Originally Posted by angierae
I do not believe student loans are the worst thing ever. She will probably have no more than $10k in loans and I don't think that's unreasonable.
The amount matters. 10K is a reasonable amount that can be paid off fairly quickly after starting that first professional job, but a lot of grads of my generation or younger are graduating with far larger debt loads. Some of my friends have loans bigger than the mortgage on our first house, and a few didn't even manage to finish school because they ran out of options for borrowing to cover the gap between other form of aid and the full cost of attendance, so they have 3 years worth of student loans that they need to pay down to be able to borrow more to finish.
Originally Posted by cornflake
You know the less you make, the better off you are there?
Harvard, like its cohorts, is free if you make < like $60,000/yr.
It's still less than a 1 in 100 shot at getting in no matter what, but if she happens to hit that lottery, she wouldn't need money unless you make a significant salary (more than twice the $60, I believe, before you even get into having to pay more than 10% of the tuition). As someone else said tho, Harvard won't take those credits for anything.
From what I've seen, both when I was in school and now that my son's friends have siblings starting college, private universities are often more affordable than public if your child is a strong, well-rounded student simply because they have more resources for gift aid. We know a number of families around us who ended up choosing 30K/year private universities (nowhere near Ivy caliber, but good schools) over the 15K/year public choices because the total aid package made private the more affordable option.