Yes but there are private scholarships he can apply for, correct?
Is there any chance they IU will offer more money if he waits to enroll or is this a myth?
@ mom D.C. I don’t think so. That acceptance letter came within the last couple weeks.
There is no truth that waiting gets you more money.
Thanks intparent, I suspected it was a “kid myth” like many others I have heard throughout the years. 
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will he have enough additional earning potential as a Notre Dame grad for it not to matter much?
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No.
He will not likely earn more as an ND graduate. Employers do not pay more for the name of a school.
<<but there are private scholarships he can apply for, correct?
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Not likely ones for all four years. And not likely ones of any size. Private scholarships tend to be small, one time only, and often look at need.
A $2000 one time award probably won’t make a huge difference
Wait…so he didn’t apply to ND?
What were his test scores and GPA? IU does give merit. Are you instate?
What about Ball State…very good school and merit.
What is his major and career goal?
How much CAN you pay each year towards college?
Your son can borrow $5500 for his frosh year. YOu don’t want him to borrow more. You’d have to cosign if he borrows more…bad idea…and you have more kids
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Do we have to file a FAFSA every year? Income of $125k in 2015, probably $180k for 2016, probably over $200k thereafter. Family of 6, filed joint return. He is deadset on Indiana, but if Loyola has better merit scholarships,is it possible it wou…
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the net cost of Loyola will likely be MORE than IU even with “bigger merit” since their tuition is sooooo much more.
It sounds like he has nice stats, but not high stats. He might get a $10k-15k per year award from Loyola, but the NET COST would still be $35k per year for you. More than IU
At least he is deadest on IU, which is $22K/year. Better than being deadset on ND, which is still likely to be a lot move expensive given your income.
Mom2collegekids…
No he did not apply to ND. A mod should change thread title. Lol
We are in-state, but he wasn’t interested in BSU.
1250 sat, 28 act, 4.01weighted gpa, 3.75 unweighted
He doesn’t quite meet the requirement to be pre-admitted to Kelley School of Business, but is looking at petitioning for pre-admittance.
I may not have finished college myself but virtually every person I work with and associate with has, and I can say that the type of degree and the school it came from do impact your employment opportunities and earning potential.
Thank you for your post.
@intparent yes! I took him to the Bloomington campus a last year in the fall to plant some seeds and it seems to have worked. With the limited research I have done, IU Bloomington appears to have the best value for a non-engineering student in Indiana when considering experience, education, pedigree etc…
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type of degree and the school it came from do impact your employment opportunities and earning potential.
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The type of degree, yes. A new engineering grad will likely start at a higher salary than an education major. A BSN will likely be offered a higher salary than a communication major.
The name of the school, no. At least not for 99% of careers. Employers do not pay a new hire more money for going to X Univ. They don’t.
An engineer graduating from Purdue would be offered the same salary as the ND grad…
Well if he has $3k merit and $5,500 student loan, that still leaves $13,500 per year to pay.
And you have 3 more kids.
What if he can’t get into Kelley?
@mom2collegekids Sure, a given employer may not offer more for the same job to graduate of a better school, but certain opportunities will only be available to graduates of upper echelon schools. This is an extreme example, but Wall Street banks aren’t looking at finance majors from low tier schools.
I think the family is from Indiana. What travel expenses would be added? A bus ticket or a tank of gas?
@mommdc I did the math earlier, you are right, $13,500. Haha
He does have $4,600 in a 529 from my parents.
I will put $5,000 in a 529 each year and get a $1,000 Indiana state income tax credit.
At $13,500 I will need to pay $6,750 each semester, so if I use 1/8 of the 529 each semester… I will need to write a check for $6,175 in the fall… this equates to $1,029 per month being put to the side. My wife’s vehicle will be paid off in Apr.–that is $440. We were thinking of moving but we may just stay in our current house. Lol
We shall see.
If he isn’t pre-admitted to Kelley, which he probably won’t be, he will have enough credits after the first semester. This is what HE says. So I will have to look further. Lol
I am going to complete the FAFSA now. I am home. Thanks everyone!
Yes, but how sure is admittance to Kelley later?
He could also work a summer job and earn some money.
@thumper1, maybe, but if the student comes home a lot (or if the folks visit frequently) it could add up. And if they eat out during those visits, now you’re looking at even more.
Well…the family can and should limit the amount of trips home…and the amount of meals eaten out at restaurants. This is especially true if money is a bit tight.
<<< but Wall Street banks aren’t looking at finance majors from low tier schools.>>>
Ahh, that is the 1% that I was referring to. Wall Street.
For virtually any other career goal, the name of the school wouldn’t matter.
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Income of $125k in 2015, probably $180k for 2016, probably over $200k thereafter. Family of 6, filed joint return. <<<
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With this kind of projected income increases, are you really that concerned about coming up with $13k? You earned $50k more this year than last year. That’s $3k a month more.
Sounds like you’ll get the state tax credit. Is it means tested?
I don’t remember what the means-tested income cut-off for federal tuition tax credit. @Madison85 may know.
If you pay $4000 per year from regular bank accounts (not 529) there is an AOTC tax credit where you will get $2500 back. Many schools have an expected work requirement of around $5000 per year for a student. Usually they work just a few hours per week during school but can earn a lot over the summers. Since you have a number of kids to educate I think figuring out an amount you would want each student to work is reasonable plus taking out the $5500 federal loan would probably be a reasonable thing for each child (that you could help them pay back if your situation continues to improve). Putting money in the younger kids 529 now lets you make money on your money too plus definitely need to work on retirement savings. Our state lets each parent open 529s and take the tax credit so you may be able to get more if you start saving for the younger ones now too.