<p>We have a good problem, yet as a parent I feel conflicted and am soliciting advice. Here's the situation: Son offered elite full scholarship + stipend ($180k value) from Wake Forest (my alma m), Nearly full ride from Univ. of Texas (Business Honors and Plan II honors), Half-tuition at Vanderbilt (still leaves $30k/yr balance), UVa Echols Scholar (no $,$33k/yr cost), and the following with no scholarship, each costing $46k+: Brown, Duke, Georgetown, WashU.
We live in Texas, he's leaning toward Poli-Sci (was a congressional page) with perhaps a pre-law focus- but he really doesn't know what he wants to study. His heart/ego would like Georgetown or Duke.
My wife and I have told him that he would need to present to us a case for us spending $200k versus taking a $180k gift. We wouldn't have to go in debt to pay the $200k, but he/we would be strapped for 4 years and my plans for retiring before 60 go up in smoke.
DO YOU BELIEVE THE UNDERGRADUATE SCHOOL "NAME" DIFFERENCES ABOVE TRANSLATE INTO COMMENSURATE PROFESSIONAL SUCCESS FOR HIM? SHOULD WE SAVE UNDERGRAD COSTS AND REINVEST IN BIG NAME GRAD SCHOOL?
Thank you!</p>
<p>look at the merit aid thread- i just posted something about the criteria that we used to consider schools " brand name' wasn't a criteria</p>
<p>You ( your son too) have to come up with your own to make it applicable to your situation though
after we had the schools and the criteria- we just went down the list and added the points up</p>
<p>I think in your case- if you haven't already- you need to decide what realistically you can fund each year- and it will be up to your son to decide if he wants to incur debt to make up the difference</p>
<p>I don't think Duke or Georgetown's name is worth more than what he's being offered at Wake Forest. That's based on my perception, not anything concrete though. If my child was fortunate enough to be in this situation I'd be lobbying for Wake.</p>
<p>Are you in-state for Texas? Unless his interest is strictly international, then meeting, greeting (maybe working some SGA campaigns??) at UTexas maybe the better way to get a foothold in politics = remember all politics is local. Also being in Plan II he will be a star at an Ivy level honors program - you should be very proud.</p>
<p>Save the money, excel and go to Georgetown or yale law - with that congressional page experience, he is well on his way.</p>
<p>Thank you Emerald, Mom and cangel! You're all very kind.</p>
<p>I vote with cangel. Put the money that you would have spent in savings (with your name on it) each year and use some of it or all of it towards son's law school. </p>
<p>Congrats to your son!!! If you don't mind us asking, what were his stats to get such great merit money from Wake Forest and others??? My son is a junior and we'd like to know what "it takes" to get such great offers.</p>
<p>If you are going to spend the $200k (or $100k) extra, just be very clear about what it is you are buying, and what alternative uses (including for his education) there might be for $200k.</p>
<p>As you know, Wake Forest is a wonderful school. If I were in your shoes, there would be no question, Wake Forest all the way.</p>
<p>J 95 - His resume is: SATs 1480/2310 , #1 out of 527, Eagle Scout, Congressional Page (summer btwn Jr. & Sr. year), band, etc.</p>
<p>Congrats on your son's wonderful success. I clicked on this thread because I wondered what the "good safety schools" were - and yes, Wake, UT, Vandy, and UVA are pretty gosh-darned good! Many very bright and talented kids consider them dream schools. In fact, I wonder how different the student bodies, faculties, and facilities at any of the schools in question truly are.</p>
<p>Yes, Brown is Ivy League. Duke is a top 5 school and WUSTL is top 10, if the US News ratings matter. But would the experience at any of these really be worth the additional funds, considering the amazing education to be had for significantly less money at what many would also label "name" schools?</p>
<p>Is there a particular program at Georgetown he likes, or is the atmosphere there an especially good fit for him? I ask because I see very little difference in name value between the four "safeties" and Georgetown.</p>
<p>If I were your son, I'd think the chance to go to one of the more affordable schools, all of which are among the very best in this country, AND have parents contributing a bundle to grad school, was too good to pass up.</p>
<p>you might ask yourself how much extra money you would certainly not mind paying for the ivies over the scholarships and take it from there. For instance, you certainly would smile at ten thousand per year, no?</p>
