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

[Anonymous]

Anonymous wrote:

Anonymous wrote:Are there REALLY college-educated, professional adults who work full-time who cannot afford $6k a month to pay for their kid to go to an Ivy League school? Unless you got stuck with a stay-at-home or have 5 kids, this is unfathomable to me.

Is this a joke?[/quote

It's valid point. How often would OP's situation actually arise in the real world?

[Anonymous]

Anonymous wrote:I went to UVA for undergrad and law school. It's an awesome school. If my kid gets into Columbia and UVA, I would pay for Columbia, bc Columbia is a better undergrad than UVA. Columbia opens doors that UVA does not. How could you ever say you wouldn't pay for the better school? I could pay cash for her tuition, but even if I couldn't -- if I was the poors -- I would take out loans, beg on the street, I would do ANYTHING to get the $. That so many would be unwilling to do so is a terrific indication of why you are middle class in the first place -- you will not do whatever it takes to get to the top. Sad you condemn your kids to your life of meritocracy.

+1
I thought it was pretty much a given that parents would do whatever it takes to help their children get ahead. I'd be willing to eat beans to send my kid to Columbia.

[Anonymous]

Anonymous wrote:No. Luckily, we raised our child in a way that he would never even consider having his parents go $100K+ in debt for a name.

Geesh. Move to a smaller house.

[Anonymous]

Anonymous wrote:I'm from a family of Columbia grads (parents, grandparents, some aunts, uncles, cousins). Like anywhere, it's opened doors for some and not for others---some are successful, some are not. All smart and decent people but Columbia was not some magic bullet.

It seems like they all married Columbia grads.

[Anonymous]

Anonymous wrote:Are there REALLY college-educated, professional adults who work full-time who cannot afford $6k a month to pay for their kid to go to an Ivy League school? Unless you got stuck with a stay-at-home or have 5 kids, this is unfathomable to me.

Is this a real question?

[Anonymous]

Anonymous wrote:Are there REALLY college-educated, professional adults who work full-time who cannot afford $6k a month to pay for their kid to go to an Ivy League school? Unless you got stuck with a stay-at-home or have 5 kids, this is unfathomable to me.

I'm going to assume that you really are that out of touch, that you are truly that insulated in your bubble, and this is a real question.

DH and I are professional adults, both with graduate degrees. Our HHI is $220. We have two children.

We have not always made this much.

Our take-home net pay after retirement, health insurance, etc. is about $10,500/month.

Is it rational to think that we can dedicate $6K/month (and rising each year) to one child's higher education and live on the remainder?

[Anonymous]

Colleges and some state legislatures are waking up to the problem. Univ of Michigan is the latest example - free tuition for in/ state students from families making less than $65K

[Anonymous]

Anonymous wrote:Colleges and some state legislatures are waking up to the problem. Univ of Michigan is the latest example - free tuition for in/ state students from families making less than $65K

And those that make $75,000?

[Anonymous]

Anonymous wrote:Are there REALLY college-educated, professional adults who work full-time who cannot afford $6k a month to pay for their kid to go to an Ivy League school? Unless you got stuck with a stay-at-home or have 5 kids, this is unfathomable to me.

+ 1

[Anonymous]

Anonymous wrote:

Anonymous wrote:Are there REALLY college-educated, professional adults who work full-time who cannot afford $6k a month to pay for their kid to go to an Ivy League school? Unless you got stuck with a stay-at-home or have 5 kids, this is unfathomable to me.

+ 1

Is this a joke? You think every educated professional has an extra $60k a year after taxes?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Are there REALLY college-educated, professional adults who work full-time who cannot afford $6k a month to pay for their kid to go to an Ivy League school? Unless you got stuck with a stay-at-home or have 5 kids, this is unfathomable to me.

+ 1

Is this a joke? You think every educated professional has an extra $60k a year after taxes?

People are idiots.

