Middle class families - Are you willing to take on a ton of debt for a top college?

[Anonymous]

I have a friend whose son was accepted to Columbia, but not offered any scholarships or financial aid. Including room and board the cost would be $70,000 a year. Instead he will be going to UVA. If this were my kid, I think I'd be willing to take on the debt to pay for this, although I'm certainly not passing judgement on his parents for not doing so. Are there other families who would be willing to pay full price for a school like Columbia even though it would severely hurt to take on this type of debt?

[Anonymous]

In the case of UVa versus Columbia, I'd definitely pick UVa. It is just as good a school. Why pay more for the same quality?

[Anonymous]

I went to uva instate because it was much cheaper than the top 10 school I got into,even though college was generally much cheaper twenty years ago. I did not love UVa but I'm not sure I would have loved the other school any more. I graduated with a job and a great start and NO debt for me or my parents. I will be able to afford an out of state school for my child, but probably will not do so unless it was the top school for a specialized program

[Anonymous]

No

[Anonymous]

Anonymous wrote:In the case of UVa versus Columbia, I'd definitely pick UVa. It is just as good a school. Why pay more for the same quality?

+1.

[Anonymous]

No, I would not pick columbia and the debt. I can't think of any real world benefit other than bragging rights because you think the name sounds more impressive

$280k debt can ruin your life.

[Anonymous]

For Harvard / Yale / Stanford, I would think about it. Otherwise, no. I'm a big fan of the state land grant universities.

Also, recall that grad school is increasingly common and almost always requires debt. I borrowed $110k for law school and am so grateful not to have undergrad debt.

[Anonymous]

Absolutely not. We've been thinking about this and conditioning our kids though. It's almost counter-culture at times to say "We're picking schools together based on a number of factors, including cost" rather than "As long as you get in, you can go wherever you want!"

[Anonymous]

I'd never saddle myself or my kids with that kind of debt for college. It's definitely not worth it. Kid will get a great start to life at UVA.

I hire interns and so talk and work with a lot of students from state schools and so-called "top colleges". I don't see a lot of difference based on just the brand name. My strongest interns over the past few years have come from state flagship Us.

Also, DH and I both went to public universities and have had successful careers and never any trouble finding jobs.

[Anonymous]

No. We're middle class and willing to shell out about $40k per year, plus or minus. We expect merit scholarships to pick up the rest. $70k? We could not stomach that.

[Anonymous]

Anonymous wrote:

Anonymous wrote:In the case of UVa versus Columbia, I'd definitely pick UVa. It is just as good a school. Why pay more for the same quality?

+1.

+2 I'm not even a fan of UVA but I can't think of any area in which Columbia is notably stronger.

[Anonymous]

$70k/yr is a life changing burden. I don't see how Columbia would be worth it.

[Anonymous]

No, would not pick up debt of that scale when good education can be had for fraction of that cost in case of in state UVA. And we didn't for DS.

[Anonymous]

Anonymous wrote:In the case of UVa versus Columbia, I'd definitely pick UVa. It is just as good a school. Why pay more for the same quality?

Same quality? Lol... right...

[Anonymous]

No. I agree with the PP who said that level of debt could ruin a life.