s/o Sending your child to a small liberal arts college for $50k a year is a rip-off

[Anonymous]

Speaking as a college administrator, it seems that several posters are misinformed about financial aid, especially at the most prestigious liberal arts colleges (Amherst, Swarthmore, Williams, Wellesley, Pomona, etc.). These schools have tremendous endowments that enable students who qualify for financial aid (using fairly standard financial aid formulas via FAFSA) to attend with minimal, and sometimes, no loans. In other words, if your children are able to get into these highly competitive schools and you qualify for financial aid, you may actually spend less money than sending your child to a state school under severe budget restrictions. It really pains me to see excellent students from poor families who don't even bother to apply to these schools because their parents believe that the price tag is too high. That is simply not the case.

[Anonymous]

I second 15:40. That was true for me at the grad school level as well. It was cheaper for me to go to an Ivy League program than UVA.

[Anonymous]

Anonymous wrote:Speaking as a college administrator, it seems that several posters are misinformed about financial aid, especially at the most prestigious liberal arts colleges (Amherst, Swarthmore, Williams, Wellesley, Pomona, etc.). These schools have tremendous endowments that enable students who qualify for financial aid (using fairly standard financial aid formulas via FAFSA) to attend with minimal, and sometimes, no loans. In other words, if your children are able to get into these highly competitive schools and you qualify for financial aid, you may actually spend less money than sending your child to a state school under severe budget restrictions. It really pains me to see excellent students from poor families who don't even bother to apply to these schools because their parents believe that the price tag is too high. That is simply not the case.

I wish we could get a median income for the DCUM board, but I'm confident to say most people on this board won't qualify for any financial aid. My parents made $60,000 per year and I paid $40,000 of $50,000 in tuition. Makes no sense. I'm not sure who they were offering aid to, but it didn't seem to be many people.

[Anonymous]

Anonymous wrote:You do realize that in most places Harvard is considered liberal arts, right?

That said, I agree with OP on the whole. I'll be damned if I'm going to be saddled with people looking for handouts.

I'm not unbiased since I went to the other institute down the street from Harvard, but Harvard is a total rip off.

Yes, you get the best alumni network, but you don't get a great education. A few years ago 70% of student had a 4.0 from Harvard. It's a total joke, but everyone falls for it.

[Anonymous]

Duke is better than UNC in almost every area...forget the Tarheels...

[Anonymous]

When I went to Berkeley undergrad, the entire cost of attendance was $13000 per year. Tuition and cost of living included. I got out with minimal loans. I'll go with state schools personally.

It wasn't that long ago. These are scary times, people.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Speaking as a college administrator, it seems that several posters are misinformed about financial aid, especially at the most prestigious liberal arts colleges (Amherst, Swarthmore, Williams, Wellesley, Pomona, etc.). These schools have tremendous endowments that enable students who qualify for financial aid (using fairly standard financial aid formulas via FAFSA) to attend with minimal, and sometimes, no loans. In other words, if your children are able to get into these highly competitive schools and you qualify for financial aid, you may actually spend less money than sending your child to a state school under severe budget restrictions. It really pains me to see excellent students from poor families who don't even bother to apply to these schools because their parents believe that the price tag is too high. That is simply not the case.

I wish we could get a median income for the DCUM board, but I'm confident to say most people on this board won't qualify for any financial aid. My parents made $60,000 per year and I paid $40,000 of $50,000 in tuition. Makes no sense. I'm not sure who they were offering aid to, but it didn't seem to be many people.

Hard to speculate based upon the info you gave. First, are you talking about the very highest tier liberal arts colleges (Amherst, Swarthmore, Williams)? Most schools do not have nearly the same endowment as those top, elite schools, so they are not going to be as generous with financial aid. Also, $60K in income today should allow you to qualify for a lot of aid, but there are many other factors to consider. (BTW $60K HHI in 1990 needs to be dollar adjusted for 2012.) For example, did your parents their home outright, have other sources of income, etc.?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Speaking as a college administrator, it seems that several posters are misinformed about financial aid, especially at the most prestigious liberal arts colleges (Amherst, Swarthmore, Williams, Wellesley, Pomona, etc.). These schools have tremendous endowments that enable students who qualify for financial aid (using fairly standard financial aid formulas via FAFSA) to attend with minimal, and sometimes, no loans. In other words, if your children are able to get into these highly competitive schools and you qualify for financial aid, you may actually spend less money than sending your child to a state school under severe budget restrictions. It really pains me to see excellent students from poor families who don't even bother to apply to these schools because their parents believe that the price tag is too high. That is simply not the case.

