What's the Cutoff For Schools That Are Worth the Money?

[Anonymous]

Anonymous wrote:If your kid is going to pursue a lucrative career in finance or tech, then paying up for prestige often makes sense. If not, then financially, it is hard to justify. Anyone pinching their own financial security (for example borrowing money you really don’t have) should think twice or three times about paying more than they have to for anything but elite degrees. Screwing up your retirement for Colby doesn’t make sense. That said, if you do have money, think of it as a luxury good, not just an investment. Like a vacation to Paris instead of Florida. In the scheme of luxury goods, I think a wonderful college experience is more valuable than a fancy car, for example. There are intangible benefits to the experience which could translate into financial benefits. For example, your English major daughter is more likely to find a future investment banker to marry at some schools versus others (for better or worse). But people who cannot afford luxury goods shouldn’t buy them.

I felt like so many of the posters in this thread live in such a bubble and are just so narrow minded about the reasons parents might choose to invest more than others to send their kids to college. I like this post, though. Makes perfect sense.

[Anonymous]

Anonymous wrote:

Anonymous wrote:T25 + Tufts

Tufts has really shitty outcome

Worth one of the least.

- Boston College: Average Annual Cost $37k, Median Earnings $93k
- Northeastern: Average Annual Cost $30k, Median Earnings $80k
- Boston University: Average Annual Cost $30k, Median Earnings $76k
- Brandeis: Average Annual Cost $34k, Median Earnings $70k
- Tufts: Average Annual Cost $37k, Median Earnings $67k

I’m a Tufts grad have made 10x that number. Of the four mentioned tufts is the only one that does not have an undergrad business degree. So the folks who go to tufts probably have different motivations and goals as an overall student body ie they aren’t in it for the money. But if you want to make bank you can and the degree is no slouch.

[Anonymous]

Anonymous wrote:I think increasingly schools full pay at schools like Brandeis, BU, Pepperdine, Syracuse, etc. are not worth it for $200k income households. Just too expensive for the return.

+1

[Anonymous]

Anonymous wrote:

Anonymous wrote:If your kid is going to pursue a lucrative career in finance or tech, then paying up for prestige often makes sense. If not, then financially, it is hard to justify. Anyone pinching their own financial security (for example borrowing money you really don’t have) should think twice or three times about paying more than they have to for anything but elite degrees. Screwing up your retirement for Colby doesn’t make sense. That said, if you do have money, think of it as a luxury good, not just an investment. Like a vacation to Paris instead of Florida. In the scheme of luxury goods, I think a wonderful college experience is more valuable than a fancy car, for example. There are intangible benefits to the experience which could translate into financial benefits. For example, your English major daughter is more likely to find a future investment banker to marry at some schools versus others (for better or worse). But people who cannot afford luxury goods shouldn’t buy them.

I felt like so many of the posters in this thread live in such a bubble and are just so narrow minded about the reasons parents might choose to invest more than others to send their kids to college. I like this post, though. Makes perfect sense.

Thanks. I would add, and this may sound very snobby but I believe it, there is intangible value to having your kid form relationships with higher achieving, better connected and more affluent kids, who probably have very high expectations which could rub off on your kid. There is value in simply socializing with people who are more likely to be successful. Maybe this is obviously why everyone is so hellbent to claw their way into these snooty networks.

[Anonymous]

The "higher-achieving" students you're describing attend public flagships now. These are affordable in state. Kids can rub shoulders and save.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:T25 + Tufts

Tufts has really shitty outcome

Worth one of the least.

- Boston College: Average Annual Cost $37k, Median Earnings $93k
- Northeastern: Average Annual Cost $30k, Median Earnings $80k
- Boston University: Average Annual Cost $30k, Median Earnings $76k
- Brandeis: Average Annual Cost $34k, Median Earnings $70k
- Tufts: Average Annual Cost $37k, Median Earnings $67k

I’m a Tufts grad have made 10x that number. Of the four mentioned tufts is the only one that does not have an undergrad business degree. So the folks who go to tufts probably have different motivations and goals as an overall student body ie they aren’t in it for the money. But if you want to make bank you can and the degree is no slouch.

yes it's a type of school for rich While folks

[Anonymous]

Anonymous wrote:

Anonymous wrote:I don't know OP - I have 2 kids and I have a lot of 529 money saved, but in general, I think you are thinking about it the wrong way. I'm likely to spend more money for my DS class of 2023 than for my DS class of 2020. DS 2020, at a highly ranked school, is a strong motivated student. He did well in admissions but definitely had some rejections, picked a good school that gave him merit money so his overall cost is below the sticker price by a lot. But he is a motivated person - he will be fine at this school or at MIT or at a third tier state school - he will make the most of his opportunities. I'm glad he picked the school that gave him money because for a kid that will succeed no matter what, why over spend?

DS 23 is not as strong of a student - he needs a smaller environment and will likely attend a smaller private school, which may cost more. He is unlikely to get the same type of merit money (most decisions are in already but none of his admissions have come with the same offer as my older one). But it's worth it because he will need the help.

I can't imagine telling him he can't attend a good private school because he didn't try hard enough or it's not worth it since he can't get into MIT.

This is how we are looking at it.

Agree. The people saying small private schools aren’t worth it are coming from a singular perspective. They likely do not have kids with LDs who work their tails off and need the extra support. It’s well worth it to our family and I’m not even sure why we have to have this discussion. Whether it’s “worth it” is a highly individualized decision.

This thread was undoubtedly started by one of those binary thinking CS or bust types who thinks there are only 20 good colleges.

[Anonymous]

Only Northeastern, UVA, and Tufts worth the money. Every other school, including all Ivies, are not worth it.

