PSA- "Safety Schools"

[mom2rb]

The local university is $10,000 a year, plus books, gas, parking, food and a 45-60 drive each way so car insurance too. With twin boys, most of the costs are doubled. I told my boys that they could go anywhere that was the same cost as living at home and going to the local school. They both ended up at a very small school where they are thriving. With scholarships it is costing the same plus airfare. I have gotten very good at using air miles! So far the math is working out and they have not taken out any loans.

 

[tcufrog]

One thing that hasn't mentioned in this thread is that fact that a lot of schools will raise tuition and fees each year but will not raise the aid package each year at all or enough to cover the increases. They think your child won't consider switching schools to lower their costs and that you'll figure out a way to cover it because you'll feel stuck. Before you commit do some research and see if you can find out what their average rate increase is each year and what the subsequent year aid packages look like. You don't want to get stuck at that school that hooks attractive freshmen with generous packages and then doesn't offer nearly the same the following years.

 

[Aliceacc]

I think it's about doing your homework.

I know this will undoubtedly get me kicked off the Dis, but my kids aren't A students. My oldest, a HS senior, is barely a B. Knowing that, and our financial circumstances, guided the schools to which he applied.

He's currently sitting on 6 acceptances. We're still waiting to get the final numbers from the schools, but none of his schools will be much over $30K including room and board.

I went to community college, and am well aware of what a great deal it can be--- for the right kid. But my son isn't the right kid. He needs a small school, not one with a student body of 23,000. He'll fall through the cracks at our local CC.

But what I tell my students, over and over again, is this: when we bought our house in 1991, it cost a little over $150,000. It came with a THIRTY YEAR MORTGAGE!!! Borrowing that sort of money for an education will significantly impact the choices you're able to make as an adult.

What goes on your diploma is the name of the school from which you graduated, not the one where you started.

A great site is collegenavigator.gov

It will tell you not only stats like tuition and fees, but also the percentage of the student body that receives institutional aid, and the average amount awarded.

 

[mnrose]

Oh hell yes. This is the FIRST conversation I had with my kids when they became sophomores. I filled out NUMEROUS (at least 20) "net cost calculators" (available on all college websites), and discovered that we were expected to pay 100% of the cost of tuition and room and board, and this was up to and including colleges which cost $65K per year. And, this is considering I have twins, so double any tuition you see. So, we sat them down and said "here's what we have saved, here's what we can contribute beyond that, and NO MORE." That total amount is enough to pay for college at any GOOD (even great) public school in our state. If they want to go private, they need to expect to receive substantial scholarships (not a given at all), or expect to take out substantial loans. That's just the way it it.

All parents should inform themselves. College is expensive. Scholarship money is NOT a given...for anybody. Sure, dream big. But, make sure your "safety school" is also one they can afford.