What Does College Tuition Really Cost?

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MrCheapo
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What Does College Tuition Really Cost?

Post by MrCheapo »

I understand what tuition cost at my state universities (about $15K a year), but I'm not sure what it would cost for private or even out of state state universities. I keep on hearing that you get tuition breaks for being a good student, finance etc.

For background my kid will have a 4.0 GPA (but not "just" 4 APA classes), combined we earn about $300K a year and assets of $5+M.

Would they qualify for any tuition breaks based on people's experience? Is it roughly 10%, 50% or something else?
count damoney
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Re: What Does College Tuition Really Cost?

Post by count damoney »

MrCheapo wrote: Fri Apr 16, 2021 1:14 pm I understand what tuition cost at my state universities (about $15K a year), but I'm not sure what it would cost for private or even out of state state universities. I keep on hearing that you get tuition breaks for being a good student, finance etc.

For background my kid will have a 4.0 GPA (but not "just" 4 APA classes), combined we earn about $300K a year and assets of $5+M.

Would they qualify for any tuition breaks based on people's experience? Is it roughly 10%, 50% or something else?
Impossible to answer. Columbia is $61k/yr with no merit based scholarships. DePauw is $51k/yr and gives out a ton of merit aid.
Every college is different
Soon2BXProgrammer
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Re: What Does College Tuition Really Cost?

Post by Soon2BXProgrammer »

MrCheapo wrote: Fri Apr 16, 2021 1:14 pm I understand what tuition cost at my state universities (about $15K a year), but I'm not sure what it would cost for private or even out of state state universities. I keep on hearing that you get tuition breaks for being a good student, finance etc.

For background my kid will have a 4.0 GPA (but not "just" 4 APA classes), combined we earn about $300K a year and assets of $5+M.

Would they qualify for any tuition breaks based on people's experience? Is it roughly 10%, 50% or something else?
it might be worth having an advisor that has this software https://collegeaidpro.com/ help you make a plan.

they have collected actual merit aid results.
Earned 43 (and counting) credit hours of financial planning related education from a regionally accredited university, but I am not your advisor.
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gatorking
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Re: What Does College Tuition Really Cost?

Post by gatorking »

I recommend using this website. Change the college to the one you are interested in.
The main numbers to look at are:
Average Net Price by Income
Institutional grants or scholarships - PERCENT RECEIVING AID and AVERAGE AMOUNT OF AID RECEIVED

https://nces.ed.gov/collegenavigator/?q ... 251#finaid
livesoft
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Re: What Does College Tuition Really Cost?

Post by livesoft »

MrCheapo wrote: Fri Apr 16, 2021 1:14 pm I understand what tuition cost at my state universities (about $15K a year), but I'm not sure what it would cost for private or even out of state state universities. I keep on hearing that you get tuition breaks for being a good student, finance etc.

For background my kid will have a 4.0 GPA (but not "just" 4 APA classes), combined we earn about $300K a year and assets of $5+M.

Would they qualify for any tuition breaks based on people's experience? Is it roughly 10%, 50% or something else?
In our experience putting 2 children through college education and masters degree with about 1/4 of your income and paying full list price, you and your children will not qualify for ANY tuition breaks for any US college or university.

You can look up the Cost of Attendance on the internet for any college or university in the USA. If you know the tuition cost at your state universities, then you can use the same method that you found out those costs for any costs of any university or college.

I will go so far as to state that you are naive to think that your family will get any tuition break.
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neverpanic
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Re: What Does College Tuition Really Cost?

Post by neverpanic »

How coveted is your student by the schools to which they will apply?

Several out-of-state schools have programs intended to lure top students from other states. And then there are some state universities that work together to essentially "share" the best crop of students across multiple states by offering in-state or significantly reduced tuition. For example, in the Western Undergraduate Exchange, a qualified Nevada resident can attend Arizona State for less than 1/2 the out-of-state tuition.
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Boglegrappler
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Re: What Does College Tuition Really Cost?

Post by Boglegrappler »

Most colleges have a net price calculator on their site that lets you know what your price will be. At least some of the Ivies (Princeton is one) let you do it anonymously......although they have some of the most generous discounting (aid) of any schools. It takes about 10 minutes to fill out the information, but if you do it for a range of schools, you'll have a more clear picture of your own likely bill.

