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Old 08-15-2017, 01:00 PM
 
23,262 posts, read 16,088,546 times
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An undergraduate degree from the elite schools will be free or nearly so if the parents make under 100k. They give full financial aid in the form of grants. If the parents are making say 175k, they will have to use student loans.

Mind you elite schools will have a lot of rich people paying full tuition.

First and foremost, you have to be accepted into a top university and then you can deal with the financial aid office and see what your package is. If with the financial aid you still can't afford it, then you may be able to appeal the aid decision, which may work.

Masters degrees from top universities will be pretty expensive and you'll likely need to pay and/or take out student loans. Ditto for professional schools.
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Old 08-15-2017, 02:02 PM
 
3,483 posts, read 1,699,482 times
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Quote:
Originally Posted by Meemur View Post
OP, one test is to look at the wages in your area for the majors that interest you/your children. For example, if you or a child is interested a degree in early childhood development, most of those jobs pay less than 21K per year. It would not be a good investment to pay an expensive school 70K in tuition, most of that in loans. The monthly payments would exceed 45% of the graduate's take-home pay. That is poor financial planning and will cause many years of grief.

While elite schools can provide superior networking opportunities, if you or your family isn't in the upper tier of income, attending these schools could become a financial disaster.

Start with researching careers and salaries first. Then determine what a fair price might be to go that route. Never attend college or allow a youngster to attend college without a clear, reasonable plan in place. College is too expensive for most to go and "find themselves." Pick the career first and then pick the school(s) that can best help the student achieve that goal.
It is unlikely that a 17/18 year old will know what career field they will wish to enter when graduating. It is hopeless to get a high school student to pick a career before thinking about what college to attend. Elite schools offer an academically elite peer group, networking opportunities, and a valuable brand name for a resume. They also offer generous need-based aid to working families--especially those with multiple children in school. If your child is a top-performing high school student with excellent standardized test scores, it is a bad idea to rule out elite schools due to sticker shock.

Quote:
Originally Posted by DawnW View Post
Well, for us, anything that puts us into debt is too expensive. No $65K per year schools for us.

I am a big believer in sending off my kids after college with no debt. To that end, we have a cap on what we can spend. We have 3 children, so we have to take that into account as well.

Unless they NEED a specialty school, a mid-range school should suffice. State school is even better.

Right now, my oldest will need a specialized school for his field, so we are willing to spend a bit more, but we have perimeters set and our paying is contingent on him keeping his end of the bargain. We firmly believe he will, he is very motivated. And he is in the community college right now earning a 3.9 GPA. He is proving he is motivated.

Everyone needs to do the math! And know what you are studying. Is the field so competitive that the "name" on your diploma will matter greatly? I would venture to say that 95% of the time, your college name doesn't matter (probably higher than that but I have no real statistics, it is a guess.)

Our local 4 year college is rated high, but isn't the "flagship" school of our state. It is still very good and my kids could get a quality degree for $7,000 per year (tuition, fees, and books), making college less than $30K for all 4 years if they live at home. We can pay that. For my middle son, that is perfect. He is going into an IT field and may need some grad school anyway.
Isn't it up to your children to decide if they will go into debt for school? Did you explore the aid opportunities at top schools? Families making less than $125k/year pay no tuition at Stanford, for example. Elite schools do open doors.

Quote:
Originally Posted by NyWriterdude View Post
An undergraduate degree from the elite schools will be free or nearly so if the parents make under 100k. They give full financial aid in the form of grants. If the parents are making say 175k, they will have to use student loans.

Mind you elite schools will have a lot of rich people paying full tuition.

First and foremost, you have to be accepted into a top university and then you can deal with the financial aid office and see what your package is. If with the financial aid you still can't afford it, then you may be able to appeal the aid decision, which may work.

