cheap vs. expensive universities

[Anonymous]

Daughter has been accepted into Columbia University. She is also accepted into George Mason University. Her goal is accounting or finance. We've saved about 320k for her college education.

My wife and I are debating the school she should attend. If she attends GMU, it will cost around $11k/yr and she will stay at home while attending GMU. Columbia will cost around 80k/yr if everything is added up. Over the span of 4 years, we will save about 277k (probably much higher if you also include interest) and she can have access to that money after graduation.

I want her to go to a good school but I just can not justify spending 320k for a 4 year degree.

Thoughts?

[Anonymous]

Why would she have to live at home to go to GMU?

[Anonymous]

I see your logic especially if she is going into accounting or finance. What does she want to do though; for me that would be the main determinant.

[Anonymous]

Then why did you allow her to apply to Columbia? You knew it cost $70 +. Parents are not doing their kids a favor when they have financial restrictions at acceptance time. Tell your student EARLY in the process if your plan is to only pay for the cheapest school.

[Anonymous]

Columbia will open up jobs GMU may not such as Wall Street jobs and certain high paid consulting jobs. If her goal is doing typical taxes yeah I can see your pt.

[Anonymous]

Anonymous wrote:Then why did you allow her to apply to Columbia? You knew it cost $70 +. Parents are not doing their kids a favor when they have financial restrictions at acceptance time. Tell your student EARLY in the process if your plan is to only pay for the cheapest school.

Obviously they have not made the decision. They have a large amount of money saved and are debating the value of spending it. We are kind of in the same boat. We can afford to send our DD to a $$ school..but also know she can get a fine education at MD with merit aid. Hard call OP.

[Anonymous]

Anonymous wrote:Columbia will open up jobs GMU may not such as Wall Street jobs and certain high paid consulting jobs. If her goal is doing typical taxes yeah I can see your pt.

OP here. I really do not care about Wall Street jobs. I have many clients who work on Wall Streets and private equity and they will give my daughter an internship as a gateway into Wall Street jobs if she wants to. My daughter is also a "cheap skate". She has questioned the cost of attending Columbia University vs. George Mason in the past two weeks. She realizes that not everyone has 320k in the bank for college tuition.

She asked for my opinion and I've told her what I think but I said to her that she will have to decide herself. Whatever she decides will fine with my wife and I.

[Anonymous]

Anonymous wrote:Daughter has been accepted into Columbia University. She is also accepted into George Mason University. Her goal is accounting or finance. We've saved about 320k for her college education.

My wife and I are debating the school she should attend. If she attends GMU, it will cost around $11k/yr and she will stay at home while attending GMU. Columbia will cost around 80k/yr if everything is added up. Over the span of 4 years, we will save about 277k (probably much higher if you also include interest) and she can have access to that money after graduation.

I want her to go to a good school but I just can not justify spending 320k for a 4 year degree.

Thoughts?

It's not the school you go to that matters as much as what you want and do with your degree afterwards. I went to GMU and got a degree in Engineering. My former employer paid for my Masters from Johns Hopkins. I had no issue getting into the Masters program. Currently I am a CTO with Engineers from IV League schools working for me.

Be smart not emotional with your money! The money you saved for her can be stretch much further if you are wise.

[Anonymous]

Anonymous wrote:Columbia will open up jobs GMU may not such as Wall Street jobs and certain high paid consulting jobs. If her goal is doing typical taxes yeah I can see your pt.

+1. But, since you have they money, if she goes to Mason, she should live on campus. You definitely miss a big part of the experience living at home. DH did that and it's a big regret for him.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Columbia will open up jobs GMU may not such as Wall Street jobs and certain high paid consulting jobs. If her goal is doing typical taxes yeah I can see your pt.

OP here. I really do not care about Wall Street jobs. I have many clients who work on Wall Streets and private equity and they will give my daughter an internship as a gateway into Wall Street jobs if she wants to. My daughter is also a "cheap skate". She has questioned the cost of attending Columbia University vs. George Mason in the past two weeks. She realizes that not everyone has 320k in the bank for college tuition.

She asked for my opinion and I've told her what I think but I said to her that she will have to decide herself. Whatever she decides will fine with my wife and I.

In this case, I'd tell her go to GM, live on campus, and save the rest of the college fund for grad school.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Columbia will open up jobs GMU may not such as Wall Street jobs and certain high paid consulting jobs. If her goal is doing typical taxes yeah I can see your pt.

OP here. I really do not care about Wall Street jobs. I have many clients who work on Wall Streets and private equity and they will give my daughter an internship as a gateway into Wall Street jobs if she wants to. My daughter is also a "cheap skate". She has questioned the cost of attending Columbia University vs. George Mason in the past two weeks. She realizes that not everyone has 320k in the bank for college tuition.

She asked for my opinion and I've told her what I think but I said to her that she will have to decide herself. Whatever she decides will fine with my wife and I.

In this case, I'd tell her go to GM, live on campus, and save the rest of the college fund for grad school.

Are there no other options between GMU and Columbia? I would think other in-state VA public options might make more sense--UVA and W&M both have excellent business schools if they were options (I'm assuming if she got into Columbia she could get into these, but I could be wrong).

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Columbia will open up jobs GMU may not such as Wall Street jobs and certain high paid consulting jobs. If her goal is doing typical taxes yeah I can see your pt.

OP here. I really do not care about Wall Street jobs. I have many clients who work on Wall Streets and private equity and they will give my daughter an internship as a gateway into Wall Street jobs if she wants to. My daughter is also a "cheap skate". She has questioned the cost of attending Columbia University vs. George Mason in the past two weeks. She realizes that not everyone has 320k in the bank for college tuition.

She asked for my opinion and I've told her what I think but I said to her that she will have to decide herself. Whatever she decides will fine with my wife and I.

In this case, I'd tell her go to GM, live on campus, and save the rest of the college fund for grad school.

Are there no other options between GMU and Columbia? I would think other in-state VA public options might make more sense--UVA and W&M both have excellent business schools if they were options (I'm assuming if she got into Columbia she could get into these, but I could be wrong).

This is the part I don’t understand and makes me think op is a troll.

UVA is perfect compromise for the dilemma.

[Anonymous]

College is not about college. It's about getting away from your parents and growing up.

Send her to GMU and let her live at college/apartment for at least the 1st 2 years and do internships in other cities.

Best of both worlds.

[Anonymous]

Anonymous wrote:Daughter has been accepted into Columbia University. She is also accepted into George Mason University. Her goal is accounting or finance. We've saved about 320k for her college education.

My wife and I are debating the school she should attend. If she attends GMU, it will cost around $11k/yr and she will stay at home while attending GMU. Columbia will cost around 80k/yr if everything is added up. Over the span of 4 years, we will save about 277k (probably much higher if you also include interest) and she can have access to that money after graduation.

I want her to go to a good school but I just can not justify spending 320k for a 4 year degree.

Thoughts?

So you are saying she can not go to Columbia because you think it is too expensive. Give her the money and let her make the decision. Unless you are planning to keep the money and buy a car for yourself.

[Anonymous]

What's her grad school goal?

I don't think kids should live with their parents while at college.