Is it responsible to spend 90K/yr in education?

[Anonymous]

Northwestern is very different than UVA. It’s a top top Tier 1 research university. It’s not the Harvard of the Midwest anymore, it’s actually the MIT of the Midwest.

Its humanities program is very good, but UVA likely is the same or exceed.

I was FA at NU and unless my child wanted to study one of the sciences or engineering there,
I would have them go to UVA. If it’s sciences, I would have them go to NU with a strong plan of how to engage their professors and get into an R&D lab. I work in technology and R&D now and the Stanford and MIT folks see my degree and know I’m not to be trifled with on the technical front, which is awesome. Maybe someday I can reach my full potential and sit on some tech or R&D heavy boards, and NU would play a role in that, but maybe not.

But if your younger son/daughter wants to be a lawyer or finance person, send him/her to UVA.

[Anonymous]

Anonymous wrote:Northwestern is very different than UVA. It’s a top top Tier 1 research university. It’s not the Harvard of the Midwest anymore, it’s actually the MIT of the Midwest.

Its humanities program is very good, but UVA likely is the same or exceed.

I was FA at NU and unless my child wanted to study one of the sciences or engineering there,
I would have them go to UVA. If it’s sciences, I would have them go to NU with a strong plan of how to engage their professors and get into an R&D lab. I work in technology and R&D now and the Stanford and MIT folks see my degree and know I’m not to be trifled with on the technical front, which is awesome. Maybe someday I can reach my full potential and sit on some tech or R&D heavy boards, and NU would play a role in that, but maybe not.

But if your younger son/daughter wants to be a lawyer or finance person, send him/her to UVA.

This seems like very odd advice (vs doing something that leads to $$$s professionally). What end game are you proposing with this.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:It’s high time for salaries at colleges to be cut. Too many overpaid old men on tenure.

The pension system is breaking the colleges. Look at every bloated private college administration office. And the emeritus professors wandering the halls. Those people need to get off the payroll.

It's not the pension system, it's the tenure and the admin system. The emeritus usually die pretty soon after retiring. But when colleges have 60-70% of their classes taught by either TA's or adjuncts, but still pay hefty salaries to full time professors who barely teach at all and spend all their time doing "research" and publishing junk that 90% of the time isn't useful in any sense of the word, then the students are definitely getting the shaft. Add to that the bloated administrative offices, full of people who are paid twice what the average prof gets but whose whole job is to make powerpoints, go to meetings, and create paperwork, then you get a super high cost of education with minimal returns for students and the people doing the majority of the actual educating.

The professors who don't teach are expected to bring in research grants (which matters far more than tuition). The problem is that tenure leads to departments that are no longer aligned with demand. Look at Ponoma telling kids they can't choose one major while still offering majors that barely have any takers

[Anonymous]

Anonymous wrote:

Anonymous wrote:OP - my DD was in a similar situation. She chose UVA over the expensive private. We were (secretly) pleased because FAFSA/CSS said we weren't entitled to financial aid and she received no merit offers (she applied to Ivies and the top SLACs which don't offer merit). So we were full freight everywhere she was accepted. So she went to UVA and we banked the difference and let it compound. She distinguished herself at UVA and is now finishing her DPhil at Oxbridge and is applying to law schools now - where, again, she will receive no financial aid and most likely no merit - but we can afford the ridiculous law fees because that UVA savings has grown to cover the $116k a year that the T3s want. Even UVA, a public law school, is $106k a year. I do shake my head at these fees but it us what it is. Anyhow, UVA worked out very well for DD and this family. Best of luck. Oh and, if possible. have your daughter get nominated by her high school for the Jefferson Scholarship ... but it may already be too late for that.

You are aware of how insufferable you sound, right?

They never are.

[Anonymous]

Anonymous wrote:

Anonymous wrote:OP - my DD was in a similar situation. She chose UVA over the expensive private. We were (secretly) pleased because FAFSA/CSS said we weren't entitled to financial aid and she received no merit offers (she applied to Ivies and the top SLACs which don't offer merit). So we were full freight everywhere she was accepted. So she went to UVA and we banked the difference and let it compound. She distinguished herself at UVA and is now finishing her DPhil at Oxbridge and is applying to law schools now - where, again, she will receive no financial aid and most likely no merit - but we can afford the ridiculous law fees because that UVA savings has grown to cover the $116k a year that the T3s want. Even UVA, a public law school, is $106k a year. I do shake my head at these fees but it us what it is. Anyhow, UVA worked out very well for DD and this family. Best of luck. Oh and, if possible. have your daughter get nominated by her high school for the Jefferson Scholarship ... but it may already be too late for that.

You are aware of how insufferable you sound, right?

Totally disagree - people should hear about PPs daughter's path because it is a great one for mc/umc people. I'm another poster with a kid that followed the same path as PP. Planning for the long game is an amazing way to set your kid up for a successful and independent life.