<p>DuRite:</p>
<p>Great Stats!!! No wonder that he got such offers!!!</p>
<p>I'm still voting for Wake Forest.</p>
<p>Being a Texan and quite familiar with UT Plan II and the type of kid who is in that program, I'd say that it is a toss-up between Wake and Plan II. But then again, I can't pay the $200K anyway.</p>
<p>I would pick Wake Forest. It's a great school and the difference between it and Duke is not close to being worth the difference in cost.</p>
<p>Thanks all - this is fabulous input and from a good mix of people and regions. Congrats to many of you as well.</p>
<p>As a parent paying the full amount at Wake, I'd take the money at Wake!</p>
<p>Since my "regions" haven't been heard from, I'll jump on the bandwagon that his "safety" schools have such stellar reputations (wherever I've lived and worked) that I don't think the BRand Name buys him anything. My regions: born and raised Washington, DC; college and current home New England; grad school and 20 years in California.</p>
<p>There are other considerations than what it gets him future career-wise. Atmosphere, who he'll be around etc. But I'm guessing he can find pluses on those dimensions at any of the schools on his menu.</p>
<p>Congratulations.</p>
<p>If politics are your sons dreams, send him to Georgetown. I don't find having to work past 60 compelling at all. I could not live with myself if I deprived my child of a chance to go to his dream school. Maybe I am lucky, I love my job!</p>
<p>Thanks Mommamia, you understand what's tugging at me and my sense of being "impaled on the horns of dilemma". Would your opinion/feeling change if he really didn't understand what he wanted to do and wants a liberal arts degree from somewhere that he can launch to the "next level"?</p>
<p>I'm a former New Englander who is now in the South for law school.</p>
<p>UVA is fantastic. Wake is excellent. There is a marginal increase in "name" for Georgetown and Duke, but it's really, really marginal.</p>
<p>First of all, whether or not you have to go into debt, make him pay some of the additional $200,000. Tell him that, say, 10% of that would be reasonable. </p>
<p>Second, let him know (if that's how you operate) that there's other things that he could spend that $200,000 on. Consider:
*many college internships are unpaid; he could take them and you could subsidize summer housing
*travel abroad
*study abroad during the summer
*if he takes Wake for free, how about new wheels? What's he driving now? </p>
<p>Third, G-town and Duke are very different schools. It isn't really about "fit," then - it's more about the name. Tour Wake & UVA before making a final decision - unless there's some compelling reason to go to Duke or Georgetown, don't pay the money. Compelling reasons: there's a major there not offered elsewhere; he steps onto campus and just clicks with the school; they offer some sort of incentive (such as 3-3 law programmes) that have their own benefits. (Georgetown might have a 3-3 - that would take off the cost of a year of law school, which will, by itself, save tens of thousands.)</p>
<p>Fourth... this is from the law student who is approaching six figures of debt in her second year. PUT THE MONEY TOWARDS LAW SCHOOL. There's almost no money - need or merit - for law school. If you take merit money, you're often sacrificing quality of a school, which is phenomenally important in terms of job opportunities. </p>
<p>Do not look at this decision as the last educational and financial decision. This is four out of seven years - and the last three are the most important and the hardest to get money for. Full cost of law school, per year, is about $56,000 for city schools. Assume that, barring the rare merit aid, your son will end up paying $200,000 for law school. </p>
<p>Duke and Georgetown may end up shutting the doors to law school for him - financially, it just might not work to be that far in debt. The other option is for you to drain your finances for undergrad, have him take on a small share, and then have him take on all of law school - leaving him with $200k of debt at age 25. Two hundred grand of debt for him, no money left for the 'rents to help out of the job market is tough, and the "name" of the undergrad school pales in comparison to the name of the law school. WHY???</p>
<p>Many, many politicians have law degrees. It is not a requirement but will open an incredible number of doors.</p>
<p>Just my two cents.</p>