Very few families pay the sticker price. Even at much lower ranked universities, it's somewhat common to see them knock 10K or so off of their bill as an enticement for the family and student to believe that they're getting a deal, or some kind of recognition.
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dogagility
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Re: What Does College Tuition Really Cost?

Post by dogagility »

MrCheapo wrote: Fri Apr 16, 2021 1:14 pm I understand what tuition cost at my state universities (about $15K a year), but I'm not sure what it would cost for private or even out of state state universities. I keep on hearing that you get tuition breaks for being a good student, finance etc.

For background my kid will have a 4.0 GPA (but not "just" 4 APA classes), combined we earn about $300K a year and assets of $5+M.

Would they qualify for any tuition breaks based on people's experience? Is it roughly 10%, 50% or something else?
You won't be receiving any need-based aid.

As for merit-based aid, you can expect little from most public universities unless your kiddo is a tippy-top student (GPA, test scores).

Middling private colleges give out merit aid like candy. These colleges use this "aid" as marketing tools; hardly anybody pays the list price at such colleges.

Your best method to determine the amount of aid you will receive is to use the Net Price Calculator on every college's website.
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Re: What Does College Tuition Really Cost?

Post by stoptothink »

Boglegrappler wrote: Fri Apr 16, 2021 1:54 pm
Very few families pay the sticker price. Even at much lower ranked universities, it's somewhat common to see them knock 10K or so off of their bill as an enticement for the family and student to believe that they're getting a deal, or some kind of recognition.
In another college thread, there is a quite extensive listing of the percentage of students paying full sticker price at "name" schools. It is right around the 50% mark almost everywhere. I just checked, it's 62% at my local U (where my wife just graduated from - we paid full sticker, which is absurdly cheap compared to most school mentioned in these threads).
BigCoin
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Re: What Does College Tuition Really Cost?

Post by BigCoin »

Private universities often have very high discount rates verses the sticker price. The linked article below indicates that a recent average was north of 50%. So, while a school may report that the prices is $x a semester, the average student is likely receiving aid that reduces the actual cost of tuition to something much less than the sticker price. Public schools have the same thing but generally in my observation with less of a discount. How that aid gets allocated (merit vs need) can vary by school widely.

https://www.insidehighered.com/news/202 ... prediction.
Last edited by BigCoin on Fri Apr 16, 2021 2:17 pm, edited 1 time in total.
Whatyear?
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Re: What Does College Tuition Really Cost?

Post by Whatyear? »

I see that many people have recommended looking at online calculators, websites, etc. and that is good advice. But I suspect you are looking for a more real-world practical answer based on experience. Here is mine. Our financial situation is similar to the OP except we don't have quite as much in assets.:

My oldest daughter is currently a flagship state university on an out-of-state basis. When she initially got accepted, there was no scholarship offer. I emailed them to take another look. They came back the same day offering $4K per year. She is a decent student but not an exceptional student.

My second daughter will be going to college next fall. She is my "exceptional student" - 3.97 GPA unweighted and over 6 weighted. She applied to four state schools (including home state) and three private schools. All three out-of-state, state schools gave her significant scholarships (averaging $20K per year, so covering 1/3 - 1/2 of the cost depending on the school). One of the private schools did the same. One of them did not give her any scholarship $$, because she missed the early application deadline to be considered for a scholarship.

So at least in my experience, even families with financial wherewithal get scholarship $$.
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Re: What Does College Tuition Really Cost?

Post by an_asker »

Boglegrappler wrote: Fri Apr 16, 2021 1:54 pm Most colleges have a net price calculator on their site that lets you know what your price will be. At least some of the Ivies (Princeton is one) let you do it anonymously......although they have some of the most generous discounting (aid) of any schools. It takes about 10 minutes to fill out the information, but if you do it for a range of schools, you'll have a more clear picture of your own likely bill.

Very few families pay the sticker price. Even at much lower ranked universities, it's somewhat common to see them knock 10K or so off of their bill as an enticement for the family and student to believe that they're getting a deal, or some kind of recognition.
How accurate are these?

I am asking because two of my buddies' kids got into Harvard a couple of years ago. I am pretty sure that all three families are approximately in the same net worth ballpark but when I used Harvard's OOP online calculator, I got annual expenses figure that was about 3X what they both told me they were told they would be paying.

DS didn't apply to Harvard so it is a moot point. But all three kids had similar GPAs and test scores.
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Re: What Does College Tuition Really Cost?

