<p>Motb and M2ck, My thoughts were more along the line of IF the OP is hell-bent on a 55k/yr college AND has the money but it is tied up at present, THEN there are strategies that could free up the difference now, rather than later. Not to mention that I think its crazy to stick all of your money in one gigantic long-term CD rather than laddering the investment. If the investment were laddered correctly, some of it would be available within the next year.</p>
<p>Blackbullitt, Until you have the acceptances in hand, there really isn’t much point in worrying yourself about GW vs.GMU vs. UVA etc. Wait until you’ve got all the acceptances on the table, then think about it. You should have time to pay a visit to a couple of the top contenders before you have to make a final decision.</p>
<p>^^^</p>
<p>I agree.</p>
<p>*Not to mention that I think its crazy to stick all of your money in one gigantic long-term CD rather than laddering the investment. If the investment were laddered correctly, some of it would be available within the next year.</p>
<p>*</p>
<p>I totally agree. Who the heck puts all savings into one acct that is unaccessable without huge penalty? If anything, keep at least 10-20% in some other acct. Or, put them in different CDs, so that if you had to access one of them early, only that one would be affected.</p>
<p>Blackbullt…what is your major and intended career? Are you just wanting to go to college to have “the college experience” or are you going to prepare for some career? If you’re going just for the experience, then don’t waste $200k on that. It’s not necessary. You can have “the college experience” for less money.</p>
<p>Or, if you’re going to college to prepare for a career, what kind of career?</p>
<p>*UVA
George mason
George washington-by the way, what are you opinions on GW? I’ve had mixed reviews.
University of Maryland
Fordham university
University of Miami
TCU
Baylor
UT Austin
SMU
University of San Diego
Occidental college
UCLA *</p>
<p>I’m trying to figure out the “common denominator” with these schools? Why did you pick them?</p>
<p>First of all, like I mentioned before, I NEVER INTENDED TO USE THE MONEY until I was much older. My parents saying that they can only afford 20-25k was a complete surprise to me. EVERY time I we talked about it before they said they would pay my way completely. There was a substantial increase in interest for the longer periods of time and after all, what kid my age needs access to tens of thousands of dollars? What I did was responsible, not ignorant.</p>
<p>Why did I choose those schools? I am looking for a good education as well as an enjoyable experience during college. All of the colleges are respected institutions and all have a program that works with my education plan. In addition to those to points, UVA, Mason, GW, Maryland, and Fordham are within driving distance of NYC and DC (I do showbiz stuff and play with various bands primarily in those two areas). The California schools are primarily for the showbiz and music. The Texas ones are for my mom (from Texas and went to SMU) and grandparents (live in TX) with the exception of UT Austin, which I chose because of the terrific musical opportunities. I chose U Miami because I like girls in bikinis.</p>
<p>Blackbullitt - You did your best, but your advisors weren’t thinking as clearly as they could have been about potential impact on the FAFSA and CSS Profile. Tying tens of thousands of dollars up long enough for a kid to grow up before he/she gets his/her hands on it does make sense. However any money that you have in the bank is taken into account in the financial aid process, and parents do have unexpected financial reversals that can change what they thought they might pay for their children’s educations. Since when you stashed the money away, you weren’t thinking about college, it is understandable that your financial advisors weren’t either. However, part of their job is to think ahead for you. That is where they went wrong.</p>
<p>Now that you know how much your parents can contribute, you need to look at your college list. Are any of them going to fall into that price range? If not, what are you able and willing to do to make up the difference? Work more? Take a gap year (or two) to work full-time and save up the money? Take Stafford Loans? Borrow against the money you have in the bank?</p>
<p>If you aren’t in-state for any public U that is commuting distance for your work in the DC/NYC corridor, you might want to take a look at some of the SUNYs that are near NYC. Their OOS prices aren’t outrageous, and SUNY Purchase has a decent performance program.</p>
<p>Good luck with everything!</p>