<p>As parents, many of us want our children to attend the best school they can be accepted at, and that we can afford. However, at $50,000 or more per year, a private school education is quite expensive. The "investment" of $200,000 seems reasonable to me, for a variety of reasons, at an elite school, but with the alternative of a much cheaper public college education, is it worth the money to send a child to a "second-tier" private college? With apologies to schools such as Emory, Vanderbilt, Wash U., etc. I think I'll pay for HYPS/MIT or a state school, but I'm not sure it's worth the premium for an in-between school. What are your opinions?</p>
<p>50 grand means different things to different families. If a family thinks it’s reasonable to spend tens of thousands on a sweet 16 party or well into 6 figures on a child’s wedding, $50K for college does not seem out of line.</p>
<p>Well, we would NEVER pay big bucks for a Sweet 16, and although I’m not thinking that far into the future, I’m pretty sure we won’t go into the 6-figures for either of our kids weddings…</p>
<p>I don’t think either of those is a good comparison. We felt strongly that we would manage whatever was “right” for each of our children. Our daughter is at a state school (and by the way, in NJ, they are NOT such a bargain…yes, much less expensive than most privates, but when I hear what other states pay for what I think are considered “better” state schools, it bothers me a little.) Our son is starting at a very expensive private college this year. </p>
<p>I know it is an “investment” but that’s not really how we look at it or what we based our decision on. We just always raised our kids saying that we would pay for college and where they went would be basically their choice. We are by no means wealthy - we’ve needed to be very “creative” to pay for all of this - and will need to continue to work hard and figure it all out. I know that neither of my kids picked their school based on either money or prestige. Each of their choices was based on what he/she (and we) really felt was best for them. </p>
<p>When I hear the word investment, I just automatically think of the financial return we expect on our kids’ college educations. Of course, I want both of my kids to be able to support themselves and make a living after college, but in all honesty, I do actually think college is about much more than that. Here I go, sounding quite idealistic: I am investing in more than that. And that doesn’t mean that kids can’t get super fantastic wonderful educations and have great experiences at a less expensive school - if that’s the right school for them.</p>
<p>Both of my kids have and will continue to take out Stafford loans each year…for us, that’s their own “investment” in the process.</p>
<p>Bottom line is, I’m fine with making the $50,000+ a year “investment” in my son’s education as compared to the $25,000 a year “investment” in my daughter’s. They are both where they want to be. However, I think I’m looking at the term “good investment” differently than some people. This is just what’s right for our family…</p>
<p>Also, be careful what state school is on the list. With major cutbacks happening at some of them, the thought of getting a degree in just four years may be a pipe dream.</p>
<p>I agree with the thinking but I’d expand the list considerably and would pay the $50K for many of the top 20 in both the U and LAC categories.</p>
<p>Hmmm, we are willing to pay what my (private) education cost valued at today’s dollars. As anyone knows that is NOT $50,000 per year as college tuition room and board have risen faster than just about anything else. It’s enough $$ for them to find a great school if the they “pick” smart and take out Staffords. If we were to send all three kids to $50K schools for 4 years on our dime it would be well over a half million dollars. No way would we see “value” to us or the kids and it would cripple us to the point that the kids could potentially have to support us in the fading years. Now if the schools want to pony in some bucks to meet our financial budget that’s OK, too. No way would we go into debt …we have friends doing that right now for their parents who “ran out of money.” I also think it is short sighted to think Top Tier or State U. There are many very fine colleges across the county that do not fall into either of those categories.</p>
<p>Ask me in ten years.</p>
<p>I just realized that I should clarify something on my first post:</p>
<p>We are basically paying “full fare” for the daughter’s state school (Stafford is the only Financial Aid we got.) For the son, we got a very nice financial aid package, plus some good outside scholarship money. So, in the end, the $50,000 private college is probably going to cost us less out-of-pocket than the $25,000 state school. I would say financial aid is obviously something to keep in mind when figuring how good the “investment” is.</p>
<p>(I’d also like to think that if we REALLY were looking at paying $75,000 a year for the 2 kids, for a total of 4 years each, some little voice in our kids’ heads would tell them: No - that’s not the way to go…) It’s obviously a very personal/family-specific decision.</p>
<p>And by the way, since the OP asked for opinions, I TOTALLY disagree with:</p>
<p>**“I think I’ll pay for HYPS/MIT or a state school, but I’m not sure it’s worth the premium for an in-between school.” **</p>
<p>In all honesty, that makes no sense to me at all…But again, just my opinion.</p>
<p>I agree with you on that, China. Full disclosure, of course … D attends Vandy. :)</p>
<p>Sorry, but I don’t think that 50k/year for undergrad is worth it for ANY school, HYPS included. And this opinion is coming from a Duke grad (who at the time of his attendance was a poor kid on a full scholarship). At my law firm, we have a couple of elite law school graduates – including a Harvard grad – working as attorneys. Truth be told, they are all very smart and talented people, but so are the attorneys who went to state schools. And the elite school grads aren’t earning a premium and that’s the typical situation at most law firms that I’m familiar with, and I’m familiar with many. Will you get a great education at an elite school? Probably. Are there terrific networking opportunities? Sure. Is it worth $200,000 for a bachelor’s degree? Nope. Just my opinion.</p>