Post by lazynovice »

an_asker wrote: Fri Apr 16, 2021 2:54 pm
Boglegrappler wrote: Fri Apr 16, 2021 1:54 pm Most colleges have a net price calculator on their site that lets you know what your price will be. At least some of the Ivies (Princeton is one) let you do it anonymously......although they have some of the most generous discounting (aid) of any schools. It takes about 10 minutes to fill out the information, but if you do it for a range of schools, you'll have a more clear picture of your own likely bill.

Very few families pay the sticker price. Even at much lower ranked universities, it's somewhat common to see them knock 10K or so off of their bill as an enticement for the family and student to believe that they're getting a deal, or some kind of recognition.
How accurate are these?

I am asking because two of my buddies' kids got into Harvard a couple of years ago. I am pretty sure that all three families are approximately in the same net worth ballpark but when I used Harvard's OOP online calculator, I got annual expenses figure that was about 3X what they both told me they were told they would be paying.

DS didn't apply to Harvard so it is a moot point. But all three kids had similar GPAs and test scores.
Straight from the horse’s mouth: Harvard does not give merit scholarships. When you see the stories of students getting full scholarships to Harvard, they are need based.

https://college.harvard.edu/resources/f ... ds-harvard
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Re: What Does College Tuition Really Cost?

Post by an_asker »

lazynovice wrote: Fri Apr 16, 2021 3:03 pm
an_asker wrote: Fri Apr 16, 2021 2:54 pm [...]
How accurate are these?

I am asking because two of my buddies' kids got into Harvard a couple of years ago. I am pretty sure that all three families are approximately in the same net worth ballpark but when I used Harvard's OOP online calculator, I got annual expenses figure that was about 3X what they both told me they were told they would be paying.

DS didn't apply to Harvard so it is a moot point. But all three kids had similar GPAs and test scores.
Straight from the horse’s mouth: Harvard does not give merit scholarships. When you see the stories of students getting full scholarships to Harvard, they are need based.

https://college.harvard.edu/resources/f ... ds-harvard
That's what DS said as well. So I absolutely don't get it. At least one of the kids' parents is in a senior position in my department ... and I would've thought that the other kids' household is as well off if not better off.

Maybe the lesson is that we might have qualified under the "need based" category as well! :oops:
OnTrack2020
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Re: What Does College Tuition Really Cost?

Post by OnTrack2020 »

I've known two kids who scored high on their ACTs and were awarded full tuition at our state university. (I think parents had to pay room and board.) Both kids are very bright.

Our son, who went to a private school, received scholarships which basically took around $20k off the yearly cost.

I think this is a hard question to answer. If your child goes to a state university, they may get some scholarships. But there are typically a lot more students where the money has to go around. If he/she attends a private school, I would think they are more likely to get more scholarship money based on academics, unless they are one of the schools mentioned that doesn't give scholarships.
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Re: What Does College Tuition Really Cost?

Post by TropikThunder »

an_asker wrote: Fri Apr 16, 2021 3:47 pm
lazynovice wrote: Fri Apr 16, 2021 3:03 pm
an_asker wrote: Fri Apr 16, 2021 2:54 pm [...]
How accurate are these?

I am asking because two of my buddies' kids got into Harvard a couple of years ago. I am pretty sure that all three families are approximately in the same net worth ballpark but when I used Harvard's OOP online calculator, I got annual expenses figure that was about 3X what they both told me they were told they would be paying.

DS didn't apply to Harvard so it is a moot point. But all three kids had similar GPAs and test scores.
Straight from the horse’s mouth: Harvard does not give merit scholarships. When you see the stories of students getting full scholarships to Harvard, they are need based.

https://college.harvard.edu/resources/f ... ds-harvard
That's what DS said as well. So I absolutely don't get it. At least one of the kids' parents is in a senior position in my department ... and I would've thought that the other kids' household is as well off if not better off.

Maybe the lesson is that we might have qualified under the "need based" category as well! :oops:
Or they're lying?
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Re: What Does College Tuition Really Cost?

Post by Superleaf444 »

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neverpanic
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Re: What Does College Tuition Really Cost?

Post by neverpanic »

One other thing to mention is that a number of OOS students will work to qualify for in-state tuition after their first year by doing things like getting a job, taking summer courses, local internship, getting a DL, and signing a 12-month lease, etc.

Fees, health insurance, housing, meal plans, etc. are normally the same for all students, regardless of residency.
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Re: What Does College Tuition Really Cost?

