<p>I agree with juillet. I’d like to retire sometime.</p>
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<p>You are assuming that your way is the right way. I wouldn’t make that assumption. I’m not saying that you are wrong, but your post is pretty much looking for ideas to support your position assuming that if your daughter has a different opinion that it automatically wouldn’t be prudent. I don’t think it’s that simple. </p>
<p>PhD graduate schools are usually paid for by the school. If that’s the direction, and she has the opportunity to go to a truly elite school, I don’t think it’s crazy to spend the motherload on that. The brand of her undergraduate will help her get the credibility that she needs to get into a top graduate program. </p>
<p>If her interests lie in business, certainly the pedigree IS worth the money and she can borrow money for a top MBA program and make it back in a few years. Certain opportunities only exist for students from elite schools, particularly in the financial industry. </p>
<p>If her interests lie in medicine or law, I probably think your argument holds a little more water, because cost constraints imposed by managed care will hold down physician salaries, and because law school graduates are having a rough time, though who knows in 7 years if the industry will work through the backlog. Even so, there are certainly opportunities to borrow money for these endeavors and that’s what most people do. Many people wish they had saved more on undergraduate, but few regret borrowing the money over not pursuing their chosen professions. </p>
<p>Investing in yourself by borrowing money is not always a bad idea. It’s definitely not a bad idea to borrow the full freight for a Harvard MBA. It is probably a bad idea to borrow the full freight for a top acting program because most people don’t “make it”, but for those that do, it was probably a wonderful investment. </p>
<p>I would try to have her think through the possible directions that she might want to go and see if she’s even interested in directions where the elite school would be beneficial.</p>
<p>I should like to add, that personally, I’m paying full freight for both of my daughters next year at private schools. I’m driving a 2003 Corolla. Those choices maximize MY personal happiness.</p>
<p>Working during college and finding obscure scholarships, even if you barely (or don’t) fit their criteria, can cut down a lot of the cost.</p>