I live in that great school district yet the private and religious schools thrive. And the private school parents who live in these towns pay even more because usually strong publics = higher home prices. I’m always amazed people who go to privates don’t live where schools are not as well rated and save money on housing but they choose to live in the better school district even if not taking advantage.
We all give opinions from our perspectives. In the end it is up to OP and family.
Are you sure the UMD plus 1 program will be covered because this is what I read online?
"UMD BK - Use of Scholarship Funds
The scholarship funds are designated for fall and spring semesters and cannot be used for other semesters or terms without prior approval and often with restrictions.
The scholarship may only be applied toward a student’s undergraduate degree. Banneker/Key Scholarship recipients who graduate from their undergraduate program early cannot receive the unused portion of their scholarship money toward graduate school or any graduate portion of a combined bachelor’s/master’s program."
My child received the Presidential scholarship not the B/k and it covers 8 semesters. they entered UMD with over 30 credits and will complete the entire program in 4 years.
IF the student receives the full ride BK award…then one would think that money that could have paid for GTown could be used for a masters program extension if needed.
That you are asking suggests that you are not plutocrat-wealthy enough that $77k per year ($308k for four years, plus college cost inflation) is mere pocket change to you. In that case, it is hard to justify spending that much when an excellent option is available at no cost.
But, perhaps more importantly, what was the previous understanding you had with your daughter about college choices and costs? If you had previously promised to pay the list price of Georgetown, then backing out of such a promise may damage your relationship with her if she is still inclined to choose Georgetown. (On the other hand, would an accountant make such a choice?)
The extra 30 credits can be the random community college courses, which GT will not accept, that she received during dual enrollment to get to the required 150 credits. I took some extra accounting courses at the local community college and UMGC to sit for the CPA exam for fun, while my kids were babies. When I applied the state did not care what school the credits come from. However, you do have to be careful to take the correct Accounting and Finance required courses for the CPA requirement. I have already given her this list of courses.
On another note, hats off to those who helped me understand the umd plus one program! This thread has been very helpful.
Also, a lot of people asked why I pulled from the 529. You can make your child independent to avoid kiddie tax, then withdrawl up to the amount of the scholarship to avoid the penalty, have the check written to the child, put it in an Utma or purchase a CD in their name. You could also keep it in a 529 for graduate school, other children, or grandchildren, as another suggested. It is personal preference on investments. I was simple concerned that if the child did not attend grad school or got an assistantship, then I would have to pay the penalty.
The kid will be considered for BK. There are never guarantees for this award….unless something has changed. The OP feels this kid will get the nod because this student is a stronger applicant than the older sister who got it.
Problem is…each application class is different….and no one knows the strength of this year’s applicants.
No, I am sorry that I am confusing. I was just looking into whether or not my first child can apply for the plus one masters program by mid February. Has nothing to do with the other sibling. Sorry, that I went off track.
Thank you for clarifying. So even if my daughter does not get BK, which your right, who knows. GT at 77K verses UMD at 27K is still a 50K difference per year. Back to the original question, is there value to go to GT over UMD? Does GT really open doors? Are there better professors? Are students happier? Better food? Better dorms? Safer area? Better chance at grad school? Anyone know?
Is $50,000 a year more in cost worth the potential for positives for all your questions.
I would flip that around. Is there any reason why this kid can’t get what she needs at UMD even without BK….because as an instate resident, the cost for UMD would be a fraction of the cost for Georgetown.
Alumni network is especially strong for NYC and Boston. Clubs at Georgetown are highly competitive, but ones in the financial sector allow students to amass specific skills and garner real experience with clients as consultants, investment funds, private equity valuation, etc. These can be very helpful in acquiring internships and jobs post-graduation. If your daughter is interested in looking beyond accounting, these preprofessional opportunities are a great way to do that.
I don’t know what UMD offers in comparison, but the production of the organizations at Georgetown are impressive.
The food and dorms, despite recent renovations that have helped, remain quite problematic. Local residents have pushed administration to require students remain on campus and the food plan for three years. As a result, the increased demand, large freshman class, and Covid’s impact on supply chains and employee numbers have been challenging.
Despite those real shortcomings, students are extremely spirited and happy, the area is charming, and professors are strong. There is a good social life without formally recognized Greek life too, if that is a concern.
It is expensive though…no question.
Does your daughter have any interest in working after graduation before seeking a graduate degree?
