<p>I
Browns aid may have been less than other Ivies in the past but not any more.</p>
<p>Well, step 1 is talking to Brown financial aid and getting hard figures for them.</p>
<p>Step 2: GW financial aid. How much will 4 years of room and board cost?</p>
<p>Step 3: compare your two situations: Brown w/ losing job and GW; and Brown w/out losing job and GW. </p>
<p>Step 4: realize that you should NOT dip into retirement savings.</p>
<p>Step 5: transfer is always an option. If your job is secure and Brown will come through with enough financial aid, go for it.</p>
<p>Step 6: Realize that your son can’t go wrong with either choice as a school. GW has a lot to offer that would be great for college students, whereas Providence is… Providence. Negotiate. If he takes GW, would you help out with grad school? Pay for “extras” like a car or car insurance? Spending money? For computer engineering, it doesn’t matter too much where the student graduates from in terms of jobs. Best thing to do, IMO, is get into the defense business, because that isn’t going overseas. Northrup Grumman is in Stamford, CT (one of my friends, a comp-e, works there), for example.</p>
<p>I want to ask an entirely different question - what is his state school? The reason is that this is not a particularly unusual situation, and many such students end up leaving prestigious schools when they can’t pay, and end up finishing at state schools. (I knew at least three at my “need-blind, 100% of need” college.) So you could risk it, (and who knows? it might work out just fine!) provided the fall-back, though not desirable, is acceptable. </p>
<p>Otherwise, I’d go to GW as well. For what’s worth, while it is true that Brown has a rep. for stingy aid (I don’t know if it is true), they just received a $100 million for more financial aid, but I doubt that you’d be able to access it now, and who knows what tomorrow will bring?</p>
<p>Now - let me ask the question I usually harp on. Supposing you don’t lose your job. Brown vs. GW? Yes, Brown. But how about Brown vs. GW and $120,000 for spending on educational purposes? No loans. Study in Europe. Two years of medical school. Unpaid internships instead of working summers. Wouldn’t it at least give you pause?</p>
<p>emeraldkity - that $100 million is endowment money. You can expect about 4-5% of that per year to show as fin aid - that assumes it is a lump sum (prbably not), that Brown gets typical returns on their endowment money (probably not - they are heavy into PC investing), and that they spend the typical % of endowment earnings yearly (probably do). So a %100 million dollars in earmarked endowment money represents $5 million a year available for finaid for all students not just entering freshmen. Assume overall need stays constant from year to year that leaves $1.25 million per entering class and yearly “costs” per students alleged by the school to be about $40,000 you are talking the equivalent of about 30 full scholarships. It is a very generous gift but not nearly as big as the total amount of institutional aid Georgetown gives each year.</p>
<p>Do yu have to “tell him” either? Is he the type of chld that can look at the whole picture, including $, and make a good choice without you having to tell him to do so? Our S chose a school where he received merit aid and an Honors Program over two more competetive schools without $. We explained the differences but told him we would pay either way but to factor in the $ as one of many variables. In his case it wasn’t an extreme difference though since he liked his so-called safety school too and he understood that the Honors Program would offer him challenging classes and unique opportunities for internships, etc. This summer he wants to do a study abroad 7 wk Program and to our delight the fact that he is in the Honors Program will mean the school will likely help pay for that too. Brown is a very interesting and intense environment and despite comments on this thread Providence is a nice small city. can it compare to NY, Boston, or DC—probably not. GWU has a great reputation and the good news is that he can’t go wrong with either. Perhaps if he attends accepted student days at GWU they will have a special reception for Honors candidates and that may open his eyes.</p>
<p>First of all, I didn’t say that Providence is a dump. Just meant that it isn’t D.C…</p>
<p>Second, I think I should have re-wrote my flowchart-ish-thing to be a 12-step-programme (for getting over Ivy love). </p>
<p>Completely with Mini. If I were a kid, Brown with not much and struggling financially isn’t in the same league as GW (which is a great school), unpaid internships for the summer, study abroad during junior year (if comp-e so allows), and perhaps some help with grad school. </p>
