<p>As a individual, I am questioning the usefulness of top-tier colleges. My statistics and achievements are probably enough to earn a seat at Dartmouth, Duke, Colombia, Brown, the University of Chicago, University of Pennsylvania and with some luck- Harvard, Yale, Princeton or Stanford. When I calculated the expenses at a top-tier economics college like the University of Chicago, I was shocked at the enormous costs. </p>
<p>Including everything my expenses reached a large $260,000 for everything, at any top-tier university the costs are somewhat similar. Instead if I tried for a seat in the University of Wisconsin-Madison (14th in economics and 39th in overall), I will definitely get in, that is, my costs hovered around $50,000 for everything. Quite a modest sum when compared to the University of Chicago or any top-tier college. Even when I earned money through a job, the costs for a top-tier college still remain ridiculously high. If I earned $31,200 in four years through a descent job and my parents contributed over $50,000 I would still leave college with a debt hovering around a $160,000-170,000 dollars. For the University of Wisconsin-Madison, its a different story. I would have everything paid off and I would have a significant amount of cash when I enter the job market with an economics undergraduate. </p>
<p>After all of this, is it worth have a $160,000 debt and leave the University of Chicago or leave the University of Wisconsin-Madison and have a significant amount of cash to start my life and be financially fit? Will the job I earn have massive salaries that I will be able to my gigantic college debt in the case of the University of Chicago? </p>
<p>Please give me your honest opinion, and I thank you all for reading.</p>
<p>Yeah, my parents will probably pay 50K. Anyway, I have another brother who will also receive funds from my parents. I, too, have an ambition to help pay for part of his college costs. Pertaining to need-based aid, my parents earn around 200K and they earn 250K per year if all benefits were included for working as software architects in American Family Insurance. For your information, I am an Asian-Indian Male.</p>
<p>To answer your first question, there must be some reason why most of the schools you name are able to reject 88% plus of their applicants. Clearly many people see value in them.</p>
<p>But the debt you’re talking about is not the best idea for most. If you are determined to get into one of the fields that only hire from these schools or go to a grad school where these schools dominate, they might be worth larger than average loans and 2 summer jobs.</p>
<p>If you want to be an engineer, accountant or MD, the debt would surely not be worth it.</p>
<p>My thinking is that if you have the dough to pay for it or if you get excellent financial aid then it’s worth it. Otherwise, don’t go into lots of debt for it especially for premed, prelaw, and engineering.</p>
<p>There is actually a level of school where the education is priceless. These are schools where the exposure to a top scholars and policy makers is so great that it is worth it to go whether you never earn a nickel in your life. It is not a large area by any means, but you can’t put a price tag on taking a course with a Paul Krugman at Princeton, a Jeffrey Sachs at Columbia or a Madeleine Albright at Georgetown SFS.</p>
<p>One can debagte what the handful of these places are, but there is a level of education that you cannot put a price tag on.</p>
<p>*My thinking is that if you have the dough to pay for it or if you get excellent financial aid then it’s worth it. </p>
<p>Otherwise, don’t go into lots of debt for it especially for premed, prelaw, and engineering. *</p>
<p>Very true. My friend’s son who graduated in engineering from Columbia last May still has no job, but has sizeable debt (which his parents have begun paying for him until he gets a job, and then he has to pay them back while also paying the debt.) He hopes to find a job in the Orange County area, so he can live at home to afford his loans. </p>
<p>He’s now thinking, “gee, with my stats, I could have gone to X, Y, or Z good engineering school on a merit scholarship, and have had no debt.” But, he was mesmerized by ivy status back when it was time to choose colleges.</p>
<p>Right now, he’s in a predicament. HE could accept an engineering job where we live (My H offered him $60k plus all relocation costs), but that would mean that he’d have to pay rent/living expenses while also paying for his loans. At some point, he’ll probably have to ____ or get off the pot.</p>
<p>Welcome to the real world. I would take your husband’s offer. His earning power will hopefully improve and he has a job to start honing his skill. He would be crazy not too take it.</p>
<p>Plus, there are new rules for paying off federal student loans now. He can have the payments made to less than 15% of his salary. Don’t know if he has other private loans but still that should still be helpful.</p>
<p>True, but that just extends the pain well into one’s adult years. LOL I think if a person has to take out loans, one needs to make an attempt to pay them off ASAP, so as to not interfere with the quality of one’s adult life - such as buy a first home, raising a family, etc.</p>
<p>And, I agree, he should take the job offer. He’d only be obligated to stay for one year (because of relo costs), and then he could try to go somewhere else (if desired.). I think he hopes to eventually get a job in OC, because his GF is there. LOL (love does get in the way, sometimes.)</p>
<p>As people have said before, the most important factor in student success is the student – not the school. It is very tempting, however, to be able to say “I went to [ivy],” etc (although, for the record, nobody likes that guy). </p>
<p>And for some people, the atmosphere at expensive schools is right for them. They feel a “fit.” This is what we emphasize as the most important factor in deciding on a school, after all. Unfortunately (as has also been mentioned) the price tag is often rationalized because of this.</p>
<p>Don’t be afraid to go to a school that doesnt have the same reputation as the Ivies. There are plenty of snobs – sure. But in the long run, it matters so little where you went to school when compared to who you are as a person (what experiences you’ve had). You’re not sabotaging your life by not going to one of your aforementioned schools; you might actually be considerably helping your future.</p>
<p>Well, I wanted to know IF I could get in to a top school. I think regardless if they are “worth it” or not, most would agree it is an accomplishment to get in. Plus, these schools have the best overall academics. For some, the cost is not worth it though. </p>
<p>However, these top schools are cheaper than any public university for me. I understand this only applies to lower income people, but for me it is a no brainer to go to a top university. Also, I am very interested in going away from home, and they are the most affordable options.</p>
<p>However, these top schools are cheaper than any public university for me. I understand this only applies to lower income people, but for me it is a no brainer to go to a top university.</p>
<p>Schools like Harvard that only make families pay nothing (if incomes less than $60k) or only 10% of incomes up to a high amount - so they are actually cheaper than paying an EFC of - say - $35k at another school.</p>
<p>But, of course, only a small percentage of students get accepted.</p>
<p>Refer to mom2c’s friend, it is much better to go to UCI, UCLA, USC, or even some Cal States like, Long Beach for engineering if he wants to find a job in engineering in OC. I work for a big Oil company in Los Angeles that hires several engineers fresh from college every year. Many of those new hires were from schools like Cal State Long Beach, Cal Poly SLO, UCLA, UCSD, etc. We do not recruit engineers from IVY schools at all.</p>