... The plan is to have him borrow as much as he can in his own name, but, while I still don’t understand how much that is, I am certain there will still be a nice chunk of change still owed to fully cover expenses ...
I’m also wondering if I shouldn’t use his brothers’ 529 or stop contributing to theirs
This is a little off-topic and rather dark, but it's also true ... if he's borrowing, you'll likely be co-signing. Take out enough life insurance on him that if -- though the chances are very unlikely -- he were to die, you wouldn't be stuck paying off loans for an education he never got to use. I know, very, very unlikely, but IF it were to happen, it would make a horrible situation worse-worse-worse.
I would not stop contributing to the younger brothers' education funds. They're not "up to bat" yet, and you can't say for certain what they'll want to do when they're ready to solidify their college choices. As a teacher, I've seen parents turn the world upside down to make "the dream school" possible for the oldest child ... but then they find that they're not able to do it for the youngers. How's that fair?
Our back-up-plan was to stop contributing to our 401Ks, a choice that would've been possible because we had saved aggressively for years. We would never have withdrawn money from our retirement ... but stopping additional contributions would not have been the same thing.
what if he went to the full ride school and finished up at the other? credits transfer and he can work a part time job
Exactly what I was going to say! Why not take advantage of the full ride for the first two years, then transfer? My youngest transferred, and it's no picnic ... but this would allow you to cut the child's college costs in half! Is it ideal? No, but I don't see any other way you can save that much.
...and the school has a lifetime policy of working with students to get them placed in jobs.
That's not particularly impressive. Most schools offer this service ... they want their graduates to be employed; it makes them look good.
Art school's a tricky proposition. Jobs are competitive.
Go work for the college/university where your son wants to go. I've heard some give discounted or free tuition to their employees' dependents
If the school's out of state, this isn't 'specially realistic ... but HE could work for the university. If he were to get a job as an RA (Resident Assistant), it could make a big dent in his living expenses.
I was an RA in college, and I didn't receive a penny of cash ... but I got a (private) dorm room, half my tuition, half my meal plan, and a phone in my room. Oh, and lots of social events -- they were always taking us to laser tag or white water rafting, which was great for a poor kid like me. For a kid with no financial help, this job was a lifesaver. When I was dropping my daughter off at her dorm recently, I saw a flyer in the lobby about RA applications. Apparently now they get paid money, but it still seemed to be roughly the same amount of total compensation.
Before I was an RA, I worked at the "after hours housing desk" in my dorm. I think this is a pretty standard thing in dorms. I made minimum wage for sitting at the front desk from something like 6:00-midnight (when the security guard came in). I'd give out change for the laundry, managed loaner stuff like the vacuum cleaner, managed lost keys and various small emergencies. That job helped me get to know people in the housing office and helped me get the RA job later.
Participation in housing activities /dorm government can also help him "get noticed" and can help him set himself up for an RA job. On the other hand, a drinking ticket -- VERY common in freshman dorms -- would shut the door on his chances.
... I know plenty of people that didn't change their major and finished in 4 years. I also know people that changed more than once and took 5 or 6 years. Everyone is different, just as every school is different.
Finishing in four years seems to be a matter of good long-term planning. For example, my oldest was laser-focused on finishing in four years, and she painstakingly read all those tedious details and made a plan ... she altered it a bit, but she knew exactly what she needed to do. In contrast, her roommate didn't want to consider these things, and she just kinda "guessed" as to what she should take. I remember at one point she signed up for a science class without a lab, and my girl TOLD HER it wouldn't count towards whatever gen-ed requirement she needed it to fulfill ... and she was so upset later when she had to take a different class in place of it. Another story: My niece didn't bother to register until late, and she couldn't get into the major classes she needed as a first semester freshman ... so she took a bunch of electives. She had a great semester, but it put her behind.
Seriously, high school seniors don't tend to take this seriously enough. In high school the guidance counselors make this all happen, and they just "assume" it'll work out in college. Long-term planning and jumping on registration make the difference in graduating on time vs. paying another semester or two of tuition.
Today, for even a regular state school, it is impossible to pay your own way as a teen out of high school, even if you've been saving every penny since birth. People who say this have no idea what the current cost of higher education is now.
No. My youngest is just finishing up her junior year in college, so I'm very much aware of what college costs. Paying for college on your own isn't easy ... and you may not be able to attend any school you want, may not graduate in four years, but it IS possible.
Final thoughts about how to manage this:
- Have him take some basic classes at your local community college this summer and transfer them. Even a couple classes will be a couple classes he won't need to take at the out-of-state-school's inflated prices.
- Military service is a great option -- if he's so inclined. It doesn't have to be full-time; consider reserves too.
- Definitely have him work in the summers /breaks. This is an odd thing. When I was in school, almost all my college friends had jobs ... my own daughters tell me that pretty much no one works anymore /they just borrow.
- Don't borrow any more than you need to borrow. I know, that sounds self-explanitory, but the loan people will push-push-push you to take the maximum amount. Well, of course they do: the more you borrow, the more they'll make back.
- Used books /rented books. No, this tip won't help you at all with tuition, but tuition is only a fraction of the total cost of college.
- Final thought is a negative. One of my best friends' daughter went to art school, and the tuition isn't the whole story. Art students end up needing LOTS of supplies. It's an expensive major.