<p>Drusba, You’re making my point. Since the tuition lock-in only affects tuition, the actual cost of attendance would likely be more, not less. I was generous in my calculation by straight-lining it at $47,500 annually.</p>
<p>By the way, my first cash-flow estimate in the previous post was built on an inflation rate of 3 percent. That’s a little more than historical CPI.</p>
<p>Also, re-read my suggestion about faculty members offering to receive their 2016 salaries immediately. It would bankrupt the university. I guess I failed badly at being ironic.</p>
<p>The bottom line is that the guaranteed undergrad tuition at UIUC, barring a bout with hyperinflation, favors the university, not the student, since it’s asking the student to pay his 2015 or 2016 tuition now and each year thereafter instead of building up to it.</p>
<p>I’ve got to go now. I have to prepay my 2012-2013 income taxes.</p>
<p>Drusba, Find a bank and tell them you want to open a savings account that you plan on holding for four years, except with one caveat: You want your full four years’ of compounded interest right away in a lump-sum payment and an identical payment at the beginning of each year for the next four years. I’d love to hear what they tell you.</p>
<p>That’s what UIUC is asking for with its onetime 16 percent hike in tuition and then the lock thereafter.</p>
<p>What happened to the $41,120 OOS cost of attendance I was budgeting on? I mean, in what parallel universe is a 16% hike reasonable?</p>
<p>I was looking for an inflation-based increase each year of, say, 3% over the previous year for four years. This one-time hike is like a hammer that pounds you in the head each year.</p>
<p>it looks like this year’s hike is going to be 6.9%! Last year it was 9.5%
According to the Chicago Tribune "54% pay tuition sticker price…and 14% have the entire cost paid for by financial aid. "Problem is, unless you are Eisenstein or Oliver Twist, you will not receive much.
Plus, the state is in a fiscal mess.
We are in state but Indiana and other OOS private schools are making our decision more complex with their generous merit based aid packages.</p>
<p>If it was Harvard, I would be glad to pay for over $50k/yr for school. Not for UIUC at this price point. ROI does not justify for such price. We will go Wisconsin (in-state) instead.</p>
<p>I do not know when the 2011/12 OOS table was last updated, but for engineering at least, the increase over last year’s tuition is not that large.</p>
<p>Seems this is still going on… S1 was accepted 3 yrs ago but ended up choosing OOS University (Mizzou) because it was cheaper than in-state and he hasn’t regretted the choice at all (He loves it there)… </p>
<p>D1 is a senior this year (top 10 of class, honors etc) and applied as well, accepted but the packages she received from OOS schools (IA, MN, IN,MO) were more generous and ends up being cheaper than sending her to our in-state flagship school… (what’s wrong with this “picture”)</p>
<p>Oh well, both kids will now the OOS, nothing left for me to do in IL but leave too…</p>
I applied to several out of state schools, they didn’t give me anything over what they give students with a 3.5 and a 28 on the ACT (even at ISU, where they gave me in-state tuition). I have a 4.0 and 36 and UIUC is giving me $19,500 a year. But these are both anecdotal cases…</p>
<p>Congratulations H3Proto! my husband went to U of I. I’m curious. our oldest had a 35 ACT and 4.0+ (weighted) GPA and tons of activities and awards. He got no FA other than loans. Do you know what your EFC was? I’ve just never known anybody who got FA from the U of I. </p>
<p>but wait, are you out of state? then are they just basically bringing you down to in-state price?</p>