My son is currently deciding between these three schools (business/poli sci). The COA for TCU and Elon is comparable (received scholarships at both). SMU would run around $20K/year more. Your thoughts?
My thoughts, since you asked. Most financial advisors would tell you to pick one of the less expensive schools. Why pay $20,000 a year ($80,000 total) more for basically the same thing? I recently read an article that said if a school is a few thousand more, pick the better/more desired school. But, when the difference goes beyond $5000, chose the cheaper one.
Actually, my co-worker is looking at the same decision for his son - TCU at $35k vs SMU at $55 k. He is no way going to commit to paying that price for 4 years. It’s just not an option. I have no idea of your finances, but as a parent who just finished paying for a 4 year degree I know that those monthly payments are monsters. To have to come up with $5500 per month vs $3500 per month is huge. (unless you make well over $200,000 per year.) The schools have it down to a science with their need-based aid. They give you just enough to where you think you can do it, so you sign up. But then it’s really 4 years of family sarifices.
As for the schools, I am very familiar with TCU and SMU, but have just vaguely heard of Elon. Actually met a boy last week on a U Denver tour who had Elon at the top of his list. Being from California, we know about Texas colleges but not so much about the South. From what I’ve read, all 3 schools have a lot in common as far as size, culture, student stereotype etc. I’d say TCU is more nationally known because of its football team. Elon seems more regional. Only you and your son could decide if he wants to be in the South or in Texas. Go to both schools’ accepted student days and you will know what fits!
Our daughter is a junior at TCU and we couldn’t be happier. She is in the Neeley school and has a very positive experience in classes, internships, recruiting, career services, school environment, etc. Our son most likely will be joining her in the fall.