I wish we could get a median income for the DCUM board, but I'm confident to say most people on this board won't qualify for any financial aid. My parents made $60,000 per year and I paid $40,000 of $50,000 in tuition. Makes no sense. I'm not sure who they were offering aid to, but it didn't seem to be many people.

Hard to speculate based upon the info you gave. First, are you talking about the very highest tier liberal arts colleges (Amherst, Swarthmore, Williams)? Most schools do not have nearly the same endowment as those top, elite schools, so they are not going to be as generous with financial aid. Also, $60K in income today should allow you to qualify for a lot of aid, but there are many other factors to consider. (BTW $60K HHI in 1990 needs to be dollar adjusted for 2012.) For example, did your parents their home outright, have other sources of income, etc.?

I went to a school with a much larger endowment than the liberal arts colleges you mentioned. I think its top 5. I didn't go to school that long ago, but I'm the PP that was in school before the congressional investigation so things have definitely changed at my university and others. They claim now that anyone making less than $75,000 per year gets full-ride paid. I don't know if I believe it, but that's what they say.

Even if this board is representative of all incomes in DC the median income is $100,000 which is far above what my parents made and the current full tuition promises. That being said I get the feeling the average income of people here is higher than $100K per year.

[Anonymous]

Anonymous wrote:When I went to Berkeley undergrad, the entire cost of attendance was $13000 per year. Tuition and cost of living included. I got out with minimal loans. I'll go with state schools personally.

It wasn't that long ago. These are scary times, people.

I agree that the California State universities are some of the best deals in the country. However, its much more expensive these days and keeps rising due to the budget crisis in California. I had friends at UCLA and USC and they did not have as positive experiences. One chemistry grad from UCLA had only 1 lab class because there were too many chemistry majors to have extensive lab training?! Seems something pretty essential for a science degree.

[Anonymous]

I got an amazing, life-changing, high quality education at my liberal arts college, much different from the experiences of my friends who attended state schools. It may or may not make financial sense for a particular family to give their kid this type of an education, but you calling it a "rip off" is pretty short sighted. A good liberal arts school focuses on developing the character of their students, and stats show that graduates of these schools tend to get a higher percentage of professional degrees, volunteer more in the community, and give back to the alma maters more so than public school grads. You and your family may not value this - I do, and hope to give my child the opportunity to attend a private liberal arts college if that fits with what he wants.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Speaking as a college administrator, it seems that several posters are misinformed about financial aid, especially at the most prestigious liberal arts colleges (Amherst, Swarthmore, Williams, Wellesley, Pomona, etc.). These schools have tremendous endowments that enable students who qualify for financial aid (using fairly standard financial aid formulas via FAFSA) to attend with minimal, and sometimes, no loans. In other words, if your children are able to get into these highly competitive schools and you qualify for financial aid, you may actually spend less money than sending your child to a state school under severe budget restrictions. It really pains me to see excellent students from poor families who don't even bother to apply to these schools because their parents believe that the price tag is too high. That is simply not the case.

I wish we could get a median income for the DCUM board, but I'm confident to say most people on this board won't qualify for any financial aid. My parents made $60,000 per year and I paid $40,000 of $50,000 in tuition. Makes no sense. I'm not sure who they were offering aid to, but it didn't seem to be many people.

Hard to speculate based upon the info you gave. First, are you talking about the very highest tier liberal arts colleges (Amherst, Swarthmore, Williams)? Most schools do not have nearly the same endowment as those top, elite schools, so they are not going to be as generous with financial aid. Also, $60K in income today should allow you to qualify for a lot of aid, but there are many other factors to consider. (BTW $60K HHI in 1990 needs to be dollar adjusted for 2012.) For example, did your parents their home outright, have other sources of income, etc.?

I went to a school with a much larger endowment than the liberal arts colleges you mentioned. I think its top 5. I didn't go to school that long ago, but I'm the PP that was in school before the congressional investigation so things have definitely changed at my university and others. They claim now that anyone making less than $75,000 per year gets full-ride paid. I don't know if I believe it, but that's what they say.

Even if this board is representative of all incomes in DC the median income is $100,000 which is far above what my parents made and the current full tuition promises. That being said I get the feeling the average income of people here is higher than $100K per year.

