two kids in college - what is prestige worth?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I wish this forum had more people with kids in their 20s and 30s.

Everything is So Important when you're living through it and it's what your circle is talking about 24/7. Preschool seemed awfully important to me at one time - now I look back and shake my head. I know parents who look back on college and feel the same. Plenty of kids graduate from Top Name College and now they work in tutoring, or in non--profit work, or are project managers making 65k. And that's all just great. But unless you're super rich, there's a lot to be said for having some money available for a down payment and that 35k rolled from the 529 to their Roth. Prestige lasts a lifetime but so does that ROTH IRA. I had to get 40k together to put down money on my first place - and real estate is where most of our net worth comes from. So many millennials priced out of home ownership. The math our kids are looking at is a lot different.

Great post.

"Prestige lasts a lifetime" UNLESS the student attends graduate school or a professional school (MD, JD, or MBA).

And even if not, the importance of prestige declines as you get more experience. Until recently, when the topic came up since a couple of us have kids going through the process, I had no idea where my coworkers went to college. Turns out, a range from highly selective to regional publics to never-heard-of-it LACs. We all work for the same "brand name" company. Yes, I know in certain particular fields it matters. But not for the great majority of them.

Also, prestige can grow. I went to U of Chicago. And people think that means something. But back in the Ancient Days, I think the acceptance rate was something like 35%. It was a good school then too. Grinnell will have single digit acceptances within 3 years is my bet, if it doesn't now. It's a rich school. But ITA -- I have no idea where any of my colleagues went to college.

I don't believe that Prestige is important at all, it is where is a good fit for the student. My DH went to U Chicago Law School and is a successful career SES lawyer, no one knows where he went to school. I have a finance degree (BS only) from VT and make 2X's the salary. No one cares where you went to school after your first job and if you get good grades at any decent school with a good major, you will be recruited for a good entry job. Both of our kids are in college now, one at a top SLAC school (needed a smaller environment), one at state flagship school (lives their best life every game day). Both are happy, doing well in classes and have fun activities and friends. Send your kid to best school for them.

[Anonymous]

Anonymous wrote:It’s not. Your kids would be better off if they took full rides to a flagship state U and you gifted them all that money for a down payment on a house or professional school.[/quote

if Georgetown thinks they can pay full fare for two kids, this family can choose a SLAC in a state with health access for women and still have money left over for a down payment or professional school.

[Anonymous]

Is the kid in at Princeton?

[Anonymous]

Interesting thread. Congrats to your kid, OP, and thanks for asking this.

I have been wondering with change in federal FA calculation how #2 will affect her own cost and/or #1's, given that some colleges will still consider 2 in college at same time. #1 is at an Ivy, and I think they will still give us a break when #2 enrolls somewhere. Does #2 really have go to a private school to get a break for #1?

Also, are the new regulations definitely going into effect for next year? They were supposed to happen previously and got delayed a few times already.

[Anonymous]

If your kid#1 is in at all of these schools listed - then take Princeton and see what happens with #2. That's totally worth the extra cost over Grinnel.

[Anonymous]

Anonymous wrote:Have a kid deciding now with another at her tail. So I'm getting estimates - directly from schools - about what it will be next year and what it will be when there are two in at same time.

Kid at Princeton and second at 4 year private college
basically paying full fare first year of first and last year of last. Then about 50k per in the doubled up years.
Total COA for two: 480K

Williams a bit more but in same range.

Two kids at Georgetown
Total COA for two: 700kish. I assume at some point we'd qualify for FA, but not first several years.

Two kids at Grinnell. Merit from the beginning.
Total COA for two: 175k

Humanities major for first, not sure of second. This seems easy to me. Problem is, everyone we talk to is like, "hmm.. Grinnell .. now that seems like a school I've heard of but remind me" and my kids and my husband just get down on the prospect. But they're realists .. they won't sulk if that's the decision. Georgetown is off our list, for sure. Wouldn't pay more for Williams when Princeton is cheaper. Could we pay for Princeton? Yes. But that's it then, kids. No help with grad school, downpayment, anything like that.

