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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.
Schools are getting more and more expensive, but it is worth the extra tag. Are elite schools in specific really worth the high costs?
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.
No one pays sticker price, with all the aid most people are under it
MANY families are full pay and the sticker price is what it is. Their only opportunity for aid is through merit/scholarships (that are not based on financial need).
Schools are getting more and more expensive, but it is worth the extra tag. Are elite schools in specific really worth the high costs?
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 not all about money, or pedigree. Go where you will learn best. For many students the atmosphere of a less expensive shcool is more conducive to their learning.
In most fields your "pedigree" only matters for your first job. After that it is all about your performance and demonstrated competence.
Last edited by toobusytoday; 08-23-2017 at 07:53 AM..
Reason: fixed typos
Too much is more than you can comfortably pay back if you're taking out loans. If you're paying out of pocket, I think too much is when you can't pay your other bills and/or can't continue to save for retirement.
It's specific to each student and their family and not to each school.
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