[Anonymous]

Anonymous wrote:

Anonymous wrote:I went to UVA for undergrad and law school. It's an awesome school. If my kid gets into Columbia and UVA, I would pay for Columbia, bc Columbia is a better undergrad than UVA. Columbia opens doors that UVA does not. How could you ever say you wouldn't pay for the better school? I could pay cash for her tuition, but even if I couldn't -- if I was the poors -- I would take out loans, beg on the street, I would do ANYTHING to get the $. That so many would be unwilling to do so is a terrific indication of why you are middle class in the first place -- you will not do whatever it takes to get to the top. Sad you condemn your kids to your life of meritocracy.

+1
I thought it was pretty much a given that parents would do whatever it takes to help their children get ahead. I'd be willing to eat beans to send my kid to Columbia.

I love the elitist on DCUM, always classy. In many fields, Ivy League really doesn't mean much. Spending a ton of money on college is often a bad move financially. That extra 200k that you saved could end up being over a million if you invest it instead. And that is money that you might need for retirement or maybe your kids inheritance.

[Anonymous]

Anonymous wrote:

Anonymous wrote:I went to UVA for undergrad and law school. It's an awesome school. If my kid gets into Columbia and UVA, I would pay for Columbia, bc Columbia is a better undergrad than UVA. Columbia opens doors that UVA does not. How could you ever say you wouldn't pay for the better school? I could pay cash for her tuition, but even if I couldn't -- if I was the poors -- I would take out loans, beg on the street, I would do ANYTHING to get the $. That so many would be unwilling to do so is a terrific indication of why you are middle class in the first place -- you will not do whatever it takes to get to the top. Sad you condemn your kids to your life of meritocracy.

+1
I thought it was pretty much a given that parents would do whatever it takes to help their children get ahead. I'd be willing to eat beans to send my kid to Columbia.

\


You people are nuts.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I went to UVA for undergrad and law school. It's an awesome school. If my kid gets into Columbia and UVA, I would pay for Columbia, bc Columbia is a better undergrad than UVA. Columbia opens doors that UVA does not. How could you ever say you wouldn't pay for the better school? I could pay cash for her tuition, but even if I couldn't -- if I was the poors -- I would take out loans, beg on the street, I would do ANYTHING to get the $. That so many would be unwilling to do so is a terrific indication of why you are middle class in the first place -- you will not do whatever it takes to get to the top. Sad you condemn your kids to your life of meritocracy.

+1
I thought it was pretty much a given that parents would do whatever it takes to help their children get ahead. I'd be willing to eat beans to send my kid to Columbia.

I love the elitist on DCUM, always classy. In many fields, Ivy League really doesn't mean much. Spending a ton of money on college is often a bad move financially. That extra 200k that you saved could end up being over a million if you invest it instead. And that is money that you might need for retirement or maybe your kids inheritance.

+1.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I went to UVA for undergrad and law school. It's an awesome school. If my kid gets into Columbia and UVA, I would pay for Columbia, bc Columbia is a better undergrad than UVA. Columbia opens doors that UVA does not. How could you ever say you wouldn't pay for the better school? I could pay cash for her tuition, but even if I couldn't -- if I was the poors -- I would take out loans, beg on the street, I would do ANYTHING to get the $. That so many would be unwilling to do so is a terrific indication of why you are middle class in the first place -- you will not do whatever it takes to get to the top. Sad you condemn your kids to your life of meritocracy.

+1
I thought it was pretty much a given that parents would do whatever it takes to help their children get ahead. I'd be willing to eat beans to send my kid to Columbia.

I love the elitist on DCUM, always classy. In many fields, Ivy League really doesn't mean much. Spending a ton of money on college is often a bad move financially. That extra 200k that you saved could end up being over a million if you invest it instead. And that is money that you might need for retirement or maybe your kids inheritance.

+1.

Good point. Not only would the parent be going into debt at a time that should be the most financially secure of their life, they are also not able to save for retirement fully which can have major consequences. Increasing the odds that your kids are going to need to support you financially in your old age is just a shitty financial decision, pure and simple.