The OP’s kid is a HS junior. She will be taking the PSAT in October and that is the one that will count for NM status. Many kids don’t take the PSAT as sophomores.
Most students don’t practice for the PSAT. Have him do a few practice tests. The scores should come out in December which will give you a starting point since the PSAT is very similar to SAT.
Then he can take the SAT in January or March and in the spring or summer after some practice tests.
I agree with others, start putting away the money you can spare monthly and save it for college.
You can save on your NY State taxes too if you contribute to a NY 529
https://www.nysaves.org/home/why-ny-529-direct-plan/parents.html
Yes, you can start now, with a 529. Save some money off your NY state taxes.
When PSAT results become available, you’ll have a better idea where to focus the applications. I agree with others that something is not right with the Yale NPC. However, schools like HPYSM do tend to give the most generous financial aid. Getting accepted, as you know, is a huge challenge. If you can swing them with what you end up saving, what you can pay out of income, and IF borrowing makes sense, is affordable, loans may be an option.
The SUNYs and CUNYs are great bargains that are affordable to you. Actually with a budget of $4-5k a month, you will likely have a lot of possibilities. OOS schools, merit money are all possibilities
Look at Cornell as a reach possibility that gives NY state kids a bit of an edge both in admissions and price at the 3 State schools—ILS, CALS and HE. Sticker cost right now is $20k less for NYers at these state contract schools. If student gets into a major covered by the NY STEM scholarship, is in top 10% of class and follows the conditions set by that award, there is an additional $7k on top of that to bring the cost down to about $50-60k a year. I don’t remember the exact numbers
That same $7k STEM award applies to any college in NY, private and public . One has to read what programs, future professions and other conditions are set for that award.
It’s not too early to start the saving—a bit late in fact. But early to start targeting schools A lot can happen this year. You and daughter might want to start perusing what’s out there, the costs and what needs to be done to be in the market for various schools, as it appears you are doing
.
Just remember, if your kiddo accepts the STEM or Excelsior awards, they will have a payback number of years working in NY state…or these turn into…loans.
Something doesn’t sound right. With an income of $200k, you’d be “full pay” at a SUNY. How could it give you a net cost of $15k? Is that after a student loan and what??
And the Yale amount can’t be right. It would be more like $20k. Keep in mind that the schools that use CSS Profile (Yale, USC, etc), will add back in many of your business deductions.