If I am full pay, am I a sucker?

[Anonymous]

Anonymous wrote:

Anonymous wrote:I keep hearing this forum that people who are full pay are suckers. Honestly, the only way we could be not full pay is with merit. And there is little or no merit offered at the schools which our DS would like to attend. He has already been accepted at his first choice (top 20) school. Clearly, we will be full pay. But with an income of $800K plus, shouldn't we be? I don't see how anyone can call us suckers, when we make probably twice or more what most people on this forum make. He has been offered some merit at one of his safeties, but minimal, and certainly not worth the investment on our part. Still waiting to hear from some other schools.

You make $800K plus a year, and you care what people on an anonymous forum think? How insecure are you?

No, not insecure...just first kid in college and learning about the process.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:You’re a sucker in the sense that your full pay is subsidizing other kids. But at your alleged salary, it’s no big deal, right? In any event, try to adjust your attitude to understanding that there are those less fortunate than you are.

This is such a myth. Full-pay families are not subsidizing other kids because the cost per student is far more than the sticker price. Actually educating a student at an elite college costs $100K+/year. At these schools (the elite ones that don't really offer merit aid), the difference between tuition and the actual cost is paid for by interest from enormously large endowments.

FWIW, I know that we are likely to be full pay parents, but I don't consider ourselves suckers. As one PP noted, I consider ourselves very, very fortunate. In the grand scheme of things, it is really morally appalling and politically unsustainable that there is such a huge difference in wealth between the top 1% and the lower 90%.

I sincerely doubt the bolded part.

Do you have any idea about professor salary and tenure, and president earnings? You seem very naive.

Let's say a professor make ~$150K/year (generous; it's probably less). A good college has 10 students for every professor.

An elite president make, what, $1M/year? And there's only one of them.

If it costs over $100K/year to educate a student at an elite college, there's something wrong with how they're handling their money. Maybe too many administrators.

[Anonymous]

I think the DCUM audience uses the "sucker" word when they haven't saved enough money for their kids education. Their income supports their full pay status, but they chose vacations over education. We all have choices.

[Anonymous]

Another full pay family here. In our case, our kids got into much better fit and higher ranked (full pay) schools than the cheaper in state or safety schools (which offered some merit) options. We’d already saved for the $70k, so it was a no brainer.

[Anonymous]

Anonymous wrote:Reconceptualize it. Consider yourself not a sucker, but as privileged family that can afford to pay sticker price.

+1

[Anonymous]

Anonymous wrote:We only make about $160K, and we're going to be full pay because we have a lot of assets (we're good savers). It won't even be for a great school because my child's scores are just average. I do feel fortunate that we are in this position rather than have to take out loans.

Why do you think you will be full pay? I had a child with average grades (literally, the average for his HS was 3.2 weighted and that’s what he had) and a decent ACT (30, what DCUM calls mediocre! Lol) and applied to non-elite schools and got “merit” (tuition discounting) at every single one. The schools we would have been full pay at, I doubt my kid could have gotten in to! Have you run the NPC at the schools your child is interested in?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:You’re a sucker in the sense that your full pay is subsidizing other kids. But at your alleged salary, it’s no big deal, right? In any event, try to adjust your attitude to understanding that there are those less fortunate than you are.

This is such a myth. Full-pay families are not subsidizing other kids because the cost per student is far more than the sticker price. Actually educating a student at an elite college costs $100K+/year. At these schools (the elite ones that don't really offer merit aid), the difference between tuition and the actual cost is paid for by interest from enormously large endowments.

FWIW, I know that we are likely to be full pay parents, but I don't consider ourselves suckers. As one PP noted, I consider ourselves very, very fortunate. In the grand scheme of things, it is really morally appalling and politically unsustainable that there is such a huge difference in wealth between the top 1% and the lower 90%.

sjw

Envy looks unattractive on everyone. You are no exception.

[Anonymous]

just be grateful you can pay for your kids.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:You’re a sucker in the sense that your full pay is subsidizing other kids. But at your alleged salary, it’s no big deal, right? In any event, try to adjust your attitude to understanding that there are those less fortunate than you are.

This is such a myth. Full-pay families are not subsidizing other kids because the cost per student is far more than the sticker price. Actually educating a student at an elite college costs $100K+/year. At these schools (the elite ones that don't really offer merit aid), the difference between tuition and the actual cost is paid for by interest from enormously large endowments.

FWIW, I know that we are likely to be full pay parents, but I don't consider ourselves suckers. As one PP noted, I consider ourselves very, very fortunate. In the grand scheme of things, it is really morally appalling and politically unsustainable that there is such a huge difference in wealth between the top 1% and the lower 90%.

Yes, but merit aid goes to the top 1% too. Some of them are great students willing to go to a less great school for a discount. Others are much more run of the mill students, whose parents just demand and get a discount. There was a great article a year or two ago on Franklin and Marshall College cutting off merit aid for these non deserving parents, and redirecting the money into financial aid. It was great for the college.

