Is 20k a year less a reason to choose the cheaper school?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I’m struggling to think of two schools that are truly “equal” where one would be 85k and the other would be 65k with merit.

Wisconsin 61k
UGA about 38k w merit

In general, I think if it’s exactly the same, you go for the cheaper option. But with for example Wisconsin and UGA I feel like they are similar but not the same. They are in different regional locations, they might have different majors that are strong/most popular, different percentages of Greek life participation, maybe different industries with ties to the schools and locations for alumni. Depending on your kid and what they want to do and how they envision their college experience, I could see one school being their preference over the other.

What would be the reasons for your kid to pick Wisconsin over UGA? And to decide if it’s 80K worth of difference, would it be worth it to your family to give up the alternative of what could be done with that money (i.e. money for grad school, money for your kid’s housing down payment etc.)?

If he wants Wisconsin we will pay. If he's undecided then I think makes sense to do so UGA. They're very similar for business. Neither direct admit, similar Greek life. UGA has two
Tries to get into business school. Wisconsin has one.

Then they are "not similar". I'd go to the cheaper with more options for actually majoring in what you want (at least for now).

[Anonymous]

Anonymous wrote:

Anonymous wrote:I don’t think OP has noted the schools - someone else came up with the UGA/Wisco example.

Yes it's UGA 39k
Wisconsin 61k

Bro haven’t you posted before

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I don’t think OP has noted the schools - someone else came up with the UGA/Wisco example.

Yes it's UGA 39k
Wisconsin 61k

OK, you didn't say "this is OP"

this really should be a discussion of the pros and cons of the 2 schools, then. Help us figure out why Wisco would be worth $240K all in?

Good question- the lake? . The town?

[Anonymous]

Anonymous wrote:80k put into a Roth IRA before age 25 would pretty much secure the kids retirement.

How would that even work? Isn’t there an annual limit of how much you can put in a Roth IRA, contingent on the student’s annual income after age 18?

[Anonymous]

Yes, by the time you pay off the extra $80K, no one is really going to care where you got your degree. Choose the cheaper school and use the money towards a down payment on property or retirement.

[Anonymous]

Anonymous wrote:Ummm. If all else is equal, why wouldn't you choose the cheaper school?

Yes this exactly. If equal why pay more? Sounds dumb.

[Anonymous]

Anonymous wrote:If almost all else is equal, why would you pay $80k more? That just seems like a no brainer to me

Is there something at the more expensive option that just can’t be done at the less expensive one? Could you supplement something?

I was considering hiring out supports for our adhd child at the cheaper school, because it still would be cheaper than the school known for that.

I really think you need to sit down and figure out pros/cons of the schools and decide if the $ difference is worth that to your child and your family.

To show off. The bragging about how much people pay is similar to showing off with brands and expensive cars it’s to signal to everyone else.

My filthy rich aunt and uncle are wise with their $ and wouldn’t just throw an extra $20-40k/yr round just because they could—all things being equal. It’s how they got rich in the first place. They would grow that $.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Ummm. If all else is equal, why wouldn't you choose the cheaper school?

Yes this exactly. If equal why pay more? Sounds dumb.

Very dumb. Idiotic in fact.

[Anonymous]

Anonymous wrote:

Anonymous wrote:If almost all else is equal, why would you pay $80k more? That just seems like a no brainer to me

Is there something at the more expensive option that just can’t be done at the less expensive one? Could you supplement something?

I was considering hiring out supports for our adhd child at the cheaper school, because it still would be cheaper than the school known for that.

I really think you need to sit down and figure out pros/cons of the schools and decide if the $ difference is worth that to your child and your family.

To show off. The bragging about how much people pay is similar to showing off with brands and expensive cars it’s to signal to everyone else.

My filthy rich aunt and uncle are wise with their $ and wouldn’t just throw an extra $20-40k/yr round just because they could—all things being equal. It’s how they got rich in the first place. They would grow that $.

I just had a similar discussion with my child, but on a much smaller item for prom ;p

We don’t just spend money for the heck of it! If there is a cheaper way to get something similar, I’m doing it.

