How Much Do You Think I'll Pay?

SpacemanEd
Thu, 16 Aug 2012 13:02:25 +0000

Great answer, NJDad. The SAT range above uses only the math/reading parts of your SAT. You also didn’t mention your class rank. SAT + GPA + Class Rank (Top 1%, 5%, 10%, 15%) = $$$!

It’s also important to understand FIXED vs. VARIABLE. The Rowan Scholars Program figures above are pretty fixed. But tuition goes up every year. Soo does housing. Another variable is housing costs after freshman year (all non-commuting freshmen stay in dorms; after that, you’re free). So, using your figures, you would probably get in, but pay the whole shabang for tuition. Depending on your and your parents’ finances, you might get free money via grants for housing; but that’s another variable from year to year, and you never know until you’ve made the commitment and get the bill. So, you would need to get loans to cover the rest. I recommend going federal first, then NJ class, then private (such as Sallie Mae) to cover the remainder, if necessary.

If I were you, as painful as this sounds, I’d take the SATs again. Improving your scores in math/reading just a little (say, 25 points per component), maintaining your current GPA, making sure you are in the top 10% of your class, maintaining a 3.0+ GPA in college, and graduating in four years is worth AT LEAST $17,600!

For example, my son graduated #4 in a class of 500. SAT math/reading = 1400+. The good citizens of NJ and the USA have paid for his educational expenses (tuition, engineering fee, books & supplies, and basic housing) at Rowan engineering. He only paid for his meal plan.

Tuition costs have gone up, and he late went more deluxe on the housing (Rowan Blvd. and the townhouses), so he borrowed a bit for that. So, freshman year, THEY PAID HIM to go to college (he had money left over from his scholarships), he paid a bit soph & junior year (to cover tuition increases and deluxe on-campus housing costs). As a senior, he has waived on-campus housing (seniors generally aren’t guaranteed on-campus housing, but he was as part of his package) and instead lives just off campus at the Crossings, which halves his expenses. So, he’ll graduate with MINIMAL debt, all related to his living expenses rather than costs of education.

My daughter’s profile is similar to yours. Her GPA was a bit higher, class rank was brushing the 10% mark, but her SAT scores were lower than yours (even lower the 2nd time). She was accepted (barely, I think; she did write a killer essay), will live on-campus, and got about $7,000 in grant money (average). So, her cost is about $15,000 this year. Ugh. But better than most.

“Expenses” on the college website is pessimistic. You probably won’t spend the amount they allot for books, supplies, and transportation. You have some control over that. There are PROS (student mentors) that can help you with some tricks. You also won’t need half of what you and your parents think you’ll need. Don’t bother with a mini-fridge or microwave. You shouldn’t spend much time in your dorm room anyway, other than to sleep. Even a computer is not as necessary as you might think. There are plenty of computer labs all over campus; the one at Mimosa is open 24/7. My son held off on a computer purchase (he’s an engineer, remember) and didn’t miss a beat freshman year. He did pick one up later; good move, since earlier computers were Vista, and the one he bought was Windows 7.

You know what you’ll need most in a freshman dorm? A two-way adjustable window fan! One fan blows in, the other blows out. Supplement it with a small oscillating fan atop of your wardrobe closet, and you’ll be living large!

This might sound bad to you, but I wouldn’t reject out-of-hand the NJ STARS program, where you take your general ed courses at community college, build up your GPA, and save your cash for when it counts. Works well with your majors. I wish my daughter did that, but I lost that one. In retrospect, most parents I know who paid for their kids’ educations (and some kids who paid for their own) regret that they didn’t take advantage of it. A common thread is that a sport lured them in.

Keep your eyes on the prize, kid! Good luck!