Collge search is done!

[disneysteve]

DD had her 2nd college interview today and got her 2nd acceptance. She is officially accepted into Rider University Class of 2018! This was her first choice school so she is all set. As expected, they also gave her a very nice scholarship ($19,000/year).

[LivingAlmostLarge]

Congrats! What is the cost after scholarship?

[disneysteve]

Congrats! What is the cost after scholarship?

All together (tuition, housing, meal plan, various fees, etc.) should be right around 25K.

[bjl584]

All together (tuition, housing, meal plan, various fees, etc.) should be right around 25K.

Is that for the full four years or is that per year?

How far away is that school from where you live? When I went to college I was about 2 hours from home. I think that it was just far enough that I could have some independence but not so far that I was never able to make the trip home when I felt like it.

[disneysteve]

Is that for the full four years or is that per year?

How far away is that school from where you live?

That's per year. I distinctly remember my senior year of college was $10,700 so 25K wouldn't have covered 4 years even back then (1986).

The school is actually the closest of the ones she looked at. It is about 45 minutes away without traffic. Far enough to live there. Close enough for us to visit or for her to come home easily if needed.

[kork13]

That's excellent! Congrats to her, and to all of you!

Does her soon-to-be-liberated bedroom have any functional changes planned yet? When my brothers & I moved out for college, our bedrooms quickly became a den, a craft room, etc. Now anytime we go home, there's one room with some bunkbeds, a hideaway futon, and couches if necessary. lol

[snafu]

Please pass along congratulations to DD who will be taking a giant step forward. Good going on getting a major scholarship. Is it her plan to work over the summer to contribute earnings to the cost of university? That too is an important learning experience.

[ActYourWage]

Congratulations! Exciting times.

[marvholly]

Congrats to DD.
Now all you have t do is figure out how to pay that 25k/yr.

NOTE: since your DD will be SOOO close to hoe your auto insurance is NOT likely to allow you to save by taking her off the policy. For me it had to be minimum of 25o mi from home. Worked for DD1 but NOT for DD2 (75 mi from home).

[disneysteve]

Is it her plan to work over the summer to contribute earnings to the cost of university? That too is an important learning experience.

She has worked the past few summers and I'm sure will continue to do so. We have a somewhat unique situation with DD. I've posted before that when she turned 18, she began receiving monthly annuity payments from an accident settlement when she was 6 so she actually has %600/month coming in. We've discussed it and agreed that $400/month will go directly for college costs and she can hold out the other $200 for general spending money - eating out, clothes, entertainment, etc.

since your DD will be SOOO close to hoe your auto insurance is NOT likely to allow you to save by taking her off the policy.

Yes, I realized that. It usually has to be a least 100 miles away and this is not even close to that.

[Like2Plan]

That is awesome news! It is really nice that she is getting a $19,000/year scholarship. Congratulations to her for all her hard work in getting such a good scholarship.

[moneybags]

DD had her 2nd college interview today and got her 2nd acceptance. She is officially accepted into Rider University Class of 2018! This was her first choice school so she is all set. As expected, they also gave her a very nice scholarship ($19,000/year).

Congrats! In case you don't know (and depending on your 529 balance), you can withdraw sholarship amounts without penalty.

[disneysteve]

Congrats! In case you don't know (and depending on your 529 balance), you can withdraw sholarship amounts without penalty.

Thanks. I did know that but it isn't an issue. We don't have enough in the 529 for that to matter. Out of pocket costs will still exceed the 529 balance.

[LivingAlmostLarge]

I wanted to know because a lot of people here on the board are often say "well I worked and paid my way through college. It can be done." I don't think people fully realize or understand how expensive college is now and how much costs have skyrocketed.

At $25k/year I'd like to know what 18 year old is going to make that much full time let alone part time an go to school full time? And that's with a scholarship.

Even community colleges cost a pretty penny and that's still living off your parents! Assuming you aren't paying rent or food or car costs! I mean the parents are still subsidizing the living expenses that you'd have to pay if you went to a community college.

It is cheaper, but I really wonder how many people today could afford to work and pay their way through school 100% without loans?

I feel like it's just a lesson in not judging people's student loan debts. It's hard to see the financials now of college.

[disneysteve]

Congrats to DD.
Now all you have t do is figure out how to pay that 25k/yr.

I missed that comment earlier. We actually have right around 100K accounted for. Of course, there will be annual increases in costs as well as expenses not included in that 25K like books and supplies, travel, etc., but we should be in pretty good shape.

I wanted to know because a lot of people here on the board are often say "well I worked and paid my way through college. It can be done." I don't think people fully realize or understand how expensive college is now and how much costs have skyrocketed.

This is very true. The inflation rate for college costs has greatly exceeded wage growth. The school I graduated from in 1986 was $10,700 my senior year. The same school is now $49,140. That's 4.6 times as much in 27 years. Find someone who has been in the workforce for 27 years and ask them if their salary has increased 4.6 times during that period. I bet the answer will be no. I've been working for 20 years myself and I'm only making about 2 times what I made in year one.

I realize that I'm talking about private schools, not state schools, but the difference really isn't as big as people seem to think. For example, I looked at the big state school in our state. It would cost over 25K to send DD there. They do not have the merit-based aid that the private school has and we probably don't qualify for any need-based aid, so we'd be paying that 25K which is almost exactly what the private school will cost after the scholarship.