We did a tuition plan for D’s first two years, spreading payments out monthly. We worked hard to cut back enough that we were able to manage our payments without borrowing. During her sophomore year, I ended up getting a better paying job, and we did not increase our non-college spending. That allowed us to pay for D’s final two years right before each semester began. S overlapped with D for a year; we paid for all four of his years right before each semester began.
@Mjkacmom I think that just means that an income of $200,000 put you in mid-range of income for your area. By no means does an income of $200,000 for a family of four make somebody “Middle Class”.
There is no place in the USA where a family of four, making $200,000, is living in the same conditions a family of 4, making $100,000, in, say, Jacksonville, FL, even if both are considered “Middle Class” for their respective areas.
What is being ignored is that a high CoL also means a high level of services, as well as lower individual costs. If you are paying 100% more for a “middle class” school, you are getting a school that provides what a private school provides in a low CoL area. If your individual services are of a higher quality, you have to pay less overall. Your house floods less, your street harms your car less, etc.
A “Middle Class” person in the Bay Area has the same quality of life that a person with the same income has in Bakersfield has, even though they’d be considered “Upper Middle Class” in Bakersfield.
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Hofstra, with a 30 ACT, is a lot less than NYU. You have a fair point. Bradley in Illinois is cheap. Denver can be cheap with a 30 ACT - relative to NYU.
Many of us on these threads are going for top 20 or 50 - but there’s a lot of great schools out there that are much more affordable…and i don’t know about you, but i work for people that went to perceived lesser schools than me.
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I realize that it means middle class here, but some seem to assume that those making $200,000 a year have a lot of money saved. Our schools are decent, but old and overcrowded (lots of trailers). Kids haven’t been in school since March because the schools can’t meet the state’s covid requirements. Our last two school referendums have failed because the average property tax bill is $12,000 a year. Don’t even get me started on the roads…
Yes, they are paying Sallie Mae for now.
Sallie Mae is the servicer for your federal direct loan if it is on ‘freeze.’ Sallie Mae also makes direct, private student loans and those would not have the interest at 0 now and would not be forgiven if federal loans are.
If I were to summarize our experience with FA, I’d say: that’s the moment when a middle-middle class family realizes that they are really an upper-middle-class family, or perhaps even upper-class in the eyes of the FA office. And this is true for every (or almost every) institution of higher education in the US without merit-based aid.
So no, we are not rich, and yes, we ended up being full-pay minus a fig leaf (~10k). And the next year the fig leaf will be taken away. At the institution claiming the average COA of $13,622/year (!)
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“Fig leaf” made me lol!
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Yes, the federal loans are sitting while the private Sally Mae loans are being paid higher amounts.
I think one issue for us, and probably for a lot of other families, is that they have no idea how much college costs have increased. So yes, we started saving money when the kids were young but realized once our oldest hit high school and we actually started looking at schools that the amount we had saved was nowhere near what we needed for the schools that child was interested in. I think my 4 year degree many moons ago cost less than a years tuition at even the most affordable school would cost now. We were lucky that our income increased at about the same time so we were able to funnel all the extra $ to the 529. But that really was a rude awakening.
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But bottom line, if you can afford to be full-pay without taking out substantial loans, that is great. But if not, there are plenty of wonderful schools offering merit where your child would get a great education and have a wonderful experience.
I know all the talk on CC is focused on a handful of schools and my older child is at one of those schools that does not offer merit aid. But to be honest, my second is at an LAC that no one ever mentions on CC which does offer aid and that child is getting just as good of an education as the first one.
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what is ‘fig leaf’? is it non-ivy?
Fig leaf - a comically small FA award, covering only a tiny portion of the bill. While the college in question is not Ivy, it has one of the lowest average COA anywhere, just not for people without mortgage, who - horror! - saved a little.
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What strikes me as particularly conversation-worthy are the differentials. With a meets-full-need 60k per year school, some families will pay $240,000 for four years while others will pay as little as $40,000 for four years. Same college, same education, same professors, same degrees…for astronomically different price tags. The numbers are a bit mind-boggling. I’m still in awe when I look at the cost of attendance at some schools. I graduated in the mid 90s and it’s truly amazing at how much the cost of education has ballooned since then.
Back in the day, I thought my $21,000 per year cost of attendance was pretty hefty. That same school (a regional private) is now $70,000 per year. It’s just mind-blowing.
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It is mind blowing. I sometimes wonder if DH and I are insane to be thinking of sending our S21 to an OOS private (assuming an acceptance is forthcoming in the next several weeks). We are in FL and if he attended a state school (eg UF or FSU) then he’d actually make money back each year bc of Florida prepaid and Bright Futures!
So pay $320k for 4 years (we will be full pay) or have S attend FL school for literally free.
Just typing this makes me think yes, we are nuts. (Maybe he won’t get any OOS acceptances. Dilemma solved?!) 
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I remember being glad I was graduating when CMU announced that next year’s tuition would break five figures, up 63% since my Freshman year. (R&B was another $3,500, up 29% in the same four years.) That’s about $32K today, inflation adjusted. Actual is $73K
My grandmother told me a couple of years ago that her family could only afford to send her to college for one year, but they did because they thought it was worth it. I think she said the all-in cost was $390 (1935-36)
What happens with pre pay and bright futures of you don’t go to a Florida school ?
In theory it’s insane to pay but it’s relative …if you are worth $50 million what’s $80k a year?
Florida schools are mainly large etc so what if someone wants a small school etc. I get it.
Your money. You get to decide. But Florida has very good public schools so on paper yes it’s nuts :). Good luck
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@123Mom123 thinking the same thing. Throw away Bright Futures. Could have invested my $11000 FPP 18 years ago 
My D refuses to go in state. She told me to look this week and next. Only wants an OOS school she was deferred from.
To make matters worse got merit from FSU today.
Otherwise said she will go to an inferior OOS school, take the $26000 the FPP will give us and take loans.
Ugh.
@tsbna44 Bright Futures only works in state, so you can use at private schools like UM. FPP gives us the average cost of tuition for a 4 year in state university . So I will get approx $6500 for 4 years on an$11000 purchase I made in 2004. Not a great ROI
In my opinion and we are all different, I will send my kid where they want to go but I get final say.
She loved colorado Boulder but it will be $30k a year more than FSU and Arizona , $35k more than Bama so …guess where she’s not going even if she wants.
Florida is a large state and I don’t know where u live but if it’s Miami what’s the difference between tallahassee or Tuscaloosa. One is in Florida but for all intents and purposes prob very different than where u live.
Just using example schools but just saying love your kid but don’t saddle them or you it’s unnecessary loans. No school is a guarantee. Rankings don’t guarantee success.
Good luck
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