Hi - I am 48 and my spouse is 46. Our son is 17 and is a top notch student. He has really worked his tail off and he has the academic stats to get into just about any university, including some Ivies.
He's primarily interested in some different areas of engineering for undergrad (has not made up his mind exactly) as he's very gifted in the STEM domain but he is also very interested in business. He also has his own brokerage account and he's learned a lot (with some of my advice) about personal finance/investing.
I'm trying to provide him with guidance - My wife and I believe that an engineering undergrad is the best way to go as he can always get his MBA if and when he wants to transition into different roles or management.
I'm finding it incredibly frustrating that none of the Ivies we've looked at offer any type of Merit Awards. They are all needs-based - is that correct? At 400K annual income (thanks to 40% increase in the last couple years), it's a slam dunk that we will not qualify for ANY type of financial assistance.
So, how do you steer your child who has worked so hard to look at universities that offer more merit based scholarships so attending school does not put my wife and I OR him in the poor house? I want college to be a challenging and enriching experience for him but also want to make the decision that leaves us all on sound financial footing. I don't think I can stomach ~300K for a 4 year degree (and heaven help us if it's a 5 year program) and I don't want him saddled with loans (under any circumstance). We do have a sizable amount saved in 529 but still have a very significant gap.
I feel very conflicted. It was always our goal to help both our kids obtain a marketable undergrad degree (1 down, 1 to go) but the numbers this round are staggering. In a sense, I want him to be able to go to college wherever he wants (as we believe he's earned it) but also want the price tag to be doable for all of us (and by doable, I don't mean the admission's office ability to pay). It will also likely derail any dreams of FIRE'ing in 4-5 years.
I would appreciate any advice or perspective (even better, if it's from folks who have gone through before). Thank You.
He's primarily interested in some different areas of engineering for undergrad (has not made up his mind exactly) as he's very gifted in the STEM domain but he is also very interested in business. He also has his own brokerage account and he's learned a lot (with some of my advice) about personal finance/investing.
I'm trying to provide him with guidance - My wife and I believe that an engineering undergrad is the best way to go as he can always get his MBA if and when he wants to transition into different roles or management.
I'm finding it incredibly frustrating that none of the Ivies we've looked at offer any type of Merit Awards. They are all needs-based - is that correct? At 400K annual income (thanks to 40% increase in the last couple years), it's a slam dunk that we will not qualify for ANY type of financial assistance.
So, how do you steer your child who has worked so hard to look at universities that offer more merit based scholarships so attending school does not put my wife and I OR him in the poor house? I want college to be a challenging and enriching experience for him but also want to make the decision that leaves us all on sound financial footing. I don't think I can stomach ~300K for a 4 year degree (and heaven help us if it's a 5 year program) and I don't want him saddled with loans (under any circumstance). We do have a sizable amount saved in 529 but still have a very significant gap.
I feel very conflicted. It was always our goal to help both our kids obtain a marketable undergrad degree (1 down, 1 to go) but the numbers this round are staggering. In a sense, I want him to be able to go to college wherever he wants (as we believe he's earned it) but also want the price tag to be doable for all of us (and by doable, I don't mean the admission's office ability to pay). It will also likely derail any dreams of FIRE'ing in 4-5 years.
I would appreciate any advice or perspective (even better, if it's from folks who have gone through before). Thank You.
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