@“aunt bea” my premise was type of schools not necessarily those particular schools. But thanks for the update. As deadlines approach OP obviously one must check.
@momofsenior1 My post assumes merit would not be on the table. That why I was thinking full pay out of state. Which would be closer to the 50k budget than the 75k at Duke.
I think the OP needs to come back to clarify a bit. Is paying for Duke impossible or is it “just” highly inconvenient? I went back and reread the OP where s/he says:
“Things will have to be given up (few hobbies to develop for the sunset period after all the frugal working years, same with vacations and home improvements, vehicles, etc., slow down retirement planning, and also expect to fall short of saving goals for my other much younger child who has years to go before college.)”
As a fellow full pay family, I think this is the reality of the situation for many of us – things have to be given up. No vacations. Drive the car with 100,000+ miles on it etc. Work until you are into your seventies. And give your child the gift of a debt free college education at an elite school. Or decide not to do this; but it is a choice.
However, if it is impossible that’s another situation. If it is a matter of choice, though, from what the OP has written (which can’t be totally complete) it sounds like s/he may be able to afford it, with a lot of belt tightening. I also note that the OP asked us for strategies for getting more aid from Duke, not whether the kid should attend or not.
Perhaps another strategy would be to focus now on outside scholarships as much as possible? Does anyone have any suggestions for this?
Does Duke allow scholarship stacking? Since this is ED there’s not really time for OP to search for outside scholarships.
Colleges are going to cost a whole lot more when OP’s younger child is old enough to go. If the older child gets ~$100k that would have been earmarked for the 2nd child and prices increase like they have been, what will be the options for the 2nd child? One gets Duke and the other dorms at a lower ranked state school? There should be a plan to pay for all 4 years for this student, and some idea of how overextending for the eldest will affect the choices of the youngest. A conversation about not being able to afford the ED school won’t be pleasant, but it’s better than explaining to child number 2 that choices are limited because a chunk of their college fund was spent on the older sibling.
What kind of engineering was OPs son looking at? If he’s looking for non-state ABET accredited outstanding programs, Olin comes in between $42-$45k per year with their auto half tuition merit scholarship. It’s certainly not for everyone but worth a look for top kids. My D turned down Duke’s gracious offer of $5500 loans to go to Olin. At over $65k it was unaffordable. Duke was one of her 2 top dream schools. She has loved every moment at Olin had some incredibly amazing opportunities.
There’s a big difference between being “worth it” if you have the resources vs. having to go through hardhsip, struggle (including going into significant debt).
Does Duke provide an excellent eduation and career foundation? Absolutely. Is it worth it if you can write a check? That’s a personal decision (would be for me). Is it worth it if it requires a substantial change in your life (altering retirement, lifestyle, whatever)? Also a personal decision (wouldn’t be for me).
This is a tough situation and sadly one shared by many parents. If your son plans on going into a field where salaries are good, you may want to ask him to share the burden by taking on some portion of the loans himself. You could cosign his loans, which might get him a better rate. That might be the fairest solution. I am no expert, but i imagine that the lifetime payoff in terms of higher salary for a school of duke’s caliber is probably more than the incremental cost over say, an average state college. Of course, a great college experience is worth more than just money.
I don’t know what STEM field he was going into, but if it’s engineering, I kind of doubt it will make a big difference in future salary going to Duke over a state school with a good engineering program.
It’s a very good question - from a purely financial perspective is it worth the extra maybe 40 k? a year for duke v state program. You have to make a lot of assumptions. I know that stem salaries out of some top schools can reach 100k. Also, the value of the network at a school like duke can be very high. That’s tough to quantify though. Personally i tend to think you’d get your money back. But i think you could argue either way.
I disagree with statement that OP’s student made a mistake applying ED because financial aid was needed. This ED package is an early warning alarm of what’s to come. OP has time to rethink the school list instead of holding the bag at the end of the year. Also can discuss with Duke when FA office not as swamped. Also schools do want 100% accept for ED offers giving OP a bit of an advantage in discussing the situation.
We are talking approximately $100k over 4 years differential for this student. Probably the same if financials stay about the same and private school involved for the second kid if Duke’s CSS PROFILE metrics are about right. OP should think about this. Is it affordable , given his age, his investments, his risks. He can take a Parent loan through PLUS and start paying it off immediately. I agree the tax incentives and other things that can give a bit of relief aren’t going to make a huge impact.
I took out $45k in PLUS over 4 years to pay for my oldest’s college. It took close to 15 years to pay off. I made the first payment the month after I got that first semester’s loan and watched the payments increase each year for the next 3 years , stay stable for 6 and then go down.
But that was my first child and Zi was younger then. If I were face with that decision now, I’d be paying student loans till close to age 80 or death.
