Do many people pick publics because of money?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Well I’ll have the last laugh. I pay a fraction of what people pay out of state for my kid to go to uva. Will try and do it with my second kid too. GL!

UVA is meh for undergrad.

Nice try.

Compared to private schools in the top 25? Please. Outcomes at UVA are closer to outcomes at George Mason than Stanford or Caltrch….

[Anonymous]

Anonymous wrote:

Anonymous wrote:You realize that both UVA and WM are both so good that people from out of state want to attend them also, right? It’s not like it’s a huge compromise for top students to go there. The lower in-state tuition might be a necessity for some families, a bonus for some, and completely inconsequential for others.

This. I would pick a public, in-state university for my kid any day over private. VA has a handful of excellent schools at reasonable rates. I went to a flagship state school and do well as an attorney. I did have law school loans and have since learned what a burden that can be at the beginning of one's career. I'd like to avoid that for my kids. Being debt-free allows you to take more risks or pursue opportunities which would otherwise not be available to those who shoulder hefty monthly student loan payments. I see no reason to pursue that option.

Plus, paying nearly $100K for a year of undergrad is just insanity. For someone in finance, I'm surprised that you consider that a good deal.

You realize every ROI has a numerator as well as a denominator, right? At least they teach that in B School if nothing else.

[Anonymous]

Anonymous wrote:

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Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Well I’ll have the last laugh. I pay a fraction of what people pay out of state for my kid to go to uva. Will try and do it with my second kid too. GL!

UVA is meh for undergrad.

Nice try.

Compared to private schools in the top 25? Please. Outcomes at UVA are closer to outcomes at George Mason than Stanford or Caltrch….

Uh, no. UVA is the no. 1 public producer of Rhodes Scholars in the US. It falks in around no 8 after only West Point and the Ivies

+1. My UVA kid us a DPhil candidate at Oxford right now. https://news.virginia.edu/content/public-health-researcher-receives-rhodes-scholarship

Great. How much do engineering grads at UVA make compared to MIT? Business to Penn? Point still stands-more Mason than top tier.

You sound ridiculous.

[Anonymous]

OP...my dad made " too much" for me to get Fin Aid. We had 8 kids in the family. I couldn't get loans on my own, so yes, I was stuck with my local public univ + I took 2 buses each way to get there.Consider yourself lucky to be poor enough to qualify for Fin Aid. The middle class gets screwed.

[Anonymous]

Anonymous wrote:OP...my dad made " too much" for me to get Fin Aid. We had 8 kids in the family. I couldn't get loans on my own, so yes, I was stuck with my local public univ + I took 2 buses each way to get there.Consider yourself lucky to be poor enough to qualify for Fin Aid. The middle class gets screwed.

Thank you for sharing. Perfectly said. OP and other PPs are tone-deaf.

[Anonymous]

Anonymous wrote:

Anonymous wrote:OP...my dad made " too much" for me to get Fin Aid. We had 8 kids in the family. I couldn't get loans on my own, so yes, I was stuck with my local public univ + I took 2 buses each way to get there.Consider yourself lucky to be poor enough to qualify for Fin Aid. The middle class gets screwed.

Thank you for sharing. Perfectly said. OP and other PPs are tone-deaf.

Thank you!

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:You realize that both UVA and WM are both so good that people from out of state want to attend them also, right? It’s not like it’s a huge compromise for top students to go there. The lower in-state tuition might be a necessity for some families, a bonus for some, and completely inconsequential for others.

This. I would pick a public, in-state university for my kid any day over private. VA has a handful of excellent schools at reasonable rates. I went to a flagship state school and do well as an attorney. I did have law school loans and have since learned what a burden that can be at the beginning of one's career. I'd like to avoid that for my kids. Being debt-free allows you to take more risks or pursue opportunities which would otherwise not be available to those who shoulder hefty monthly student loan payments. I see no reason to pursue that option.

Plus, paying nearly $100K for a year of undergrad is just insanity. For someone in finance, I'm surprised that you consider that a good deal.

You realize every ROI has a numerator as well as a denominator, right? At least they teach that in B School if nothing else.

OP makes the faulty assumption that all private school grads go on to lucrative 1st year salaries, which we all know to be a grossly oversold mistruth. Overpaying for a lofty private does not guarantee $300K 1st year out. In fact, I know many Ivy grads who are still making less than $150K even in their 40s. At its core, private uni is really just a marketing scam.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:You realize that both UVA and WM are both so good that people from out of state want to attend them also, right? It’s not like it’s a huge compromise for top students to go there. The lower in-state tuition might be a necessity for some families, a bonus for some, and completely inconsequential for others.

