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

[Anonymous]

I am really LOLing at all the VA boosters who think UVA is on par with Columbia.

Ask yourself this. If you had the money and the kid got into both schools, which would you recommend? Columbia is the kind of school that comes with a wealth of connections and opens doors to elite society in the Northeast.

UVA can't give you that except maybe in VA.

[Anonymous]

I went to an ivy from lmc -- it was life changing but a) I had little debt bc need based aid b) my career path probably followed the same as from my state flagship. Lack of family and connections from your youth really limits the utility of an ivy degree. When Wall Street firms filter for class markers like lacrosse or crew, I don't have the right cred despite the right degree. It's hard to really accelerate your life trajectory in just the four years of university when first year can be huge culture shock.

[Anonymous]

Anonymous wrote:I am really LOLing at all the VA boosters who think UVA is on par with Columbia.

Ask yourself this. If you had the money and the kid got into both schools, which would you recommend? Columbia is the kind of school that comes with a wealth of connections and opens doors to elite society in the Northeast.

UVA can't give you that except maybe in VA.

You have it backwards. People from elite backgrounds and a wealth of connections attend Columbia; they don't socialize with the kids on aid who have campus jobs and can't jet out to Killington every weekend or blow wads of money in NYC.

[Anonymous]

No. And I'll go a step further and say that I wouldn't do it for HYP either.

[Anonymous]

Anonymous wrote:

Anonymous wrote:I am really LOLing at all the VA boosters who think UVA is on par with Columbia.

Ask yourself this. If you had the money and the kid got into both schools, which would you recommend? Columbia is the kind of school that comes with a wealth of connections and opens doors to elite society in the Northeast.

UVA can't give you that except maybe in VA.

You have it backwards. People from elite backgrounds and a wealth of connections attend Columbia; they don't socialize with the kids on aid who have campus jobs and can't jet out to Killington every weekend or blow wads of money in NYC.

Well I disagree about but actually those weren't the connections I was referring to anyway. It's when you go to interview for an internship or entry level job and you get to talk to Columbia grads who would rather take a chance on you then on someone from another school. It's human nature.

[Anonymous]

This is why you should be saving up front, so you don't have to make these kinds of choices after your kid has worked their butt off all their life to get into the school of his or her dreams.

[Anonymous]

I went to UVa out of state a zillion years ago. There is a huge difference between UVa and Columbia - shocked to hear people say otherwise. That said, it sounds like this family is not equipped to pay $280,000 for one child's undergraduate education. If that were the case, I wouldn't take on the debt either. it burdens the kid and puts tremendous financial pressure on the parents at a time, they likely have retirement on the brain.

I'm doing better than middle class, and honestly, I got weak in the knees and my stomach lurched while typing the number above.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I am really LOLing at all the VA boosters who think UVA is on par with Columbia.

Ask yourself this. If you had the money and the kid got into both schools, which would you recommend? Columbia is the kind of school that comes with a wealth of connections and opens doors to elite society in the Northeast.

UVA can't give you that except maybe in VA.

You have it backwards. People from elite backgrounds and a wealth of connections attend Columbia; they don't socialize with the kids on aid who have campus jobs and can't jet out to Killington every weekend or blow wads of money in NYC.

Well I disagree about but actually those weren't the connections I was referring to anyway. It's when you go to interview for an internship or entry level job and you get to talk to Columbia grads who would rather take a chance on you then on someone from another school. It's human nature.

Yes you will probably get an interview -- but you won't get hired bc they will realize you are the wrong kind of Columbia grad. Nothing personal, just not 'good fit', just like Silicon Valley startups can't hire minorities or women.

[Anonymous]

Anonymous wrote:This is why you should be saving up front, so you don't have to make these kinds of choices after your kid has worked their butt off all their life to get into the school of his or her dreams.

There is no realistic way for a middle class family to save that much cash.

[Anonymous]

No. I would not take on any debt for kids education. I had an intern once, whose dad was a CEO of a Fortune 500 company, her parents didn't pay for education, she applied to tons of scholarships, worked and graduated with little debt. Her siblings also got zero financial assistance from parents. All went to Brown.

[Anonymous]

Anonymous wrote:This is why you should be saving up front, so you don't have to make these kinds of choices after your kid has worked their butt off all their life to get into the school of his or her dreams.

A middle class income may not easily allow for much college savings on top of paying off one's own student loans, mortgage, caring for elders, etc.

[Anonymous]

I'm somewhat surprised by all these responses of no. It makes me wonder who are these people who shell out all this money for these private schools. I would have to assume that many middle class kids are attending top schools. They can't all be wealthy or on financial aid.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I am really LOLing at all the VA boosters who think UVA is on par with Columbia.

Ask yourself this. If you had the money and the kid got into both schools, which would you recommend? Columbia is the kind of school that comes with a wealth of connections and opens doors to elite society in the Northeast.

UVA can't give you that except maybe in VA.

You have it backwards. People from elite backgrounds and a wealth of connections attend Columbia; they don't socialize with the kids on aid who have campus jobs and can't jet out to Killington every weekend or blow wads of money in NYC.

Well I disagree about but actually those weren't the connections I was referring to anyway. It's when you go to interview for an internship or entry level job and you get to talk to Columbia grads who would rather take a chance on you then on someone from another school. It's human nature.

Yes you will probably get an interview -- but you won't get hired bc they will realize you are the wrong kind of Columbia grad. Nothing personal, just not 'good fit', just like Silicon Valley startups can't hire minorities or women.

NP. This has not been my experience or my friends' experiences as regular middle class grads with Ivy League degrees. We all felt that the name on the diploma opened a surprising number of doors to us.

You either lack the degree or the people skills to charm and get your foot in the door. You sound bitter and resentful.

[Anonymous]

Anonymous wrote:

Anonymous wrote:This is why you should be saving up front, so you don't have to make these kinds of choices after your kid has worked their butt off all their life to get into the school of his or her dreams.

A middle class income may not easily allow for much college savings on top of paying off one's own student loans, mortgage, caring for elders, etc.

The first rule of savings is to pay yourself first.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:This is why you should be saving up front, so you don't have to make these kinds of choices after your kid has worked their butt off all their life to get into the school of his or her dreams.

A middle class income may not easily allow for much college savings on top of paying off one's own student loans, mortgage, caring for elders, etc.

The first rule of savings is to pay yourself first.

+ 1

Too many people get into situations where they buy too much house and then wonder why they can't save for their kids' college educations. Retirement savings should be worked into your budget first, then college savings if you have a child, then you buy a house.