What if a Recruited, Admitted Player CANNOT afford the tuition?

[Amy in AZ.]

No. He did not play at Uof C, but he lived in the dorms and as driven as he was, he said "No way, could he have fit in baseball." I hated FASFA and he told me that some of his friends just wrote a check for the tuition. He said that their homes were bigger than our local library.

But all in all, or DD's education in cosmetology cost more than a year at U of Chicago.

 

[Momo'sDad]

Two words: Dave Ramsey

There's nothing wrong with wanting our kids to have the best (we can afford), but even though Dave's worth millions, he told his children he'd pay for them to attend the University of Tennessee. That would be his gift to them: the ability to attend a good college and finish debt-free. He sometimes tells the story of his son, who'd wanted to attend the University of Mississippi instead of Tennessee. He laid out the numbers for the young man and made it clear that he would not be paying out-of-state tuition for him to get essentially the same degree he could get in Knoxville at a fraction of the cost. Now, as an adult, the young man certainly had the option to go to Ole Miss, but he'd be paying for it on his own. Ultimately, he decided free (to him) was better than not free.

 

[Momo'sDad]

There's so much I could say about the topic of college affordability, but while the 529s are decent and should be used by families with college-bound children, you have to take early advantage of them. One of the unfortunate realities is that the tax deduction for qualifying educational expenses is almost nothing now compared to what it was 20-25 years ago, and the 529 plans do almost nothing to address that disparity as you are still taxed on your contributions. And as with almost anything, the higher your tax bracket, the less you will benefit.

Anecdotally, there are some really smart people with costly degrees who attended prestigious universities, but who will be in their 50s before they can start building any retirement savings. Think Big Picture. Your family is doing well and your daughter is on a track to likely success, which could include solid earning potential. How much financial strain do you want to add to that picture? How much would that stress impact other areas of all your lives? No one can predict that answer, but it's worth considering. I'm not saying don't take unnecessary chances to pursue a dream, but do think about the fact that ultimate, long-term goals can be reached via a variety of different paths.

 

[CJ D]

Yeah Dave Ramsey sure does have a bunch of great ideas. But I especially like how he initially became debt free that many folks are unaware of...he filed for bankruptcy and stuck it to all the people he owed money to. What a guy! Lol. I know...I know. Off topic.

Back to the conversation at hand...

 

[Rocketech1]

There's so much I could say about the topic of college affordability, but while the 529s are decent and should be used by families with college-bound children, you have to take early advantage of them.

Sure, just like investing in your retirement, you need to think ahead and start early. If you wait until your kid is a teenager to figure out a way to pay for college, it's going to be too late.

 

[InsidePitch]

When your kid is born you have no idea a top level college is going to cost 60k plus when they get there. I expected DDs who were both very smart would get tons of academic money. DD1 got offers from some smaller schools but her dream schoool, NYU.....NADA. 4 years later and a few K lighter DD 2 is looking at Ivies as reach and some small private D1s as safe. Saving as much as we can the next 6 years in case we are paying the full boat again.

 

[chinamigarden]

A lot of the top baseball players go straight to the draft out of high school and bypass college all together.

And most of them crash and burn with no degree to fall back on. Any kid who is drafted after the 10th round should go to school if they can.

 

[Amy in AZ.]

When I am asked to speak to groups that are thinking of starting a travel ball club, I always tell them not to spend "the college savings." They look at me, like I don't know what I am talking about.

 

[Greenmonsters]

I wouldn't yet eliminate all of OP's DD's top schools strictly on the basis of cost, but do agree with the prior suggestions to expand the list of schools being considered. I'd suggest continuing to use the approach of classifying schools in 1 of 3 categories (reach, target, safety) based on academics, cost (after expected financial aid/grants/scholarships), softball, and likelihood of admission. Given the mix of variables involved in the OP's situation, it wouldn't be unreasonable IMO to end up applying to a total of 10-15 schools. Several thoughts to keep in mind - you are not committed to an Early Decision admission if YOU, not the college, find the financial aid package to be insufficient; and, offered aid packages are not necessarily final and sometimes can be discussed and negotiated with a college's Fin Aid office.

 

[SamRam]

Also, if you go the 529 route you are able to transfer to other family members, or if the monies go unused because the beneficiary received a scholarship you can withdrawal without penalty.