<p>Workinprogress,
Yeah, our kids have known for quite a while they’ll be expected to take out Stafford loans and earn their spending money. We also told them that a car didn’t come with our family financial aid package. (Esp. since we are likely to need to replace at least one of the two cars while they are in college.) We are lucky they are low-maintenance and don’t ask for much. </p>
<p>Just as well re: the car with DS1 – he is no hurry to drive anyway and doesn’t mind public transportation. His main objection to learning to drive is that he won’t be able to read while he’s doing it. DS2 would like wheels, NOW! He becomes eligible for his learner’s permit on 11/21. as he pointed out this afternoon.</p>
<p>They both know what Curmudgeon’s definition of “EFC” means. ;)</p>
<p><em>Question</em> For CC parents who are paying full freight for one child, but state U. or school with merit aid for another–
I’m not sure how to word this-- ‘compensation’ isn’t exactly the right word, but say, if one child chose the full freight school, and another decided to go a more frugal route, would you do anything differently for them in the long run? For example, instead of pocketing those state school savings, perhaps use them to chip in for grad school for the child who saved on the undergrad tuition?</p>
<p>Certainly when the second heads to school a family might then be more eligible for aid, though that’s a bit different.</p>
<p>Ispf - we were in a similar situation with D#2. She had several offers, one of which was a full ride to state u. We told her that if she accepted that offer, we would put aside money each year (amount of expected parent contribution) towards graduate school. In the end, she chose private university, so it wasn’t an issue. We felt that we had contributed to D#1 education and we wanted to do something similar for D#2. </p>
<p>We didn’t offer a car or lavish spending money, but confined our offer to education. If she had taken the offer, realistically we would have ended up buying more things for her and probably sending more little surprises of cash in the mail. </p>
<p>Counting Down - I don’t know Curmudgeon’s definition of EFC - but cars don’t enter into the equation in our house. Like you, we have two vehicles and the total mileage is approaching 250,000. When we get to 300,000 we generally trade in one of the cars. We may be raising the upper limits for the next three years. DD also was slow to get her license. I think because she knew she would not have access to a car of her own there was limited appeal. Fortunately, she is able to take the train home from school on holidays and we don’t mind going to get her if necessary.</p>
<p>My family is paying 40% at Dartmouth thanks to need-based aid. However, at least 75% of that consists of loans that I am incurring. My parents’ contribution amounts to less than 10% of the cost.</p>
<p>Oh, and my family drives two Volvo station wagons: one from 2002 and one from 1994. I have never had my own car, nor would I ever expect my parents to pay for one.</p>
<p>Paying 100% for S1 at a LAC. (When he remembers to call, he always tells us how ecstatically happy he is with his profs. and classes.) If S2 gets accepted at his 1st choice LAC we’ll likely be paying 100% there as well. Thank goodness for plus loans and local scholarships.</p>
<p>We are paying about 35% COA. S pays 5% himself, the other 60% is merit aid. He also pays all his expenses for books, clothing, pizza, etc. Next year he plans to be an RA lowering our expenses by another $7,500 per year. He decided on a lesser known school over another one because of the fear of significant loans for undergrad with plans for medical school. Hope S2 does as well as next fall when we will have two in college.</p>
<p>100% for S2 at LAC. S1 got full ride (and then some) at a State U (not our state). Paid costs for him to go to U Cambridge for one year for masters, partly because undergrad had been free and he had worked very hard. I attended State U on scholarship and worked PT, also worked my way through law school at State U. I did not want my kids to have to make the choices I did (living in unsafe neighborhoods, working late night hours, etc.) My parents helped me all they could, but were blue collar and I was the first to attend college in the family.</p>
<p>Paid about 25% of total costs of DD at private U. (Would have been more, but having 2 kids in college the last year meant we paid only half what we normally would have for the last year.) Paid 25% for DS this year. Anticipate paying more like 50-60% for DS for remaining years due to increased home equity, one less dependent/college student, slightly rising income, etc. DS will have loans less than $8000; DD will have no loans.</p>