Because yes, you are a sucker if other rich parents are getting a discount, but you're not.

OP here. Which is why I pointed out that our DS will attend a school that gives out very little merit aid...only to a handful of kids who are just over the top unique achievers. On the other hand, another school he got into gives out lots of merit aid. It was his safety though.

If you truly make 800K$ a year, why do you care? Tuition of 40K is just 5% of your annual income.

[Anonymous]

We make over $1M and are full pay too. I just feel a sucker when paying full tuition at the out of state flagship but not at the ivy.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:You’re a sucker in the sense that your full pay is subsidizing other kids. But at your alleged salary, it’s no big deal, right? In any event, try to adjust your attitude to understanding that there are those less fortunate than you are.

This is such a myth. Full-pay families are not subsidizing other kids because the cost per student is far more than the sticker price. Actually educating a student at an elite college costs $100K+/year. At these schools (the elite ones that don't really offer merit aid), the difference between tuition and the actual cost is paid for by interest from enormously large endowments.

FWIW, I know that we are likely to be full pay parents, but I don't consider ourselves suckers. As one PP noted, I consider ourselves very, very fortunate. In the grand scheme of things, it is really morally appalling and politically unsustainable that there is such a huge difference in wealth between the top 1% and the lower 90%.

I sincerely doubt the bolded part.

Do you have any idea about professor salary and tenure, and president earnings? You seem very naive.

Let's say a professor make ~$150K/year (generous; it's probably less). A good college has 10 students for every professor.

An elite president make, what, $1M/year? And there's only one of them.

If it costs over $100K/year to educate a student at an elite college, there's something wrong with how they're handling their money. Maybe too many administrators.

You are obviously no economist, accountant, or academic. Colleges also need to pay for classrooms and grounds, utilities, facilities, maintenance and grounds, lab equipment, computers, furnishings, personnel to clean and maintain those grounds, support staff (admissions, HR, deans, health facilities, academic counselors, disability services, etc.). It amazes me when people complain about the cost of education and then also complain that the facilities are sub-par.

[Anonymous]

Anonymous wrote:As a full pay parent here, I am 100% o.k (actually, better than ok) with the idea that some of my money is covering financial aid. But I would not be OK if my son's school offered merit aid, which would mean that my tuition dollars would be going to subsidize some upper middle class parents you just don't want to pay the full tuition. That seems like a bad dynamic.

That is not the way it works. You don’t just decide you don’t want to pay. If you do, your kid is on his own .

[Anonymous]

Anonymous wrote:Another full pay family here. In our case, our kids got into much better fit and higher ranked (full pay) schools than the cheaper in state or safety schools (which offered some merit) options. We’d already saved for the $70k, so it was a no brainer.

+1

It's all about choices and prioritization.

[Anonymous]

We are full pay and around your income level as well. Have fully funded 529s so the money just comes out of that. (and we did private school so we are used to paying 40k anyway). I feel grateful that we can do it without stress and that my DD is able to go to the highly ranked school she wanted to (and possibly was helped in admissions by the full pay). Interestingly, my DS who is much less competitive academically has already gotten a merit award from one school (without asking for it) so it may be that we will be less than full pay for him depending on where he chooses to go.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:You’re a sucker in the sense that your full pay is subsidizing other kids. But at your alleged salary, it’s no big deal, right? In any event, try to adjust your attitude to understanding that there are those less fortunate than you are.

This is such a myth. Full-pay families are not subsidizing other kids because the cost per student is far more than the sticker price. Actually educating a student at an elite college costs $100K+/year. At these schools (the elite ones that don't really offer merit aid), the difference between tuition and the actual cost is paid for by interest from enormously large endowments.

FWIW, I know that we are likely to be full pay parents, but I don't consider ourselves suckers. As one PP noted, I consider ourselves very, very fortunate. In the grand scheme of things, it is really morally appalling and politically unsustainable that there is such a huge difference in wealth between the top 1% and the lower 90%.

I sincerely doubt the bolded part.

Do you have any idea about professor salary and tenure, and president earnings? You seem very naive.

Let's say a professor make ~$150K/year (generous; it's probably less). A good college has 10 students for every professor.

An elite president make, what, $1M/year? And there's only one of them.

If it costs over $100K/year to educate a student at an elite college, there's something wrong with how they're handling their money. Maybe too many administrators.

You are obviously no economist, accountant, or academic. Colleges also need to pay for classrooms and grounds, utilities, facilities, maintenance and grounds, lab equipment, computers, furnishings, personnel to clean and maintain those grounds, support staff (admissions, HR, deans, health facilities, academic counselors, disability services, etc.). It amazes me when people complain about the cost of education and then also complain that the facilities are sub-par.

When tuition is going up at many times the rate of inflation, I think it's right to question where the money is going.