But how do you and your sister demonstrate what you’re willing to do to be given what you want…
100% agreed. But if OP really wants to end with a Bachelors, what are the job interests and are they commensurate with the parent’s investment in MIT (vs. LSU)
(by the way LSU is one hub of the LIGO gravity wave experiment that got the Nobel recently).
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Quants don’t need PhD. Some do. Many don’t.
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This is probably a bad 
example. Sam Bankman-Fried graduated from MIT with a Bachelor’s degree in physics. He went on to work at Jane Street, making at least low six figures (and probably more), before starting his own trading firm, Alameda Research. He was worth in excess of $25B on paper at one point last year before it all disappeared.
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OP, you’ve obviously done great work, but, with all respect, many, many students change their mind about what they want to do in college and thereafter. Heaven knows that I sure did (doctor to lawyer…best thing I ever did).
I would take the suggestions about how much cash you can make doing quant finance with a large grain of salt. How do you even know that’s what you want to do?
College is a great time for self-exploration. Use it to find about yourself. You may find yourself a completely transformed person. I sure did, and not just with my professional aspirations.
I appreciate your telling us your folks’ combined income. But depending on where you live and with two full pays in college if you were to go to MIT, I too would be concerned if I were a parent. As someone pointed out, presumably the compensation your folks make is BEFORE taxes, and when you tack on around $160-$180 k, how much is left to live on, pay for mortgages, cars, retirement etc. I don’t blame your parents for thinking this way.
My D and I had this very conversation this afternoon. She has already gotten in two “top” schools, but she said it would be insane to pay rack rate prices when there were excellent other options. I told her that finance should be A consideration, but it shouldn’t be the only consideration. Have you done that calculus yourself?
You have a great problem to have: acceptance to one of the finest universities in the world and a full-ride to a good school. You should have a discussion with your folks, but, by no means, do I think they are cheating/being unfair to you.
Someone used the word “bananas” to think LSU was comparable to MIT. What is “bananas” to me is the outlandish fees charged by schools like MIT, Penn, and Brown, to name a few. That is not your parents’ fault. Work with them, and know you are VERY lucky to have this issue.
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So LSU it is then! 
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That is true, however, these same parents were happy to pay for Brown instead of LSU ($60k difference) for child #1. Now they are going to foot half the bill for that same sister’s UPenn law school - yet they balk at paying for MIT. To me this is a recipe for family alienation.
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Yes, they do get to choose how they spend their $$. I’m just pointing out that spending $300k + for undergrad for one child plus 1/2 the cost of Upenn law school (another $50k per year) for that same child while insisting that child #2 take the free ride at LSU seems a recipe for a lot of angry feelings.
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The sister will graduate UPenn law school in 2026, a full nine years since the data cited here.
But again there are 3 sides to every story. We are hearing one.
Let’s not make this fodder for a Jerry Springer episode.
You parents ALREADY committed to paying full freight for an elite school for YOU when they committed to paying full freight for an elite school for your sister.
No. I would not let this sit. If you were talking about at full ride at University of Michigan vs. full pay MIT. Or UC Berkeley vs. MIT. I’d say, OK, fine. Save the money. But LSU? No way.
Look: Your sister could have applied to LSU. Even without a full ride it would have been waaaayyy cheaper. She even could have applied to Tulane for the Louisiana Excellence Award or the Legislative Scholars award, both of which are for Lousiana residents. She didn’t do that I have a hunch because she didn’t want to be forced to give up the opportunity for an elite northeast school.
Furthermore … yes, it’s true it’s their money and they can do whatever they want. They can also choose not to pay for ANY college for you. But the fact is, they have the money. So it comes down to SACRIFICE – and the fact that they are willing to SACRIFICE for you sister and not for you is not OK. Tell them that. It’s just plain wrong. That’s my opinion because my husband and I run a child-centered household. We do for you with the expectation that you will do the same for your children. That’s the motto.
Any chance they are testing you to see how flexible you will be? If they can soften you? If you’ll relent? I’m thinking if you hold fast, they’ll be OK with it.
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Perhaps, but half of the family’s GROSS salary for college? And the $80,000/year is more like $90,000 per year, after taxes, when adding in the indirect costs. I went through a parents’ seminar for admitted students at a “top” school recently, and my mouth dropped.
What’s left?
The problem arises because of the ridiculous rates that US higher ed charges for top schools. When I compare the cost here to great institutions, for example, in Europe, it’s truly ludicrous.
On CC, we spend a lot of time telling students not to be bothered about prestige etc. If MIT charged what they charged decades ago or what European institutions charged, it might not be an issue. But it is, when HALF of a family’s gross income would go to education.
OP should definitely have the discussion with the parents, but the costs are just STAGGERING.
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Half of the gross income going to education alone?
Again, i suggest that the OP have a calm conversation with her parents about this issue. Frankly, even income of 400k a yr would have trouble managing two full pay tuitions plus private law school. In my opinion as a child, your parents should gift you the equivalent of what they are paying for your sibling. In my opinion as a parent, we give to our children what we feel each child needs, according to our resources.
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Holy moly. 100+ posts in 10 hours! I’ve gotta lotta catchin’ up to do!! 
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I didn’t see where it was coming out of current income. People have money in the bank. Investments, inheritances, etc.
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I didn’t see where it isn’t. Perhaps more details would help, but people have to live day-to-day.
Let me be clear: OP should have the discussion, but this is not easy as a parent.
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I’m just going by what OP said, which is that her parents told her they have the money. They just decided not to spend it.
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AFAIK, the only thing we know is a combined gross income. There are huge variables. \
OP should discuss in detail with the parents, but at these numbers, I sure can see where they are coming from.