<p>Practically, the money for Wesleyan would likely mean that the OP’s parents would take smaller vacations for the next several years, buy a less expensive car next time (or couple of times) they needed one, give less extravagant gifts to friends and relatives, eat out at less expensive restaurants and less often, and just generally, keep a closer eye on their spending. All in all, it is unlikely that their quality of life would be significantly impacted by the cost.</p>
<p>Obviously, ABL lives in an alternate reality from mine, and that of most of the people I know. In my world, an annual outlay of $50,000 for four years (or, since I have two children, eight years) would mean permanently delaying retirement. We could maintain the same quality of life though, I suppose, as long as we could continue working until we dropped dead. According to FAFSA, our EFC exceeds the cost of nearly every undergraduate college or university. We are not poor by any means, but neither are we wealthy. We have saved and invested our money for the past 30 plus years. We don’t have another 30 - or even 15 - working years left to recoup our savings, if we were to choose to spend them on our children’s college education.</p>
<p>Take a look at the national statistics on the typical family’s total amount of savings. The average American family has $3800 in the bank, and doesn’t have any retirement savings. When you speak of parents being mildly inconvenienced by an annual education tab of $50,000, you are talking about the richest 1% of our population.
[Our</a> Financial Failings - washingtonpost.com](<a href=“http://www.washingtonpost.com/wp-dyn/content/article/2006/03/04/AR2006030400238.html]Our”>http://www.washingtonpost.com/wp-dyn/content/article/2006/03/04/AR2006030400238.html)</p>
<p>There doesn’t seem to be much proof that attending a prestigious college results in a superior outcome. There are many schools that can provide a thorough and rigorous education. A motivated student will get a great education at any “good” college. The intangible experiences and relationships formed will be just as meaningful at the less costly institution.</p>
<p>People speak of their “dream colleges” with the expectations that their dreams will become reality. It makes far more sense to focus on getting an education that prepares a young person for a career, and for a fulfilling life.</p>