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My daughter will be a senior this year. She has money in trust from a lawsuit won when she was 2, which she will use for college. It is enough to probably pay for 4 years at a mid-priced private college. My husband and I disagree on the best use of this money. He would like her to go to a SUNY school and just pay the room and board, and walk away with some money left or to put toward her masters or a house. The downside is she had to reside the four years in New York, and she hopes to leave NY eventually. She wants to go to a private college out of state, where even after a scholarship, she would be left with little, if any, after paying for school. Looking for your opinions.
Honestly, you don't. My daughter was permanently scarred by a doctor at the age of 2 and has had to undergo many surgeries and was ridiculed by her peers for a long time. She deserves it and has worked extremely hard in school to be top 10 in her class of over 400.
I am just looking for opinions on best use of her college funds. Not your opinion of my situation.
If she is accepted at a more selective SUNY school that might be the way to go. Nowadays, grad school is essentially required for certain careers and she'll be able to afford that too. I guess I am agreeing with your husband.
I think it all depends on what she plans to go to college for and will she be able to get employment when she graduates.
A lot of graduates have a hard time finding employment.
Your husbands suggestion is good in my opinion. Send her to a SUNY school and after graduation she can look for a job out of state and be financially secure. At her young age, she may not realize the importance of having money in the bank.
I think you would need to provide (or at least consider, if you don't feel comfortable posting them online) more information about her options, her goals, the financial outcomes, and a realistic assessment of her aptitude. A guidance counselor, teacher, or other professional personally familiar with her will definitely be able to provide you with a better analysis than an anonymous internet forum posited with (basically) the general question of whether it is better to spend more money on private school vs. less money at a SUNY school.
I think it all depends on what she plans to go to college for and will she be able to get employment when she graduates.
A lot of graduates have a hard time finding employment.
She wants to be a physicians assistant, or perhaps go on to her PHD. Definitely medical field.
I think you would need to provide (or at least consider, if you don't feel comfortable posting them online) more information about her options, her goals, the financial outcomes, and a realistic assessment of her aptitude. A guidance counselor, teacher, or other professional personally familiar with her will definitely be able to provide you with a better analysis than an anonymous internet forum posited with (basically) the general question of whether it is better to spend more money on private school vs. less money at a SUNY school.
I understand. I guess I was asking, as a parent, how you would guide your child in such a situation. We have done a lot of research on admissions requirements, career outcomes, and such. Her guidance counselor is essentially useless and sees her as a number. When she goes there for guidance, she walks out knowing nothing more than when she walked in. She's fairly new to the school, and doesn't know her personally. And I realize you don't either, but I know many of you have children and are knowledgeable and more realistic. She wants to go into the medical field, she has excellent grades, is highly driven.
If she wants to go to a medical field, than state school is perfectly fine. The best thing a young adult can have is to start out in life debt free.
I'm a doc, and went to a combined state BA-MD program. Saved tons of money, graduated med school with very little debt that was easily paid off. Matched with a top nationally ranked residency, and now have a cushy job and great income.
Private school/IVY only matters if you want to be a Wallstreet hedge fund manager and the connections matter. In Healthcare, that matters little and excelling at a state school while being debt free is the ideal way to do it.
Thank you 85Dumbo. Good to hear that from someone with experience in the field. I appreciate your input, and I agree graduating debt free is the best thing she could probably do for herself.
Do you think it would ever be difficult for her to relocate out of state if she wanted to? I imagine the need and the requirements in other cities is the same.
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