Post by ChinchillaWhiplash »

State college in our state in state is $26k a year average when you count mandatory on campus living freshman and sophomore years.
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Re: What Does College Tuition Really Cost?

Post by jarjarM »

an_asker wrote: Fri Apr 16, 2021 3:47 pm
lazynovice wrote: Fri Apr 16, 2021 3:03 pm
an_asker wrote: Fri Apr 16, 2021 2:54 pm [...]
How accurate are these?

I am asking because two of my buddies' kids got into Harvard a couple of years ago. I am pretty sure that all three families are approximately in the same net worth ballpark but when I used Harvard's OOP online calculator, I got annual expenses figure that was about 3X what they both told me they were told they would be paying.

DS didn't apply to Harvard so it is a moot point. But all three kids had similar GPAs and test scores.
Straight from the horse’s mouth: Harvard does not give merit scholarships. When you see the stories of students getting full scholarships to Harvard, they are need based.

https://college.harvard.edu/resources/f ... ds-harvard
That's what DS said as well. So I absolutely don't get it. At least one of the kids' parents is in a senior position in my department ... and I would've thought that the other kids' household is as well off if not better off.

Maybe the lesson is that we might have qualified under the "need based" category as well! :oops:
According to harvard's student newspaper, ~70% of students receive some form of need-based tuition assistances.
https://news.harvard.edu/gazette/story/ ... %20tuition.
adamthesmythe
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Re: What Does College Tuition Really Cost?

Post by adamthesmythe »

It depends.

Some people around here are so convinced that they would not qualify for any aid that they do not apply.
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Re: What Does College Tuition Really Cost?

Post by SC Anteater »

Both my kids go to state universities. We got a $500 middle class scholarship the first two years, but won't be getting it next year -- I guess our HH income edged just high enough to knock us out. One kid got a $2000/year scholarship from the school for the last two years for her high GPA. Income has bounced around between 170 & 190K while they have been in school.

Each took the max subsidized federal student loan. If our finances are good we'll cut them a check for a healthy amount of their loan balance as a graduation gift.

Son's tuition is 9800/year or so. Daughter's is around $13Kish.
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Re: What Does College Tuition Really Cost?

Post by cockersx3 »

My daughter had a 3.8 UW GPA and decent test scores, and applied to about a dozen or so colleges this year. I would characterize the schools to which she applied as the higher end of mid tier - not Harvard or MIT or anything, but not Crazy Larry's Discount U either. Our income and assets are high, so no need-based aid for us.

After merit aid, almost all of the colleges' all-in cost per year were within $10K of the tuition / room / board cost of our flagship state U. I think one or two were under the cost, but the others were up to around $10K above the all-in cost of state U. After talking to neighbors and peers, my experience was not uncommon. Strangely, peers of mine who live in other states reported similar experiences - whatever the all-in cost of their flagship State U was, seemed to be where all of the colleges targeted their aid packages.
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Re: What Does College Tuition Really Cost?

Post by BernardShakey »

MrCheapo wrote: Fri Apr 16, 2021 1:14 pm I understand what tuition cost at my state universities (about $15K a year), but I'm not sure what it would cost for private or even out of state state universities. I keep on hearing that you get tuition breaks for being a good student, finance etc.

For background my kid will have a 4.0 GPA (but not "just" 4 APA classes), combined we earn about $300K a year and assets of $5+M.

Would they qualify for any tuition breaks based on people's experience? Is it roughly 10%, 50% or something else?
Our experience has been that for strong (but not genius) students you can see some merit $ at the lower and mid-tier private schools, enough to bring the yearly total cost of attendance down to within a few thousand of the local flagship state university. For the flagship state school and the top 20-30 privates, the merit threshold is much higher. The students getting significant merit aid at those schools are absolutely stellar. As for need-based aid, submit the FASFA. I'd be surprised if you get much, if any.
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Nate79
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Re: What Does College Tuition Really Cost?

Post by Nate79 »

Rich families don't get need based aid. Because they (should) have enough money to pay.
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Re: What Does College Tuition Really Cost?

Post by HereToLearn »

You will not receive any need-based aid with assets of $5 million.

As has been discussed here, merit aid, which some will call scholarship, is a possibility. (Some will also call need-based financial aid a scholarship, but that is an incorrect use of the term.)