My grandma who loved Clearance racks and TJ Maxx taught me well

FWIW, my own child basically just saved us college money by screwing up senior year and now has to do community college. I mean, not the ideal outcome on her end, but I don’t hate not having to spend a damn fortune on college. (No, I’m not bragging at all - the money saved is actually the ONLY good thing about her ability to FAAFO)

[Anonymous]

Anonymous wrote:

Anonymous wrote:If almost all else is equal, why would you pay $80k more? That just seems like a no brainer to me

Is there something at the more expensive option that just can’t be done at the less expensive one? Could you supplement something?

I was considering hiring out supports for our adhd child at the cheaper school, because it still would be cheaper than the school known for that.

I really think you need to sit down and figure out pros/cons of the schools and decide if the $ difference is worth that to your child and your family.

To show off. The bragging about how much people pay is similar to showing off with brands and expensive cars it’s to signal to everyone else.

My filthy rich aunt and uncle are wise with their $ and wouldn’t just throw an extra $20-40k/yr round just because they could—all things being equal. It’s how they got rich in the first place. They would grow that $.

If they are "filthy rich" I would hope they would spend $20K extra per year for their kid to attend the school that is the "best fit" for them. Yes you grow your $$, but you also use it for key items and education is typically one of those.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:If almost all else is equal, why would you pay $80k more? That just seems like a no brainer to me

Is there something at the more expensive option that just can’t be done at the less expensive one? Could you supplement something?

I was considering hiring out supports for our adhd child at the cheaper school, because it still would be cheaper than the school known for that.

I really think you need to sit down and figure out pros/cons of the schools and decide if the $ difference is worth that to your child and your family.

To show off. The bragging about how much people pay is similar to showing off with brands and expensive cars it’s to signal to everyone else.

My filthy rich aunt and uncle are wise with their $ and wouldn’t just throw an extra $20-40k/yr round just because they could—all things being equal. It’s how they got rich in the first place. They would grow that $.

If they are "filthy rich" I would hope they would spend $20K extra per year for their kid to attend the school that is the "best fit" for them. Yes you grow your $$, but you also use it for key items and education is typically one of those.

But has anyone actually said that is what makes the more expensive school the better fit? I think we’re still at things being fairly similar.

Look, I have a similar dilemma to what you describe above-the school that is more expensive does have some cool opportunities/connections that might make it worth the extra money. I do actually think it is the better fit for my child. But it is hard when the state school that is #2 is cheaper, closer, etc. A lot to consider.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Depends on how that 80k looks in your family budget.

This 100%

There is no "magical right answer". We let our kid turn down $40K merit per year and attend a similar (slightly higher ranked if that matter) but somewhat better fit for our kid (with the intangibles, like ECs and the type of student). Both schools were $85K+/year. So we pay $40K extra each year. However it's a blip on our financial radar, and the money is already in the 529 with plenty more for grad school.

If that extra $40K meant debt for our kid or us, then they'd be at the cheaper school

What is your hhi?

700K. But our NW puts us well into being UHNW (the 529 were fully funded for $85K undergrad and grad school if desired prior to becoming UHNW).

And yes, our kid is well aware how privileged they are. They know that 99%+ of kids would have been attending the school with merit (they are very similar schools academically, but socially and for all opportunities and location, my kid chose the much better fit for them school)

I had to look up "uhnw" (ultra.high net worth), which google defines as $30 mil or more. Honestly, if you are that rich, why quibble about $20k a year. Let your kid pick and stop asking randos on dcum.

[Anonymous]

Op here. I'm not the rich poster lol. Our hhi is not 700k. Paying an extra 20k would be doable but not without a second thought.

Wisconsin 61k plus 3k more for business school

UGA 39k w merit.

[Anonymous]

Anonymous wrote:Op here. I'm not the rich poster lol. Our hhi is not 700k. Paying an extra 20k would be doable but not without a second thought.

Wisconsin 61k plus 3k more for business school

UGA 39k w merit.

Better weather in Georgia. Feeder into the Atlanta corporate world. Which is a big deal as Atlanta is a booming corporate town.

Wisconsin has history and is more progressive.

I don't think it's worth the extra 20k unless there's something stellar about the business school.