Fully Funded College

[Anonymous]

Anonymous wrote:

Anonymous wrote:All the posts are about VA schools. UVA is a very good school. Would you make your kid go to UMD if they got into Michigan, Tufts, Wake Forest, Carnegie Mellon or other top 30 schools? I think that where you go to college stays with you the rest of your life. Every time you give a presentation and you’re introduced your education is usually mentioned. Throughout your life probably thousands of people will ask you. Whether we like it or not, people make judgements about you based on this, whether it’s a potential employer or love interest.

I'm a female executive at an IT company and I speak all the time at conferences and events in the DC area. I'm never ever introduced and my college mentioned. Never. I went to UMASS and people cannjufge away. I think your statement is about your own insecurity, not the reality. Nobody cares about your degree beyond your first and maybe, just maybe second job. I run an organization of 1500 people and nobody is impressed of you went to Tufts. When I review a linked in profile, I rarely scroll to the bottom. I don't care when you did in 2004, let alone where you graduated from in 1998.

In IT it doesn't matter. My husband went to a school no one has ever heard of and is doing well. However, I wouldn't want my doctor preforming surgery going to that school or the worst rated medical school when its life or death. It really depends on the degree and profession.

[Anonymous]

My brother lives in a small northern European country and has never thought of funding a college. His kid is studying engineering and he doesn't need to pay a dime.

[Anonymous]

Anonymous wrote:

Anonymous wrote:All the posts are about VA schools. UVA is a very good school. Would you make your kid go to UMD if they got into Michigan, Tufts, Wake Forest, Carnegie Mellon or other top 30 schools? I think that where you go to college stays with you the rest of your life. Every time you give a presentation and you’re introduced your education is usually mentioned. Throughout your life probably thousands of people will ask you. Whether we like it or not, people make judgements about you based on this, whether it’s a potential employer or love interest.

I'm a female executive at an IT company and I speak all the time at conferences and events in the DC area. I'm never ever introduced and my college mentioned. Never. I went to UMASS and people cannjufge away. I think your statement is about your own insecurity, not the reality. Nobody cares about your degree beyond your first and maybe, just maybe second job. I run an organization of 1500 people and nobody is impressed of you went to Tufts. When I review a linked in profile, I rarely scroll to the bottom. I don't care when you did in 2004, let alone where you graduated from in 1998.

What role are you in?

If degree didn’t matter, you would see lifetime earnings converge for college gradutes. Yet we know that lifetime earnings are correlated to college attended. Probably some limitation to causation there, but college is playing some role in this. To be clear, I’m not necessarily a proponent of going to the “best” school you can go to. For example, a young adult looking to go into teaching, nursing or accounting should be balancing cost against school prestige looking to achieve an optimal outcome. On the other hand, a young adult looking at high finance, elite IT jobs, big law or something similar does need to position herself to have an elite resume. For example, lawyers that speak at conferences always have their undergrad and law school mentioned.

[Anonymous]

Anonymous wrote:My brother lives in a small northern European country and has never thought of funding a college. His kid is studying engineering and he doesn't need to pay a dime.

That’s because he is already paying for it with his 60% + tax rate! There are no free lunches.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:We are full pay at a $70k Ivy and $50k private - sometimes I fantasize about taking the money and buying a franchise for DC instead

We are a high earning family and like one of the PPs are only willing to pay for in state tuition. Period. Luckily my kids are smart and took the free option. This allowed us room to set aside money for their first home. We have 2 rental properties in FFXCO and each kid will get either the rental deeded over to them and have their first home for free, and nearly mortgage free or can take profits from the sale and for a downpayment on the home of their choice and in the location they want. The equity in those homes is substantial.

I feel like a free education, plus a huge boot up into early home ownership will pay off much more in the long run that an expensive name brand school that only pays off upon obtaining their first job.

PP, you are right, these are wonderful gifts to give your child. My parents paid for all my undergrad, and gave me $10,000 towards a down payment for our first home. It was a fantastic step up in the world and led to a life that is much more financially secure than it otherwise would have been.

I hope to offer the same step up for my kids. For me, a DC resident, fully funded is "able to pay for four years of full tuition at a public college, after the DC Tag discount." We put away about $7,000 per year per kid in 529 accounts, and we are basically on target to get there.

