<p>It’s really hard, because nobody will spend $220k and then say, “No, it wasn’t worth it.”</p>
<p>Psychologically, very few people can do that.</p>
<p>At the same time, most of us who have jobs and kids and apartments and houses, or who don’t (and who know Ivy Leaguers who also don’t) will say, “Hey, at least I have my savings / am not in debt.”</p>
<p>I think you need to do a real cost-benefit analysis. Look at what you want to do, and then look at how much more Ivy League grads make in that field after a bachelor’s. If they can pay off their debt within 20 years, so, by 42, then they’ve got at least 20 more years of saving more and making more, than their counterparts for retirement. So see if that is true for your major, for your field.</p>
<p>If it’s not, I would argue that the added stress of that additional debt is probably not worth it. You’re talking about just ten or fifteen more years to save for retirement, or less. Your job will be just as stressful, you are just as likely to be divorced (in fact, maybe not–look it up), your kids will be more likely to get into those schools but then you’re going to have to pay for THAT, too (and that will be just after you finish paying off your own loans!!!).</p>
<p>Is it worth it? Possibly, if you can make bank and you wouldn’t be able to do that otherwise. Oh, and don’t forget interest in your calculations!</p>
<p>You say you might be able to pay cash.</p>
<p>Do the same calculation, and find out how much you save. $50k? $100k? You could invest that in the beginning and end up with a cool $150k, enough to buy an apartment for an attractive partner and a cute baby, when you get out. You could donate to charity and fix your karma up real good. Or you could get a nice name-brand diploma and a few more connections, and possibly a career for life.</p>
<p>It all depends on <em>your</em> values and <em>your</em> expectations.</p>
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<p>Could be a child with a trust fund.</p>