<p>OP, here. Interesting posts, about half sympathetic to our “strategy,” half disagreeing or misunderstanding our situation. Our son’s a national merit finalist, and so our options are different than most. </p>
<p>Let’s say I was trying to buy a house, and looked at 21 houses all with list prices of $220,000 (4 years of $55,000 tuition). But could only find the “real” prices by filling out a multi-page application and paying $100. We’d find that some of those houses really cost almost nothing, some $30,000, $60,000, $100,000, and some really are $220,000. A crazy free market system, but for us well worth the effort and money to flip over the tag to see the real prices.</p>
<p>At Michigan State, he was offered in-state tuition (we’re out of state), plus free room and board, plus a couple thousand a year to work with a professor. It would all add up to a cost of about $7500/year for a solid education in its Honors program. At Case Western, more than a 50% discount with a merit offer of $30,000 a year. At three small liberal arts schools, he’s in the running for full rides (which would necessitate an “interview” visit in March. </p>
<p>Should we have prevented him from even applying to financially prohibitive schools, his “target” schools like Chicago and Cornell? Perhaps, but it’s hard amidst pressure from relatives and GCs and peers (“Why aren’t you applying to X?!”) If he goes to a lower prestige school, I think it will make him feel good to say, “I also got accepted at Cornell, but I’m going to X because I got an amazing scholarship there.” </p>
<p>Although we haven’t handled things perfectly, I think the crazy economics involved make our strategy logical, in light of our child’s willingness to go almost anywhere for a good education with no debt. He won’t necessarily go to the best deal: all houses are not alike. But the big list will be reduced by 2/3 based on “real” pricing. For us, there is not a $200,000 difference between Michigan State and Univ. of Michigan.</p>