Again, your details need to be clearer. Did you attend a university or a liberal arts college for your BA? Swarthmore, Amherst, and Williams are typically considered the top 3 liberal arts colleges in the country, with Wellesley usually 4th or 5th, each with endowments of over $1 for very small student bodies of around 2000 each. Per capita, that is a lot of money--far more per capita than at a university that serves ten times that amount.

Also, a lot of students don't know the assets of their parents. Your parents may have made only $60K/year, but if they had a lot of other assets which they haven't disclosed to you, the you would not have qualified for aid.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Speaking as a college administrator, it seems that several posters are misinformed about financial aid, especially at the most prestigious liberal arts colleges (Amherst, Swarthmore, Williams, Wellesley, Pomona, etc.). These schools have tremendous endowments that enable students who qualify for financial aid (using fairly standard financial aid formulas via FAFSA) to attend with minimal, and sometimes, no loans. In other words, if your children are able to get into these highly competitive schools and you qualify for financial aid, you may actually spend less money than sending your child to a state school under severe budget restrictions. It really pains me to see excellent students from poor families who don't even bother to apply to these schools because their parents believe that the price tag is too high. That is simply not the case.

I wish we could get a median income for the DCUM board, but I'm confident to say most people on this board won't qualify for any financial aid. My parents made $60,000 per year and I paid $40,000 of $50,000 in tuition. Makes no sense. I'm not sure who they were offering aid to, but it didn't seem to be many people.

Hard to speculate based upon the info you gave. First, are you talking about the very highest tier liberal arts colleges (Amherst, Swarthmore, Williams)? Most schools do not have nearly the same endowment as those top, elite schools, so they are not going to be as generous with financial aid. Also, $60K in income today should allow you to qualify for a lot of aid, but there are many other factors to consider. (BTW $60K HHI in 1990 needs to be dollar adjusted for 2012.) For example, did your parents their home outright, have other sources of income, etc.?

I went to a school with a much larger endowment than the liberal arts colleges you mentioned. I think its top 5. I didn't go to school that long ago, but I'm the PP that was in school before the congressional investigation so things have definitely changed at my university and others. They claim now that anyone making less than $75,000 per year gets full-ride paid. I don't know if I believe it, but that's what they say.

Even if this board is representative of all incomes in DC the median income is $100,000 which is far above what my parents made and the current full tuition promises. That being said I get the feeling the average income of people here is higher than $100K per year.

Again, your details need to be clearer. Did you attend a university or a liberal arts college for your BA? Swarthmore, Amherst, and Williams are typically considered the top 3 liberal arts colleges in the country, with Wellesley usually 4th or 5th, each with endowments of over $1 for very small student bodies of around 2000 each. Per capita, that is a lot of money--far more per capita than at a university that serves ten times that amount.

Also, a lot of students don't know the assets of their parents. Your parents may have made only $60K/year, but if they had a lot of other assets which they haven't disclosed to you, the you would not have qualified for aid.

I meant, $1 BILLION endowments! Important word I left out there!

[Anonymous]

Community college then to a four-year school.

Partying is fun, but I'll be damned if I'll pay a $200k cover charge.

The higher ed bubble will continue until it bursts.

[Anonymous]

Anonymous wrote:I got an amazing, life-changing, high quality education at my liberal arts college, much different from the experiences of my friends who attended state schools. It may or may not make financial sense for a particular family to give their kid this type of an education, but you calling it a "rip off" is pretty short sighted. A good liberal arts school focuses on developing the character of their students, and stats show that graduates of these schools tend to get a higher percentage of professional degrees, volunteer more in the community, and give back to the alma maters more so than public school grads. You and your family may not value this - I do, and hope to give my child the opportunity to attend a private liberal arts college if that fits with what he wants.

Yeah, me, too. I went to a middle of the road liberal arts college and it was amazing. It was one of the best experiences of my life. If a kid is headed for a professional program (law, medicine, social work, etc.) or otherwise headed to grad school, I think the broader background and more intensive introduction to critical thinking is invaluable.

[Anonymous]

My spouse: Ivy Leaguer. Her best college friends are: medical doctors, lawyers, Ph.D.'s, theologians, and overall brilliant people.

Me: state school. My best friends are journalists, truck drivers and cops.

It ain't the quality of education you're paying for. It's the quality of your professional network.