The Ivies do not offer merit awards, other than some small dollar ones to students they particularly want to attract. Think in the range of a few thousand/year, but some of the Ivies are very generous in funding summer language study abroad or offering stipends to pay for summer research. Some of these awards are not income based, and this varies across universities.

As others have said, if your child applies to schools where she will be in the top 10% of the class, she stands a decent chance of seeing a nice merit award. These amounts vary across colleges, and the closer she is to the top of the class, the higher her award will be.

There are are also a few privates that offer substantial merit awards, that again, do not look at income. Vanderbilt and USC are two that fund 100 full-tuition, four-year scholarships each year. Recipients are still responsible for room & board charges.

There are other schools that offer full rides to National Merit Scholarship Finalists, those who score in the top 1/2 of 1% of PSAT takers in the nation. I do not know what has happened with these awards during COVID. The full tuition at USC and Vandy, and full rides for the NMSQT Finalists did not require FAFSA or CSS. My child received a number of merit awards ranging from $8K/year to $60K/year and I never filed FAFSA or CSS.
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Re: What Does College Tuition Really Cost?

Post by malabargold »

Currently at Harvard; if family has an annual income much north of $150,000 and “ typical assets” do expect to pay full fare.

Otherwise Duke has several great full-ride programs
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Re: What Does College Tuition Really Cost?

Post by texasdiver »

neverpanic wrote: Fri Apr 16, 2021 5:29 pm One other thing to mention is that a number of OOS students will work to qualify for in-state tuition after their first year by doing things like getting a job, taking summer courses, local internship, getting a DL, and signing a 12-month lease, etc.

Fees, health insurance, housing, meal plans, etc. are normally the same for all students, regardless of residency.
Won’t work in most states if the student takes any money from parents and the parents live out of state. If the parents move to the state in question then instate status is much easier to obtain.
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Re: What Does College Tuition Really Cost?

Post by texasdiver »

cockersx3 wrote: Fri Apr 16, 2021 9:14 pm My daughter had a 3.8 UW GPA and decent test scores, and applied to about a dozen or so colleges this year. I would characterize the schools to which she applied as the higher end of mid tier - not Harvard or MIT or anything, but not Crazy Larry's Discount U either. Our income and assets are high, so no need-based aid for us.

After merit aid, almost all of the colleges' all-in cost per year were within $10K of the tuition / room / board cost of our flagship state U. I think one or two were under the cost, but the others were up to around $10K above the all-in cost of state U. After talking to neighbors and peers, my experience was not uncommon. Strangely, peers of mine who live in other states reported similar experiences - whatever the all-in cost of their flagship State U was, seemed to be where all of the colleges targeted their aid packages.
This was our experience with our daughter who had a 3.96 unweighted GPA and good test scores.

Who doesn’t get merit aid at those mid range schools? The kids from wealthy families who have 2.5 GPAs and are obvious partiers and slackers. Those parents get to pay full pay for the privilege of getting the kid out of the house and someplace reasonably respectable. Because those schools know that those kids are not getting into their state flagships in most states and it is either a respectable private school or some “directional” regional state college.
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Re: What Does College Tuition Really Cost?

Post by vanbogle59 »

MrCheapo wrote: Fri Apr 16, 2021 1:14 pm I understand what tuition cost at my state universities (about $15K a year), but I'm not sure what it would cost for private or even out of state state universities. I keep on hearing that you get tuition breaks for being a good student, finance etc.

For background my kid will have a 4.0 GPA (but not "just" 4 APA classes), combined we earn about $300K a year and assets of $5+M.

Would they qualify for any tuition breaks based on people's experience? Is it roughly 10%, 50% or something else?
OMG, you are worth $5M and you have your hand out???
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Re: What Does College Tuition Really Cost?

Post by politely »

If you're thinking about costs, I would suggest not focusing solely on tuition. If you're paying full freight (which seems likely), and the school is out-of-state or private and is in-demand-enough not to offer much in the way of merit scholarships, I would say plan to pay around $80k a year overall. That includes tuition, room, board, books, travel, summer housing, Greek housing/expenses, activity fees, health fees, allowance, etc. Most "elite" schools like to tout the fact that the majority of students receive financial aid, but that means that some are paying a lot. For example, my alma mater likes to boast that the average financial aid is more than 50% of attendance costs and that more than 50% of the students receive need-based financial aid, but that means that the full freighters (and probably the international students) are paying quite a lot more than the average.
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Re: What Does College Tuition Really Cost?

