sasquatchsam wrote:I think the $140k number is a little high. If you say tuition increases around $3,000 a year you get a total of $172,050. Subtracting $25,000 a year from spousal income leaves $97,050. Also, this ignores summer income from the student which should be somewhere between $10,000 and $30,000 for the two summers combined. In addition, this does not take into account any assets the OP may have (which is likely considering their spouse's income from last year).
In summation, I would wager that OP would have less than $100k in debt from going to Harvard and it is likely that it would be less than $75k.
How do you get 172k? Tuition and fees is 58k this year. Plus the 5k COL difference between Cambridge and AA gives you 63k/yr. Assuming 3.5% tuition increase (~$2k/yr). Subtract 25k/yr extra SO income. OP wants PI, so say $7.5k summer income for each summer (didn't account for this before). If there were notable assets that would be contributed, OP likely would've mentioned them.
This results in $125k indebtedness at repayment. Total of $175k over 10 years. Compared to $15k in the bank at Michigan. That's a 190k difference, not accounting for growth in the 15k over the 10 years. http://www.law.georgetown.edu/admission ... geid=61621