"Sticker shock" - how to reconcile >$70K/year expense at Duke

I appreciate the conversation and I do think that the OP is lurking and reading responses - either not logged in OR the OP created a new account for the question. I suspect the OP has a regular CC account that they use and they don’t want to “out” themselves now that they realize what full pay at a dream school really means. Those earlier posts (not making their child settle, we did it right so our child can have the dream) come back to haunt people once the reality sets in.

Lots of people feel that they worked hard and they have prepared for the cost of college by amassing a large college fund. There is the undertone of “we did so why can’t you” on the forums of parents who consistently bring up giving their child the dream and other people making their children “settle” as a result of not saving. Things have increased at such a rate that those large college funds look meager compared to the actual cost of attendance at these schools - Duke at $80,000/yr X 4 is staggering. Students who can get into Duke ED are competitive at schools that will give great merit. Students who will thrive at Duke will thrive at State U (insert ANY State). What does Duke offer for $320,000 that ambitious, driven, supported students can’t achieve at other schools that fit in the budget? The OP indicated that they have saved and they have a college fund (30K-40K/year = $120,000-$160,000 set aside for school) with some more wiggle room out of current income. That is an amazing amount that will provide their child with a wonderful education and thousands of schools. How long did it take to save that amount? Typically seeded with a bonus or inheritance and a dozen or more years of aggressive saving to get to that level with the value of time to compound those savings. Now imagine doubling that amount in just 4 years, no compounding while continuing to eat, live, drive, and save for #2. If that were possible, the OP would have that amount saved already. Just not possible.

The OP made assumptions that Duke would come close to their budget and they would be able to make up that shortfall out of current income and belt tightening. This is not feasible. The OP has 2nd child to consider and costs are rising. The OP has figured out that they will not be able to fund second child to the same dream rate and is wondering how in the world they are going to get #1 through Duke. The inequality of this situation can rip families apart. A lot can happen in 4 years; illness, job loss, downsizing of job, costly relocations, large unexpected home expenses, an extra semester or year, to name a few. Loans that require 10 years to pay back are also a disaster at our ages - imagine another mortgage payment but on a 10 year instead of 15/30 year term. That dream school starts to look like a nightmare. Bragging rights for a bumper sticker or providing an 18 year old their “dream” is not worth the costs.

I know OP may be gone. But right now, there’s still a conversation going on, even if waning. Useful? I don’t know.

" don’t get the sense cost is a deal breaker for the OP; otherwise the focus would be more practical rather than on the fairness issue." If OP doesn’t have the extra, he doesn’t. Right now, nothing says he does. He has partial. And it’s a darned big shortfall.

He does say there was addl work in 2018. How much, we don’t know. So imo, we can’t guess. OP can rerun the NPC for some idea of the 2018 impact. Imperfect, but better than guessing or posters assuming it’s small.

No, just the fact of being admitted doesn’t mean Duke will come up with more $$, just for asking. And not for a voluntary decision to pump up his retirement funds.

OP supplied his info and Duke applied their formula. The rule is the FA folks need to treat all families in a similar position the same. If there are legit special considerations, the sort Duke responds to, OP hasn’t mentoned them.

Just because one family insists their kid get a job (even high paying, ) doesn’t make the numbers add up. $18 x 40 hours, minus taxes, etc,) is roughly $5400 over summer. And if this political candidate doesn’t get far, the job ends. Not to mention, if the work does continue through college, good luck with having the two not conflict. Imagine evening meetings or work when there’s a study session scheduled. Whatever. (Sounds to me like your friends used work study to pay off a balance in costs after other FA was applied. Not the same as paying COA from work study or a side job.)

Put the pieces together in the right ways.

The student could try for a ROTC scholarship. Type 1 AFROTC pays full tuition, Type 2 pays up to 18k a year. Even for just a couple of years, a partial scholarship could help bridge the OP’s gap.