I ER'd a little over 3 years ago with 3 children, the oldest which was about to start HS. They are now in 8th, 9th, and 12th grade and they are all doing very well academically. We always imparted on our children that they would be going to college and now we are stepping on that bridge and are about to begin this journey for our oldest.
I recently completed the FAFSA and our EFC is a little over 37K (ouch). This is great, but my ER plan only allotted for 20K/child/year leaving a 17K shortfall between what we can pay and any potential financial aid. I thought 20K was gracious and would be enough. Fast forward three years and I realize I may have been a little too optimistic in my assumptions. Even our second-tier state university has a 27K cost of attendance so we would be full pay.
We recently informed DD how much we could contribute and that we would not take out any Parent Plus loans in our name. This means she will have to take loans and work during her college career to make it affordable. I know this is the typical experience today, but here is where the guilt and regret are creeping in to my psyche. Guilt that I should get a job so she doesn't have to take loans and restrict the schools she can consider; and regret that I left a great career which would make college costs a mute point.
My other struggle is with college costs in general. A couple of the colleges she would like to attend have sticker prices of 60K plus. One is 66K for an Art and Design school. It may be the number one rated, but still. 66K really! :face palm: I understand it's flooded with mostly very well to do kids (think Saudi prince) that have lots of extra spending money. My kid would not fit in very well.
We'll get through this, but right now it's a pretty low point in my ER journey. This may be a word of caution for those in a similar situation and thinking of ER.
I recently completed the FAFSA and our EFC is a little over 37K (ouch). This is great, but my ER plan only allotted for 20K/child/year leaving a 17K shortfall between what we can pay and any potential financial aid. I thought 20K was gracious and would be enough. Fast forward three years and I realize I may have been a little too optimistic in my assumptions. Even our second-tier state university has a 27K cost of attendance so we would be full pay.
We recently informed DD how much we could contribute and that we would not take out any Parent Plus loans in our name. This means she will have to take loans and work during her college career to make it affordable. I know this is the typical experience today, but here is where the guilt and regret are creeping in to my psyche. Guilt that I should get a job so she doesn't have to take loans and restrict the schools she can consider; and regret that I left a great career which would make college costs a mute point.
My other struggle is with college costs in general. A couple of the colleges she would like to attend have sticker prices of 60K plus. One is 66K for an Art and Design school. It may be the number one rated, but still. 66K really! :face palm: I understand it's flooded with mostly very well to do kids (think Saudi prince) that have lots of extra spending money. My kid would not fit in very well.
We'll get through this, but right now it's a pretty low point in my ER journey. This may be a word of caution for those in a similar situation and thinking of ER.