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<p>Spoken like a college student! Just wait til you get into the real world. Unexpected medical bills CAN and DO wipe people out. You can’t just preen and say it’ll never happen to be.</p>
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You misunderstand. Point is, colleges like to have representation from all 50 states, so being from AK is a “hook” of sorts for you.</p>
<p>Ant this thread originally started talking about the school’s whose cost of attendance exceeds 50K. It got hijacked into a discussion of the cost vs. value of an education, and whether it is worth spending a lot for a school when one could spend less elsewhere. This has been bantered and debated and beaten to death a gazillion times on CC. So, is some reader, parent of student, happens across this little thread, they will likely, with little effort or research, come across many, many, many other threads on the same topic.</p>
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Well, that’s obviously true. Some things in life are impossible to prevent, and all we can do is hope that they won’t happen. But committing to spend a large sum on tuition each year when there is not enough money saved for expensive but not-as-unlikely procedures does qualify as reckless in my book.</p>
<p>EDIT: Crossposted with jym626. As I see it, the most probably conclusion of a thread started with “What I can’t understand is what can possibly be worth over $50,000 per year and why it can cost that much?” is discussion of whether more expensive schools are in fact worthwhile.</p>
<p>If you’d like to go through the spending summaries of the institutions listed in the OP, I would be open to such a discussion. But I suspect the results will have little applicable value in any situation.</p>
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<p>So, how much, exactly, should a family have in the bank and readily available before sending a kid off to a $50K/year school? Clearly you have a figure in mind, so share it.
Let’s make it, for the sake of argument, a family with 2 kids, a hs senior and a hs sophomore; both parents work; they live in a moderate cost of living area (so no Manhattan or anything); no known medical issues or other out-of-the-ordinary circumstances.</p>
<p>Clearly you have a number in mind. It’s not reckless for them to send junior off full pay if they have $5 million in savings; it’s reckless if they have $5,000 in savings. What’s the point in the middle in which not reckless turns to reckless? What eventualities do they need to be prepared for? Dad becomes paralyzed? Mom develops multiple sclerosis? Junior gets hit by a car? What’s the amount, since you’re so sure?</p>
<p>^ There are too many variables to provide an exact figure (which I suspect is your point). I found some interesting data to post after lunch…</p>
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<p>I’m getting confused, noimagination. I agree that families should not spend money that they CLEARLY need for other expenses like medical expenses or housing…NEEDS.</p>
<p>BUT I don’t think folks should feel they need to keep every cent in the bank “just in case” they need to use it for some catastrophic issue. EVERYONE should have money in savings for an emergency fund. BUT if a family has that emergency fund AND is willing to help fund an expensive college education…I don’t think the “what ifs” should be a priority. </p>
<p>Heavens, if we lived our lives saying “what if” this and “what if” that…we would probably take NO RISKS ever. I’m sorry…but that isn’t a wise way to think either.</p>
<p>If you go and read in the financial aid section of this forum (where I usually post) you will see that parents there (including me) very strongly suggest that kids and families have a financial discussion BEFORE they even begin looking at schools. That way, the student knows up front what the family is willing and able to contribute. The sage parents in the finaid forum regularly tell students…there is no “tuition/room/board fairy” out there. They need a realistic plan to pay for school. If their parents say they will not pay…they need to be realistic in their college search.</p>
<p>As said before, the amount of money spent on college is a VERY personal decision for each family to make. BUT there are a lot of reasons for choosing a more expensive (and sometimes LESS prestigious school) than a school that is simply very cheap. For some kids the money issue will be paramount in their college search. The notion that they would even LOOK AT a school in the $50K range is not a happening. BUT for others, this is within the realm of financial possibility. </p>
