that much more expensive"
    "That simply isn't likely."

    It depends where you look.
  • SybyllaSybylla Registered User Posts: 1,440 Senior Member
    edited September 12
    It depends where you look.<<<

    Let's have the tangibles then, give OP some actual examples. Take the Op's 60K shopping assuming kid doesn't get into Purdue? Where are you looking OOS? The good tuition scholarship options would get him into P. Op is looking for the best strategy to fund college.
  • DadTwoGirlsDadTwoGirls Registered User Posts: 2,625 Senior Member
    edited September 12
    I will admit that I was overlooking the fact that OP could live at home if he went to Purdue. That is a pretty big savings. Also, I typed that sentence before I saw that they get a tuition discount. Thus I was aiming at the "$23,000 per year" in-state number that I saw on the Purdue website. If they can get $7,000 per year tuition at Purdue, add perhaps $2,000 per year for books and incidental expenses, a total cost of $9,000 per year is something that I doubt anyone could beat in North America without a very good scholarship.

    Anything out of state pretty much by definition requires living expenses. That is over $9,000 just by itself.
  • thumper1thumper1 Registered User Posts: 63,420 Senior Member
    This year PSAT test date is October 11...so it has not yet taken place.

    If this student is a tenth grader...it won't count for NM status.
  • BluEyeLBluEyeL Registered User Posts: 11 New Member
    Thanks guys! Great advice and information! Starting to see more clearly.

    I don't think he can go as high as to qualify for NM but I think he can get a good score to get in , with preparation. Good to know the October this year one doesn't matter , it's going to be so-so.
  • BluEyeLBluEyeL Registered User Posts: 11 New Member
    @Mom2aphysicsgeek thank you for the very informative post! I'm glad I found this forum. I'll spend time looking at different schools and definitely, based on the research I've done so far, there is no point in applying to an Ivy. I'll have to talk to him about it. Everyone in the parent triangle makes six figures so there no way he'd qualify for any financial aid and for sure neither dad will just go on board with anything and just shell out $30K/year. This is why I opened this thread, so we can start seeing the picture and be realistic.

    You described perfectly what his budget will be. This is more than enough, or more than what he needs if he gets into Purdue and is just enough for another in-state school, such as Indiana University but not sufficient for paying for a high priced out of state school. Will work on a realistic list of schools and will keep reading around here. The kid is pretty reasonable, I don't expect him to give me much of a hard time when I talk to him about his options.
  • COSpgsparentCOSpgsparent Registered User Posts: 21 New Member
    I think the kid should apply to one or two Ivies, otherwise he'll always wonder and kind of blame it on you. Also, please know that a lot of Ivies have tons of money they give students. My nephew went to Stanford (yeah, I know it's not an Ivy). His dad is an engineer and makes good money. Stanford was free. Free. Purdue is a great school, though. But like I said, the kid will always wonder.
  • NJRoadieNJRoadie Registered User Posts: 452 Member
    @COSpgsparent
    You don't need to waste the money and time applying to relieve doubt, if his school has a program like Naviance, you could just sit with him, input his data and look to see what his odds are. Those charts are pretty darn clear. Save hundreds of dollars and many hours writing essays!

    On your other point -
    Agree that Ivies have tons of money, but WOW! their price tag. Princeton's cost of attendance is 260,000 IF you graduate in 4 years. Grants only went to 59% of the class, and according to CollegeData that gift amount was 50K a year. So only a little more than half the class at Princeton was given gift money, and even then they are still left on average, to come up with 60K.

    The other half of the class wasn't given grant money.
  • thumper1thumper1 Registered User Posts: 63,420 Senior Member
    edited September 15
    @COSpgsparent

    Stanford was totally free? Than the family income would have needed to be below a certain amount...or they would have needed to have more than one kiddo in college at the same time. Even Stanford doesn't offer free full rides to families with incomes in the $100,000 a year range...although I believe they would only pay 10% of their income to attend.

    This one parent makes $100,000 a year...and her spouse makes a lot too. And Stanford uses the non-custodial parent Profile...so the non-custodial parent info is requested too...and spouse.

    This is not a lower income family.
  • thumper1thumper1 Registered User Posts: 63,420 Senior Member
    My ex and I can give him equal amounts of living money-for food etc. And I'm a Purdue employee and get a discount . Tuition will be 7000/year.

    I know it saves money to have him live at home...but any chance he could live ON campus. Since his tuition costs are so low?
  • SybyllaSybylla Registered User Posts: 1,440 Senior Member
    Stanford was totally free?<<<

    Right? real qualified engineers earning less than 100K with university age children would raise the odd eyebrow, but the engineer can be a nuanced term. Like heating engineer vs mech eng.
  • blossomblossom Registered User Posts: 8,057 Senior Member
    I take these "my kid went to college for free" stories with a grain of salt- except for the military academies (which are indeed free). I know folks whose kids got a merit scholarship at Princeton because "they wanted him so much"-- nope, he got his scholarship because your income and assets qualified you for need based aid. I know folks who got athletic scholarships to schools which have zero athletic scholarships (again- financial need) and folks who got a "free ride" to one of our state U's which invariably means a boat load of loans (but if you think loans are "free" then you are welcome to your delusions.)

    Stanford is very generous and extremely transparent about its financial aid policies. If the person making "good money" qualified for aid- then good for them.
  • 3scoutsmom3scoutsmom Registered User Posts: 4,507 Senior Member
    @Blossom it can be done if you pick the right schools and your kids have the right stats. No way would we ever get need based aid but my kids know that we don't have huge college saving. My oldest is in her second year at OU and hasn't cost us even an extra dime yet, she has National Merit and was very lucky with outside scholarships we'll likely need to pay a little her last two years unless she can get additional scholarships. She's working parttime to cover some of her expenses. My son will be going to UTD next year as National Merit his estimated OOP expenses will be less than $1K a year and he expects to cover that with outside scholarships as well. He's eligible for a $4k scholarship from DH's employer. My kids are very much adverse to any loans. Could they attend school for free any place? No! But they found good schools that are a fit for them that will be free or almost free.
  • thumper1thumper1 Registered User Posts: 63,420 Senior Member
    edited September 15
    @3scoutsmom

    I am thinking @Blossom meant that those "college for free" stories for schools like HYPSM are the ones she takes with a grain of salt. And I'm totally with her on that.

    Relative convinced grandparents a kid got $10,000 in merit aid from Wellesley. Nope...not true. Another tried to convince a family member that their kid got a free ride at Penn because of her near perfect SAT score. Nope.

    Yes...there ARE some very generous scholarships out there...and this OP's kid would likely qualify for them...IF he allows the kid to apply to schools,where outstanding stats will garner significant merit aid. But it's not going to be to Stanford. And FYI @COSpgsparent Stanford also has a required student contribution...so your friend didn't go for free...unless they were very low income. VERY low.

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