2nd Son has narrowed it down to these two and both are “full price” so 62K vs. 20K. We’ve told son we will pay up to 35K per year for Duke and loan him the rest to be repaid after graduation. Personally, I don’t think Duke is worth 168K extra for an undergraduate education, but I also don’t want to say no to Duke as he is definitely wanting to go to Duke, but we’re trying to advise him that the 100K he’d owe us may not be worth the “prestige”. We’ve asked him to list all the pros and cons of each so that we’re sure he is considering everything. He is intending on doing something Math/Comp Sci related which makes it even more of an even academic comparison. If he wanted to do something like economics or finance, I could see Duke connections and prestige may pay off.
Can anybody convince the Duke education is worth the extra cash?
BTW, our income is only slightly above the cutoff for no need based aid.
Extremely hard to convince me. Virtually impossible, in fact.
The problem is that teenagers have trouble conceptualizing what $168K really means (and they know that there aren’t real consequences if they don’t pay off a loan to mom & dad). Maybe you can show him what $168K, compounded at a conservative 5% rate, will be in 20-30 years. Is there something that he really wants? Trips abroad, down payment on a house, even most grad degrees, etc., would be cheaper.
Also, did he do well enough on AP/IB tests to get enough credits from Duke to graduate a year early?
You’re in-state for Carolina? It’s a fantastic school. Damned shame about the basketball team, though. Your son can succeed by every measure coming out of either place.
Duke CS grads do do well, but @SomeOldGuy is right; CS grads from either school can do very well, so if he stays committed to software engineering (instead of deciding to pursue Wall Street or consulting), Duke is really a luxury good and personally, I’m not the type to blow money on a Bentley even if I made enough to (barely) afford it.
Duke does have a better network on Wall Street, though. How committed is he to his current path?
Easy decision. Go, UNC! Run a financial aid calculator, and maybe the difference will have an effect. I’m guessing that you’re not charging him interest, but still …
Duke alum here - as I plunge the knife into my thigh to deflect the pain that I feel from this coming comment, here goes: Go to Chapel Hill. There I said it.
Duke was the best four years of my life and I wouldn’t trade it for anything - however, in your situation, your kid is better off seeing slightly inferior basketball and graduating debt free from a state flagship that is one of the best universities in the country. To put an exclamation point on the financial lesson to be bestowed to your son, offer him a new car at graduation if he goes to UNC. You are still way ahead of the game. That was my ploy on the in-state schools, and the kid still chose out of state private.
I think in this case, a lot of people would choose Princeton and the debt.
But in the case of the OP’s kid, Carolina seems like a fantastic choice.
Question: You said that you could pay 35K a year for Duke, but Carolina would only cost 20K a year. So if he goes to Carolina, there will be money left over. Would you be willing to use some of that money to help him finance a master’s degree if he wants one? Knowing that he has that option might make the choice of Carolina more palatable.
There are interesting jobs with good salaries for computer science graduates from respected schools. My son is one of them, and his college doesn’t rank as high as Carolina. But pursuing a career in this field often means moving from place to place around the country and perhaps spending some years in the staggeringly expensive San Francisco area. It’s a lot more pleasant to do that if you don’t have any debt.
Agree with the above: from a consistency standpoint, I would offer the extra $15K per year UNC differential as an equitable investment fund for his future, whether it is used for graduate school, or to help him get on his feet after undergrad. While it may have seemed like a poor move to prevent him from applying to Duke, it could be potentially very damaging to have a ~$100,000 albatross around his neck, beholden to his parents. Talk about a recipe for family strife… not a good set-up, I’m afraid. He could think, possibly, “well, if they can afford it now, why can’t they just flat-out pay? And if they can’t afford it, why aren’t I then forced to take out loans myself” [which I wouldn’t recommend, and in any case, would not cover complete costs without parental loans].
Thus, UNC all the way in this case. There really isn’t an appreciable difference with his choice of major. Triangle Research Park is also nearby; both institutions benefit. If he is serious about finance or iBanking, that is perhaps the only reason I might re-consider. But then the family finances would really have to be ironed out. And personally, I still wouldn’t recommend Duke full-pay when Chapel Hill is available in-state. It would feel like squandering an invaluable offer to me.
A. It was his top choice of schools admitted to.
B. You limited his choices (at either application or matriculation time) by price.
?
If the answer is B, then the “fairness” issue in terms of family dynamics becomes a more important consideration than if the answer is A. (Also, is the offer of money to “pay for grad school, travel abroad, car, something else if he goes to UNC” available to Son-1 as well?)
Does son have any plans for grad school at this point?
We are NC residents, son turned down Carolina for undergrad for an ivy and he had high need so the ivy covered all expenses. He is however at Carolina for grad school and turned down 3 ivies for Carolina. He followed the money each time, and it has turned out well.
The UNC system schools offer very diverse majors, colleges and experiences (large vs. small, rural vs. urban, LAC vs. major research uni) so fit is more important than cost for many students at UNC. And the cost at any of them is less than Duke unless you demonstrate high need or a Robertson scholie, or staff at Duke qualifying for tuition remediation.
Does he have a specific reason for Duke vs. Carolina?
Like other posters I too would suggest Carolina, the $$ are pretty far apart.