You know what you do what you can. Set a budget and let your child know what it is. As others have said find schools that offer merit, if possible. But stay within budget. We all make choices, sometimes we come out ahead, sometimes we don’t. Feel good about what you can do, and let your D know upfront. Good luck.
I think you are in the same place as a lot of other parents with a kid in the top 25% stats wise, except you say you can scrounge up $2k per month and a lot of people can’t do that. If she gets into UConn, great, you are set. If not, there are schools that award merit to those stats, but you are going to have to give up on size or location or prestige.
Start putting the $2k away right now. If your state gives a tax benefit for 529 savings, stick it in an account. With an income ‘well above’ $200k, you aren’t getting need based FA from most schools. The formulas and the schools really don’t care that your mortgage payment is $3500/mo, or that you used to commute 5 hours. We get that that’s why you haven’t saved, but the formulas don’t. You have to deal with the way things are, not how we’d all like them to be.
I think we could easily scrounge 2k per month from our budge<<<<<<<
This is a confusing statement, if this is right wouldn’t this help pay off your current loans and help with the mortgage? If your mortgage includes mortgage insurance does that mean you have little equity? Or do you mean insurance in general?
[QUOTE=""]
3500K per month mortgage with insurances.<<<
[/QUOTE]
I believe he’s referring to insurance in general (Ltd, health, auto, life) per his own words.
This 2K currently would be a mixture of money that IS going toward paying down debt and cutting back (yet again) on spending. That’s part of the issue, putting that money toward college means NOT using it to pay down debts.
Last year we paid off a 30K second mortgage early. We were one of the many who could only afford a house with a second mortgage (higher 7.5% rate) 12 years ago in the bubble. Now we’re down to one 4% 30 year fixed mortgage, which is nice.
Does your spouse have a job? If not, maybe now is the time for her to get one. Her income can be used to pay down more debt. Or to pay for college costs.
BTW, I’m a CT resident too…and I don’t see the state the same way you do.
Have your kiddo look at SCSU as well…
Whatever you do, I hope you can consciously reduce the stress on your D, as she deals with anxiety and/or depression and must be aware of the financial pressures on you- and the commute. It may be your time to go ‘glass half full.’ She has opportunities you can afford, you believe in her, etc. Tell her how proud you are how she stretched in hs. Find and focus on the positives. And the positives in the state publics besides UConn (which does have a nice rep.) It may take some work.
Been there, with D2. Our own attitudes can matter very much.