<p>My S applied to CMU and I think he has a pretty good chance of getting in (800 Math, 790 Math 2, 800 Physics subject, 4.0 GPA). But we just got a letter stating that his application was in process and a note about tuition being 62K per year! Granted I make a 6 figure salary, but jeez 250k for 4 years. What kind of aid must they give to afford that? I can't imagine most people can afford full tuition.</p>
<p>They don’t. They do not guarantee to meet need, do not tend to do so, have a lot of self help as a rule in their packages. Hopefully you’ve saved something for college, like enough to pay $20K between his and your saving for the cost, another $20K a year out of your earnings each year, and borrow $20K. That comes to about $60K, and your kid can work summers and part time, borrow through the Staffords ($5500 allowed freshman year, with some increases thereafter). That’s what someone who is deemed able to pay should be able to do . But no, most people cannot, as they do not make six figures and have not saved, and borrowing when you haven’t saved is not a good idea. </p>
<p>CMU does have some good part time jobs readily available for students, however, and housing after frehsman year can be cheap off campus. You can do all right living frugally in that area and in good company. My son got a rental in Oakland/Sq Hill for $300/month as a share, for example, though it will be for 12 months. </p>
<p>But that’s how you pay, past, present, future earnings, both yours and the student’s.</p>
<p>Did you have the “money talk” with your child before he applied to tell him how much you’ll spend each year? </p>
<p>You seem shocked by the $60k COA (not tuition). Does that mean that you didn’t look at prices before now??</p>
<p>Did you use any of the Net Price Calculators on his schools’ websites (each will give a different estimate)? </p>
<p>Did your son apply to any financial safety schools? (schools that you know that you can afford because of either low cost or merit awards)</p>
<p>My son was rejected from CMU and we were not that unhappy about it! We did not want to afford 62k per year. nor could we have.</p>
<p>Even if you take out room and board you are still over $50K per year. You will still need some place to live. Way to expensive. I would look at schools that offer good merit because it appears your son has the stats for those.</p>
<p>My friend’s child attended CMU with a merit scholarship of $15,000. She was a top student in a highly selective high school with solid research experiences, excellent ECs, as well as sports specialty. With the scholarship, the family still has to pay $10,000 more than the state flag. It was a hard decision for them.</p>
<p>Obviously, if a kid has the stats the OP mentioned, or really almost any kid who can get into CMU, there are LOTS of merit scholarships out there at excellent schools - those ranked just in the next tier of top schools, but again, VERY good schools. CMU seems to be one of the very highest actual average cost schools in the country, maybe THE highest. They have IVY-like students, so not many stand out for big merit AND they have unIVY-like need-based aid, so middle class families get no where near what IVY/Standford/ND/Duke type schools give. So… don’t send your kid there if you don’t want to pay (or can’t) a ton for college. They have plenty who can and will pay, one way or the other, for the CMU education.</p>
<p>CMU isn’t known to be generous with financial merit-based aid. So if you have a six figure salary and savings don’t expect anything from them. They are known to be generous for high stats kids who need need-based financial aid. The higher end middle class (but not wealthy) have to make a difficult decision regarding CMU. Unless a major justifies the cost and you can definitely swing it maybe consider other options. My S had other options with high scholarships and he would have taken them if we had decided the cost to CMU was not feasible. He is there and grateful for the opportunity but knows that it was a difficult financial decision to make. We will see if it will be worth the cost in the end.</p>
<p>I think most of the posters here have CMU down for what it is. It is a top 25 national university with students that share apps with those who go to HPYMS. CMU gives very little in merit money. There are some URM and female in STEM awards available but little, if anything else. Its costs are way up there. Their financial aid packages are not particurly generous, as they do not guarantee to meet need, do not meet it for everyone, and do include self help in their packages including their own in school loans on top of what the federal government offers. IMO it’s bettter to be slightly over their financial aid cutoff in many cases, than under it, as you could then use Staffords and part time jobs towards the EFC as CMU will tuck those in their packages. </p>
<p>But they have some of the absolutely best programs available in certain fields with good job prospects both in school part time and when the student graduates, and Pittsburgh is a wonderful city with part time job prospects and cheap housing and low COL, great resources available.</p>
<p>I say boycott the over $60K colleges. If enough people look at the costs in advance and don’t apply their ratings will take a hit and they’ll have to change.</p>
<p>Nice advice, LizzieT, but that isn’t what is happening at those schools that are most selective. The lines are getting longer for consideration to them. </p>
<p>I do believe that those schools that charge so much that do not have the name recognition are having to discount more these days. Parents that will scrimp to pay the $60K+ for HPY and other name brand schools are beginning to balk about paying that kind of money for privates without the prestige.</p>
<p>Hi, cpt, </p>
<p>I know you’re right, there’s great competition here to spend a quarter of a million dollars for big name schools. I wonder if we have enough rich people to be able to continue to finance these tuitions indefinitely, though.</p>
<p>The rush to diversity, with ivy leagues actively recruiting around the world, also helps to uncover full-freight paying students. I think a global base is needed now to be able to keep going. How many rich people are there in the world? Maybe I can find some statistics…</p>
<p>I think we’re seeing a ‘tipping point’ among the lesser names with big price tags, as you mentioned. Will the big names be next?</p>
<p>We visited CMU and it was on my son’s list of possibilities and then we saw the Fin. Aid statement about not meeting need and it immediately got crossed off. </p>
<p>It was no hardship because my son liked it but didn’t fall in love. I was relieved not to have to crush a dream and we never looked back.</p>
<p>I have a niece who went there and liked it but her family is significantly wealthier that we are and I believe she got an athletic scholarship?</p>
<p>Good luck in your search</p>
<p>CMU does not give athletic scholarships. If she is a female in the STEM or sciences, there are some merit awards. </p>
<p>The fact of the matter is that CMU is a private school. Families who understand perfectly that the top private school in their area is expensive and that they would have to pay unless their kid gets the rare scholarship to go there or if they are needy maybe gets some financial aid, both type of awards being very rare most of the time, seem to think that there should be money from somewhere to go to private colleges. You have to pay to go to boarding school before college. Why all of the sudden are families and students expecting someone to cover living expenses? </p>
<p>You want to go to a private school, you pay their price or you have something the school wants enough to pay you or give you a discount on the tuition. Why should the government be subsidizing a penchant for private and sleep away options? </p>
<p>I’m more concerned about the rising costs of the in state schools and the lack of options out there for some. </p>
<p>Jamiecakes, that a school does not guarantee to meet financial need 100% should not just mean crossing it off your list. I’ve seen kids get their best offers and packages from the stingiest schools. All that matters is what YOUR kid gets , not the overall picture. The same with schools that are not 100% need blind in admissions. Many, again, will offer generous packages to those kids they do want. The guarnatees that some schools give are not so generous anyways when you find out what they define as need and how they stuff those packages.</p>