[Anonymous]

Anonymous wrote:

Anonymous wrote:If your kid is going to pursue a lucrative career in finance or tech, then paying up for prestige often makes sense. If not, then financially, it is hard to justify. Anyone pinching their own financial security (for example borrowing money you really don’t have) should think twice or three times about paying more than they have to for anything but elite degrees. Screwing up your retirement for Colby doesn’t make sense. That said, if you do have money, think of it as a luxury good, not just an investment. Like a vacation to Paris instead of Florida. In the scheme of luxury goods, I think a wonderful college experience is more valuable than a fancy car, for example. There are intangible benefits to the experience which could translate into financial benefits. For example, your English major daughter is more likely to find a future investment banker to marry at some schools versus others (for better or worse). But people who cannot afford luxury goods shouldn’t buy them.

I felt like so many of the posters in this thread live in such a bubble and are just so narrow minded about the reasons parents might choose to invest more than others to send their kids to college. I like this post, though. Makes perfect sense.

You are free to invest all you want, but don't complain when you want to retire and don't have enough saved. It should never come at the cost of retirement savings. "people who cannot afford luxury goods shouldn't buy them" is best way to put it

[Anonymous]

Anonymous wrote:Only Northeastern, UVA, and Tufts worth the money. Every other school, including all Ivies, are not worth it.

I see what you did there.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:My DC is a CS major. MIT would've been the only school we'd consider huge loans for, or impacting our retirement savings.

DC didn't get into MIT, so instead, they are going to UMD with honors and some merit.

But now DC has funds for a masters, if they so choose, or we can rollover to their retirement account. Not a bad way to start out of college for parents who came from very humble beginnings.

Only MIT just doesn't make any sense, especially for CS. Great that DC has $$ for an MS but

It does for us. MIT has a global reputation. Schools like CMU, U of Michigan and GA Tech, while really great, don't have the same global reputation. Stanford, IMO, isn't *that* worth it, IMO. COL out in CA is insane. And I used to live around there.

It depends on what you mean by global. CMU is very well known in China and India for example. It probably isn't going to wow anyone in Australia or South Africa though.
Remember that MIT isn't Harvard, Stanford, or Yale in terms of global name recognition and reputation. It is great but not up there with Oxbridge either.

Global means just that, not just India or China.

Harvard may be known globally but, IMO, Harvard doesn't have a strong CS program.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:My DC is a CS major. MIT would've been the only school we'd consider huge loans for, or impacting our retirement savings.

DC didn't get into MIT, so instead, they are going to UMD with honors and some merit.

But now DC has funds for a masters, if they so choose, or we can rollover to their retirement account. Not a bad way to start out of college for parents who came from very humble beginnings.

Only MIT just doesn't make any sense, especially for CS. Great that DC has $$ for an MS but

It does for us. MIT has a global reputation. Schools like CMU, U of Michigan and GA Tech, while really great, don't have the same global reputation. Stanford, IMO, isn't *that* worth it, IMO. COL out in CA is insane. And I used to live around there.

It depends on what you mean by global. CMU is very well known in China and India for example. It probably isn't going to wow anyone in Australia or South Africa though.
Remember that MIT isn't Harvard, Stanford, or Yale in terms of global name recognition and reputation. It is great but not up there with Oxbridge either.

Global means just that, not just India or China.

Harvard may be known globally but, IMO, Harvard doesn't have a strong CS program.

If global reputation is important than going somewhere like Berkeley will be much more important than somewhere like Brown, Dartmouth, etc with virtually no international name.

[Anonymous]

Anonymous wrote:Financial aid, driven largely by endowment, is amazing at these wealthy private schools. It means most low-income kids won't have to work a lot on campus, which is awesome. However, when deciding about paying close to full price, endowment related concerns are pretty far down the list (almost like fringe benefits).

Look how many are paying full price. If you have a HHI, you aren't getting aid. Period from a top 10-20 school.

For an OOS public, yeah you would get some merit aid if you have top stats.

[Anonymous]

Anonymous wrote:OP: At elite National Private Universities and at elite LACs, the annual total cost-of-attendance exceeds $80,000--and this figure rises slightly each year. A true full pay family at an elite private college or university should budget about $350,000 per student over the course of the next 4 years.

+100

I had to explain 'need blind' to my kid. They will look at our income/assets and conclude we do not need. Period. No matter how much we have to borrow, scrap and save to pay the full sticker price.

People relying on receiving merit/financial aid that make $150k+ are in for a rude awakening.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:If your kid is going to pursue a lucrative career in finance or tech, then paying up for prestige often makes sense. If not, then financially, it is hard to justify. Anyone pinching their own financial security (for example borrowing money you really don’t have) should think twice or three times about paying more than they have to for anything but elite degrees. Screwing up your retirement for Colby doesn’t make sense. That said, if you do have money, think of it as a luxury good, not just an investment. Like a vacation to Paris instead of Florida. In the scheme of luxury goods, I think a wonderful college experience is more valuable than a fancy car, for example. There are intangible benefits to the experience which could translate into financial benefits. For example, your English major daughter is more likely to find a future investment banker to marry at some schools versus others (for better or worse). But people who cannot afford luxury goods shouldn’t buy them.

I felt like so many of the posters in this thread live in such a bubble and are just so narrow minded about the reasons parents might choose to invest more than others to send their kids to college. I like this post, though. Makes perfect sense.

You are free to invest all you want, but don't complain when you want to retire and don't have enough saved. It should never come at the cost of retirement savings. "people who cannot afford luxury goods shouldn't buy them" is best way to put it

Some of us started 529s when our kids were born and have been saving for 18 years so we have the money.