College tuition: How much is too much?

[cathy63]

Yay! Congrats to your son. I'm glad things worked out this way.

 

[ivinsfan]

I’m back again with more news...last night DS was offered admission at UCSC from the waiting list. He was very excited. Although he said he was fine to go to CSUMB, he also said that if Santa Cruz came through with an offer he would prefer to go there. So this evening he pushed the button to make it so. As I said he is excited, more of the reaction that I was hoping for previously.

We are a little concerned about getting housing since it is passed the housing deadline and this school is short on housing, but fingers crossed, it will all work out. For the school year just ending, they asked professors and other staff to take students into their homes to help make up the shortfall.

I think we will wait a few days before notifying the other school, just to make sure all is kosher with the UC.

Great news, the housing will work it's self eventually..

 

[fh2000]

Congratulations to OP and her son!

One way to reduce cost for graduate school is to start having children filing their own taxes if they work part time jobs and have investment income, few years before applying for graduate school.

For our kids' college we filed FAFSA for the first year. I found out due to our income, their EFC number is 99999 and received no financial assistance. The Bank of Daddy paid for everything.

For the graduate school, since their tax status is now independent and earned very little the prior year, the FAFSA EFC number is now almost 0. My child therefore received tuition waver, work study, and small amount of scholarship. Basically free graduate school education.

 

[Brat]

"Back in the day", this is exactly what my son did. Before 529 accounts were available each of our children had investment accounts funded by Mom & Dad. Son's investment account and gigs were enough to establish him as an independent adult so he qualified for in-state tuition. He had no school debt.

 

[MarieIG]

I’m back again with more news...last night DS was offered admission at UCSC from the waiting list. He was very excited. Although he said he was fine to go to CSUMB, he also said that if Santa Cruz came through with an offer he would prefer to go there. So this evening he pushed the button to make it so. As I said he is excited, more of the reaction that I was hoping for previously.

We are a little concerned about getting housing since it is passed the housing deadline and this school is short on housing, but fingers crossed, it will all work out. For the school year just ending, they asked professors and other staff to take students into their homes to help make up the shortfall.

I think we will wait a few days before notifying the other school, just to make sure all is kosher with the UC.

Congrats!

 

[Brat]

Good school, one that he is enthusiastic about attending and not so far from home. Congratulations to all!

Support his interest in psychology but be sure that he understands that the first two years is the time to explore and complete graduation prerequisites, changing majors is not a sin. Once he has communicated his intention to attend a particular school have him sit down with an advisor familiar with the school to put together a plan for his freshman classes. Getting a good start is important.

 

[WestUniversity]

In my mind the college or university you went to MAYBE gets you your first job. After that your job performance in your current job gets you your next job. So in that sense spending a ton of money for the “right” school does not seem like money well spent, IMHO...

 

[ocean view]

For the graduate school, since their tax status is now independent and earned very little the prior year, the FAFSA EFC number is now almost 0. My child therefore received tuition waver, work study, and small amount of scholarship. Basically free graduate school education.

I need some help to better understand this and the interplay with his 529 assets. Let’s say in year 3 of college he’s got a part time job, but mostly his college expenses are funded from the 529 account. The 529 still counts as parental support since DH is the owner, and DS only the beneficiary. But filing a 1040 sets the base year for the grad school FAFSA. Then when he is applying for grad school his now considerably lower 529 balance plus low personal income may allow him to file FAFSA without the parents on the application? This is where I get lost. Doesn’t the 529 asset force us to stay on his application?

 

[SecondCor521]

I need some help to better understand this and the interplay with his 529 assets. Let’s say in year 3 of college he’s got a part time job, but mostly his college expenses are funded from the 529 account. The 529 still counts as parental support since DH is the owner, and DS only the beneficiary. But filing a 1040 sets the base year for the grad school FAFSA. Then when he is applying for grad school his now considerably lower 529 balance plus low personal income may allow him to file FAFSA without the parents on the application? This is where I get lost. Doesn’t the 529 asset force us to stay on his application?

Unless it's medical school, my understanding is that graduate school students are considered independent for FAFSA purposes, regardless of anything else (including 529s, parental support, and IRS dependency status). See item #3 here:

https://studentaid.ed.gov/sa/fafsa/filling-out/dependency#dependent-or-independent

So the answer to your last question is "No".

 

[firefan2018]

I’m back again with more news...last night DS was offered admission at UCSC from the waiting list. He was very excited. Although he said he was fine to go to CSUMB, he also said that if Santa Cruz came through with an offer he would prefer to go there. So this evening he pushed the button to make it so. As I said he is excited, more of the reaction that I was hoping for previously.

We are a little concerned about getting housing since it is passed the housing deadline and this school is short on housing, but fingers crossed, it will all work out. For the school year just ending, they asked professors and other staff to take students into their homes to help make up the shortfall.

I think we will wait a few days before notifying the other school, just to make sure all is kosher with the UC.

Great outcome. Congratulations to the grad and the family!

For those of us who have not run into this book it could be a good summer reading:

Where You Go Is Not Who You'll Be: An Antidote to the College Admissions Mania

https://www.amazon.com/Where-You-No...who+you'll+be&qid=1558968275&s=gateway&sr=8-1