Confused - Go For A Full Merit Scholarship School or Highly Ranked No Merit Full Fee School ?

Parents Forum
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<p>A good Public University has offered full tuition waiver. But the child is interested in a highly ranked Private school where we have to pay the full fee. </p>

<p>I am torn. The child wants a small school, and this private [and possibly 2 other schools] school is a great school both academically and as a place to live/attend. Even I am in love with the school. </p>

<p>But is it worth spending $60,000/year when one can pay only 20,000/year and get a similar education but in a less sophisticated place [Let us assume that no loan will be involved in either school]?</p>

<p>Brain says go for the state school. But the heart says do not rob the child of an experience of a life time in a great place.</p>

<p>What would you do?</p>

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<p>It depends on what the student is interested in. If they want a job in investment banking or finance, or a job where networking and the name of the school plays a large part in breaking into the industry, the better, more expensive school will offer better networking opportunities in order to get that job. Even though it may seem expensive initially, after a few years in a something like a finance job, the student can pay back the student loans quickly. However, if the interest of the student is computer science or programming, for example, or a major that does not require large amounts of networking to be successful, the full merit choice would be more applicable and cost effective.</p>

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<p>The problem is, the major is undecided. It could be languages or sciences. Not interested in Politics or Banking or Economics. It is just the allure of the school. Sigh,</p>

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<p>Are all decisions in? Merit and FAid offers? It is tough paying full freight when there is a low price offer on the table. Our S got a full ride offer at an OOS public and 1/2 tuition at a great private. We let him chose and he went to the private at about $30K/year. Worked for him and us. Was more painful when D followed him and was $60K/yr! </p>

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<p>My D got in to her top choice school which is full pay [60K] and got in to a good safety with full tuition waiver. The other schools are now irrelevant for her. She may possibly get in to 3 more good but full pay schools [then she has to decide between the 3 private but full fee schools] so it makes no difference. </p>

<p>The question is, should I “convince” her that she should take the tuition waiver and forget about the private schools? </p>

<p>I don’t want to take away any opportunity that she may have or not had by not going to the private school?</p>

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<p>If the major is more humanities focused and not towards finance as you said, it may be better to not spend a lot of money and simply go to the full ride school.</p>

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<p>On the other hand, a humanities major is likely to be stronger at an academically superior school.</p>

<p>I find it impossible to give a rational opinion on this sort of question without knowing which schools are in play.</p>

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<p>@Consolation
University of Pittsburgh VS Amherst/Wellesley.</p>

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<p>Just exactly what would your family be giving up to pay full-freight at the privates? That is what all of you should be thinking about. </p>

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<p>Right… In a way it’s like buying a car (ok - 4 cars). For some families it is worth splurging because not a serious hit to family finances or retirement security. Others need to be more frugal. </p>

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<p>Well those would be very different experiences! I love Pittsburgh and have heard nothing but good things about U of Pittsburgh especially the honors program, but Amherst and especially Wellesley are very strong and have great alumni connections. In the humanities they might well have an edge in job placement. (Assuming you can afford either and just hate the idea of spending all that money.)</p>

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<p>@mathmom
Yes, I feel the same. She has been accepted to UHC at U Pitt. It is as good as attending a small LAC with in the big U Pitt. </p>

<p>But I/and my D loveeee… Wellesley. It is a hard decision. </p>

<p>Is a school like Wellesley worth paying $60K when you do not know the outcome at the end of 4 years? If you are at UHC in U Pitt, you will get quality education in sciences and languages and similarly you get a great education at Amherst and Wellesley, but is it worth the 60K?</p>

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<p>At least part of the answer depends on what $160,000 (the difference over four years) means to you and your family. The answer will be different if it will compromise your ability to retire with financial security (perhaps causing your daughter to have to support you when you run out of money) versus if you are thinking of setting up your own charitable foundation to give away all of the money you have but know won’t ever need.</p>

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<p>Well, as a Wellesley alum, my opinion is probably a bit biased. :)</p>