You can do both if you can afford it. Its one thing if you cannot not, but to be able to and refuse is selfish. My parents paid for college, graduate school, a car in graduate (cheaper new shared cost with grandparents) and helped with a downpayment for a house. We could choose any school we wanted or could get in.

Your parents were generous.

The cost of college is vastly different now relative to HHI than it was 30 years ago.

No, it wasn't and that poster was clear that they were wealthy. When I was young, my parents drove cars given by my grandparent or cheap cars literally till they died. We rarely went on vacation. They went to Europe a few times without/we went to grandparents and that was it. They lived very modestly and way under their means. My sister went to Ivy's and they were $50k+ a year, and medial school and I went to privates as well. Some publics are cheaper than the privates were back then. Life is about choices. My mom gave me some of my grandparents money for the inheritance (it was self-serving to make her look good vs. letting us inherit directly). School costs have gone up but so have incomes, not at the same rate.

We do the same. We heavily save, living in an small house, older cars and few vacations. It can be done. Why have kids if you aren't going to set them up well in life if you can afford to?

The cost of higher education has gone up at a much higher rate than incomes, far outpacing inflation.

Your parents’ choices are not a how to manual for everyone else, no matter a person’s affluence or circumstances.

No, its good parenting to put your kids needs first and give them the best education you can. College has been costly since most of us went. My parents were paying $40-60K a year and that was over 20 years ago. Incomes have also gone up too. I don't get the high income brag as it doesn't benefit your kids if you are only willing to do the bare minimum for them. The point of having a high income and kids is to give them the best start to life you can. If you choose not to and could afford it, then don't grumble about costs as that is not relevant.

No, its good parenting to put your kids needs first and give them the best education you can while considering all relevant factors including other family financial priorities and needs.

^^^ fixed that for you

A fully-funded public school education without anyone incurring student debt is hardly "the bare minimum" by anyone's standards, except (apparently) yours.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:All the posts are about VA schools. UVA is a very good school. [b]Would you make your kid go to UMD if they got into Michigan, Tufts, Wake Forest, Carnegie Mellon or other top 30 schools?[/] I think that where you go to college stays with you the rest of your life. Every time you give a presentation and you’re introduced your education is usually mentioned. Throughout your life probably thousands of people will ask you. Whether we like it or not, people make judgements about you based on this, whether it’s a potential employer or love interest.

Yes, I would and am doing that very thing this year. My MCPS senior RMIB kid has perfect SATs and a 4.83 weighted GPA. Elite schools are not on her list because we cannot pay for them. It’s in state public or private with merit for her.

Her success is about her, not about the brand name of her college.

The difference is you cannot afford them and that is ok. The point is about posters who can afford them and choose not to. If you could afford it you'd probably feel differently.

I’m not this pp but we will likely send ours to UMD even though we can afford more. It’s a philosophical decision. Read “Excellent Sheep.” Children of privilege at private universities actually are more anxious and less fulfilled than bright children elsewhere. No matter what they wanted to become as freshmen, they are shunted into finance, law, and consulting. No thanks. I’ve been there and it does not end well. I was raised that way and knew nothing different until I met my very successful, well adjusted, unpretentious husband who went to public university.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:All the posts are about VA schools. UVA is a very good school. [b]Would you make your kid go to UMD if they got into Michigan, Tufts, Wake Forest, Carnegie Mellon or other top 30 schools?[/] I think that where you go to college stays with you the rest of your life. Every time you give a presentation and you’re introduced your education is usually mentioned. Throughout your life probably thousands of people will ask you. Whether we like it or not, people make judgements about you based on this, whether it’s a potential employer or love interest.

Yes, I would and am doing that very thing this year. My MCPS senior RMIB kid has perfect SATs and a 4.83 weighted GPA. Elite schools are not on her list because we cannot pay for them. It’s in state public or private with merit for her.

Her success is about her, not about the brand name of her college.

The difference is you cannot afford them and that is ok. The point is about posters who can afford them and choose not to. If you could afford it you'd probably feel differently.

If you are the PP who thinks that every parent should pay for expensive private schools at all costs, you would probably say that we could afford it, because we could e.g. forgo retirement contributions and/or take out a home equity loan. We will not do that.