Masters degrees from top universities will be pretty expensive and you'll likely need to pay and/or take out student loans. Ditto for professional schools.
Exactly.
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Old 08-15-2017, 02:13 PM
 
4,009 posts, read 9,893,641 times
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Quote:
Originally Posted by TheCityTheBridge View Post


Isn't it up to your children to decide if they will go into debt for school? Did you explore the aid opportunities at top schools? Families making less than $125k/year pay no tuition at Stanford, for example. Elite schools do open doors.


We are well aware of what my kids can quality for and what they can't. Elite schools only matter if the field of study warrants it. My child going into Elem. Education doesn't need Stanford (that was an example, I actually don't have a child going into Education.)

As I said, one of my kids is going into something more specialized and we are still waiting to hear of the merit aid he may get, but we are willing to pay as best we can.

We have our reasons for the way we are doing it and I am not going to get specific on a message board.
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Old 08-15-2017, 10:40 PM
 
Location: Sandpoint, Idaho
2,880 posts, read 5,076,559 times
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Quote:
Originally Posted by Mr. Zero View Post
It depends on what you want to do. If you want to get into big law, mbb consulting, investment banking, etc. then an elite academic pedigree is a huge advantage.

Either way, many of the elite schools have pretty good need-based financial aid. Middle-class students aren't paying sticker price.
For more well off kids, there are many ways to get that elite pedigree, most without paying $300K over four years.

For lower middle class to lower income students, elite universities are the way to go even if the major of choice is a joke

Middle to upper middle kids have it the worst. They will have to pay a large % of the sticker price. Also, unlike the poor and rich kids, they need to pick the right major to break free from the middle class trap.

---------
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Old 08-16-2017, 03:18 AM
 
Location: Ithaca, New York
360 posts, read 220,222 times
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For a Master's program the price might be between $15k-$25k if the program is in science or in literature.
If the university is public or private probably chances everything.
Usnews has a list of how every university costs a year.
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Old 08-17-2017, 02:29 PM
 
Location: Oregon, formerly Texas
5,242 posts, read 3,401,717 times
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My over/under is 12-14000 a year. That's about what any education costs & is approximately the per capita cost of K-12.

If they charge more than that, I want to know why.
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Old 08-17-2017, 11:39 PM
 
8,238 posts, read 7,171,981 times
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Quote:
Originally Posted by redguard57 View Post
My over/under is 12-14000 a year. That's about what any education costs & is approximately the per capita cost of K-12.

If they charge more than that, I want to know why.
Is this just tuition and student fees you are looking at? Student would be "in state" and lives at home, in this case? AKA:Commuter.

Your over is less than what one year of any Parochial HS costs around here. A decent Independent Private will START over $30K in the lower school years (3rd/4th grades) - and they live at home and "commute" as well.
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Old 08-18-2017, 07:22 AM
 
Location: WI
2,820 posts, read 3,066,220 times
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Quote:
Originally Posted by redguard57 View Post
My over/under is 12-14000 a year. That's about what any education costs & is approximately the per capita cost of K-12.

If they charge more than that, I want to know why.
Well, to begin, higher education is pretty different than K-12 education, so...
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Old 08-18-2017, 07:37 AM
 
Location: USA
2,580 posts, read 3,437,368 times
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I say get rid of college altogether for most occupations.


We should have apprenticeship programs like the trades do for most occupations where people can earn while they learn.


College is mostly debt slavery and there's no guarantee of a decent job upon graduation.
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Old 08-18-2017, 07:52 AM
 
Location: North Texas
23,615 posts, read 31,183,401 times
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Quote:
Originally Posted by zoomzoom3 View Post
I say get rid of college altogether for most occupations.


We should have apprenticeship programs like the trades do for most occupations where people can earn while they learn.


College is mostly debt slavery and there's no guarantee of a decent job upon graduation.
Agreed. I went to college but I'm not sure I'd advise any child of mine to do so as well. It would depend on what they wanted to do...but in my field (IT) you don't need a degree anyway.
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