Where does kid #1 want to go?

[Anonymous]

Yes, kid is in at Princeton.

I called about the other concern -- changes in how schools are considering #2 in college. Even though some here thinks it's going down the rabbit hole (?), the schools I called were very willing to answer my family-specific questions on this and run numbers. They don't want kids coming to school without a pretty clear picture of finances - that's a potential problem for them too. Every private school I called said they planned to consider having more than kid in college at once ("That's part of the family's full financial picture") indefinitely. They asked public vs private bcs thats what they use to run estimates, but they'd give you a break no matter what the second tuition was. The bigger the tuition, the bigger the break.

The two public schools I called were not sure what would happen fall of 2024 and couldn't be sure they'd take any other tuition into account. That was a short call. One person said, "believe me, I wish I knew." For us, it probably doesn't matter because it's financial aid not merit aid and we wouldn't qualify. Kid #1 wasn't interested in the auto-merit offered at big OOS schools - we toured one - and that was fine with us, but obv an attractive option for many.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I wish this forum had more people with kids in their 20s and 30s.

Everything is So Important when you're living through it and it's what your circle is talking about 24/7. Preschool seemed awfully important to me at one time - now I look back and shake my head. I know parents who look back on college and feel the same. Plenty of kids graduate from Top Name College and now they work in tutoring, or in non--profit work, or are project managers making 65k. And that's all just great. But unless you're super rich, there's a lot to be said for having some money available for a down payment and that 35k rolled from the 529 to their Roth. Prestige lasts a lifetime but so does that ROTH IRA. I had to get 40k together to put down money on my first place - and real estate is where most of our net worth comes from. So many millennials priced out of home ownership. The math our kids are looking at is a lot different.

Great post.

"Prestige lasts a lifetime" UNLESS the student attends graduate school or a professional school (MD, JD, or MBA).

And even if not, the importance of prestige declines as you get more experience. Until recently, when the topic came up since a couple of us have kids going through the process, I had no idea where my coworkers went to college. Turns out, a range from highly selective to regional publics to never-heard-of-it LACs. We all work for the same "brand name" company. Yes, I know in certain particular fields it matters. But not for the great majority of them.

I am the poster whom you quoted.

If one only earns an undergraduate degree, the effects of such prestige can last a lifetime in terms of contacts made and due to the effects of the initial post-college career opportunities which can put one in a great place for future employment.

Yes, but possibly wanes over time? Have at least one friend who drops their alma mater whenever possible. Elected to not pursue graduate/professional school and now, three decades in, is realizing that UG prestige means less when coming up against position descriptions requiring post-bachelor's requirements.

[Anonymous]

I ran a ton of different scenarios through school financial calculators and under no scenario, even with another kid in college at the same time, are we getting any aid. No, we aren't rich.

[Anonymous]

Anonymous wrote:Yes, kid is in at Princeton.

I called about the other concern -- changes in how schools are considering #2 in college. Even though some here thinks it's going down the rabbit hole (?), the schools I called were very willing to answer my family-specific questions on this and run numbers. They don't want kids coming to school without a pretty clear picture of finances - that's a potential problem for them too. Every private school I called said they planned to consider having more than kid in college at once ("That's part of the family's full financial picture") indefinitely. They asked public vs private bcs thats what they use to run estimates, but they'd give you a break no matter what the second tuition was. The bigger the tuition, the bigger the break.

The two public schools I called were not sure what would happen fall of 2024 and couldn't be sure they'd take any other tuition into account. That was a short call. One person said, "believe me, I wish I knew." For us, it probably doesn't matter because it's financial aid not merit aid and we wouldn't qualify. Kid #1 wasn't interested in the auto-merit offered at big OOS schools - we toured one - and that was fine with us, but obv an attractive option for many.

This is really useful info. Thank you so much for sharing.

