<p>I am a boarding school applicant's parent applying to the typical "top ten" schools. My question is has anyone done a "cost/benefit analyses" for the money spent at these schools? I once read that it was financially BETTER AND COST EFFECTIVE to simply give your child a Dunkin Doughnut or Mcdonald's franchise than to spend 200K (50K per year) on an Ivy league (or any other college) education.
Secondly, does anyone know HOW MUCH these boarding schools ask for to reserve a seat, once accepted, by April 10th? Is a percentage of total tuition or an absolute number?
Thank You in advance for any response I receive</p>
<p>I think it’s hard to do a cost/benefit analysis because many of the benefits are hard to quantify monetarily. It’s like the Mastercard commercials - they’re priceless! :)</p>
<p>Typically, deposits range from $1,000-2,500.</p>
<p>SKAFE ROFL!!! If you don’t get it you need to check your baggage and head home.</p>
<p>Deposits vary from school to school but are enough to make sure you are serious. Generally around $2500 or so. You will receive a contract as well that will obligate you to pay tuition unless you withdraw - usually by June 30 - and you will lose the deposit if you do that. Ditto if you deposit and then choose another school. As to whether it’s worth it – a personal decision for you and your family. For my family, it’s been absolutely worth it although the college fund is now dry, but that a whole other story…best of luck</p>
<p>I think the best way to look at the whole process is what your child will gain from the experience. It is a lot more than just the academics and where they will end up for college and their income one day…at least that is how we look at it. Anyone who has ever gone away to BS will say the relationships they made are ones to last a lifetime…even more so than college. Yes, it is priceless.</p>
<p>If your child receives a financial aid package, generally the deposit required will be less</p>
<p>The schools we looked at required a percentage of net tuition, so FA recipients pay less to hold the spot. I think it was 5%.</p>
<p>As for the cost benefit analysis, if you want a franchise, get a franchise. Honestly, it sounds like a good plan. I value education as an end in itself, not a stepping stone to something else. I want my children to be able to think, reason, write and to have a reasonable grasp of history, science, and the arts. </p>
<p>Invest in your family’s values.</p>
<p>Thank you all for your responses ((even the junior member).
I want to take the opportunity to distinguish between subjective and objective. The responses I’ve received so far are excellent, but they are SUBJECTIVE (I think I share most of your observations and opinions). My question relates to OBJECTIVE results, or consequences, to a boarding school education. Is anyone aware, for example, of what the average BS graduate pays for a four year college? Subsequently, what is the average pay of a BS graduate (over a lifetime) and what field or profession is most prevalent? With these numbers one can analyze whether, by my calculation, 180K, or four times 45K (on average) is worth it. Not to mention the 200K you later need for college. What objective return do you get, over a lifetime, for a 380K return?
Since owning a national franchise like Dunkin Doughnuts, Mcdonald’s, etc. virtually GUARANTEES economic prosperity for the owner, would 380K very served, or have a greater objective yield, if used to purchase one of these franchises for your child…?</p>
<p>I have never heard of such information as you are looking for, but if you found it, I am sure it would be happily devoured and dissected here on CC. Go forth and research and report!</p>
<p>Two more “sujective” things to consider:
- BS education doesn’t GUARANTEE economic return if that’s what you are trying to get at. It provides better training and possibilities for a successful and enriched life. It is certainly not the only way leading to success. As a matter of fact, it has been and still is just a fraction of kids’ choice and “previlege”. Many BS parents and students are either rich enough not to worry about that they wouldn’t have another 200K for other investment, or are just not so “down to earth” when it comes to education - they envision their children/they will be in the future sucessful in the sense that they are tapping their potential to the fullest, and leading a intellectually and spiritually satisfying life, which they may not see happening for being an owner of a franchise.