<p>In the first place, the question is really is it worth paying $40K per year in incremental cost. This is assuming that the COA of Pitt will in fact be only $20K per year for her, including room and board and so on. I see that she got a full tuition waver, so that sounds reasonable.</p>

<p>I assume that when you allowed her to apply to Amherst and Wellesley, need-only schools, you ran the NPC and knew that you would be full pay. This would indicate that you can afford it. But only you know what your family would have to do to come up with the $$. You have to consider other children, if you have them, and the potential cost of professional school if she wishes to go. </p>

<p>BTW, have you received a letter stating the financial award from the privates? It seems early… Did you apply for FA?</p>

<p>Wellesley has the potential to open a lot of doors in a lot of fields. The education at Wellesley will not be the same as that at Pitt. (But there are areas where Pitt may offer more.) I think that you and she need to look closely at the honors program at Pitt, and see how many of her classes would actually be honors classes. It has been a while since I looked at the program, so I don’t recall. (I tried to get S to apply to Pitt as a safety, but he refused, because he didn’t like the idea of an honors college within a very large school. His thoughts, not mine!) She needs to look at the offerings in the language departments in which she is interested at both schools, and try to get some idea of the class sizes. While she’s at it, she needs to see how often those classes are actually offered. Large Us sometimes have classes listed that are given once every four years, and famous professors on the roster who almost never teach there. I would also look at the housing situation. Some honors colleges come with honors dorms, some don’t.</p>

<p>In addition there is the question of what you would do with the money if you don’t spend it on her undergraduate degree. Would any of it be available to her for other purposes, such as travel or schooling abroad, especially since she is interested in languages. (And while you’re at it, check to see whether the Pitt tuition waiver and Wellesley tuition covers studying abroad, and if it doesn’t, see how that affects the total cost.) Or would you have so much trouble scraping it together that it could not be set aside?</p>

<p>Lots to think about and investigate. There are W parents here who describe it as a transformative experience, and are happily full pay.</p>

<p>Good luck :)</p>

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<p>@Consolation
Very nice to meet a Wellesley Alum…:), what a coincidence!
I have sent a PM to you. Thank you for your response thus far.</p>

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<p>BTW for what it’s worth, sometimes study abroad is cheaper than the original university - it was for us. Even including flights.</p>

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<p>@mathmom… where did your child go to school? My D wants to do study abroad but I did not know that [fees, room , board] it will be covered under the regular school fees! I thought we have to pay for it including flight and stay etc… </p>

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<p>@ Consolation
Wellesly fee is going by 3.5% this year to 45K :((, so all included it will end up being around 65K.</p>

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<p>Not an easy choice! Did she apply anywhere that may give her merit money and the smaller college experience? Seems like she may have had a shot at that. The bottom line is looking at what you would use that money for if you did not have to pay tuition. Do you have enough saved that if a job is lost or an illness happens you will still be fine? Will this impact your retirement funds? Does this mean no vacations ever again? Will it impact your ability to pay for your other children to go to college? Or is it simply that it would be nice not to have pay that much money? Only you and your family can answer that.</p>

<p>What would your daughter gain by going to Pitt? Could you then help with grad school or a down payment on a house when the time comes? Could she do something fun in the summer and not have to work (at last until she took on internships). </p>

<p>I would also consider having her take out the minimal loans to go to her dream school. She should have to pay some of the cost differential. That would bring your out of pocket down a bit. </p>

<p>No doubt the experience will be different and possibly “better” in some sense at Wellesley/Amherst. But the financial cost is very high. Know that you are not alone. Many parents (and probably many will post similar threads in the coming weeks) face the same dilemma. Good luck and let us know what you all decide. </p>

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<p>First I think you’ve over estimated the cost of Pitt by about $5K. I can’t believe the room, board and other fees will come to $20K. But it really comes down to whether you want to spend the money. It sounds like your D will get a LAC like experience no matter what. I don’t think I could bring myself to pay $40K+ more each year, but that’s me.</p>