I repeat: Her success is about her, not about which school she attends.

[Anonymous]

For us, we have 3 small kids. Each kid has a rental property valued at $250K or more. Once they graduate from college, we will sell each property and pay off any student loans DC has accrued. That is what we consider fully funded.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:All the posts are about VA schools. UVA is a very good school. Would you make your kid go to UMD if they got into Michigan, Tufts, Wake Forest, Carnegie Mellon or other top 30 schools? I think that where you go to college stays with you the rest of your life. Every time you give a presentation and you’re introduced your education is usually mentioned. Throughout your life probably thousands of people will ask you. Whether we like it or not, people make judgements about you based on this, whether it’s a potential employer or love interest.

I'm a female executive at an IT company and I speak all the time at conferences and events in the DC area. I'm never ever introduced and my college mentioned. Never. I went to UMASS and people cannjufge away. I think your statement is about your own insecurity, not the reality. Nobody cares about your degree beyond your first and maybe, just maybe second job. I run an organization of 1500 people and nobody is impressed of you went to Tufts. When I review a linked in profile, I rarely scroll to the bottom. I don't care when you did in 2004, let alone where you graduated from in 1998.

In IT it doesn't matter. My husband went to a school no one has ever heard of and is doing well. However, I wouldn't want my doctor preforming surgery going to that school or the worst rated medical school when its life or death. It really depends on the degree and profession.

I'm under no illusions that a "good" school equals a good physician. So many morons graduate good schools day in and day out. I've worked with many. I'm actually a doctor at Children's and am on maternity leave. I know some people that I'd never let near my kids in a medical capacity.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:All the posts are about VA schools. UVA is a very good school. Would you make your kid go to UMD if they got into Michigan, Tufts, Wake Forest, Carnegie Mellon or other top 30 schools? I think that where you go to college stays with you the rest of your life. Every time you give a presentation and you’re introduced your education is usually mentioned. Throughout your life probably thousands of people will ask you. Whether we like it or not, people make judgements about you based on this, whether it’s a potential employer or love interest.

I'm a female executive at an IT company and I speak all the time at conferences and events in the DC area. I'm never ever introduced and my college mentioned. Never. I went to UMASS and people cannjufge away. I think your statement is about your own insecurity, not the reality. Nobody cares about your degree beyond your first and maybe, just maybe second job. I run an organization of 1500 people and nobody is impressed of you went to Tufts. When I review a linked in profile, I rarely scroll to the bottom. I don't care when you did in 2004, let alone where you graduated from in 1998.

What role are you in?

If degree didn’t matter, you would see lifetime earnings converge for college gradutes. Yet we know that lifetime earnings are correlated to college attended. Probably some limitation to causation there, but college is playing some role in this. To be clear, I’m not necessarily a proponent of going to the “best” school you can go to. For example, a young adult looking to go into teaching, nursing or accounting should be balancing cost against school prestige looking to achieve an optimal outcome. On the other hand, a young adult looking at high finance, elite IT jobs, big law or something similar does need to position herself to have an elite resume. For example, lawyers that speak at conferences always have their undergrad and law school mentioned.

I'm not going to out myself. There are very few women in my capacity.

There are no such thing as "elite" IT jobs. Bright people work their way into the best jobs. Brilliance and your alma matter are mutually exclusive. Our EVP of engineering, who is brilliant, holds patents, and is currently a pioneer in quantum computing did not even finish his college education. Most people cant even wrap their head around quantum compute.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:We are full pay at a $70k Ivy and $50k private - sometimes I fantasize about taking the money and buying a franchise for DC instead

We are a high earning family and like one of the PPs are only willing to pay for in state tuition. Period. Luckily my kids are smart and took the free option. This allowed us room to set aside money for their first home. We have 2 rental properties in FFXCO and each kid will get either the rental deeded over to them and have their first home for free, and nearly mortgage free or can take profits from the sale and for a downpayment on the home of their choice and in the location they want. The equity in those homes is substantial.

I feel like a free education, plus a huge boot up into early home ownership will pay off much more in the long run that an expensive name brand school that only pays off upon obtaining their first job.

