Cornell

[Anonymous]

It is decision day. Would be happy to hear anyone's thoughts. I know they are already taking kids off the waitlist. Worth it for a full pay family? We are not a family that is familiar with the Ivy League world. Application was very last minute just to see what would happen. Intended major is comp sci which is very strong there but job prospects are good from lesser schools as well.

[Anonymous]

If Cornell discounts tuition to the price of a state uni, it’s definitely worth it.

If the student has to take out $100,000 in various loans over 4 yrs, no.

[Anonymous]

If you can pay, definitely go for it. CS at Cornell should be a great experience

[Anonymous]

Anonymous wrote:If you can pay, definitely go for it. CS at Cornell should be a great experience

+1

I wouldn’t hesitate for any of my kids.

[Anonymous]

Cornell is not discounting anything for us. Can pay but will likely be putting off retirement. 2 fed family with 2 in college so their definition of what we can pay is above our comfort level but not impossible.

[Anonymous]

What are your options?

[Anonymous]

If the goal is just to get a good job, UVA CS grads will get hired by facebook, google and amazon too. Cornell will have more advanced research opportunities.

[Anonymous]

UMD in state Honors is really the only one under consideration. VTech too but OOS so not worth it.

[Anonymous]

Cornell isn’t worth the price differential.

[Anonymous]

Anonymous wrote:UMD in state Honors is really the only one under consideration. VTech too but OOS so not worth it.

UMD honors for CS is a really good option. Cornell is great, but to me, it comes down to affordability. You don't need to go into a ton of debt for a CS degree.

[Anonymous]

Anonymous wrote:If Cornell discounts tuition to the price of a state uni, it’s definitely worth it.

If the student has to take out $100,000 in various loans over 4 yrs, no.

This for all colleges.

[Anonymous]

Anonymous wrote:

Anonymous wrote:If Cornell discounts tuition to the price of a state uni, it’s definitely worth it.

If the student has to take out $100,000 in various loans over 4 yrs, no.

This for all colleges.

+1 whether it is worth the extra cost depends on what impact it will have on your finances, retirement, quality of life, post-grad options, and your stress level.

[Anonymous]

Cornell is obviously a top school. Kudos to your kid for having choice. Absolutely go if you can afford!! The doors that it will open.

[Anonymous]

As someone with a PhD from Cornell, I would not do it. My opinion is that it's not worth more than a couple thousand a year to move up 20 places in the university ranking if the field has plenty of jobs

[Anonymous]

We just went through this exercise and it helped us make a similar decision. Time for a little math.
Since DC got into Cornell, they likely got some merit aid at UMd so you are likely paying $20-22k there.
Remember, even if the price is a little less, one of the reasons to go to UMd is because with a low price comes money for a car or spring break trips and so on.
A quick google suggests Cornell is $78k. X4 is $312k vs $88k or around $225k difference.
You are likely about 55 years old and hope to live to be 100, that's 45 years.
So Cornell would mean that every year for the rest of your life you have $225k/45years or $5k less to live on.
Now add up your net worth. Your house, your stuff, your investments, TSP maybe, pension, expected social security.
Government pensions and social security will pay out a lot over 45 years. Likely enough to double the number you get when you add up everything else IF you have both.
Since you claim to have the money but it will pinch, my guess is that your net worth is between $5M and $7M.
If you don't think it's that high, go dig up your estimated social security benefits.
That means the difference between say $6M and $5.775M (after paying $225k for Cornell) is $133k vs $128k per year even if you never make (or lose) another cent in any way.
If you work another 10 years or until you manage to put away another $1M, those numbers go up to $155k vs $150k.
Yes, the cost of living will be higher in 45 years but those numbers don't include any investment of your $6M of principle. 45 years is a long time line no matter today's virus.
You can get fancy with a handy on line investment calculator and get better numbers if you want to.
The point of this math lesson is that if you are close to my scenario, you really can afford Cornell.
If you are missing one or more parts of my net worth scenario and say can't get your network including SS to break say, $3M, you may think you can afford it but....
Good luck