<p>“We are thinking that we have to make it work somehow, if she gets into a really good college of her choice that has only need based aid.”</p>
<p>Please re-read your sentence. There is a big difference between “we have to make it work”, and “we will see if we can make it work” or “we will try to make it work”. No one “has to” in this situation. If your budget won’t stretch enough, accept that, and move on. Paying for college is just part of your family’s entire financial situation, and ought to be considered within that larger framework.</p>
<p>Since you have come up with your own WIP, give that figure to your daughter, and tell her that is the figure to keep her college costs under. There are lots of schools out there, you have a smart kid, she will figure out how to make it work. I can’t recall if this child is an only, or the first of several. If there are others following behind, read through some of the posts from cptofthehouse in the Financial Aid Forum. She has written several posts on the long-term results for the whole family of giving in to the parents’ sense that they “had to make it work” for the first child’s dream school.</p>