Survey - So How Much Would You Pay?

Parents Forum
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<p>Okay, I'll admit I also so this question as a "gotcha" situation (Mini, your reputation precedes you). I didn't answer for fear of being fodder, but since you promise that's not the case, my answer is similar to BMoyilan's. (Well, I probably wouldn't steal).</p>

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<p>The question isn't what would we pay but what we could pay.
We can pay our EFC- That is it
We already have to borrow to meet our EFC- D did not have the option of deciding on a school that "gapped" that wasn't even in the picture.</p>

<p>I can't afford it- so I don't shop at Prada- don't even look.
Same with schools that are notorious for giving little to no aid.
Why bother? There are so many other great schools out there- including public instate schools ( well not as great but the moneys right)</p>

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<p>H and I agreed to support our kids' college educations regardless of the cost as long as the schools were truly where our kids wanted to be. We noticed that many schools seem to market themselves by charging high tuitions to give the impression that high cost=high quality (much like retail sales).</p>

<p>Having worked at higher ed institutions for the past 13 years, I've observed that some of the costs that drive tuition increases stem from a variety of factors (not an exclusive list):</p>

<p>Salaries to attract "desirable" faculty members and sustain the high cost of living in the area</p>

<p>Academic facilities that will attract faculty and students</p>

<p>Non-academic facilities that will attract students--in particular, fitness and recreation centers and suite-type dorms</p>

<p>Increases in utilities (some places have embarked on co-generation facilities to keep costs down)</p>

<p>Facility maintenance and upgrades to avoid the even higher costs associated with deferred maintenance and to keep abreast of the "competition"</p>

<p>There probably are line items some might consider more "frivolous" as well, but these are more obvious.</p>

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<p>A member of the congregation asks the rabbi "Why did God invent the Goyim?"</p>

<p>The rabbi promptly responded "Because somebody hadda pay retail!"</p>

<p>It appears that I will remain in this category regarding college costs - or, with yet another allusion to S's musical "The rest of my lifetime program will be more of the same." (I am, of course, winning the contest for how many CC comments I can post that refer to How to Succeed - even if I am the only contestant and it amuses only me).</p>

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<p>It amuses me too, yulsie, so keep it up. My youngest d just watched the movie version of "HTS" yesterday - it's one of our favorite shows. Was your son J. Pierrepont Finch? Cool!</p>

<p>On the college cost stuff - you have the cool, clear eyes of a seeker of wisdom and truth, so far as I can tell.</p>

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<p>I have to say that I don't fully understand the original question either, particularly cause you linked it to "prestige colleges". My answer as to how much would I pay or how high would I go is this....I did not look at the sticker price of any of the colleges on my kids' lists. And this is NOT cause I can afford to pay any price. In fact, I have NO money saved up for college and am middle income. However, I value education highly and want my kids to go to whichever school they like best and feel they can thrive at. If it means hardship, debt for life, anything, this is a high priority for me so we will find a way to make it happen. Now, I don't do that with every expense in life (Emeraldkity, I don't shop Prada either!), but will for higher education. </p>

<p>The way your question was linked to prestige colleges reminds me of posts I have read on CC whereby some say that the parent will only pay lots of money if the kid gets into an elite college but if he/she does not, then they don't want to pay the big bucks and want the kid to go to state U because anything less than an elite college is not worth the price tag in their view. These posts have befuddled me for years. I don't understand how one school can be worth the price and the other not. To me, I don't care the prestige level of the school, only that my kid found the right school for her and if that school cost less or more than the other one, so be it. The "value" of paying for College X is the same for me as paying for College Y even if College X is lower in some ranking thing (we never paid attention to rankings but I have been awed by the use of rankings on CC, it has opened my eyes to that line of thinking). </p>

<p>So, my short answer is I would pay whatever the school charged and hope for the best financial aid package I could get and then go from there and secure loans to make it work out. I would pay the same for a prestige college or a so called lower tiered college. I would have my child pick the college she wanted regardless of price OR prestige (which would not be tied together). </p>

<p>Susan</p>

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<p>Well said, Susan. I'd say "Ditto" but that would be too easy. (And too short: the forum software would force me to add some extra characters. ;) )</p>

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<p>I wonder how the cost compares to say '69 (my year) in constant (inflation-adjusted) dollars? If I would have known what I'd be paying now when I first started saving up--when they were born--I would have passed out, but I have to admit I'd probably pay whatever the going rate is.</p>

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<p>Yeah, I was musing yesterday on how there was a campus-wide uproar in '75 when JHU raised its tuition above $3,000. Ancient history.</p>

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<p>In utter naivete prior to the admissions process I was willing to do anything, including selling the house, to afford my kids the very best education possible. I thought it was all about academics. After the very smallest peek behind the curtain of the current state of elite college admissions I am willing to pay much much less due to lack of interest in supporting such a system. Not sour grapes... my kid's college costs are staggeringly "discounted" at a very elite school but my kid getting this and not yours seems disturbingly arbitrary to me. Maybe there should be a movement of middle class parents of very qualified students who choose to support only public universities?</p>

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<p>In '75, BU was the most expensive private school in the country...at about $5200. Incredible, isn't it? That would barely get you room and board anywhere now.</p>

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<p>In our middle class neighborhood, people do the opposite--smile at the kid at UC, visibly flinch when you mention a pricey private school!</p>

