@TheGreyKing – Some thoughts:
1 – Congratulations on saving the fund for college. The vast majority of Americans do not have this luxury. Roughly 70 percent of college grads have debt, and the average debt load for a 2016 graduate is more than $36,000 (Source: https://www.usnews.com/education/best-colleges/paying-for-college/slideshows/10-student-loan-facts-college-grads-need-to-know). To make that sort of financial decision without being informed on how to pay it pack is foolish, and unfortunately most students and parents have only a vague idea of how the job market works.
2 – When your children are making a college decision, it is not just a four choice, but a forty-year choice that will impact the trajectory of their adult lives, and those of their children. One may try to maximize the “life of the mind” in that four-year period in college, but at the expense of a long-term happiness.
One of the advantages of CC is that one can learn the from the experiences of other parents in making educational decisions for your children. You stated that you are an educator who migrated to administration. If you are like other educators, you worked for a local school district or private school with a fairly set income scale based on seniority, academic specialization and support for extracurricular activities. Some educators jumped to the administrative side, but most retired after vesting into whatever retirement system offered by the employer, with some post retirement income from working as an administrator or teacher in another district. It is an ordered career path with little deviation in financial rewards for highly proficient or incompetent teachers. Given your background, it is evident how you generated your preference for your child’s college education.
I have worked my entire career in professional consulting which has an entirely different structure. The various firms I worked at had similar physical configurations. They would have a downtown office in a major city, and the central part of the floor had a large area of cubicles, with enclosed offices along the perimeter. Generally, the administrative and support staff were in the cubicles, with the professional staff who drove the firm’s revenues in the offices. This being the Midwest, both the professional staff and administrative staff generally went to the same kind of colleges; big state institutions.
What separated them was their area of study. The administrative staff pretty much all had degree’s that would score high on the “life of the mind” scale, i.e. English, Foreign Language, art and history majors. One HR manager liked actors, so he would go out of his way to hire BFAs. The professionals would score high in your “trade school” category; many accountants and finance majors, some engineers with MBA’s, and a few actuaries, building construction or architects whose careers lead them into consulting.
The difference in compensation was tremendous. Earlier in the thread, there was a link to an older Payscale report (http://online.wsj.com/public/resources/documents/info-Degrees_that_Pay_you_Back-sort.html) that reported compensation by major. The admins generally earned near the mid-career salary for liberal arts majors, while the consultants would earn near the 90th percentile for their majors, and, as you can imagine, this wage differential made a material impact on their happiness. In their 30’s, most of the professional staff were married and looking at move-up houses in UMC suburbs, while many of the administrative staff were single, renting in older parts of the city and still paying off student loans. Given this background, I hope you can understand by preference for the “trade school” majors.
3 – Colleges do not have a monopoly on the “life of the mind”. If anything, the traditional liberal arts majors are the easiest areas to be self-taught in. One does not need a college degree if you want to become a historian or fluent in another language, just read a lot of history books or live in a foreign culture for a few years. Many colleges offer their courses on-line for free. I have been happily listening to Yale’s liberal arts lectures for years now (https://www.youtube.com/user/YaleCourses).
On the other hand, if you want to become a professional engineer, you need an engineering degree. If you want to become a CPA, you need an accounting degree. If you want to be an architect, you need an architecture degree. It is very difficult to be a self-taught physicist or mathematician. Since most people only have one shot at getting a bachelor’s degree, it seems a waste to major in something you have the rest of your life to study, or could be learned easier outside of college.
4 - I agree that the size of a bank account is not a measure of success. However, in my experience, it is much easier to be happy with a large bank account than a smaller one. Good luck with you and your child’s education.