Duke’s prodigious alumni networks are not typically as beneficial in engineering. Networks of other too engineering schools like GT Perdue UIUC Michigan UT etc and many others have as good, if not better reputations in that community. Think about there engineers- no fluff. Lol.
In many other disciplines, I would agree there’s value in the network for sure.
In my opinion, the biggest thing this OP has stated will need to be considered is funding for the younger sibling’s college education.
In my opinion, this ED Duke acceptance should not be put ahead of considering the needs of the whole family and that includes a younger sibling who sounds like he will be college bound at some point.
The parent clearly stated that the ED application was allowed based on the net price calculator results initially done. It wasn’t until later that the OP found out that the info entered in the NPC was not accurate for financial aid purposes…and in my opinion…that’s where the mistake was made. The NPC should have been done again with accurate information. PLUS the student should have understood that net costs needed to come in at a certain price point or less or the school wasn’t affordable.
This student was allowed to apply to the college ED…thinking the resources were there to pay for him to attend. Those resources aren’t enough in this family right now.
Time to have a serious conversation…deal with real numbers…and understand…this family will be close to or at full pay everywhere this student applies.
Set a budget.
I sure hope this student applied to some affordable schools.
I would like to comment on the concept of working into your 70’s so that this student can go to Duke (I don’t think the OP suggested this, but it was suggested).
What about the younger child? How much money will be available for him/her, and will this child also be able to attend Duke or a similar school? I agree with Thumper in that the younger sibling should be considered.
And…be careful about saying you could work into your 70’s. Sometimes life has a way of interfering…
“ Most colleges will release students from early decision offers without penalty if applicants receive a financial aid package that doesn’t make it feasible economically for the student to attend.”
From reading the OP’s messages here, it sounds like the family can afford the cost without actual hardship. It sounds like the OP would like to avoid the expense and spend the money on other things. Sounds like there was truth in advertising in the thread title. This seems more like “sticker shock” than an issue of affordability.
I have a feeling the OP’s son will end up attending Duke and the OP will end up paying the price presented. The son will be happy to attend, and the OP will be happy the son is attending. If they’re happy with that outcome, all’s well.
The OP stated that he will “fall short of saving goals” for his younger child. I see this as a big problem. In my opinion if this parent allows his first child to attend Duke at almost full pay, then the same needs to be done for the second.
In my day when there was a funding shortfall the student always had the option to make up the difference in loans. Of course it was a lot cheaper then. But it kind of surprises me that the first option is not to go the student and ask whether he wants to take out a (perhaps co-signed) loan to make up the difference, or whether he’d rather pursue a less expensive option. Seems to me that puts the decision where it belongs.
Duke estimates cost of attendance at $78,608 next year. Presumably it will exceed $80,000 in the years thereafter. Does OP want his son to be responsible for the difference between what he expected to pay and what he will pay?That sum is huge.
I have a family member who is the younger child in this equation.
Parents too close to retirement age to make up the funds in second kid’s college savings. They rolled the dice on kid number 1 at expensive private, figuring “the boost in prestige will pay off down the road” (with a sorta/kinda expectation that the kid would “pay it forward”.)
Bad, bad, bad idea. Kid number 1 got both a prestigious undergrad AND grad degree; works as a freelance writer for a prestigious publication with zero benefits and income which expands and contracts (but mostly contracts). Could kid number 1 get a regular job with a real income? of course. Doesn’t want to. Belongs to a “writing circle”, been working on a novel for the last umpteen years, loves the lifestyle of going to yoga at 10 am “when it’s not crowded”. Is considered “a real intellectual” by the friends and neighbors and wouldn’t sully that reputation by getting a job in marketing communications at an insurance company (for example) which would be paying six figures by now. Or a job at a pharmaceutical company writing speeches for the CEO, ditto on the comp.
Kid number 2 took the loans, committed to pay off the parent plus loans as well; bootstrapped as much as possible by working early morning shift in the college dining hall, THEN off to class and labs, THEN back to the library job which at least offered some time to study, THEN back to the dorm for more study. Entirely self funded grad school after working for a while. Resents the parents, resents the older sibling, feels like nobody in the family bothered to do the math when the acceptances came around the first time out.
OP- don’t do this. There are at least two dozen colleges where your eldest can get just as fine a STEM education as Duke for much less money which will leave your ability to keep parity with youngers sibling intact AND not put their long term relationship on the line. Everyone’s capacity for risk is different- but if you were at all inclined to make lifestyle cuts to fund Duke, I suspect it would have already happened over the last 17 years.
FWIW the OP has not returned to CC since 12/21
This is not true - many people apply ED with expectations based on the NPC or other estimates.