Post by Jablean »

My kid dropped out of high school, talked into getting GED when noticed could get state flagship merit scholarship based on SAT scores. $5000 a year (1/2 tuition) for first two years. Never looked at our financials.
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Re: What Does College Tuition Really Cost?

Post by manatee2005 »

MrCheapo wrote: Fri Apr 16, 2021 1:14 pm I understand what tuition cost at my state universities (about $15K a year), but I'm not sure what it would cost for private or even out of state state universities. I keep on hearing that you get tuition breaks for being a good student, finance etc.

For background my kid will have a 4.0 GPA (but not "just" 4 APA classes), combined we earn about $300K a year and assets of $5+M.

Would they qualify for any tuition breaks based on people's experience? Is it roughly 10%, 50% or something else?
Why do you care if you have a 5 mil net worth?
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Re: What Does College Tuition Really Cost?

Post by dogagility »

cockersx3 wrote: Fri Apr 16, 2021 9:14 pm ... whatever the all-in cost of their flagship State U was, seemed to be where all of the colleges targeted their aid packages.
Our experience as well. Middle tier privates are in competition with public universities. These places give out the merit candy to bring the total cost inline with public universities and to make it seem like the student is getting a good deal. It's marketing.
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Re: What Does College Tuition Really Cost?

Post by SmileyFace »

dogagility wrote: Sat Apr 17, 2021 6:33 am
cockersx3 wrote: Fri Apr 16, 2021 9:14 pm ... whatever the all-in cost of their flagship State U was, seemed to be where all of the colleges targeted their aid packages.
Our experience as well. Middle tier privates are in competition with public universities. These places give out the merit candy to bring the total cost inline with public universities and to make it seem like the student is getting a good deal. It's marketing.
This was my experience as well. Provided you student doesn't want to go to an Ivy (no merit aid) and is willing to go to a U. where there scores/standings are above the average at the U there is merit aid to be had (since the U wants to raise their average so will pay your student to do so).
As far as 10% or 50% - it depends. Could even be a free ride provided your student us willing to forgoe a "stretch" school in favor of a midtier (that can still provide a great education).
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Re: What Does College Tuition Really Cost?

Post by Arabesque »

politely wrote: Sat Apr 17, 2021 12:35 am Most "elite" schools like to tout the fact that the majority of students receive financial aid, but that means that some are paying a lot. For example, my alma mater likes to boast that the average financial aid is more than 50% of attendance costs and that more than 50% of the students receive need-based financial aid, but that means that the full freighters (and probably the international students) are paying quite a lot more than the average.
Actually, at elite schools, most financial aid comes from endowments. Harvard's endowment is over 40 billion (that's not counting real estate and patents) . Poor John Hopkins in less than 7 billion and Caltech a scant 3 billion. Some state schools are good endowments. Georgia Tech is over 2 billion and Michigan is over 12 billion. Now one can get fussy and calculate endowment/pupil. This is where some smaller colleges get interesting.

The current word on the street is not to send your kid to a (private) school with less than a 100 million in endowment. At a time when colleges are closing, you want to guarantee the college will survive events like pandemics.
Boglegrappler
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Re: What Does College Tuition Really Cost?

Post by Boglegrappler »

Rich families don't get need based aid. Because they (should) have enough money to pay.
That's the way the schools think about it, and their definition of rich might need some adjustment, along with their posted price, which only some of the students families pay. And some of the posted prices are fiction, like car sticker prices. They're there to allow the schools to give a "scholarship" (discount) to even the most well-off. Of course, that tactic risks scaring people off because of the posted price. This is the struggle that schools are having now. Purdue has taken the path of holding tuition increased down, although I don't know how it's working for them.

The real issue for families who are "full-pay" is to make sure your student's education and experience at the school is worth it to you and them. I think it's quite clear that for some institutions, it isn't.
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TomatoTomahto
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Re: What Does College Tuition Really Cost?

Post by TomatoTomahto »

MrCheapo wrote: Fri Apr 16, 2021 1:14 pm For background my kid will have a 4.0 GPA (but not "just" 4 APA classes), combined we earn about $300K a year and assets of $5+M.

Would they qualify for any tuition breaks based on people's experience? Is it roughly 10%, 50% or something else?
Username checks out. ✔️

You might get minimal need-based aid at very generous schools, but unlikely at any CSS schools.

