Spend all of college savings on Elite LAC or attend State school?

Parents Forum
1

<p>If I can attend Swarthmore or Amherst, and given financial aid they will help me graduate debt free (I have enough saved for about 2 years tuition I’d guess), should I still attend there?</p>

<p>Wouldn’t they better prepare me for grad school or law school?</p>

<p>Or the alternative is to go to UMass Amherst, but with only a 1000 dollar scholarship per year.
I’d save a significant amount of money, but it isn’t full ride, and isn’t a top quality school like these LACs.</p>

<p>I’m only a kid so I don’t know how hard it’ll be not having money after I graduate. I won’t be in debt, unless I go to grad school, but LACs don’t have the “wow” factor as the Ivies.</p>

<p>An alternative plan would be to work for a couple years after graduation to save up money for grad school, and with 1-2 years salary use that and get loans.</p>

<p>I come from a <100k income bracket family with assets worth about 500k.</p>

2

<p>Hmm…one thing to consider is that you may not want/need grad school. I think graduating from a top LAC without debt is a fine plan.</p>

3

<p>Anyone else?</p>

4

<p>

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<p>Amherst and Swarthmore are extremely prestigious, well-known colleges among people who are familiar with higher education. It doesn’t matter that your neighbors or people on the street haven’t heard of them, because their opinion doesn’t matter. </p>

<p>If you can afford to graduate debt free from either one of these excellent schools, I would say go to one of them. You say you have half the cost saved, “you guess.” Do you really have 120K saved for the two years either one of these places will cost at full pay?</p>

5

<p>go for the school that will cost less.</p>

6

<p>Ask your parents about their retirement plans and pension situations, even if doing so makes you uncomfortable. I think you could feel more comfortable choosing without regard to cost knowing that they have some savings earmarked for retirement, or can count on a decent pension. If they are nearing 60 (or beyond) and work in fields that are shedding employment, I would get a little more nervous. Also find out if they are likely to inherit additional assets. (Do they have elderly parents unlikely to outlive their savings?) This too can make a difference.</p>

7

<p>You can go to UMass and take some courses at Amherst…</p>

8

<p>Unless you are interested in Computer Science, this is a no-brainer. </p>

<p>Amherst and Swat are the equivalents of Ivies insofar as Grad admissions goes.</p>

9

<p>If parents make less than 100K, the student will not pay even close to full pay at Swarthmore. I believe their new policy is something like 10% of annual income towards tuition (as family contribution) if annual income is less than 180, the rest from grants. And Swat implemented a “no-loans” policy too. </p>

<p>That is, if you can get into Swarthmore. Poster didn’t indicate if he/she were already admitted.</p>

10

<p>Plainsman - Do you know for a fact that these 10% policies disregard family savings? Parents can make under 180k and yet have substantial assets listed on the FAFSA.</p>