OT: Looking at College Financial Aid Calculations. How close are they?

[4shinystars]

That I can answer as my college freshman daughter applied to be an RA for next year. At her college, current RAs get the choice to continue. There were 59 new applicants (including my DD), 48 of which were girls, for 4, yes 4, new openings. She is on the waitlist if a position comes up, but isn't holding her breath. Room and board is not free if you are an RA at her school-they get a yearly salary of $6000 (just about covers room only)and paychecks can go directly to financial aid.

 

[tarheel618]

That I can answer as my college freshman daughter applied to be an RA for next year. At her college, current RAs get the choice to continue. There were 59 new applicants (including my DD), 48 of which were girls, for 4, yes 4, new openings. She is on the waitlist if a position comes up, but isn't holding her breath. Room and board is not free if you are an RA at her school-they get a yearly salary of $6000 (just about covers room only)and paychecks can go directly to financial aid.

Thanks- I figured there is a huge wait list. I figured it would be a good option to help cut cost. Does anyone know how many kids actually stay in the dorms for all 4 years. I was a nontraditional student so I don't have a lot to go on. Seems like all my friends who have kids this age usually does the dorm the first year and then go into apartments near campus.

 

[4shinystars]

It usually depends on the school. My daughter's college (Alfred University) requires students to live on campus until senior year, unless you are local.

 

[fac]

Where is here?, it might be helpful for people who are looking at this to know which states currently have reasonable tuition for residents. Or good reciprocity arrangements. Some people do have flexible enough employment arrangements and sizable enough family contributions that moving might make sense.

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Is it truly possible to move to get in-state tuition...Isn't it true that the family has to live in the state for 12 months to get in-state? DH can retire anytime...DD is junior. DD is thinking to go to colleges in MA, OH or DE, can he (or our family) move *after* DD has been accepted? Can we tell the college that their state will be our retirement state?

 

[crisi]

Is it truly possible to move to get in-state tuition...Isn't it true that the family has to live in the state for 12 months to get in-state? DH can retire anytime...DD is junior. DD is thinking to go to colleges in MA, OH or DE, can he (or our family) move *after* DD has been accepted? Can we tell the college that their state will be our retirement state?

You do have to move into the state a year before. But she's a junior. Pick a state where she is likely to get accepted and retire there. If its going to be close, don't take the risk. It also means she spends her Senior year in a different high school, or takes a year off. I wouldn't retire to California on the off chance that my middling student can get into Berkeley (acceptance rate 21%) - but their are LOTS of state schools in California. Also watch tuition and reciprocity agreements, at one point in time it was cheaper to send your kids to the University of Minnesota - Twin Cities (Minnesota's flagship school) as a Wisconsin resident than as a Minnesota resident due to the way the reciprocity was set up.

 

[teller80]

Is it truly possible to move to get in-state tuition...Isn't it true that the family has to live in the state for 12 months to get in-state? DH can retire anytime...DD is junior. DD is thinking to go to colleges in MA, OH or DE, can he (or our family) move *after* DD has been accepted? Can we tell the college that their state will be our retirement state?

I guess it's possible, but do you really want to move at this point in your life? I've built a strong network of friends, and I wouldn't want to start over making new ones. Plus the costs and aggravations of moving, your DD transferring schools her senior year, etc. MA has a high cost of living, and OH's state schools cost about $22k a year with room & board (is that much less than your states schools?) Is she your only child or will you do this again? What if she ends up not going to the state school of where you move?

I would focus on scholarships - I thought at least some schools would offer in-state tuition rates to desirable candidates who live out of state?

 

[Colleen27]

I guess it's possible, but do you really want to move at this point in your life? I've built a strong network of friends, and I wouldn't want to start over making new ones. Plus the costs and aggravations of moving, your DD transferring schools her senior year, etc. MA has a high cost of living, and OH's state schools cost about $22k a year with room & board (is that much less than your states schools?) Is she your only child or will you do this again? What if she ends up not going to the state school of where you move?

I would focus on scholarships - I thought at least some schools would offer in-state tuition rates to desirable candidates who live out of state?

I wouldn't think it is worth it either. If nothing else that's a lousy time to move a child. Especially one who is focused on building her "resume" for college applications. It takes her out of all her school activities in your current community but doesn't give enough time to build a track record and social network in the new location. Since it does only take 12 months to establish residency, if you're inclined to go this route I would think the better way to do it is to cope with the out-of-state premium for her freshman year but relocate soon after her high school graduation so you'll have residency established for her 2nd and subsequent years.

My daughter has looked at quite a few out-of-state universities that offer in-state rates to high performing applicants. Some handle it on a case-by-case basis but at least one we looked at has established guidelines for what kind of academics merit waiving the out-of-state cost premium. I know of several student-athletes in our area getting the same deal in lieu of an actual athletic scholarship, and for two of them it worked out to be a better deal than the small athletic offers they were getting from in-state schools.

 

[Colleen27]

Thanks- I figured there is a huge wait list. I figured it would be a good option to help cut cost. Does anyone know how many kids actually stay in the dorms for all 4 years. I was a nontraditional student so I don't have a lot to go on. Seems like all my friends who have kids this age usually does the dorm the first year and then go into apartments near campus.

It depends on the school. The RA thing does too. At my school becoming an RA is fairly competitive but not exceedingly so, nothing like what 4shinystars described. But only about 15% of students live on campus and many upperclassmen choose the student apartments over the dorms because that allows them to opt-out of carrying a meal plan (the school is in a suburban area - 3 major grocers and probably 100+ restaurants at all price points within 5 miles and a campus bus system to get there if you don't have a car; there's no reason to settle for expensive cafeteria-quality food for every meal).

 

[teller80]

can he (or our family) move *after* DD has been accepted?

The earliest your DD could be accepted would be October, so no, you couldn't move after she's been accepted and still meet the residency requirement for her to start school in September.

 

[msmayor]

Just to throw in another perspective. I have a niece that just had a baby. I wanted to open a 529 plan for her baby, but my sister was all against it. Said there is no way the price of college can keep going up. People don't have the money to pay for it. The government is going to step in and make college free for all. Or companies are going to have to go back to training their workers like they did in the old days because people can't afford college.

Years ago when my kids were little, I scoffed at the idea that the cost of college when they were ready would be six figures for a four-year degree. I was SURE that would never happen.

I was wrong.

My daughter's four years were $120k. Now, we didn't pay 'sticker price'...she was fortunate to get a renewable annual scholarship that really cut that cost down, but she did max on Stafford Loans ($27k) which my husband and I are paying back on her behalf.

 

[MomToOne]

Is it truly possible to move to get in-state tuition...Isn't it true that the family has to live in the state for 12 months to get in-state? DH can retire anytime...DD is junior. DD is thinking to go to colleges in MA, OH or DE, can he (or our family) move *after* DD has been accepted? Can we tell the college that their state will be our retirement state?

What you might want to consider is moving once she decides and has graduated. You will have to pay out-of-state tuition the first year, but for the years after that you should be able to get the in-state rate.

ETA: Research your specific state requirements. Apparently some states won't give you credit for residency if you moved "around the time the child matriculated to college". The University of California seems to allow what I described above, as long as you can show you have the intent of staying in the state and aren't just doing it for tuition purposes (purchasing a home in California and selling your home in your old state, along with some simple things like registering to vote and getting a CA drivers license, would suffice from reading the requirements).