MODERATOR’S NOTE:
I’ve deleted a few back-and-forth debate posts about getting hit by a bus. Let’s move on,please.
The OP has gotten some great advice here. I do understand that some may disagree with the number of applications on the table, or may feel that it is not prudent for him to exceed his $20k per year budget and I think these points have been made very clear to the OP already. Lots of good issues have been raised here for certain, which I am sure will give the OP much to think about, though there is also a lot of speculation being generated.
As OP has said, it’s a bit premature to engage in pages of long analysis about what he can and can’t afford and/or what school is worth taking out loans for. It seems like many of these threads devolve into preaching about finances. Granted, some people can be a bit clueless about the financial aspect of college and taking on debt. I do not get the feeling that the OP is clueless in this area though. And the OP very specifically has not requested CC’s very detailed input into this kind of analysis as it is off-topic. I think we should all respect that. Honestly, the OP is being a very good sport by still participating in this thread, considering all the assumptions being made and the turn the discussion has taken.
Having said all of that, back to OP’s initital query. @KevinFromOC, I would suggest that you keep Vanderbilt on your list. The application for the Cornelius Vanderbilt full tuition scholarship consists of only one essay and no interview is required (just pay attention to the application deadline). Your daughter has wonderful stats and as a prospective female engineering major with such outstanding credentials, it’s worth a shot, IMHO, especially considering that the scholarship application is not onerous.
Please keep us posted as to her progress and results. I have no doubt she will have some wonderful options come the spring.
Someone for whom spending $X to no avail or losing $X is not a big deal to his/her personal finances may be more willing to risk $X than someone for whom spending $X to no avail or losing $X would result in financial hardship due to debt incurred.
The OP’s financial situation may be closer to the second situation, in contrast to the families who can comfortably pay list price at any college their kid gets admitted to. (Yes, opportunities to make money or do other financially risky things are more available to those who already have enough money to be able to take the risks.)
There are certain facts here:
The parents have a disabled child to think about
This dad indicated that college finances are limited and he did not want to take out loans. Now he is considering loans to Princeton or similar schools…to the tune of approximately $60,000. +/-. I don’t know if this family could pay it back without a struggle. We don’t know these details (nor should we).
The student said that she didn’t really have any college preferences other than going to a school with dorms. Unless she changes her mind…she is clearly not picky.
To me it sounds like this girl can be happy at a number of places, and it appears that she will have many affordable options. I get the feeling that dad is the one who wants the prestigious school. Correct me if I am wrong.
Has anybody considered the added expense of health insurance? Is this covered by FA? Will Princeton accept what the family has …or will she have to purchase it from the school? What if this hockey player gets injured and needs PT 3x per week? Will the copays impact the family finances? What about a visit to the ER ( not uncommon)? What might that cost? What about vaccinations if she happens to travel? These are costly and some are not always covered by insurance. My daughter received a bill from the school for about $400…after insurance.
What if this student needs her wisdom teeth taken out (not uncommon in this age group)? Will the family have the funds to pay their share …after insurance? We paid $1000 out of pocket for our daughter to have her wisdom teeth removed a few months ago while at school. Can this family handle an expense like that?
We don’t know any financial details, and they are none of our business. However…I do know that thinking that your kid …who is now a senior…will go to school, become an engineer, and get a high paying job that will help pay back loans…is risky. Things change. Students change. Glitches happen. It’s not always a straight arrow…sometimes there are curves. And sometimes…recent grads need a mental health break before heading to work.
This family has a lot of thinking to do…but at the end of the day I have no doubt that this student will have many options. We don’t know the details.
Last but not least…companies will not pay engineers from Princeton more than engineers from Rutgers, etc. And while coming from Princeton certainly may get somebody noticed…there are lots of rock stars from “lesser” schools who also get noticed. If this student has drive …she will do just fine.
I wish this family the best and look forward to hearing about the journey.
I think it’s perfectly fine to have those highly selective schools that offer no merit aid on the list. A long shot, but sometimes an outside scholarship can happen. Other things might be in the works too. It should be clear though to the daughter, that these are lottery tickets.
At these elite schools, an outside scholarship will not reduce the family contribution. An outside scholarship will reduce need based aid these schools give to the student. I can’t think of an elite school that will reduce the family contribution first.
And i also could be wrong, but I don’t believe these elite schools allow stacking of outside scholarships and their need based or merit awards. The need based aid will likely go down.
Was there ever any mention of adding applying to any of the primo outside scholarships to this already daunting list of schools to apply to?