This. I would pick a public, in-state university for my kid any day over private. VA has a handful of excellent schools at reasonable rates. I went to a flagship state school and do well as an attorney. I did have law school loans and have since learned what a burden that can be at the beginning of one's career. I'd like to avoid that for my kids. Being debt-free allows you to take more risks or pursue opportunities which would otherwise not be available to those who shoulder hefty monthly student loan payments. I see no reason to pursue that option.

Plus, paying nearly $100K for a year of undergrad is just insanity. For someone in finance, I'm surprised that you consider that a good deal.

You realize every ROI has a numerator as well as a denominator, right? At least they teach that in B School if nothing else.

OP makes the faulty assumption that all private school grads go on to lucrative 1st year salaries, which we all know to be a grossly oversold mistruth. Overpaying for a lofty private does not guarantee $300K 1st year out. In fact, I know many Ivy grads who are still making less than $150K even in their 40s. At its core, private uni is really just a marketing scam.

And you make the mistake to presume all ivy kids want careers right out of uvndergrad. Half or more want law med or grad, and the ivy/elite nonivy private makes these much easier to achieve, as one can be average or below and still get in somewhere .

[Anonymous]

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Anonymous wrote:My parents did not pay for my college or grad school. I never considered any public universities in state or out of state. I am from NY. I applied to schools I was interested in, got financial aid and graduated grad school with loans and paid it off pretty quickly. I worked in investment banking and private equity in NYC so it was fast.

I’m surprised at how many people choose state schools in VA and MD.

Are students that afraid of debt?

All these families are better off financially than my family was when I was going to college. The cost of college was not a factor for me. I just knew I would pay it back.

Agree. I think that some people did not have the experiences that you and I had, so they are afraid of having to pay back school loans, OP. And absolutely yes, money is why anyone I know who has their kids attend publics, attend publics. Which is fine for them, we are grateful for more options.

I am not trying to offend anyone. I come from a humble background. My parents did not and could not pay for my education. It just seems strange to me that these UMC people who are much better off financially than my parents would have their kids attend a lesser school for money. I may never understand.

The issue is bang for the buck. A school that costs $360k has to be “superior enough” to justify the cost relative to a much cheaper state school.

People also anticipate having to pay for grad school.

Why is this hard for you to understand?

My husband makes several million dollars per year. Taking on 200k debt like we did to get an elite education doesn’t sound bad to me. I had full confidence to earn and pay back my loans.

First of all, bull$hit he does.

If you are paying for "an elite education" just as a luxury expenditure that your kids don't really need (which would be true if your DH actually made "several million a year", which he does not because you are lying) that's great for you. However, sane people who can afford "an elite school" still need to take into account the cost-benefit equation of doing so. What is the career intent, will grad school be required, and will a state flagship satisfy the needs of both.

The cost-benefit equation is not always financial. Our oldest did not go to a private university just to graduate and make money. Her goals were based on her strengths which were the arts and not academic. We paid the high tuition rates because it was the best choice for her.

So, money is not a factor for you, but it is for most people.

I know that. But many people claim they won’t pay for a private university unless their child makes a certain amount of money to make it “worth it”. Even if they have the means to pay for it. My point is there are many reasons people choose private universities not just how much their child will earn.

And I agree, the many millions a year salary poster is lying and that’s not helpful

Just because you can afford something doesn't mean it's a smart buy. If your child needs smaller class sizes and individualized attention, or that expensive private has some degree program that's amazing, it totally makes sense, but just to pick an expensive college just because makes no sense.

"A fool and his money are easily parted".

If you have money, then your kid doesn't have to worry about getting a good paying job, and instead can focus on their passion. But, what will their grandchildren do when the family money runs out? Unless you are super wealthy with a trust fund that will last several generations, at some point, your descendants won't be able to freely pick an expensive college to pursue their passions.

We did need to choose a place that offered what she trained for since she was 8 along with basic academics. It’s expensive but no public schools would work out.

She does have money but even if she didn’t she would do what everyone else does and what she plans on doing which is to work. What will their grandchildren do 50 years from now? Who knows.

[Anonymous]

So how did student loans cover the cost for your entire undergraduate education?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:You understand that tuition rates have grown astronomically faster than wages since you were in college, right?