<p>I, for one, do NOT believe I threw my money away on the expensive private school educations my kids receive(d). We were fortunate to be able to put money issues aside when the kids were making college choices.</p>
<p>BTW…I’m involved with this board. Re: my kids’ college searches…all I did was drive them about to see the places. They chose the schools to visit and they ultimately made the decision about matriculation. DH and I did not try to sway them at all with regards to price, geography or any other characteristic of the schools. They both made outstanding choices…for themselves…and we supported those choices.</p>
<p>You’re right, there are too many variables to provide an exact figure. So, absent something really extreme, it’s therefore difficult to assess and pass judgment on anyone else’s financial situation.</p>
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<p>“Worthwhile” is in the eye of the beholder, though. I don’t “need” to stay in a hotel nicer than a Motel 6, but I consider it worthwhile to spend money for nicer experiences. I don’t “need” clothing other than the basics of what covers my body and keeps me warm, but I consider it worthwhile to spend money for nicer, stylish, fashionable clothing.</p>
<p>noimagination-
Actually, I thought the thread might have talked more about the subsidies that public schools get that are not available to private colleges, LACs and U’s, and a discussion of what it does cost to educate a student-- ie budetary issues that the colleges are dealing with, etc. The discussion was going in that direction, with the cutbacks in public funding, fulltime vs adjunct faculty, etc. Then up came this same, tired old discussion about whether it’s worth spending a lot of $$ on a kid’s education.</p>
<p>@thumper1 and Pizzagirl: Can we agree that financial concerns may deserve consideration even if a family can afford full pay at any college? I definitely am not trying to argue that a student should always go to the cheapest school or that $50k is always too expensive, just that less-expensive schools can offer opportunities not available if all the money is going towards tuition.</p>
<p>Anyway, I took a look at the twelve most expensive colleges in the country (based on OOS total on-campus COA from IPEDS). The following lists Institution, total COA, Average amount of institutional grant aid received, Percentage receiving institutional grant aid:</p>
<p>Landmark College 55400 12650 41
Sarah Lawrence College 54854 21410 45
George Washington University 54200 21905 56
University of Chicago 53310 19926 59
Georgetown University 52692 20760 44
Washington University in St Louis 52464 19735 55
Middlebury College 52460 27187 45
Vanderbilt University 52303 25828 53
Northwestern University 52120 20072 49
Drew University 52106 16408 99
New York University 52082 10749 55
Boston College 52060 21761 45</p>
<p>We can see that the Robin-Hoodesque argument for the rich subsidizing the poor may not hold true at all expensive institutions, and that they are taking in a lot of money from almost everyone attending.</p>
<p>EDIT: I have a chess game starting in a couple minutes, but I’ll stop by later to see your responses. Nice talking to you all…</p>
<p>RU sure those figures refer to GRANT aid, or possibly <em>all</em> financial aid (including loans, merit $$, work study, etc), or possibly all non- merit $$ (as some of these schools don’t give merit $$), which would still include loans and work-study, not just grant (which doesnt have to be repaid)</p>
<p>Last year, the cost estimates from a number of private schools, none making this list, topped $60K for total cost.</p>
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<p>I don’t know why we need to “agree” on this because my opinion on how other people spend their money or make big financial decisions isn’t really all that relevant to those people. Why do “we” all need to come to consensus? “We” aren’t writing the tuition checks. If my neighbor says he’s only going to send his kids to U of I and doesn’t see a need to ever send them elsewhere, I might <em>personally</em> disagree with him for <em>my</em> family, but I don’t see why I need to weigh in on his choice. It’s not my checkbook, it’s his.</p>
<p>If only the collective “we” were writing my tuition checks…</p>
<p>noimagination - Bravo to you!!! Given your posts and cogent points made on this thread, you are wise beyond your years and I have no doubt you will succeed in whatever you do.</p>
<p>Best of luck to you</p>
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I’m just quoting the description on IPEDS. Either way, any applicants to NYU should note that the CC conventional wisdom is backed up by data - only a bit over half receive some sort of institutional aid, and the average amount still leaves a lot to cover.