Am I the only one that is amazed that this thread has gone past 800 posts? I think all advice has been said, many times over.
And many, if not most of the top outside scholarships (Coca Cola, Toyota, etc) tend to award the top kids with also a lot of leadership, community service or some other super special thing they did to give back to the community, not so much the athletes.
If the family has significant financial need, maybe the Gates is worth considering applying to, as it is for URMs.
…unless she makes her prom dress out of duct tape or something https://www.duckbrand.com/stuck-at-prom
Has this family asked their daughter if she wants to attend Princeton…with loans beyond the student loans…and then help pay them back after graduation? How does she feel about this?
@CottonTales I am also amazed and have been for a week or more! Something about this seems to have triggered a lot of CC posters.
@CottonTales. Nope, just gonna post something. It seems this OP has struck a cord with many people. It’s like he’s talking to himself outloud but we are all listening. The same advice is going round and round. It’s like people have to have an opinion on something… Lol…
This thread is no different then the hundreds of other ones about parents that will find a way to pay for a certain college if their kid gets in but the local college is also to expensive…
There are so many post about Princeton like she’s getting in lol… No one’s getting into Princeton… (I do wish her well) same as for any tip top school. It’s pretty much luck (yes, I know I will be challenged here).
The OP knows what he’s up against. Even if the daughter doesn’t care which school she gets in, evidently she has a clue and the OP won’t be the first or last parent having their kid apply to a few schools that “THEY” want their kids to apply to.
I know someone else that did that… Haha… Heh, A rejection letter from MIT framed is kinda cool… But my son thought not ?.
It’s an interesting thread but it seems it is going on circles. I will check back when it hits like 1,000 and see if there’s anything new.
Exactly. The OP has had many POV’s on this thread. Assuming the kid wants to go to Princeton or wherever, and the OP believes he can afford it, then go for it. In the past, I was also an advocate for attending Stanford on another thread similar to this one. There are just some schools worth the extra effort.
On, or before May 1st, you make your final decision based upon the facts at that time.
Other than updates, there isn’t much more to say. I do wonder if the OP would share what his daughter thinks about all this, and what her choices are for which and how many schools she wants to apply to.
Will this student have the time…and stamina…to apply to all of these schools…and then add outside scholarships that are highly competitive? She is already busy enough. Honestly…I think this would make the strongest among us crack. It’s a tremendous amount of work.
I agree that scholarships such as Coca Cola etc are looking at things such as giving back to the community etc…and not so much the athletes (not taking anything away from this student).
To me…”worth the extra effort” means skipping dinners out, skipping a vacation, driving older cars, maybe making a few extra dollars watching your neighbors kid every Sunday etc. By all means …if these changes help make Princeton affordable…go for it!!!
This ^ is different than taking out loans that you might not be able to pay back without your daughter’s help.
Once again…I look forward to seeing how this all pans out.
Correction - We can pay $15K per year. I’m willing to let my daughter take out $5k per year in loans that she has to pay back (~$20K total). And if a school like Princeton came in at, say $25K, and there was no clear cut better alternative, then maybe (MAYBE) I’d consider another $5k per year on our (parents) part, which would equate to only $20K, not $60K. I am very fiscally conservative, and to me “loan” is a four letter word.
And as far as insurance, we have very good PPO insurance and our daughter is covered out to age 25 if need be.
That clears things up a bit…
Why not age 26? And hopefully all of these schools take your insurance. We had to send in an application asking if our insurance would be approved by the school.
That’s definitely on the To Do list… I think there’s a decent chance of her getting some outside/third party scholarship money. I haven’t researched that aspect much, but I’m hoping that would stack with merit aid (but I know does NOT stack with financial aid). For example, if she gets full tuition somewhere and only has to pay room & board of, say, $15K, and if she gets a couple of outside scholarships that total $5K per year, I’m assuming that would bring out cost down to $10K per year.
But, first comes college applications, then FAFSA & CSS Profile, and then hopefully we have time to fully investigate and research outside scholarships (good thing I have no life outside of work right now…). I’m sure that’ll elicit many more very helpful comments (and maybe worthy of a separate thread).
I agree that Vanderbilt should be kept on the list. The scholarships are extremely competitive…but if she gives it her all you just never know. Good luck!
Yes, companies won’t pay more for the same job. However, a Princeton grad will likely see some other job opportunities that a Rutgers grad likely won’t see. Those “other” job opportunities are the ones that will likely pay more.