<p>Rethinking</a> the Costs of Attending an Elite College - WSJ.com</p>
<p>“The choice was really hard, she says; her peers, disdainful and heedless of costs, asked, why would you want to go to a state school?”</p>
<p>:)</p>
<p>Is NYU really much more prestigious than UMass? I mean, I would understand her doubts if she were comparing Harvard and UMass, but outside of New England I’d bet that a majority of people think that NYU is a state school.</p>
<p>I think Sarah is a smart young woman and I know there are a lot more like her out there.
I wish I didn’t have to take an equity loan out years ago, but I emphasize with the family with 2 old cars, no matter how many drivers, old appliances and heavily painted cabinets…I would love a facelift for many of my rooms but those are things and my children are a bigger investment. I will only be able to give them a little, but whatever it is, hopefully the return will be ongoing.</p>
<p>As someone who has now had one child graduate from Brown and in grad school at MIT and another child who recently graduated from NYU (Tisch), my comment is that we did not pay more (and all the loans we’ve taken out) to get a more prestigious education for our children. We don’t see it that way at all. Can someone get a great education at the state U (in our case, UVM)? Indeed! Did UVM fit either of our two kids? No. What my kids did at their colleges and the experiences they had, they could not have had at UVM, including what they majored in, their particular extracurricular endeavors, their particular opportunities, as well as the peer group. We paid for the schools that fit them and they have been worth every penny. I don’t care if anyone thinks NYU is a state school (post 3). I only care that my kids went to schools that really fit them and looking back, they each found (and luckily got admitted to) colleges that fit them to a T. That is priceless in my view. Had that school been UVM? That would have been fine.</p>
<p>No easy answer to this question. I think many people’s thinking falls into the following categories: (i) if they can go to HYPSM or top LAC or whatever seemingly prestigious college, they will be admitted to some special network of alumni and success sort of like Rory Gilmore’s grandfather on the Gilmore girls (Yale alum, married a woman rich enough to have a hospital dedication of sorts…); (ii) some bright students from working class backgrounds view this as a ticket out of their parents lifestyle (which it can be - but not the only ticket); (iii) some students can not feel validated in their academic success if they must go to state U; (iv) some fantasy version of an idealized college experience. I am sure that there are others.</p>
<p>I know that there was a study a few months ago(if I can find the link I will post it later) showing salary differences among graduates of the various types of colleges (ivy, LAC, state). This would be one financial reason to say paying more is worth it (if the study supports the choice more or less). I think a lot of people decide on ivy or LAC or similar for emotional rather than actuarial reasons. Just my opinion.</p>
<p>Interesting article, especially considering that I will be attending Amherst College next year. My parents have always had the attitude mentioned in the article that I will go to the best school that I can get into, regardless of it’s cost. It is difficult to see some students, however, who worked so hard to get into their top choice not have the financial option to attend their dream school.</p>
<p>I think this is the article the OP was talking about:</p>
<p>[Top</a> Colleges For Getting Rich - Forbes.com](<a href=“http://www.forbes.com/2008/07/30/college-salary-graduates-lead-cz_kb_0730topcolleges.html]Top”>Top Colleges For Getting Rich) </p>
<p>And the source of stats in the article come from:</p>
<p>[Top</a> Colleges - Salary Potential By School Type](<a href=“2023 College Rankings by Salary Potential | Payscale”>2023 College Rankings by Salary Potential | Payscale)</p>
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<p>[Chelsea came home to work in the family business.]</p>
<p>I’ve known a few families that have had this problem…they know that they have enough for one year at $$$ College, but no more than that. Why send your kid to that college? Doesn’t it make sense to send your kid to a college where you have a plan to pay for all four years?</p>
<p>[Slideshow:</a> Colleges That Pay Off at SmartMoney.com](<a href=“Smart Money Home Page - Dow Jones”>http://www.smartmoney.com/Personal-Finance/College-Planning/colleges-that-pay-off/)</p>
<p>another link to similar information as noted above.</p>
<p>I would not put down “fit”, as that can contribute to personal happiness or unhappiness. However, if money has to be paid out of home equity, retirement, or gargantuan (ginormous) loans, is it happiness at what price? Personally, I grew up with depression era parents, and they could never really approve of the large loans that I took out for my education, when I could have gone to other places for less. They did not spend one penny of home equity, retirement or take a loan themselves. This is (obviously) a highly personal matter.</p>
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<p>That would be an interesting issue to test. The Gallup Poll once did a survey of college prestige </p>
<p>[Harvard</a> Number One University in Eyes of Public](<a href=“Harvard Number One University in Eyes of Public”>Harvard Number One University in Eyes of Public) </p>
<p>and the results, which differ quite a lot from what the usual tenor of CC discussion is, suggest that New York University enjoys a good national reputation while U Mass is less known.</p>
