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I have around $125,000 saved for college.
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The cost to attend UMich OOS for 4 years (hopefully can graduate in 4), would be about $250k. If the additional $125k will happily be paid by mom and dad (and they would hardly miss the money), then super! Enjoy AA.
But, if that money would come from loans or parents short-changing their retirement funds, then it’s not wise to spend $100k just for a better environment for just 4 years when UC isn’t some hell-hole. It’s not as if the QofL in UC is like a 3rd world country.
Unless a school’s area is bad, I think the area’s QofL offerings can be a bit over-rated. Engineering is time-demanding. Much time will be spent on campus and in labs. My Univ is located very close to the beach, but I never once went during the school year.
Millions of kids attend their state’s non-flagships, and they’re often in unexciting, but okay places. Would it wise for them to borrow $125k to be in more sporty surroundings?? Or maybe to get some slightly better eng’g program or alumni group?
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Really? Do you honestly believe those are the only two reasons why over 1500 Illinois residents chose Michigan over their instate flagship?
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There may be a number of reasons that 1000+ students chose UMich (or another state’s flagship). Some are die-hard Mich fans. Some are kids of alums. Some kids never want to go to their own instate schools.
Hopefully, they’re not borrowing $150k-250k to go there. Some kids have GI Bills and they’re going there for nearly free. Some may qualify for enough need-based aid that it’s similar or cheaper than UIUC (UIUC gives lousy aid, UMich can be generous to OOS modest incomes). Some may be affluent or have handsome college funds. Some may be taking on crazy debt.
Again, if the OP’s parents will happily augment the college fund with an add’l $125k (or even $100k and the student borrows the rest), then super…go wherever he want.