<p>I guess the thing to do is figure out how much money you can put towards education and let your son make that choice.</p>
<p>I’m going to be a voice against the chorus here…while only you can determine your financial priorities and future needs, I would vote for trying very hard to find a way to let your S go to Brown…of course, GW is a very, very good school…and its urban DC campus has lots of good points (I worked in the middle of it for 20 years and so am very, very familiar with its looks, layouts, and possibilities)…but as the mother of a S choosing between 3 $42K/year schools and one $6K/year school…and being self-employed and thus always at risk for losing my income, I long ago made the decision that I would pay the tuition … it’s what the money I’ve saved (in his college fund) is for. I’m not going to be good at articulating why…the best I can come up with is it’s my last “day-to-day routine parenting” gift to him. He’s been my total pride and joy for 17+ years; I want badly to give him this choice. So, that’s where bias comes from. Our kids work so so so hard to get into these selective schools…anyway…only you can balance your finances with your desire to make it happen for your S w/how badly he wants it…sounds to me like he wants it pretty badly…that would be enough for me–even if it meant taking some (but not all!) retirement money…</p>
<p>All I know re Brown aid is that their adcoms were lobbying very hard for students from my daughters inner city high school to apply and one of their main selling points was that they were giving grants instead of loans to needy students.</p>
<p>Remember that financial aid at the Ivies is largely income-driven. Your son will get a generous package if you lose your job, even with a million dollar home. If you don’t believe me, fill out the CSS/Profile online and FAFSA using your name and a pro forma income , then cancel it. Furthermore, Brown is a future insurance policy. There are always jobs for Brown grads. Finally, GWU has a large number of students who don’t graduate in 6 years. Brown has a much lower rate of non-grads. I can understand how the propect of free tuition is attractive, but don’t assume it will be no financial aid versus 100% financial aid.</p>
<p>Once again, I thank all of you for your insights and opinions. Overanxious mother, three posts up, captured the sentiment (and made my wife cry as well) with her poignant post. We’ve got a month to ponder this but I believe that we’ll let our son go where he likes. We have, in fact, saved some money for his college education but we are torn. GWU’s a great school to be sure but Brown will probably be the choice.</p>
<p>I’ll let you know.</p>
<p>Thanks</p>
<p>Another question:
If your son is interested in Comp. Sci., how do these programs compare at the two schools? I believe Brown’s reputation in CS is very good, but I don’t know much about GW. Will he have the same opportunities (or similar) at GW in this field? If so, then what makes Brown his dream school over GW? If not, are the differences worth the significant tuition difference?</p>
<p>Jake, so glad to see your latest letter. I am in agreement with AM, too. As I said above, we’re seeing a nosedive in our income this year, but I am glad our S is at the school he really wanted to be at, and worked hard for. It is the right place for him. We’re pretty frugal people already, and we’ll just get alittle frugaller.</p>
<p>The best gift you can give an adult child is the knowledge (and reality) that you won’t be showing up destitute on their doorstep after you’ve retired and you’ve run through your nest egg… just when he or she has started a family, is saving for a downpayment on a house, or is just starting to make a decent salary. Take it from one who has been there… supporting elderly parents who had bad luck or didn’t plan to live as long as they did is no fun… and the fact that you got “launched” into your top choice college doesn’t matter quite as much when you’re 40 and find yourself paying 2 mortgages, or trying to juggle childcare payments so you can work, and a home health attendant for a disabled parent.</p>
<p>I am quite sympathetic to your plight… but you need to get a realistic view of your retirement before you contemplate dipping into your reserves to make up the college gap.</p>
<p>Just to clarify the point I made above regarding food at GW … I was careful to say “I heard …” when posting. I have two friends who are parents of GW freshman who are constantly complaining about the food cost situation there (something about “Colonial Cash” I believe …)</p>
<p>That’s not a reason to choose or not choose a school, of course, I just wanted to offer the little info that I had.</p>