<p>Happykid is at our local community college. I ran the FAFSA calculators when she was in 9th grade, and it took me until when she was in 10th grade to accept that that number was what the colleges and universities would expect us to pay (at minimum). Our EFC is four times what we can pay out of current income, and we don’t have any college savings for a number of reasons. Happykid did not have the kinds of grades and exam scores that would have earned her the types of scholarships that you have been offered. In order to keep our debt load down, we gave her the choice of our local CC or the one in the next county which also has a good program for her major.</p>
<p>She is very happy at our CC, and as luck would have it, she was awarded a 15 credit/semester tuition and fees merit scholarship. This means that this year we have only had to pay for books and credits over the scholarship limit. To keep her scholarship, she will need a 3.5 at the end of the year. However, since we set aside the money this year for her costs, we already have one year’s worth saved up. If her scholarship isn’t renewed for 2011-2012, the money is in the bank.</p>
<p>We will almost certainly have to borrow some money when she transfers after completing her AA, but we are fortunate that her in-state public options are good. Our EFC is just over what the COA is at the public Us so unless there is some surprise merit-based aid, we will be full pay. I expect the break down to be 1/4 from current income, 1/4 from savings (because she had the scholarship at the CC) 1/4 from stafford loans for Happykid, and 1/4 from Plus loans for us. </p>
<p>The sacrifice that we made was that early on we knew what was affordable, and what wasn’t, and that meant that Happykid didn’t even look at institutions that were “better” for her major. Some of her teachers were surprised at first, but as soon as we talked about money, they were on board. One of them wrote the letter that got her the wonderful scholarship that is making her first year almost free.</p>
<p>Happykid has a very cheerful and practical nature. She likes her teachers and classmates, but to be honest, she’d like them where ever she ended up.</p>
<p>What you get out of college is mostly up to you. You really can be happy, and prosper academically, wherever you end up. Don’t feel bad about choosing the affordable option!</p>