MichealKnight
Full time employment: Posting here.
- Joined
- May 2, 2019
- Messages
- 535
I'll preface with - while I will red and appreciate all replies, I am not asking about what is, or isn't "too much" to do for your kids. As someone who has never been to college yet has a 16 year old DD, this is something I feel I know nothing about.
DD: 16. Studious and works diligently. 10th grade was *major* spine surgery, replete with some anxiety and sleep issues point being, it diminished performance and extra curricular. Anyhow, it seems come application time we'll be a 4.1 GPA weighted, 3.7 GPA unweighted with a few Honors, Accelerated, and perhaps (2) AP classes tossed in. I am only speculating based on practice tests but I feel SATs will be 1350-ish. There's a few extra curricularS but nothing spectacular or standing out. While she has had a rather comfortable life (trappings of upscale life -house, nice cars, vacations, money never a problem knock on wood) she prefers going with Mom to TJ Max and always tells me "Daddy we don't need to fly in the big seats all the time I'm just so happy we're even going" point being - not flashy nor materialistic. Our upscale area and school district has kids with the latest of everything - DD basically only asks for a new I-watch every 3 years and even that she is apprehensive lol. Introverted. My business life was AWESOME but I ran into trouble hence, I'm 49 - retired for 4 years now. My "PLAN" for her vis a vis money help: I admit, because of my semi-failure in business I feel it important to do all I can in that I can't make her a trust-fund-baby (nor would I have)....but I feel duty bound to give her a head start..... again - if situation, maturity, all of that is good in future.
$440k College - ( 220k) State College 4 years, plus a $220K+ good masters I program if wanted.)
$90k = 20% down on house when ready and if prudent market-wise in future.
$75k = wedding. (I know, all speculation)
$25k = emergency fund
$40k = in a retirement account
$10k = accountant/lawyer fund if ever needed
$20k = medical fund if needed (for extenuating stuff. The stuff insurance doesn't cover. Etc etc etc)
$710K TOTAL. This was my plan and barring major economic calamity- I feel I can do this. College discussions/research has begun. Will do campus visits etc. MY
QUANDRY:
State College would be U Pittsburgh or Penn State. IF we get into private colleges I feel it'll be full-pay. (My assets means $90k expected pay ability ). Right now, NOT close to sure about future profession.... mild interest in teaching, BUT showing tons of interest in Advanced Biology and Anatomy. (Oh God please why not something with good pay! lol)
So, State School VERSUS a Bucknlell, LaFayette, Lehigh, etc. Trouble is - Private College means another $140k....meaning no money left for the extra stuff I want to do.
My question.....
For 4 years: What is the different between a big state school like Pitt and a small, selective, private college with good reputation? I try to tell myself - oh- it can't be that big a difference but then again I feel there MUST be a difference. Smaller classes, better and more accessible professors, better networking be it profs or parents.....to a layman....is it logical to say hanging with the $90K per year tuition crowd vs the $60k per year crowd means "better" in those categories? I dont know the answer.
Hence I'm here asking.....
Is it better to go all out, do the private 'selective' college for a 4 year degree? OR better to do a state school, then pour on the money for a good master's program - but then have money left for the seedling to a retirement fund, home ownership, etc?
Would love any opinions or experiences.
This is truly the first time I regret having kids and regret not doing the college thing because now, I cannot advise or guide on any of this stuff.
DD: 16. Studious and works diligently. 10th grade was *major* spine surgery, replete with some anxiety and sleep issues point being, it diminished performance and extra curricular. Anyhow, it seems come application time we'll be a 4.1 GPA weighted, 3.7 GPA unweighted with a few Honors, Accelerated, and perhaps (2) AP classes tossed in. I am only speculating based on practice tests but I feel SATs will be 1350-ish. There's a few extra curricularS but nothing spectacular or standing out. While she has had a rather comfortable life (trappings of upscale life -house, nice cars, vacations, money never a problem knock on wood) she prefers going with Mom to TJ Max and always tells me "Daddy we don't need to fly in the big seats all the time I'm just so happy we're even going" point being - not flashy nor materialistic. Our upscale area and school district has kids with the latest of everything - DD basically only asks for a new I-watch every 3 years and even that she is apprehensive lol. Introverted. My business life was AWESOME but I ran into trouble hence, I'm 49 - retired for 4 years now. My "PLAN" for her vis a vis money help: I admit, because of my semi-failure in business I feel it important to do all I can in that I can't make her a trust-fund-baby (nor would I have)....but I feel duty bound to give her a head start..... again - if situation, maturity, all of that is good in future.
$440k College - ( 220k) State College 4 years, plus a $220K+ good masters I program if wanted.)
$90k = 20% down on house when ready and if prudent market-wise in future.
$75k = wedding. (I know, all speculation)
$25k = emergency fund
$40k = in a retirement account
$10k = accountant/lawyer fund if ever needed
$20k = medical fund if needed (for extenuating stuff. The stuff insurance doesn't cover. Etc etc etc)
$710K TOTAL. This was my plan and barring major economic calamity- I feel I can do this. College discussions/research has begun. Will do campus visits etc. MY
QUANDRY:
State College would be U Pittsburgh or Penn State. IF we get into private colleges I feel it'll be full-pay. (My assets means $90k expected pay ability ). Right now, NOT close to sure about future profession.... mild interest in teaching, BUT showing tons of interest in Advanced Biology and Anatomy. (Oh God please why not something with good pay! lol)
So, State School VERSUS a Bucknlell, LaFayette, Lehigh, etc. Trouble is - Private College means another $140k....meaning no money left for the extra stuff I want to do.
My question.....
For 4 years: What is the different between a big state school like Pitt and a small, selective, private college with good reputation? I try to tell myself - oh- it can't be that big a difference but then again I feel there MUST be a difference. Smaller classes, better and more accessible professors, better networking be it profs or parents.....to a layman....is it logical to say hanging with the $90K per year tuition crowd vs the $60k per year crowd means "better" in those categories? I dont know the answer.
Hence I'm here asking.....
Is it better to go all out, do the private 'selective' college for a 4 year degree? OR better to do a state school, then pour on the money for a good master's program - but then have money left for the seedling to a retirement fund, home ownership, etc?
Would love any opinions or experiences.
This is truly the first time I regret having kids and regret not doing the college thing because now, I cannot advise or guide on any of this stuff.