Of course I understand. We can easily afford to pay tuition. However, even if we couldn’t, I would encourage my children to apply and attend the best college possible.

I know many kids going to UVA and W&M could have gone to “better” schools. I’m sure this is more from public high schools, not private. If you are already paying 50k for high school tuition, paying 80k for college tuition probably would not be a factor in deciding where to go to college.

1. If you couldn't afford to pay, then why would you encourage your children to apply and attend the "best college possible"?

2. Your statement about a person paying $50K being able to pay $80K (and rising)(It's actually $90K now, generally) makes assumptions and is erroneous.

3. Yes, people pick publics and privates with merit aid over "better" brand-name schools because of money.

Dh and I want to HYP grad schools. I earned high six figures and Dh now earns seven figures. I don’t think it would have been possible without our education.

As a graduate of elite Ivies, undergrad and grad, I can tell you there are plenty of failed Ivy grads who never really launched. They eke out middle class existences.

And in the real world, there is no shortage of very successful people who went to no name schools.

Ivies are overrated in terms of what they can do for you. It's the individual's ability to achieve that matters more than any school they attended.

[Anonymous]

Anonymous wrote:Virginia has some fantastic state schools. Why pay for private when you can get a better education, with a larger alumni network, at a public?

VA state schools are good at some things but overall mediocre in STEM.

[Anonymous]

Anonymous wrote:

Anonymous wrote:You understand that tuition rates have grown astronomically faster than wages since you were in college, right?

Of course I understand. We can easily afford to pay tuition. However, even if we couldn’t, I would encourage my children to apply and attend the best college possible.

I know many kids going to UVA and W&M could have gone to “better” schools. I’m sure this is more from public high schools, not private. If you are already paying 50k for high school tuition, paying 80k for college tuition probably would not be a factor in deciding where to go to college.

Op a lot of families like ours make way too much to get financial aid but still hurts the family bottom line to have to pay full price private!! Our kid will never get financial aid, we earn in the high six figures and yet our cost of living is high, our kids are in public school but we don’t have an extra $85k per year for college so if he gets into a good in state public that is suited for his major that would be great! I might have thought differently before but the college name is really what you make of it.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:You understand that tuition rates have grown astronomically faster than wages since you were in college, right?

Of course I understand. We can easily afford to pay tuition. However, even if we couldn’t, I would encourage my children to apply and attend the best college possible.

I know many kids going to UVA and W&M could have gone to “better” schools. I’m sure this is more from public high schools, not private. If you are already paying 50k for high school tuition, paying 80k for college tuition probably would not be a factor in deciding where to go to college.

Op a lot of families like ours make way too much to get financial aid but still hurts the family bottom line to have to pay full price private!! Our kid will never get financial aid, we earn in the high six figures and yet our cost of living is high, our kids are in public school but we don’t have an extra $85k per year for college so if he gets into a good in state public that is suited for his major that would be great! I might have thought differently before but the college name is really what you make of it.

High ? How high six figures? We are $450-500k HHI and I don’t see how you couldn’t.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:You understand that tuition rates have grown astronomically faster than wages since you were in college, right?

Of course I understand. We can easily afford to pay tuition. However, even if we couldn’t, I would encourage my children to apply and attend the best college possible.

I know many kids going to UVA and W&M could have gone to “better” schools. I’m sure this is more from public high schools, not private. If you are already paying 50k for high school tuition, paying 80k for college tuition probably would not be a factor in deciding where to go to college.

1. If you couldn't afford to pay, then why would you encourage your children to apply and attend the "best college possible"?

2. Your statement about a person paying $50K being able to pay $80K (and rising)(It's actually $90K now, generally) makes assumptions and is erroneous.

3. Yes, people pick publics and privates with merit aid over "better" brand-name schools because of money.

Dh and I want to HYP grad schools. I earned high six figures and Dh now earns seven figures. I don’t think it would have been possible without our education.

As a graduate of elite Ivies, undergrad and grad, I can tell you there are plenty of failed Ivy grads who never really launched. They eke out middle class existences.

And in the real world, there is no shortage of very successful people who went to no name schools.

Ivies are overrated in terms of what they can do for you. It's the individual's ability to achieve that matters more than any school they attended.

+1 really a self selecting group.

Most people who go to ivies are go getters; they will do well in life no matter where they go.

Go getters at public univs also end up doing very well; some even end up at the same company and on the same team as their ivy grads.