Well, I’m not suggesting that you barge into your neighbor’s living room and interrogate him on his financial decisions. But if he were to ask your opinion (such as on a discussion forum dedicated to college admissions, if you were to frequent any such place), I think it would be very fair to bring up any criterion you feel is valid when considering a college choice. And when responding to a thread asking for college suggestions, I think it is more than fair to bring up schools you consider excellent values and provide cost as a positive descriptor regardless of the OP’s income.</p>
<p>Sound reasonable to you?</p>
<p>@berryberry61: Thank you for the compliment, deserved or not ;)</p>
<p>EDIT: Post #1234!</p>
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If you post the IPEDS link to what you are citing we can discern if it is grant or loan or both.</p>
<p>Isnt berryberry the poster who referred to others as suckers??</p>
<p>^
Percentage receiving institutional grant aid:
Percentage of full-time, first-time degree/certificate-seeking undergraduate students who received institutional grants (scholarships/fellowships).</p>
<p>Institutional grants - Scholarships and fellowships granted and funded by the institution and/or individual departments within the institution, (i.e., instruction, research, public service) that may contribute indirectly to the enhancement of these programs . Includes scholarships targeted to certain individuals (e.g., based on state of residence, major field of study, athletic team participation) for which the institution designates the recipient.</p>
<p>Undergraduate - A student enrolled in a 4- or 5-year bachelor's degree program, an associate's degree program, or a vocational or technical program below the baccalaureate</p>
<p>Full-time student (Undergraduate) — A student enrolled for 12 or more semester credits, or 12 or more quarter credits, or 24 or more contact hours a week each term.</p>
<p>First-time student (undergraduate) - A student attending any institution for the first time at the undergraduate level. Includes students enrolled in academic or occupational programs . Also includes students enrolled in the fall term who attended college for the first time in the prior summer term, and students who entered with advanced standing (college credits earned before graduation from high school).</p>
<p>Degree/certificate-seeking students - Students enrolled in courses for credit who are recognized by the institution as seeking a degree or other formal award. At the undergraduate level, this is intended to include students enrolled in vocational or occupational programs.
Variable Sources
IPEDS, Spring 2007, Student Financial Aid component
Average amount of institutional grant aid received:
Average amount of institutional grants (scholarships/fellowships) received by full-time, first-time degree/certificate-seeking undergraduate students.</p>
<p>Institutional grants - Scholarships and fellowships granted and funded by the institution and/or individual departments within the institution, (i.e., instruction, research, public service) that may contribute indirectly to the enhancement of these programs . Includes scholarships targeted to certain individuals (e.g., based on state of residence, major field of study, athletic team participation) for which the institution designates the recipient.</p>
<p>Undergraduate - A student enrolled in a 4- or 5-year bachelor's degree program, an associate's degree program, or a vocational or technical program below the baccalaureate</p>
<p>Full-time student (Undergraduate) — A student enrolled for 12 or more semester credits, or 12 or more quarter credits, or 24 or more contact hours a week each term.</p>
<p>First-time student (undergraduate) - A student attending any institution for the first time at the undergraduate level. Includes students enrolled in academic or occupational programs . Also includes students enrolled in the fall term who attended college for the first time in the prior summer term, and students who entered with advanced standing (college credits earned before graduation from high school).</p>
<p>Degree/certificate-seeking students - Students enrolled in courses for credit who are recognized by the institution as seeking a degree or other formal award. At the undergraduate level, this is intended to include students enrolled in vocational or occupational programs.
Variable Sources
IPEDS, Spring 2007, Student Financial Aid component
</p>
<p>NewHope33 - I actually thought you were joking when you asked TaxGuy about a condo in DC for $125,000. There is no way. Maybe if you look north an hour or so away, but I don’t think there are even condo’s up here that cheap. Maybe…</p>
<p>No I-
Please provide the url link so we can read the report in its entirety</p>