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

[Anonymous]

Anonymous wrote: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?

70 x 4 = $280k
No, for us the differential in quality of education between U.Va. and Columbia isn't great enough to justify that amount.
I agree with you though that others will differ, and I don't question their choices.

[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?

Same quality? Lol... right...

+1

It's absolutely not the same quality. While not Harvard, Columbia will still open a ton of doors esp. in the art, publishing, and journalism industries in NYC which are super competitive.

You can't get those kinds of connections at uva. UVA is so provincial compared to going to school in NYC where you'd have the opportunity to do unpaid internships basically anywhere in the city as long as you can pay travel costs.

[Anonymous]

Anonymous wrote:

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?

Same quality? Lol... right...

+1

It's absolutely not the same quality. While not Harvard, Columbia will still open a ton of doors esp. in the art, publishing, and journalism industries in NYC which are super competitive.

You can't get those kinds of connections at uva. UVA is so provincial compared to going to school in NYC where you'd have the opportunity to do unpaid internships basically anywhere in the city as long as you can pay travel costs.

If the family has to take loans to pay for the school, the kid is not going to be able to take unpaid internships. Art, publishing and journalism aren't good fields for someone with nearly $300k in student loan debt from undergrad.

[Anonymous]

Nope. I fully expect that my kids will go to grad school, where they may very well pick up some debt. They will graduate from college at a state school debt free, based on their 529s, or go to a private/OOS that makes up most of all of the gap. For grad school, they might well have to take on some debt.

Say $200k for Columbia undergrad if parents kick in VA tuition cost. They could easily pick up another 100-200k or more for grad school, depending on the program. No way my kid starts life with $400k plus in educational debt. It limits their job choices,their ability to get marries, to have kids, to buy a house, to SAH and raise kids. I don't want all their life choices dictated by school debt.

[Anonymous]

It seems like some bad math is happening here. It's not $280,000 difference. The difference is only the differential between UVA and Columbia. Haven't seen anyone do that calculation and don't know the costs.

[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?

Columbia is ranked #5, UVA #23.

[Anonymous]

I think you're VASTLY overestimating how good of a school Columbia is. This is a no brainer

[Anonymous]

UVA would cost about 30K so we are looking at an extra 40K/year. $120K total. Would that be worth the added "doors" opened by Columbia? I think so.. I suppose this also depends on what the kid ends up getting a degree in - I'm guessing Finance or hard science vs something artsy/fartsy would make a big difference.

[Anonymous]

Anonymous wrote:Nope. I fully expect that my kids will go to grad school, where they may very well pick up some debt. They will graduate from college at a state school debt free, based on their 529s, or go to a private/OOS that makes up most of all of the gap. For grad school, they might well have to take on some debt.

Say $200k for Columbia undergrad if parents kick in VA tuition cost. They could easily pick up another 100-200k or more for grad school, depending on the program. No way my kid starts life with $400k plus in educational debt. It limits their job choices,their ability to get marries, to have kids, to buy a house, to SAH and raise kids. I don't want all their life choices dictated by school debt.

OP here. Just wanted to state, I wouldn't expect my kid to take on the debt for undergraduate school, I would be willing to take on the debt myself for my child to attend that type of caliber of school.

[Anonymous]

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

Yes, in general that level of debt could ruin a life. But really, how many graduates of the nation's very top colleges are living in trailers or the ghetto? It seems that pretty much everyone who graduates from a top ivy (or other school of equal status) ends up doing just fine.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

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?

Same quality? Lol... right...

+1

It's absolutely not the same quality. While not Harvard, Columbia will still open a ton of doors esp. in the art, publishing, and journalism industries in NYC which are super competitive.

You can't get those kinds of connections at uva. UVA is so provincial compared to going to school in NYC where you'd have the opportunity to do unpaid internships basically anywhere in the city as long as you can pay travel costs.

If the family has to take loans to pay for the school, the kid is not going to be able to take unpaid internships. Art, publishing and journalism aren't good fields for someone with nearly $300k in student loan debt from undergrad.

This is very true

[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?

Columbia is ranked #5, UVA #23.

You need to put error bars on those ranking. They are the same within uncertainties.

[Anonymous]

Anonymous wrote:UVA would cost about 30K so we are looking at an extra 40K/year. $120K total. Would that be worth the added "doors" opened by Columbia? I think so.. I suppose this also depends on what the kid ends up getting a degree in - I'm guessing Finance or hard science vs something artsy/fartsy would make a big difference.

not hard science. maybe finance or something artsy.

[Anonymous]

Anonymous wrote:

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?

Columbia is ranked #5, UVA #23.

You need to put error bars on those ranking. They are the same within uncertainties.

LOL. you are creative.

[Anonymous]

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

Unless I misread the OP, it's the parents who plan to take out loans to fund the degree, not the student, correct? Maybe they are adding a second mortgage to their house?