PP, you are right, these are wonderful gifts to give your child. My parents paid for all my undergrad, and gave me $10,000 towards a down payment for our first home. It was a fantastic step up in the world and led to a life that is much more financially secure than it otherwise would have been.

I hope to offer the same step up for my kids. For me, a DC resident, fully funded is "able to pay for four years of full tuition at a public college, after the DC Tag discount." We put away about $7,000 per year per kid in 529 accounts, and we are basically on target to get there.

You can do both if you can afford it. Its one thing if you cannot not, but to be able to and refuse is selfish. My parents paid for college, graduate school, a car in graduate (cheaper new shared cost with grandparents) and helped with a downpayment for a house. We could choose any school we wanted or could get in.

Your parents were generous.

The cost of college is vastly different now relative to HHI than it was 30 years ago.

No, it wasn't and that poster was clear that they were wealthy. When I was young, my parents drove cars given by my grandparent or cheap cars literally till they died. We rarely went on vacation. They went to Europe a few times without/we went to grandparents and that was it. They lived very modestly and way under their means. My sister went to Ivy's and they were $50k+ a year, and medial school and I went to privates as well. Some publics are cheaper than the privates were back then. Life is about choices. My mom gave me some of my grandparents money for the inheritance (it was self-serving to make her look good vs. letting us inherit directly). School costs have gone up but so have incomes, not at the same rate.

We do the same. We heavily save, living in an small house, older cars and few vacations. It can be done. Why have kids if you aren't going to set them up well in life if you can afford to?

The cost of higher education has gone up at a much higher rate than incomes, far outpacing inflation.

Your parents’ choices are not a how to manual for everyone else, no matter a person’s affluence or circumstances.

No, its good parenting to put your kids needs first and give them the best education you can. College has been costly since most of us went. My parents were paying $40-60K a year and that was over 20 years ago. Incomes have also gone up too. I don't get the high income brag as it doesn't benefit your kids if you are only willing to do the bare minimum for them. The point of having a high income and kids is to give them the best start to life you can. If you choose not to and could afford it, then don't grumble about costs as that is not relevant.

You have a warped idea of bare minimum. You must live in a DC bubble of dystopia.

A long time ago, we estimated that the cost of in state would be 175k each. You live on planet wackadoodle if you think saving 350k is "bare minimum".

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:All the posts are about VA schools. UVA is a very good school. Would you make your kid go to UMD if they got into Michigan, Tufts, Wake Forest, Carnegie Mellon or other top 30 schools? I think that where you go to college stays with you the rest of your life. Every time you give a presentation and you’re introduced your education is usually mentioned. Throughout your life probably thousands of people will ask you. Whether we like it or not, people make judgements about you based on this, whether it’s a potential employer or love interest.

I'm a female executive at an IT company and I speak all the time at conferences and events in the DC area. I'm never ever introduced and my college mentioned. Never. I went to UMASS and people cannjufge away. I think your statement is about your own insecurity, not the reality. Nobody cares about your degree beyond your first and maybe, just maybe second job. I run an organization of 1500 people and nobody is impressed of you went to Tufts. When I review a linked in profile, I rarely scroll to the bottom. I don't care when you did in 2004, let alone where you graduated from in 1998.

What role are you in?

If degree didn’t matter, you would see lifetime earnings converge for college gradutes. Yet we know that lifetime earnings are correlated to college attended. Probably some limitation to causation there, but college is playing some role in this. To be clear, I’m not necessarily a proponent of going to the “best” school you can go to. For example, a young adult looking to go into teaching, nursing or accounting should be balancing cost against school prestige looking to achieve an optimal outcome. On the other hand, a young adult looking at high finance, elite IT jobs, big law or something similar does need to position herself to have an elite resume. For example, lawyers that speak at conferences always have their undergrad and law school mentioned.

I'm not going to out myself. There are very few women in my capacity.

There are no such thing as "elite" IT jobs. Bright people work their way into the best jobs. Brilliance and your alma matter are mutually exclusive. Our EVP of engineering, who is brilliant, holds patents, and is currently a pioneer in quantum computing did not even finish his college education. Most people cant even wrap their head around quantum compute.

And yet lifetime earnings are correlated to the college you graduated from.....

