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<p>Excellent planning.</p>
<p>To the OP: don’t feel guilty if your parents can afford it, but DO feel GRATEFUL! And express your gratitude often - it really helps.</p>
<p>Child 1 is costing about $30k per year, and Child 2 will probably be around $40k per year. But that’s before we apply our state’s version of the prepaid tuition. Its value goes up every year, with in-state tuition rates, and it can be applied to private schools like the ones my kids are attending.</p>
<p>To Miami - the funds do get counted as assets, so they definitely affect need-based FA.</p>
<p>Timely topic of discussion. I was looking at the “real” cost of undergrad ed at NYU for my son. It turns out that even with a $100K scholarship for 4 years, we have to put out another $140,000 (plus) for the 4 years of a NYU education.</p>
<p>This blows my mind. We were feeling good about the scholarship until I figured out we have to put out another $35,000 even with the $25,000 merit $ annually.</p>
<p>Higher ed, like our health care system, appears to be over-inflated. Our wages cannot keep up with these #s, esp. when there is more than one child to support thru college (“luckily” not in our case).</p>
<p>I feel bad for even complaining, but the system has us grateful for relatively “cheaper” expenses. :(((</p>
<p>Here is what I’ve paid for the first year for DD at MIT:
Tuition: $37782
Room: $7700
Compulsory Dinning Fee: $600
Books/laptop: $2000
Food + Entertainment: $5000
Air Travel: $2000</p>
<p>Total: $55000</p>
<p>MIT has increased it’s tuition for next year by 3.8% to $39222. I think by the time DD will graduate the tuition itself will be $50000.</p>
<p>I’m just taking one semester at a time. Till I’ve a job I should be able to pay but otherwise it is insane for MIT to think that we are too rich to get any help.
A break of even $10,000 would be great at these levels or at least IRS should give a tax break on this insane tuitions.</p>
<p>ParentofIvyHope,</p>
<p>Amen!</p>
<p>By the way, I do not see a meal plan fee in your #s? I figured sonny’s bill will be $60,000 for NYU 2010-2011, before out of pocket expenses for a little socializing and shopping in the Big Apple!</p>
<p>evolving: MIT doesn’t have a meal plan. so $5000 includes the daily food. I applied $550/month for 9 months as it was less in the first semester but it might be more during 2nd.
The max I hoped would be $6500.</p>
<p>I think that it would be reasonable to ask your representatives for a larger tax break on college tuition expenses. These will be paid back over in taxes many times and will make the country more economically competitive. Right now there’s a $2,500 tax credit which works very well for community colleges but doesn’t make much of a dent at the university level.</p>
<p>MiamiDAP, son didn’t receive a college merit scholarship package. He did get some small scholarships and grants for good grades from various places. They add up.</p>
<p>BCEagle91:#27
Problem is even that $2500 is not available, so any increase will be of no use unless the cut off is increased too.</p>
<p>I think that the cutoff is around $160,000 to $180,000. I don’t think that there would be much political support to increase it above those levels given the current political realities in DC.</p>
<p>Irony is that cutoff for colleges to provide any help is also around $160,000 to $180,000.
So one is screwed both ways.</p>
<p>S1 had a fullride (merit, no need based aid) plus a part-time job so we didn’t have to pay except for a little spending money.<br>
If he had not had the scholarships, it would have been about 12K/yr. </p>
<p>For S2 (full pay) we are paying 12-13K per year. </p>
<p>Both are instate public u’s.</p>
<p>Child 1 about $15,000 per year. Included tuition and R&B</p>
<p>Child 2 about $10,000 per year. R&B only. Full tuition scholarship</p>
<p>Child 3 about $22,000 per year. All included. Engineering school.</p>
<p>Some years less, some years more. Depending on whether lower or upper division tuition, where they lived, meal plan, books, etc.</p>
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<p>Amen to this. I think that my kids don’t REALLY appreciate the debt free undergrad degree they are getting and probably won’t until they try to educate their own kids and realize how hard it is. Tuition will probably cost $200K a semester by then…LOL.</p>
<p>Every now and then D1 will mention how stressed out some of her friends are by their student loans and then she realizes how lucky she is.</p>
<p>I think that doing well in classes is a good way to say thanks to parents and the school (for scholarships).</p>
<p>"Timely topic of discussion. I was looking at the “real” cost of undergrad ed at NYU for my son. It turns out that even with a $100K scholarship for 4 years, we have to put out another $140,000 (plus) for the 4 years of a NYU education.</p>
<h2>This blows my mind. We were feeling good about the scholarship until I figured out we have to put out another $35,000 even with the $25,000 merit $ annually"</h2>
<p>NYU is 60k per year? You sure? It seems to be 53-55k per year</p>
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</p>
<p>Amen to that. That’s the only wish I’ve for DD.</p>
<p>Love the name Lil Wayne Fan, we too are fans of Mr. Carter. S was really into looking at NYU but the thought of $200K for 4 years is just killing me, plus everything is more expensive - he’ll be eating out constantly. We are looking for merit at some other schools, don’t expect to even get any at NYU since its a reach.</p>
<p>IMO, only the Stern business school is worth the full 200k+ at NYU</p>
<p>Any other program is just not even close to being worth it.</p>
<p>Lil,</p>
<p>Yep, NYU website stated total cost for tuition, R & B, and fees over $58,000 for academic year 2009-2010. That is the current year. I am sure it will be higher for 2010-2011 due to inflation.</p>
<p>This is just the known school costs, not including out of pocket (expected in a place like NYC), which will be several thousand dollars more.</p>