Your kid will probably get some merit aid at lesser schools, depending on stats. You don’t provide SAT or ACT scores. Just 4 AP classes is a bit lean, unless the school only offered 4 courses (colleges won’t hold it against kids if they made full use of their options). By way of comparison, my son took IB and AP courses, but also took the AP tests for courses his school didn’t offer but which he learned “on the side.” A 5 on the AP test is good, some schools will give credit for a 4, a 3 or lower is wise to “not mention.”

Related to AP courses, getting a 4.0 unweighted is regarded differently by admissions offices depending on whether those were standard courses, honors, or IB/AP. That’s why usually GPA is presented as x unweighted and y weighted; in any case, some schools have their own weightings, some disregard freshman year, etc.

Fwiw, my son didn’t have a 4.0 unweighted (I honestly don’t remember what he had, but French and Art were solid B grades), but still attended Yale, which we very happily paid full freight for and which was worth 100x what we paid. There is a difference between price and value.
I get the FI part but not the RE part of FIRE.
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grogu
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Re: What Does College Tuition Really Cost?

Post by grogu »

manatee2005 wrote: Sat Apr 17, 2021 2:39 am Why do you care if you have a 5 mil net worth?
vanbogle59 wrote: Sat Apr 17, 2021 12:12 am OMG, you are worth $5M and you have your hand out???
I apologize in advance.
$5M net worth is a lot of money, and there probably aren't too many families with a higher net worth looking for aid. So if he wanted to, OP certainly could afford to pay full price at any school in the country.

But full price means $100k per year for (hopefully only) 4 years. That’s almost 10% of his net worth. What if he has multiple kids looking to go? Or wants to pay for grad school? Or a kid takes 5 years to graduate? Add a couple of those to the mix and paying full price for school will erase 20-30% of his net worth.

Obviously he can choose a cheaper school, explore scholarships/financial aid (what he’s doing), etc., but that’s my point: The cost of college is so insanely expensive at many schools, that even people with a $5M net worth can’t just write a blank check anywhere they want without at least considering all of the implications and their other options.
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Re: What Does College Tuition Really Cost?

Post by Thegame14 »

MrCheapo wrote: Fri Apr 16, 2021 1:14 pm I understand what tuition cost at my state universities (about $15K a year), but I'm not sure what it would cost for private or even out of state state universities. I keep on hearing that you get tuition breaks for being a good student, finance etc.

For background my kid will have a 4.0 GPA (but not "just" 4 APA classes), combined we earn about $300K a year and assets of $5+M.

Would they qualify for any tuition breaks based on people's experience? Is it roughly 10%, 50% or something else?
depends on the school and the reason, I had schools I didn't even apply to offer me $40K a year scholarships but they were not good schools, and the better schools I got into, Rutgers, Penn State, offered little to nothing. Rutgers was nothing and I think Penn State offered me like 10K a year in scholarships, but that was 20 years ago. if child is a minority, that would make a HUGE difference as well.
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Re: What Does College Tuition Really Cost?

Post by livelovelaugh00 »

Glad I only have one kid. The only kid between my ex's new family and my new family. $80,878 full bill. Yes. Bite the bullet. It worth it when kid is so motivated, works so hard, so frugal, so independent and has excellent career prospect. She just called yesterday that she calculated that she can graduate one semester early. I said, don't work too hard, enjoy college years, you make decision considering pros and cons.
Last edited by livelovelaugh00 on Sat Apr 17, 2021 8:34 am, edited 1 time in total.
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TomatoTomahto
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Re: What Does College Tuition Really Cost?

Post by TomatoTomahto »

livelovelaugh00 wrote: Sat Apr 17, 2021 8:26 am $80,878 full bill. Yes. Bite the bullet. It worth it when kid is so motivated, works so hard, so frugal, so independent and has excellent career prospect. She just called yesterday that she calculated that she can graduate one semester early. I said, don't work too hard, enjoy college years, you make decision considering pros and cons.
Good on ‘ya for that parental attitude.

She worked so hard that she has earned it. Life will throw her some curveballs soon enough.
I get the FI part but not the RE part of FIRE.
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Re: What Does College Tuition Really Cost?

Post by shamhouse »

IMHO college is the first opportunity for young people to learn about making a contract for mutual gain. If your child has ability and you can tie that to a professional life you have won. I would never think to spend 100k on an education where the expected return would be a 20k/year job. On the other hand, if the child finds an institution they want to be part of and a field of academic endeavor that will make the investment profitable for both you and them... : :sharebeer
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Re: What Does College Tuition Really Cost?