Yes, there are examples of numerous individuals who worked their way up from less than top tier schools. But Google and Facebook are dominated by a subset of colleges. In other industries, especially finance, law and medicine your undergrad is very important to your ultimate career outcome.

Again, I’m not suggesting students always pursue the most prestigious schools. I think that the vast vast majority of families should take a stronger cost benefit analysis on this topic. But pretending there is absolutely no difference between attending Harvard and LSU is silly.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:We are full pay at a $70k Ivy and $50k private - sometimes I fantasize about taking the money and buying a franchise for DC instead

We are a high earning family and like one of the PPs are only willing to pay for in state tuition. Period. Luckily my kids are smart and took the free option. This allowed us room to set aside money for their first home. We have 2 rental properties in FFXCO and each kid will get either the rental deeded over to them and have their first home for free, and nearly mortgage free or can take profits from the sale and for a downpayment on the home of their choice and in the location they want. The equity in those homes is substantial.

I feel like a free education, plus a huge boot up into early home ownership will pay off much more in the long run that an expensive name brand school that only pays off upon obtaining their first job.

PP, you are right, these are wonderful gifts to give your child. My parents paid for all my undergrad, and gave me $10,000 towards a down payment for our first home. It was a fantastic step up in the world and led to a life that is much more financially secure than it otherwise would have been.

I hope to offer the same step up for my kids. For me, a DC resident, fully funded is "able to pay for four years of full tuition at a public college, after the DC Tag discount." We put away about $7,000 per year per kid in 529 accounts, and we are basically on target to get there.

You can do both if you can afford it. Its one thing if you cannot not, but to be able to and refuse is selfish. My parents paid for college, graduate school, a car in graduate (cheaper new shared cost with grandparents) and helped with a downpayment for a house. We could choose any school we wanted or could get in.

Your parents were generous.

The cost of college is vastly different now relative to HHI than it was 30 years ago.

No, it wasn't and that poster was clear that they were wealthy. When I was young, my parents drove cars given by my grandparent or cheap cars literally till they died. We rarely went on vacation. They went to Europe a few times without/we went to grandparents and that was it. They lived very modestly and way under their means. My sister went to Ivy's and they were $50k+ a year, and medial school and I went to privates as well. Some publics are cheaper than the privates were back then. Life is about choices. My mom gave me some of my grandparents money for the inheritance (it was self-serving to make her look good vs. letting us inherit directly). School costs have gone up but so have incomes, not at the same rate.

We do the same. We heavily save, living in an small house, older cars and few vacations. It can be done. Why have kids if you aren't going to set them up well in life if you can afford to?

The cost of higher education has gone up at a much higher rate than incomes, far outpacing inflation.

Your parents’ choices are not a how to manual for everyone else, no matter a person’s affluence or circumstances.

No, its good parenting to put your kids needs first and give them the best education you can. College has been costly since most of us went. My parents were paying $40-60K a year and that was over 20 years ago. Incomes have also gone up too. I don't get the high income brag as it doesn't benefit your kids if you are only willing to do the bare minimum for them. The point of having a high income and kids is to give them the best start to life you can. If you choose not to and could afford it, then don't grumble about costs as that is not relevant.

You have a warped idea of bare minimum. You must live in a DC bubble of dystopia.

A long time ago, we estimated that the cost of in state would be 175k each. You live on planet wackadoodle if you think saving 350k is "bare minimum".

This

[Anonymous]

Anonymous wrote:

Anonymous wrote:My brother lives in a small northern European country and has never thought of funding a college. His kid is studying engineering and he doesn't need to pay a dime.

That’s because he is already paying for it with his 60% + tax rate! There are no free lunches.

+1.

When you add income tax, payroll taxes and that crazy 25% VAT of every good or service you buy, the average European (not just wealthy ones) is probably paying 60% of total income in taxes.

[Anonymous]

My two are currently in college. One is at an out of state land grant type of school and we pay the full amount. One is at private school where they have a $25k a year scholarship. Both cost about $45k a year all in (books, travel, tuition, fees, R&B). Even though was are "DCUM donut hole" family, we were able to save enough so that they will graduate with no loans. They are responsible for their spending money.