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<p>In '75, $5200 bought me a new Datsun wagon, with money to spare; my salary as an assistant professor was $11,500.</p>

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<p>In our middle class neighborhood, people do the opposite--smile at the kid at UC, visibly flinch when you mention a pricey private school!
Or they could be like our inlaws when we asked that they spend the money on a savings bond for our daughter instead of an expensive Teddy Ruxpin doll ( at a time when we were living off unemployment and odd jobs) " You're not expecting her to go to college, are you?" :(</p>

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<p>Since of course, we wouldn't pay more than we could afford and still eat, I guess what you're asking is at what point would the price be so outrageous that if would offend our sensibilites. I think we're about there already, with both public and private colleges.You mention the high price of private schools, but the UCs are over $20k if you include boarding, which is already over the limit that you would be willing to pay. And with the cutbacks, students are getting less for that $20k than ever.
So much depends on the attitude, goals and desires of each of my kids, too. I wouldn't necessarily treat them both alike, as they are as different from each other as two kids with the same parents could be.
So, it depends.</p>

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<p>mini--I value education highly, and I guess I'm willing to pay whatever I have for a good education (after taking care of food and shelter). I don't really have a limit, the only limit is my own resources. We've had to make some compromises because my resources aren't enough to do everything I want educationally for my kids. If I had more, I would do more. The dollar limit is pretty high, if I had the dollars . . .Is that vague enough?</p>

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<p>I only have 1 child and we factored his education into our savings a long time ago. I would be willing to pay more than I'm paying now ($40,000 next year because of a $2000 scholarship) but how much more, I don't really know. For example, would I have balked at $65,000 a year? I would have complained bitterly but still tried to come up with the money from savings and current earnings. </p>

<p>But if I had to pay $65,000 a year, I would not be able to help him with law school or MBA or Med school. Anyway, the question is hypothetical and a little ridiculous.</p>

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<p>For the most part, I think you "pay" up to what you can "afford." Each individual has to compute what the opportunity costs are and if they're worth it for private education. Obviously, with applications to private schools at record levels (even adjusted for the population increase) the overwhelming conclusion is it's worth it. </p>

<p>I think the "return on lifetime earnings" argument needs to be tempered. I hire a good number of new engineers each year from both "prestigious" private schools and quality public universities. The starting salary differntial is dependent on the individual, not the degree. I frequently start State U grads at higher salaries than Prestige Institute because of things like internships, research experience and GPA. After the initial hire, annual increases and promotions are based solely on performance, not pedigree.</p>

<p>The single biggest advantage I see in private over public education (with respect to engineering) is a much larger percentage of new hires from private schools are able to graduate in four years. Scheduling issues, with the rigid sequence of courses required in the engineering programs, often force students into an extra semester or even year to meet requirements.</p>

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<p>Guess I am in the minority again! </p>

<p>BTW, we sent our S to only private schools (K-12) and his older sister to privates for most of elementary school. We did not make decisions on education based on money (although we never considered a loan to do private HS for our D at a time when we couldn't have afforded private HS). We also didn't consider convenience (as in how much driving we'd have to do for dropoffs and pickups) although the options were all under half an hour each way. And that for the most part trumped the other stuff. We could be driving very fancy cars, for all the money we spent on K-12 education - but I am totally happy to drive my old suburu. Couldn't care less about what I drive as long as it runs well and is safe. Education was the priority. </p>

<p>But when we got to college, we did consider the price tag because it is just so much money. My S firmly believes that no school is worth $40,000+, and my H pretty much agrees. (BTW, his PhD is from a very highly ranked program at a top state univ. and he taught at an ivy before moving to a state school.) I can argue it both ways. </p>

<p>When we were mulling over the "what if he doesn't get merit money" worry, S informed us that he absolutely would not attend his top choice school if we had to pay the sticker price. Thanks to generous grandparents, he has savings, and he has worked summers and some vacations since he turned 16. As his sister was, he is responsible for 15% of whatever the final cost of his schooling is. (Designed so our kids understand that they too must work/tighten their belts a bit/really buy into their education.) </p>

<p>When we offered to renegotiate that agreement, because we really wanted him to attend his first choice, he said it didn't matter if he paid a lower percentage. He did not believe it was worth the sticker price. Period. He'd rather use his savings for grad school, to start an business, to travel or to make a down payment on a house someday. When we suggested he could be an RA, or apply his AP credits and then take some classes at home in the summer to graduate early, etc., etc., he said NO. It just wasn't worth it.</p>

<p>I believe that folks here on CC do not reflect the broader population. I think that posters here have their eyes on the "ivy or highly selective" prize more than the general population, and somewhat more than the non-CC posters who apply to ivies/selectives. To get the info Mini asked for, you'd have survey a sample from all familes that include ivy/highly selective school applicants. That would be more representative. </p>

<p>Just my two cents, uh, maybe I should say just my $20,000 :)!</p>

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<p>What I had my eye on was not a "prize" but an opportunity to have the experience of being with really bright students who valued education and thinking as much as my kids did. Both my D and I attended schools where that was not the case, so I know the difference.</p>

<p>We may have had more choices available because we sent our kids to public schools (barely adequate ones), and saved the bucks for college. As long as they were younger and living at home, I feel their education was mostly in my and my H's hands, not their schools, so I didn't see the necessity of paying then. But college is, for us, different, so we basically put all our educational finance eggs into that basket. I do think we'd have had more trouble swinging this had we paid for private schools K-12.</p>