<p>Ambitious students with certain kinds of career goals are likely to find that the odds of great success are higher if they attend top schools (for example, where did the Supreme Court Justices go for undergrad and law schools). For some career paths, in my experience, doors open more easily if you attend those schools. A few years ago, a disproportionately high fraction of hedge fund folks, for example, came from high-end schools (this may have changed). But, attending these schools guarantees nothing but tips the odds in their favor. Moreover, 25% of the people at Yale will be in the bottom quartile. That won’t help getting into Yale Law school, for example. Moreover, it’s not clear that it makes a lot of sense from a career trajectory or income standpoint to attend Cornell or Harvard if you want to be a fine artist or Princeton if you want to be a social worker. And, while attending these schools may offer easier access to certain opportunities, the opportunities will be of no avail to students who don’t take advantage of them.</p>
<p>Some on CC seem to have a deep personal interest in the belief that attending elite schools has no impact and can provide lots of anecdotal evidence to this effect. Others seem to have a religious belief in the value of the elites (and that their kids’ lives or their will be ruined if the kids don’t get in). My observation as someone who as attended three elites and was a professor at one of the elites at the beginning of my career and have had positions in finance and as a consultant to senior execs and high-ranking government officials is, as I said, that for some things, elite schools raise the odds of opening up opportunities and for other things, not so much.</p>
<p>There’s a second question which is how should the parents allocate their income. Those with enough money that they can afford retirement and college tuition and more have no problem. They should send their kids wherever they think their kids will get the best combination of education, horizons, connections, and where the kids will fit in. Classic Rocker Dad is probably here. </p>
<p>For those who don’t have enough for retirement and college, unless the kids are going to pay for retirement, I think money has to enter the decision and largely dictates putting the kids at good state schools unless they get better merit deals at elites.</p>
<p>In the middle, I suppose, are people who would sacrifice retirement comfort for kids’ college if they paid for college. The have a value judgment.</p>
<p>Personally, the Shawbridge family views an education in part as what we pass on to our kids and want to provide what will be best for them. I don’t view cruises and cars in the same way, though they may receive assets from me over time to help them in times of need. And, there will be money left over in their 529 Plans, to which I’ll add, to save for the education of the grandchildren I hope they have.</p>