- BS education is a discretionary spending. It is a luxury, especially with this bad economy and when some schools are cutting financial aid. If you have doubt, do think it over. Eventually you should “invest in your values” as a parent pointed out.</p>
<p>It would be impossible to measure. But in terms of anecdotal evidence, you will meet a heck of a lot of businessmen who will tell you that connections they made early on during their school years are responsible for many deals they did as adults.</p>
<p>If you need to measure worth this way, don’t spend the money. In my experience, people looking for such pay offs are often disappointed. They are so busy looking for the pay off they don’t enjoy the experience.</p>
<p>Th people on this board (parents and children) are not like your typical parents and children - nor are they even typical for BS parents and children. The people on these boards are often on these boards ALL DAY obsessing over private school. </p>
<p>I saw some people give you a somewhat high handed (snooty) scoffing at your obviously low class (I’m being sarcastic here) values, when in fact you ask a legitimate question.</p>
<p>Sure, many boarding schools can offer a terrific education - but then again, plenty of public schools can do the same thing. If your child is self-motivated (mine is) he will become a critical thinker and an intellect even if you left him in the new york public library (without a teacher) and came back to pick him up after 4 years. </p>
<p>By implying that owning a McDonald’s franchise is somehow unworthy or not equal to an education at a private BS is hogwash. Certainly they’re not the same - but both have merits. Owning a successful business takes wits, intelligence, people skills, leadership, etc. In the end - one could also certainly end up better off financially. </p>
<p>Righ now I know of at least three graduates of prestigious boarding schools (one is a harvard Grad) and all are out of work and struggling. </p>
<p>Don’t let people on this board get to you. There are a good many people who come here for some information - or to share what they know - but there’s also a faction of somewhat desperate parents and students who associate their worth with the school they attend or hope to attend. I wouldn’t take life changing advice from people whose confidence is that shaky. Attending a private boarding school is no guarantee that one will be financially successful or happy.</p>
<p>who implied owning a mcdonald’s franchise is unworthy? I didn’t get the same “read” from this thread that you did tlcmom</p>
<p>FYI, I was trying to delete my post, but it was too late. Consider it deleted. I apologize, tlcmom and others - I let my shaky confidence take control of me.</p>
<p>I don’t think you can get anything but subjective info on this. Boarding schools are not for everyone – I can imagine that there are thousands of students who would be far more successful if they were given a McDonald’s franchise than 4 years at a boarding school. On the other hand, there are equal numbers that would be much more successful if given the 4 years at a boarding school than the franchise (my youngest falls into that category).</p>
<p>This is an evaluation that you need to make individually – based on what you know about your student, your family values and financial situation and the available resources in your area.</p>
<p>There are many, many paths to success – and many ways to interpret success. We used to homeschool our children and there are several large families who sell homeschool books to support their families. These families usually have between 5 and 8 children and they spend their lives traveling from homeschool conference to homeschool conference selling books. Each child works for the business, including the 5 year olds (I have had books carried to my car by a 6 year old, been told the merits of a math textbook by a 12 year old and had my purchase rung up by a 9 year old). The kids “learn” by participating in the business and doing a few other classes on the side when they can be crammed in. These kids grow up to be very successful, marry, have children and start their own businesses. This is not how I would educate my children – but I have a different definition of success.</p>
<p>Owning a McDonald’s franchise is not guarantee of financial security. It depends on the child. I know of several cases in which wealthy parents bought businesses for their children, and it did not go well.</p>
<p>I assume that many boarding school graduates, and ivy league grads, are now out of work. A worldwide economic crash will do that.</p>
<p>Everyone is very nervous today. It is better not to attack each other.</p>
<p>$200K would not be anywhere close to buying you a McDonalds franchise.</p>
<p>There is an old saying “A fool and their money soon part ways.”</p>
<p>Most kids (not to mention their parents) would be failures at running a franchise restaurant. It is a grueling lifestyle (7 days a week - no vacations). Absentee ownership is almost a guarantee that someone will rip you off. Basically, unless you are a work-dog, fuggitaboutit.</p>
<p>And there are almost no major franchise operations that will allow you to in with only $200K. Undercapitalization is the #1 reason small businesses fail. Part of that capitalization is the unprofitable first year where you are not making money. They ones who make it have both the required franchise fee AND a couple of years living expenses in the bank.</p>
<p>Only a fool would buy their unprepared kid (or themselves) a business like that.</p>
<p>That being said, I do understand the concept of analyzing the ROI of an education. And for those who have great free public options nearby, the lack of a boarding school education may not make business sense. </p>
<p>But then again, your children are not a business venture. This is where for the lack of a better judge of spending decisions, I turn to Suze Orman who will ask “Can you afford it?” If you’ve got your retirement set, you housing set, and have the cash flow, by all means go for it would probably be her answer.</p>
<p>YMMV</p>
<p>I’m glad you mentioned Suzie Orman, galiedad, because she was, in part, my inspiration for this thread. I did some research. It takes 750K to start a Dunkin Donuts franchise, but only 250K for Mcdonalds and a surprising 15K for a Subway franchise (according to Helum.com and Businessmart.com). Follow my math for a second, if you spend 180K on a BS education (45X4) and then ADD 200K for college (4X50) for a total of 380K, then you can fully evaluate or compare the two different “career” paths. Again, this is a simplified view, and yes, a franchise requires 7 day weeks, but is anyone appreciating the immense investment a BS plus college education requires? Is the money better spent elsewhere to help your child suceed…?</p>
<p>I urge you to check out “The Truth About Boarding Schools” </p>
<p>[The</a> Truth About Boarding Schools](<a href=“http://www.schools.com/theTruth/truth.cfm]The”>http://www.schools.com/theTruth/truth.cfm)</p>