[Anonymous]

Nothing against public universities. UVA, UGA, UC, UCLA and many others all great. Great options. But so are the top privates. And worth depends. I have 700k in each kids 529. Funded that while I would say UMC. Most of that is investment gain. 100k a year was expected and planned for.

[Anonymous]

Anonymous wrote:Nothing against public universities. UVA, UGA, UC, UCLA and many others all great. Great options. But so are the top privates. And worth depends. I have 700k in each kids 529. Funded that while I would say UMC. Most of that is investment gain. 100k a year was expected and planned for.

This^^^ If you saved for it--including Grad school, why not spend it for that purpose? However, I hope you also fully saved for retirement during this time (most who save that much are also well set for retirement). If you value education, spend your money on it.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Northwestern is very different than UVA. It’s a top top Tier 1 research university. It’s not the Harvard of the Midwest anymore, it’s actually the MIT of the Midwest.

Its humanities program is very good, but UVA likely is the same or exceed.

I was FA at NU and unless my child wanted to study one of the sciences or engineering there,
I would have them go to UVA. If it’s sciences, I would have them go to NU with a strong plan of how to engage their professors and get into an R&D lab. I work in technology and R&D now and the Stanford and MIT folks see my degree and know I’m not to be trifled with on the technical front, which is awesome. Maybe someday I can reach my full potential and sit on some tech or R&D heavy boards, and NU would play a role in that, but maybe not.

But if your younger son/daughter wants to be a lawyer or finance person, send him/her to UVA.

This seems like very odd advice (vs doing something that leads to $$$s professionally). What end game are you proposing with this.

PP here. Tier 1 research universities and good engineering and science schools typically allow undergrads in the lab to help with R&D. You use this experience in the business world. It’s considered a very good thing in the science heavy realms of business to have had this experience.

[Anonymous]

I intend to tell my kids something similar - they have xyz to spend on college and if they spend less than that amount, they can be gifted the money for a home downpayment or to fund graduate school.

[Anonymous]

Anonymous wrote:It is incredible how expensive college is in this country. Even if you are a multi millionaire and money is not an issue, we should not normalize $100k/year for a college education.

100%

[Anonymous]

Anonymous wrote:

Anonymous wrote:It is incredible how expensive college is in this country. Even if you are a multi millionaire and money is not an issue, we should not normalize $100k/year for a college education.

It's not normal. It's elite luxury.

Community college, state university, and private means-based pricing all cost far less than $100k/yr

It only costs $100k/yr if you are so rich you can easily afford it, or if you are upper middle class and are paying extra to try to fool people into thinking your kid is smarter than they are at a reach college where they are below average.

Private college did not used to be an elite luxury. Tuition was a few thousand dollars a year in the 60s. It was accessible for my middle class grandparents to send my mom and uncle with proper saving.

Compare the cost of annual tuition to average salary back then versus now and you can see how tuition inflation has severely outpaced wages.

[Anonymous]

Anonymous wrote:I intend to tell my kids something similar - they have xyz to spend on college and if they spend less than that amount, they can be gifted the money for a home downpayment or to fund graduate school.

If more parents sat their 17/18 yo down, and explained finances it would be great. Show them what student loans mean when you graduate---what paying $100K-200K+ for an MBA/MS/Medical school/Law school means for the next 10+ years. Show them a budget for your city or a city they might want to live in. Let them see how much of their income will go to repayment. Then show how you can pya for state U and that grad school in cash (or whatever you can do). It's your job as a parent to help them not make stupid financial decisions at 18

[Anonymous]

I am glad I had an almost free amazing engineering education in France. The appetite Americans have to pay for college is actually impressive. To be fair American universities are the best and kids have very good education. In France unless you are extremely bright even your money won't get you into the best engineering schools. My kids will be staying in France which I am thankful for because the cost here is astronomical.

[Anonymous]

Anonymous wrote:I am glad I had an almost free amazing engineering education in France. The appetite Americans have to pay for college is actually impressive. To be fair American universities are the best and kids have very good education. In France unless you are extremely bright even your money won't get you into the best engineering schools. My kids will be staying in France which I am thankful for because the cost here is astronomical.

Well yes, in most of Europe, the kids are "put on paths for the future" around age 12/13. And unless you have the finances to surpass that (and even then it's not enough), your kid won't get the HS preparation for engineering if they didn't test into it at age 12ish. That's why the schools don't seem as competitive---you guys already weeded everyone out 6-8 years before

[Anonymous]

I had this conversation with my SIL and nephew over thanksgiving. They have more money than us and easily are spending 90k a year for the kids in undergrad. I explained that we cannot go this route. We will fully pay for a solid in state public school because that’s what we can do. We will strongly advise them to not take out loans that young. Save the debt for grad school when they have a better sense of what they want.