Helping Dd make college decision UConn, URI, UVM

[gymnbomb]

I am PM'ing you about this.

[cvanbrunt]

An $80,000 price difference seems like a big deal! You can get a degree for less than that at some schools where my kid was accepted. Does she have 80k? Now that you can roll over money from the 529 into a Roth IRA that became part of our discussion with our kid. We did some conservative projections and if she rolls the maximum allowed into the Roth and left it alone she'd have close to 2 million at retirement age. Doing nothing but leaving it alone. She chose a school that we could pay for with the 529 and some left for the Roth. Maybe start looking at running the numbers for her. A degree without debt is a gift.

[dogmom]

Honestly, UVM and URI are good schools, although they both have different feels. I would suggest she visit both again.
UConn, I mean it’s not Yale. So given the choices I would let my kid decide in the end but really heavily suggest the others. What is she studying or interested? Is there any chance of an advanced degree? If so go the money saving route.

[mom2binsd]

As to pot smoking, I hear from friends everywhere, especially in states where it is legal that it's prevalent, like in Illinois where DD goes but if you don't want to, it's not pushed. So many colleges waft of weed


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[niccig]

An $80,000 price difference seems like a big deal! You can get a degree for less than that at some schools where my kid was accepted. Does she have 80k? Now that you can roll over money from the 529 into a Roth IRA that became part of our discussion with our kid. We did some conservative projections and if she rolls the maximum allowed into the Roth and left it alone she'd have close to 2 million at retirement age. Doing nothing but leaving it alone. She chose a school that we could pay for with the 529 and some left for the Roth. Maybe start looking at running the numbers for her. A degree without debt is a gift.

We had the same conversation with DS. We’ve always told him the 529 is our money as we saved it, so we will decide what happens with anything left.He’s pretty sure he doesn’t want to do graduate school. I thought we might keep it there for any future grandchildren. Now that some can be rolled over, I think we should do that. This is only possible because DS’ college is affordable compared to most other colleges.

[chlobo]

We had the same conversation with DS. We’ve always told him the 529 is our money as we saved it, so we will decide what happens with anything left.He’s pretty sure he doesn’t want to do graduate school. I thought we might keep it there for any future grandchildren. Now that some can be rolled over, I think we should do that. This is only possible because DS’ college is affordable compared to most other colleges.

Does it get rolled over into an IRA for the child?

[cvanbrunt]

Does it get rolled over into an IRA for the child?

Yes, there are limitations but here's a quick summary. Rules are still being worked out so there's no rush to set this up.
https://www.schwab.com/learn/story/5...s-what-to-know

[niccig]

Yes, there are limitations but here's a quick summary. Rules are still being worked out so there's no rush to set this up.
https://www.schwab.com/learn/story/5...s-what-to-know

It’s a new option to rollover a set limit. We don’t know what we will do and probably won’t decide for a few years. Need DS to finish and then see if grad school is a possibility or not


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[Twin Mom]

I agree with this thought. It’s not an Ivy so is it really worth going into debt? Even if it was an Ivy would it be worth it? Who really knows. DD knew that a state school was funded by the 529. Anything outside that was going to require student loans. Starting life after college without student loan debt is a huge gift. My parents gave that gift to me and I wanted to give it to DC too. If DS decides he wants to go back the money is still there for him. DD is considering graduate school too so we’ll see what’s left when she finishes undergrad. I have already told her that grad school is on her dime but if there is money left in her account then I am fine with her using it.

Honestly, UVM and URI are good schools, although they both have different feels. I would suggest she visit both again.
UConn, I mean it’s not Yale. So given the choices I would let my kid decide in the end but really heavily suggest the others. What is she studying or interested? Is there any chance of an advanced degree? If so go the money saving route.

[essnce629]

Did you set a budget in the beginning of the process and tell DD what is was? If all 3 schools are within budget then I'd let DD choose. But if UConn is outside of your budget, then it's a no and DD should have known that from the beginning. That's why setting a budget from day one and letting your child know what it is, is one of the most important and first steps of the college admissions process. It makes everything easier once the decisions are in. So if your budget is $35k a year and UConn is $55k, it's off the table. But if your budget is $55k then it reminds an option, even if the other 2 schools are less. The goal is not to go to the absolute cheapest school your kid gets into, it's to go to a school within your predetermined budget. Although for some families the goal is to go to the absolute cheapest school the student gets into, but again, this would have been discussed from the beginning.

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