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Author: inparadise Big funky green star, 20000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 8206  
Subject: Got our Financial Award Yesterday... Date: 2/26/2012 6:57 AM
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...from one of the two schools Eldest is interested in. Total cost estimated to be $55,000 per year. Our "bill" after awards is presented as something like $1,500/year. Fortunately about $18,000 of that is merit scholarships, but the rest is unsubsidized loans.

It was as expected, but I thought the presentation was creative marketing.

IP
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Author: jh4986 Two stars, 250 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 7948 of 8206
Subject: Re: Got our Financial Award Yesterday... Date: 4/5/2012 12:09 AM
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My daughter has 4.2 GPA and 2320 SAT. She got in some rank 20 or so private schools and 4 UC schools. She is on waitlist for UCLA. She got no scholarship, and very little loan granted. We are not qualified for any need based aids.

I think paying private the full $60,000/year for 4 years is what scares me. UCs are close to $30,000 a year.

I am not sure what else would cost other than quoted from schools. Airfare to and from home few times a year? Summer school or study abroad? Cell phone, Car, rent? How much more should I prepare to be reasonable on top of the $60,000 quoted from the private school already?

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Author: foo1bar Big gold star, 5000 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 7949 of 8206
Subject: Re: Got our Financial Award Yesterday... Date: 4/5/2012 2:14 AM
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How much more should I prepare to be reasonable on top of the $60,000 quoted from the private school already?
Wrong pronoun.
How much more should she ...

Usually the financial aid package from schools includes room & board as part of the cost.

For cell phone, I'd guess ~$30/mon - $10 for the phone (above what alraedy pay for "family" plan) and $20 for texting. But I'm sure that'll vary depending on your circumstances.

Car - first find out whether most freshmen have a car. Some schools it's not worth having a car. (the public transit is good and the parking lot that they can get a pass for is so far away you're better off walking to the grocery, etc. most of the time)

airfare to/from home - probably - fortunately you can plan that well in advance and get cheaper tickets.

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Author: 2gifts Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 7950 of 8206
Subject: Re: Got our Financial Award Yesterday... Date: 4/5/2012 2:05 PM
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I am not sure what else would cost other than quoted from schools. Airfare to and from home few times a year? Summer school or study abroad? Cell phone, Car, rent? How much more should I prepare to be reasonable on top of the $60,000 quoted from the private school already?

Typically, the amount quoted from the school includes tuition, room and board. Some schools have a 'total cost' listed on their website that includes estimates for books, spending money, and travel expenses home.

Summer school is optional, and so that is not included in the annual cost number, but it can be used to accelerate the time to graduation, so might come off the back end.

Study abroad is extra. For that, you have to pay the difference between the tuition, room and board at the school and those same things abroad. DD is currently doing her study abroad semester in Florence,Italy, and it actually cost me $400 LESS than if she were here at school, and she attends one of those pricey private schools, so in your case, I'd just assume that it will be a wash there, but the additional travel will cost. They told us to expect $5000-$8000 additional in travel expenses for the student to visit other countries. From what I can see, DD, who is very frugal and is doing quite a lot of travel, is going to come in much closer to $2000-$3000, and we did tell her to take advantage of all travel opportunities and that we would pay for it.

My kids are juniors, and getting them a car on campus is just not in the cards. Freshmen typically aren't allowed cars, and I don't think my kids need the added headaches that come with it, so that's not even on my list.

You might need something for cell phone, but we have found that the $10 per child family plan has worked well, and we're never even close to using all our minutes. I did add the unlimited texting for all four of us at $30 per month when they went to school, and that was definitely worthwhile.

FWIW, my kids are responsible for paying for their own books, spending money, car insurance on our vehicles that they drive, and gas for the car when they are home during the summer and driving to work.

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Author: JAFO31 Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 7951 of 8206
Subject: Re: Got our Financial Award Yesterday... Date: 4/5/2012 6:01 PM
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jh4986: My daughter has 4.2 GPA and 2320 SAT. She got in some rank 20 or so private schools and 4 UC schools. She is on waitlist for UCLA. She got no scholarship, . . .?

4.2 on what scale? In other words, what is the maximum GPA available?

2320 out of 2400? That would be an average score of 773.3 per test.

I feel like we are missing a piece of the story.

Curiously, JAFO

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Author: inparadise Big funky green star, 20000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 7952 of 8206
Subject: Re: Got our Financial Award Yesterday... Date: 4/6/2012 2:53 PM
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I am not sure what else would cost other than quoted from schools. Airfare to and from home few times a year? Summer school or study abroad? Cell phone, Car, rent? How much more should I prepare to be reasonable on top of the $60,000 quoted from the private school already?

The schools we heard from actually provided this info.

IP

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Author: jh4986 Two stars, 250 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 7953 of 8206
Subject: Re: Got our Financial Award Yesterday... Date: 4/6/2012 9:05 PM
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Inparadise, I apologize to hijack your thread.

I went back and re-read your old thread about CMU, in Pittsburgh. That is one of the Accepts my daughter received. She would be doing Decision Science if she goes there. We would be paying the full price.

Have you changed your view about CMU? If your son is in Computer Science. That is the #1 in the nation.

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Author: inparadise Big funky green star, 20000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 7954 of 8206
Subject: Re: Got our Financial Award Yesterday... Date: 4/7/2012 3:46 PM
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Have you changed your view about CMU? If your son is in Computer Science. That is the #1 in the nation.

Can't say that we tried to change our mind with so many options. He didn't bother applying, rather he chose to go to Georgia Tech, which is pretty darned high up as well. As much as I liked Pittsburgh, he did not. IIRC, the #1 rank is for graduate school. We could not find rankings for undergrad, so if you have a link, that would be great.

In some ways I wish he had gone with his number 2 school Drexel U. They were throwing a decent amount of money to him, so it would have been cheaper than GT, particularly with our living about 20 minutes from the campus. I can't say I'm a fan of Philadelphia though, and I know Eldest will prefer the weather in Atlanta than here or Pittsburgh.

Another negative I perceived with CMU is that we were really wanting a co-op experience option. I don't recall them offering much of one, whereas GT's is supposed to be decent and Drexel is of course known for it. I credit my having 18 months co-op experience when I graduated with getting me in to my job very fast in a bad economy. I think already having an offer from the company I co-oped with helped me to relax in the interview process with the company I wound up working for. Hopefully the economy will be better than it is now when our kids graduate, but if not, being able to show prospective employees that you can prove you can act like a professional is a plus.

We only looked at CMU because of it's rep for his desired degree. Choosing the right school requires so much more than that, though. It was worth a try. I hope your daughter loves it.

IP

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