<p>Really - it’s such a subjective question…</p>
<p>What’s “worth it” to person A (with all of his/her life’s experience, financial situation, expectations, goals, dreams, etc.) will probably be totally different from what’s “worth it” to person B (with different life’s experience…blah, blah, blah.)</p>
<p>And while NO schools (including the tippy top most prestigious) might be considered “worth it” to some people, a private college NOT HYPS and actually in that HUGE gap between those schools and most state schools, might in fact be well-worth $50,000 a year to someone else. It just depends on what you are basing it.</p>
<p>I totally understand where this is coming from:</p>
<p>**
“And the elite school grads aren’t earning a premium and that’s the typical situation at most law firms that I’m familiar with, and I’m familiar with many. Will you get a great education at an elite school? Probably. Are there terrific networking opportunities?”**</p>
<p>However, that’s not what I personally am going to base the “worth” of my kids’ college educations. Once again (as always) - just my opinion and what works for us. I don’t want to sound like I think someone else is wrong in their opinion. Just different.</p>
<p>^And I respect your opinion, regardless of whether or not I agree with it.</p>
<p>Thanks ^</p>
<p>I can’t tell you how much I LOVE nice civil conversations on discussions boards. It makes me happy. :)</p>
<p>It’s 2 different questions if you’re throwing in affordability for a specific family. No school makes sense if you can’t afford it. But I found what I thought the original question was interesting–if it’s not a matter of affordability, how many colleges would we pay $50K for?</p>
<p>The amount to consider is not $50k but the difference between the least expensive alternative and $50k. In our case it was $31k and we took the plunge. At this moment it’s not a financial hardship. Will wife and I need that money in the future? We don’t know. It was as educated a gamble as thinking of investing with Bernie Madoff would have been 3 years ago.</p>
<p>Well…what was I going to do with the money? Retire?</p>
<p>Aren’t you (parents+Student) investing $XX in the student For their education?
Rather, investing $XX in education For the student?</p>
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<ol>
<li><p>You say you are “not sure”. I suggest finding out first-hand what these so-called “second tier” schools have to offer you and yours before you decide for or against them. Perhaps you will discover that they are not simply HYP wannabees but institutions with significant bragging rights in particular fields, or schools that place great value on faculty interaction with undergraduates, or that they have a campus atmosphere that promises a happy, healthy four years as well as a great education…</p></li>
<li><p>What do you mean by “investment”? In our case, the only monetary investment aspect is “Does an undergraduate degree from here get a top-performing student a crack at a top graduate program?” I don’t have any doubt that top graduates from your list of “in betweens” are in good shape in that regard. There are a lot of different definitions of “investment” when the discussion is about education, though, and perhaps you have something else in mind.</p></li>
<li><p>For what it’s worth: our family doesn’t think ANY undergraduate degree is worth 50K per year for US. Our son preferred to seek out large merit scholarships at top schools (OK, second tier in your opinion) and bank the savings for post-school life. I am happy to report that he is having a very successful and very happy time at Vanderbilt. Based on his experiences, and my observations as a parent, I tell friends who can pay full fare without pain, and wish to do so, to seriously consider Vanderbilt–and not simply as a fall-back in case they don’t get accepted to HYP. Some students will simply be a lot happier at Wash U, Vanderbilt, Emory, Rice, U Chicago. Health and happiness are important, too.</p></li>
<li><p>I’m not knocking public universities, by the way, although I think there are legitimate concerns for some students. My youngest, a rising high school senior, is looking at fields like large animal veterinary medicine and wild-life conservation. For many reasons, a public flagship will work better than a private university. </p></li>
</ol>
<p>Every kid is different, every set of circumstances is different, and there are always trade-offs.</p>
<p>Thanks for all the responses! In the interest of full disclosure, we have four children; one is a senior at a state university and the second is a sophomore at MIT. We pay “full freight” with no financial aid. The third is a high school junior, and she is now putting together her college list. Having been through the process twice already, and considering that graduate school attendance is likely for all four, our cost WILL be over $1 million. Unless a family has unlimited resources, the cost has to be considered an investment of sorts - though of course the “return” is as much intangible as tangible. For example, a friend’s daughter attended Harvard undergrad. and then Yale Medical School ($600,000); she then announced that she was getting married and would stay home to raise a family. Of course, she was a successful student and is a wonderful person, but in retrospect,that money might have been better used by the parents as retirement funds. Just my perspective.</p>
<p>Ouch for your friend. I don’t know what happens to docs that don’t practice for a long time…interesting scenario. Hopefully her hubby has a high paying job. I guess it’s only an investment (to me) if the kids find a job and move out after college or we run out of money and they have enough to take care of us in our olden years (and I’m being totally sarcastic).</p>