Post by Outer Marker »

livelovelaugh00 wrote: Sat Apr 17, 2021 8:26 am Glad I only have one kid. The only kid between my ex's new family and my new family. $80,878 full bill. Yes. Bite the bullet. It worth it when kid is so motivated, works so hard, so frugal, so independent and has excellent career prospect. She just called yesterday that she calculated that she can graduate one semester early. I said, don't work too hard, enjoy college years, you make decision considering pros and cons.
+1. (Except that I have two). Older daughter is not that academically inclined and wants to go to our state school. Phew. Younger daughter is very gifted and has her heart set on NYU. Yikes. Similar numbers. I'm glad to be able to make it happen for her.
livelovelaugh00
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Re: What Does College Tuition Really Cost?

Post by livelovelaugh00 »

Yes, be the wind beneath their wings if they determined to fly higher.
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vanbogle59
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Re: What Does College Tuition Really Cost?

Post by vanbogle59 »

grogu wrote: Sat Apr 17, 2021 8:10 am But full price means $100k per year for (hopefully only) 4 years. That’s almost 10% of his net worth. What if he has multiple kids looking to go? Or wants to pay for grad school? Or a kid takes 5 years to graduate?
What is your point? If you don't think it's worth it, don't pay it.
But, how can you ask someone else to pay it for you? Again, OMG.
Leesbro63
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Re: What Does College Tuition Really Cost?

Post by Leesbro63 »

I was in a similar situation as the original poster. It boiled down to this for us: free ride/full boat scholarship at Northeastern or Oklahoma, or get into Ivy and pay full tuition and the reward is your kid gets in. I paid because I could, but if it was a hardship then Northeastern or Oklahoma would have been fine. I'm not sorry, but I think my kid would have been fine at not-Ivy too.
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Re: What Does College Tuition Really Cost?

Post by Pdxnative »

malabargold wrote: Fri Apr 16, 2021 11:38 pm Currently at Harvard; if family has an annual income much north of $150,000 and “ typical assets” do expect to pay full fare.

Otherwise Duke has several great full-ride programs
Worth pointing out that one would have to be well north of 150k to receive no aid at Harvard or comparable schools. 150k is just slightly above the point at which one would *start* paying tuition (as in: less than roughly 150k would receive aid covering all or nearly all of tuition). After 150k income, each additional dollar of income reduces aid by roughly .50.

So, 150k income = cost of ~21000

200k income = cost of ~47000

250k = cost of ~70000 (scholarship of 8k)

Significant savings outside retirement and home equity will reduce aid by about 5% for savings over 50k. I used 100k savings for these estimates.
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vanbogle59
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Re: What Does College Tuition Really Cost?

Post by vanbogle59 »

I went to an Ivy. Fine education. My family didn't have $, so I got through with lots of aid, work-study and summer jobs. Graduated $5K in debt. In 1981, that wasn't insignificant, but it wasn't soul-crushing.

My brother went to our state school. Over our careers, he has out earned me by a factor of 10.
Neither one of us would change our school choice if we had to do it again. We're different.
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Re: What Does College Tuition Really Cost?

Post by manatee2005 »

grogu wrote: Sat Apr 17, 2021 8:10 am
manatee2005 wrote: Sat Apr 17, 2021 2:39 am Why do you care if you have a 5 mil net worth?
vanbogle59 wrote: Sat Apr 17, 2021 12:12 am OMG, you are worth $5M and you have your hand out???
I apologize in advance.
$5M net worth is a lot of money, and there probably aren't too many families with a higher net worth looking for aid. So if he wanted to, OP certainly could afford to pay full price at any school in the country.

But full price means $100k per year for (hopefully only) 4 years. That’s almost 10% of his net worth. What if he has multiple kids looking to go? Or wants to pay for grad school? Or a kid takes 5 years to graduate? Add a couple of those to the mix and paying full price for school will erase 20-30% of his net worth.

Obviously he can choose a cheaper school, explore scholarships/financial aid (what he’s doing), etc., but that’s my point: The cost of college is so insanely expensive at many schools, that even people with a $5M net worth can’t just write a blank check anywhere they want without at least considering all of the implications and their other options.
100k per year? What undergrad is 100k per year? :oops:
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