<p>It really depends on what you want to do after school. For an example, if you wanted to go into higher education: medical school, law school, pharmacy, graduate studies, etc, I would advise that you not rack up those kind of loans so early on.</p>
<p>On the other hand, if you plan to go into investment banking or something of the sort, $100,000 isn't that much, considering that landing that kind of a job from State University is very difficult.</p>
<p>Variations on the topic of whether elite schools are worth additional cost come up frequently on CC. The 100K figure is arbitrary; the question is whether one might be advised to take on any additional debt that they would find significant in return for the experience of an elite college or university. It seems to me that most of the posted answers tend to focus on whether enhanced earning opportunities might balance the additional cost. </p>
<p>But I think there's a larger issue that merits serious consideration. Research on college outcomes indicates that the strongest predictor of students' life goals and aspirations are their college peer group. Would being a member of a world-class peer group, and having that group influence you in multiple ways over four crucial years, enhance the quality of your life after college? Would your interests be broader? Would your conversations be deeper and more satisfying? Would you take greater interest in and enjoyment from the life of the community, state or nation in which you live if you felt especially empowered to impact it? To me, those are questions that prospective students should consider - each person's answer will not necessarily be the same. For me, they would justify some extent of significant additional cost even if I couldn't predict an anticipated economic benefit from the elite campus to balance the differential.</p>
<p>I graduated from a university that most CCers think is pretty good - private, not highly elite, but in the middle of the USNWR top tier. I've worked on private campuses that were far less selective, and I can say without a doubt that the difference in my peer group and campus life from those that I experienced at some of the less selective campuses has made the key qualitative impact on my life. But my daughter is at a highly-elite campus, and I can see that the quality of her experience and the changes in her intellectual depth and global citizenship are light-years beyond what I experenced at my Alma Mater. She will graduate from her school with a sense of personal efficacy that I've never known. She will have remarkable friends all across the globe. Her expectations of her future role in the world will be far greater than mine. In addition, before she receives her undergraduate degree, she will have had dozens of peak experiences and close encounters with people and organizations who profoundly impact the world. Any one of them could be the experience of a lifetime for most people, but to her they are just the norm of college life. </p>
<p>Though financial aid is always different for different families, I can say that the additional cost for my daughter after aid is perhaps $3,000-5,000 a year above the cost of in-state tuition, room and board at public campuses in our state. It is well below what the cost might be at most other private universities. I'd strongly recommend going ahead and applying, then seeing how much the cost difference really is for you.</p>
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<p>As a parent who applied to one university only (my in-state flagship) and attended only one university, I think this is good advice. Over the years I've met graduates of quite a few different colleges, some much like mine, some much more illustrious, some rarely discussed on College Confidential. It's not apparent to me, from observing people in my generation, that the heaviest debt burdens fall on the students who attend the most famous colleges. It's even less apparent to me that the most selective colleges today are as expensive, all factors considered, as they were when I applied to college. Apply widely, and see what happens. I think that is the best advice. There can be good reasons for going to any of a number of different colleges. But make sure that the numerical reasons are attached to numbers from the real world.</p>
<p>I think having his/her parents fill out the FAFSA calculator is a better way to start. That way a decent list can be put together.</p>
<p>Weenie,
I'm with you on that one. Time to get out the FAFSA calculator and figure out where you really are. Find some reaches matches safeties from the Financial aspect, not just the academic aspect.</p>
<p>I believe people are geting off the mark from the original query,which is whether it would be worth 100K+ in debt to go to year! Yes, apply to Yale, but if you don't get a lot of aid, I can't see it being worth it.</p>
<p>There was a study done by Princeton professors,which showed that graduates of top elite schools didn't do better financially in life than graduate from lessor cost or state schools.</p>
<p>Also, read over the thread:<a href="http://talk.collegeconfidential.com/showthread.php?t=326598%5B/url%5D">http://talk.collegeconfidential.com/showthread.php?t=326598</a></p>
<p>It deals with incurring substantial debt for your dream school. As you will see, most of the folks regretted incurring the large debt.</p>
<p>You will 99% not leave Yale w/ 100,000 of debt. It's not possible unless your in poverty right now or have parents who refuse to care about you.</p>
<p>In general, going to Yale w/ debt is WORTH IT, if the alternative is shipping away $40,000 for community college or some crappy state school.</p>
<p>Its tough to evaluate OPs question without knowing what his alternatives are. For example, is it $100,000 debt versus NO debt? Or would you probably incur something like $40,000 in debt regardless of where you go? (10k per year)</p>
<p>If it is the latter ($100k vs. $40k), the difference would be $690.00 per month, or $8,180 per year after taxes. Would a Yale education likely bring in $8k more per year than your alternatives? It is quite possible that the Yale "cache" would do so.</p>
<p>yale haaaaa
well im leaving princeton with almost no debt
thank you no loan program</p>
<p>I went to a Stanford info session last night and listened to 4 alumni that were there to talk about Stanford and life after. None of them were doing anything so spectacular that made me feel that Stanford really would make that much of a difference. All of them were happy they went to Stanford -there's no doubt about it but you can take these same four people and put them in any college and the result would be about the same. Unfortunately, schools like Stanford, Harvard, Yale, etc have the name and that's what people want. I think that whatever undergraduate school we end up at, we will make the best of it and enjoy it to the fullest. Successful people come from all schools. Your success is measured on how happy you are in what you do with your life. I believe that many schools provide an excellent education for less than $100K (in debt.) Think of all the little eateries/restaurants that have the best food of something - those little hole in the walls. You'd look at it from the outside and probably not want to go in but on one given day or by someone's advice - you try it and wow! Great food! Same can hold true for those colleges you don't really hear about.</p>
<p>An education at a school that you really want to go to is like a car, but without a down payment. You will reap the rewards later on. Go for it!</p>
<p>Hi, raffles88, did any of the alumni you saw mention whether they had college debts?</p>
<p>no. it's not. especially not for undergrad</p>
<p>RootBeer</p>
<p>So you would say that since I've saved and earmarked $100,000 for my son's education, I would be uncaring if he wanted to go to Yale (or any other 45K school) and had to borrow the balance?</p>
<p>Sorry, but mortgaging my house to meet my EFC is not in the plans. Fortunately, my son understands that what I am willing to pay is not necessarily what the colleges think I should.</p>
<p>I don't mean to be flip, or maybe I do: If you have to ask, it's not worth it.</p>
<p>I totally agree with gadad about the benefits of an elite school; that's why I am doing everything short of selling a kidney, oh I shouldn't joke about that, to see that my kids get that experience. But that's different than passing the debt onto to them.</p>
<p>If the OP is unsure, I say, don't go for it. If it's something OP can't live without, then OP wouldn't need to ask the question.</p>
<p>I had to get a PhD; even if I never got a job related to it (I did), I would still be happy about my decision because I would not have been happy without it.</p>
<p>When I had children at 36 and 38 my friends who were very comfortable with their single or childless life styles thought I'd had a nervous breakdown, and raising a child sure does cut into discretionary income, haha. I say they're very expensive pets. However, I never considered costs. Something I had to do.</p>
<p>Going into debt to finance Yale, or any other elite, only makes sense if student would not be happy any other way. If there is another way to feel satisfied, it would be nuts to saddle oneself with debt. If Yale is what you've always been longing for, and it has to be Yale, that's a different matter.</p>
<p>100k, or anything near 100k, isn't worth it for a person in their early 20s with just a bachelor's degree. PERIOD.</p>