[Anonymous]

Princeton parent here. Kid got also full ride from a very good school. And we are not so rich that money is no issue. The kid wanted to go to Princeton, we let them go. So glad we did. Very happy with Princeton. The school plans everything in its power to make kids happy and learning. And learning not only their subject matters, but also other things.

[Anonymous]

Anonymous wrote:It’s not. Your kids would be better off if they took full rides to a flagship state U and you gifted them all that money for a down payment on a house or professional school.

I disagree unless the kid is majoring in sociology or art history.

OP, send your kid to Princeton. I had to look up Grinnell. I never heard of it. It is in Iowa????

This isn’t even Princeton vs UVA.

Your child may have better dating prospects at Princeton.

[Anonymous]

Anonymous wrote:Princeton parent here. Kid got also full ride from a very good school. And we are not so rich that money is no issue. The kid wanted to go to Princeton, we let them go. So glad we did. Very happy with Princeton. The school plans everything in its power to make kids happy and learning. And learning not only their subject matters, but also other things.

Thanks for this. I realize Princeton seems to be the obvious choice, but my kid has two very good friends at Princeton and neither very impressed tbh, although one is just a freshman. They're like, "eh, it's fine .. it's good .. it's not super special" and generally not encouraging. And they both have really hefty FA awards. I think kid is leaning Williams right now, and then of course we think, well, if it's Williams why not Grinnell plus money for grad school. There's no bad decision (except Georgetown, that's not happening)

[Anonymous]

Anonymous wrote:

Anonymous wrote:Princeton parent here. Kid got also full ride from a very good school. And we are not so rich that money is no issue. The kid wanted to go to Princeton, we let them go. So glad we did. Very happy with Princeton. The school plans everything in its power to make kids happy and learning. And learning not only their subject matters, but also other things.

Thanks for this. I realize Princeton seems to be the obvious choice, but my kid has two very good friends at Princeton and neither very impressed tbh, although one is just a freshman. They're like, "eh, it's fine .. it's good .. it's not super special" and generally not encouraging. And they both have really hefty FA awards. I think kid is leaning Williams right now, and then of course we think, well, if it's Williams why not Grinnell plus money for grad school. There's no bad decision (except Georgetown, that's not happening)

Well, everybody has different point of view, I guess. But let me give a quick example. Every January two weeks before the semester starts, there is a fun Winter Session where participating kids can choose from hundreds of different activities from wood carving to trips to New York. Everything in those two weeks (room, board, activities) are free. Or before the kids start their first year, they can choose to spend a year in a different country (I forgot those countries) living with a local family, the whole year for free. There are countless similar free activities throughout the year to help kids grow.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:
First, it's a bit laughable to make assumptions on where the second child will end up.

Second, if you can afford it, go with what makes the most sense for the desired major. Often it's the better-known schools, but occasionally it's not.

Third, and this is where you get into the weeds - what exactly does it mean to you, to afford it? What do you plan to put towards retirement, nursing homes and health issues later in life, not to mention leisure and travel?

No need to laugh. I'm making zero assumptions about where second kid will end up -- other than another 4 year private college. The only reason I specified having two at Georgetown is that some schools are more generous if second is also at same school. But, per Georgetown, even if second is there, they don't care. If second goes to a 4 year public, 2 year public, military academy or skips college altogether .. prices will be cheaper. But I need to make some assumptions about attending college.

Then you're not going about it the right way, OP. Prices are all over the place, and you cannot predict who gets what merit aid. If you want to prepare for the worst, you need to think $90K a year for the second kid.

Or do what everyone else does, which is apply to in-state schools, and private colleges, and hope that private colleges give you merit aid. With a system this broken, you cannot make any predictions.

I have a senior going to George Washington on 20K award guaranteed 5 years (still comes to 65K a year), but I make no assumptions for my next kid, so I'm budgeting for future sticker price 5 years from now (90K? 100K?who the heck knows!).

Congrats to your kid! Pretty impressive, you guys should be proud. Is it a 5 year degree program or is the kid just able to stay for 5 years with the merit scholarship applied?