<p>Same situation. Older child very happily at my uni in a strong major. Younger child wants a major that is really small at my school (and thus not much more offered than the basics). Older child gets through with no debt and we “saved” enough by having her do this to buy her a car. I can apply for tuition exchange through two different programs. However, schools in the exchange are obligated to take only 3 new exchange students a year. Competition is very steep, especially at the schools in the exchange with the highest rankings. And it isn’t a necessarily a matter of best stats. One school told us they used to save one of the three spots for an athlete. So, what to do . . .</p>
<p>Our plan is to let the younger child cast a very wide net. Market timing and her age based investments have worked in her favor, so I could afford anything just under the cost of the in-state publics. If class rank stays up, there’s a large local renewable scholarship for students who want to go to in-state privates. Maybe, just maybe, we can swing something else. However, she has to apply for exchange at a minimum of 3 schools. And we’re keeping out fingers crossed.</p>
<p>My goal has always been to get the kids through without debt, so I do not think that’s nuts at all. I married a student loan right out of college. It was awful, and I don’t want that for my kids.</p>
<p>@Ordinary, it’s not true that there are only three spots per school at Tuition Exchange schools. It is true that there can be some stiff competition. Contact the tuition exchange officer at the schools you’re interested in and find out how many spots they have and how many applicants they generally have. Almost every school I contacted gave me this information. For example, DePaul gives 20 scholarships and there are typically 100 applicants. Others did only have a few spots - we did not apply to those. There are a good number that offer scholarships to everyone - Syracuse does this (though their tuition is well about the 31500 and they are not required to cover the difference). Many great small lesser known schools offer a high percentage as well. With 500+ schools there are a lot of options, as long as you are somewhat geographically open. Use the search function on the tuition exhange website and you can narrow down by rough percentages how many applicants get the scholarships. Note: there are very few publics, and they seem to be quite restrictive.</p>
<p>There are a number of tuition exchange programs. The Tuition Exchange (with caps) is one. It is not one that we use. The one we use says right on the website that there are 3 spots for new students each year, and this has been confined at schools we have visited with both kids.</p>
<p>I didn’t reas all the responses but one thing struck me hard in the OP. The comment about having lots of debt and having to take the first well paying job in order to pay it. I have a college senior and one who just went back to grad school two years after finishing undergrad. His undergrad was at a coop school so he finished with good solid work experience as did his friends. All of them struggled to find jobs. DS had one of the better ones earning 30k with health insurance and paid time off. It was just enough to live on in the urban area he is in. He had no undergrad debt and is now borrowing for law school.<br>
the chances that someone with a liberal arts degree can graduate and get a job straight out of undergrad that will pay debt are not good in this economy. I vote for no debt for undergrad every time. This is not just my sons story but that of many many of his friends with degrees from all over the country.</p>
<p>I also vote for limiting undergrad debt if at all possible.
Our family made sacrifices even to cover son at an instate public. He graduated with about 18K Stafford loans. He is now teaching in public school, shares a house with friends, bought a new (used) car, and can easily handle that level of debt.</p>
<p>His other private school choices would have been horrible in terms of debt repayment and we chose not to support them.</p>
<p>And son is quite happy with how it all worked out. Good luck, it isn’t easy.</p>
<p>I see now that what I call tuition remission usually applies to what OP described for his son. Our program is as Midwestmom decribed- a portion of the employer’s tuition, paid to another college. Neither DH’s nor mine offers TE. </p>
<p>My neighbor’s experience with TE was as above. The college may be in one program or another. Her employer had a limited number of choices and getting TE depended on some group swapping stats- something of an “even exchange.” This would need to be checked.</p>
<p>In any event, I’d hope OP has run something like the Fafsa Forecaster or a few NPCs, to see what the family might qualify for.</p>
<p>Our D is going to a private school, net cost so far for her, $9000, before any loans or even the competitive scholarships she is up for. She won’t have to take any loans for UG. DS is looking at net costs at private schools between 3,000-12,000 right now, before competitive scholarships. Net cost at the state schools he applied to right now is running 12,000-18,000. All of these schools are within the OP’s price range. Again, you don’t NEED the tuition exchange if it isn’t going to work for you.</p>
<p>I am 42 years old and still paying student loans! It is nuts. So, I am all for debt free. </p>
<p>I am requiring my children to get jobs to make up the financial difference too. And file for scholarships. My oldest has 2 scholarships now, (one offer from each college and one outside scholarship) so whereever he goes, it has been becoming more affordable. He is also trying to go to work. He should have been working long ago.</p>
<p>All those things could help your daughter make it without loans too. </p>
<p>Good luck! But I agree completely with debt free.</p>
<p>^ by choice or need? Why are you still paying on loans all these years later? I’m not much older than you, paid for private school 100% on my own, no help from parents, got scholarships but took out a lot of loans. They were ALL paid off in under 5 years.</p>
<p>I think that encouraging her to attend the low cost option is not nuts. Have you explored their semester abroad offerings? Have you explored summer writer workshops? These options could be use as sweeteners, assuming you could afford them in addition to the low cost option.</p>
<p>I think until you see what scholarship offers she gets from the pricier schools, you can’t make an informed decision. She sounds like the type of student who will get merit aid from the sort of schools that will want to attract her.</p>
<p>@mamaduck
can you tell us about your experience with Tuition Exchange. We applied for my D and still waiting. She has EA acceptance from 2 colleges already (one of them is her top choice) but waiting for the TE.</p>
<p>Congrats and kudos to you, SteveMA. Some of us screwed up in the financial areas and are not in such great position. What counts today, is what one is doing about these things NOW as fixing the past is not doable by going back there. Yes, there are many parents out there who still owe student loans,and some in trouble for taking out loans for their kids too. Not a good place to be. </p>
<p>To the OP: look at the options that everyone is giving you. Your DD has a great school that is affordable and will take her, so she can “buy some lottery tickets” and see how it goes. Be honest with her about your concerns and your financial limitiations and issues. And see how it goes from there. </p>
<p>Have your run NPCs and FAFSA calculators so that you have some idea what schools will be expecting you to pay? </p>
<p>There are some great writing workshops on the graduate level to which your DD can apply and get stipends. She might even be able to get her BA earlier than 4 years at your school, especially if she takes summer courses. My close friend works for a university, and though her DDs did not go there they have taken summer courses there that shortned the time one spent doing UG work. Good luck. Your DD has a lot of options to explore.</p>