<p>In another discussion I got pretty well spanked for saying that I’m willing to pay for prestige up to a point, but this is part of the equation: If that prestige translates to higher income that allows you to pay off your student loans in two years, then wasn’t it worth it, compared to a much less costly but also much less prestigious school? (All other things being equal, of course.)</p>
<p>The parents who couldn’t afford college after their child’s one-year scholarship expired might just have been incredibly short-sighted. Or perhaps they thought the economy would turn around, resulting in higher income and greater ability to pay. Or perhaps they believed a little too much when the college said that they are “committed to making XYZ College affordable for everyone,” which of course they all say.</p>
<p>Unless I truly know how I’m going to pay for all four years, I won’t make the commitment. That pretty much means either a free ride, having all of the money in the bank, or needing only a small amount of loans. I guess you could say I’m risk-averse.</p>
<p>Regarding the survey that put Harvard as the top school in the eyes of the general public, I’m pretty sure some of those schools wouldn’t be on the list if they didn’t have good football teams. Louisiana State? Brigham Young? Tennessee? Fine schools all, but one of the top two in the country? Just a few places below Harvard, Stanford, etc.? Gimme a break.</p>
<p>When I mention my third-tier, run-of-the-mill undergraduate alma mater, people often say, “Oh, that’s a good school!” And I think, “Whatever.” They’ve had a few good runs in football over the years, and that’s the only reason anyone’s heard of it.</p>
<p>“No easy answer to this question.”</p>
<p>I’ve had the pleasure of knowing perfectly wonderful people who graduated from state schools, and the displeasure of meeting perfectly dreadful people (like those who tactlessly rub their elite school class ring) when caught being, um, disingenuous. I’ve also met wonderful people from Yale, Harvard, etc. As a result of this diverse experience, I’ve come to believe that school choice is something best left to those choosing … and I would not fault someone for choosing say Michigan over Cornell, or for choosing Cornell over Michigan. Personal choice … that’s still an American tradition, right?</p>
<p>My guess is that the second-year FA package at NYU had more loans than the family could stomach. Do NYU merit awards require a high cumulative GPA to maintain?</p>
<p>Count us among those with a house in need of repairs (though not 1940s vintage), two old cars, and kids who are/will be working and taking out Staffords.</p>
<p>It’s one thing to postpone buying new appliances, but why not repaint the kitchen ceiling yourself? Especially when the ceiling paint is peeling off in big hunks? :)</p>
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<p>That’s what grabbed my attention. Here’s a kid with the credentials to get into Amherst, with scholarship money. Second year the family would need to pay around $25k, so it’s a good bet that the family’s EFC wasn’t huge. Surely there were other schools that would have offered a wonderful undergrad experience at a lower cost to the family. It seemed like such a pity that a student who was relishing the type of intellectual experience at a top LAC and who misses it is now living near home, working part time, and going to the local university.</p>
<p>In the Amherst example, the problem in that situation is the school was not a match for this student at all. Let’s not all forget that an acceptance into one’s dream schools does not a match make. Academically, maybe a match, but financially…NOT a match. IMHO…those parents set their child up for a life what ifs. The other family showed responsibility and strength in their decision.</p>
<p>On that posted popularity survey Penn State comes in just above U Penn. LOL.
In any case, I hope this thread doesn’t head down of so many others on CC…state vs private (or is it fast food vs fine dining?). </p>
<p>Bottom line is that people are paying attention to money more than they did before. Personally, I just can’t understand those folks who say money is no object…unless that’s really the case and they’re rolling in money. Most normal folks have to worry about things like retirement…even those with old cars and kitchens. </p>
<p>I have a friend who is what I’ll call an “education snob.” The best school at any cost. Last week, we were talking about a friend’s daughter and I mentioned that the mom called me to talk about the honors college at our state U (where my son goes). Well, he says, “Geez… he SUCH a smart kid, I hope he ends up at a GOOD school…it would be such a waste otherwise.” Now, that’ some attitude huh?</p>
<p>Big payoff from an Ivy League education only counts in some companies and in some locations. I swear I have seen discrimination against Ivy League graduates, particularly when they did not carry their own weight when teamed up with flagship university graduates or when they tended to stick together and not associate with the lesser lights. And seeing what I have seen in the technical area, I would think twice about going Ivy League (as opposed to MIT, Cal Tech, Ga Tech, Stanford, etc.) for an engineering or technical degree.</p>
<p>We can debate snobbery v. advantages of elite schools all day long – what I find somwhat negligent by parents is letting child go Freshman year at Elite U. and then having them transfer. IMHO, the child is far better off spending first two years as Public U, or even CC, and then transferring to Elite U for the second two years.</p>
<p>I think most people would consider MIT, Caltch in the same category (and expense !) as ivies.</p>