Reply to The insanity of 1%er East Coast parents and college

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]Yes, life would be much easier if we lived in bumble town North Dakota and my kid just applied to State U or Directional State U. I am somewhat envious of that.

But we are not there.[/quote]

What? Are you disgruntled because you are a 1%er with a kid who wants to go to an elite school because of name and thinks their wealth makes them entitled ? Those days were over a generation ago. Mine are at different ivies. We are top3% income ie full pay & make it work because we saved. Most there are on aid. Smart is the new rich. Me and many of my elite college peers went there highly aided in the 90s, now we make enough for our kids to be full pay. Since they are as smart or smarter than we are they got in just fine no hooks (in fact their demographic is a bit of a negative yet they still got in). There are plenty of non elite but still T75 for 1% wealth who are not in the top% of smarts/talent. [/quote]

I’m not sure what point you’re trying to make, that your kids only got in because they are full pay? And you’re only 3 percent not 1 percent? [/quote]

The point is that the wealthy families believe their kids are entitled to a spot in elite colleges purely by virtue of their wealth, and are besides themselves when they realize this is not true. [/quote]

In your view, what makes the supposed "elite colleges" elite today?[/quote]

They have the highest percent of the smartest kids so they can have a broad collection of truly challenging courses, yet small enough to know faculty. Additionally they have almost unlimited resources for the students, including but not limited to real research and international summer experiences. The mix leads to the best outcomes, provided the student is ready for the competition [/quote]

The mix is missing Upper Middle Class kids. It's super wealthy and those that get "meets need" funding. Or UMC kids with grandparents paying tuition or parents with inheritances that don't need to save for retirement.

$250k or $300k/year family from NYC (or any other big city w HCOL) with parents in their 40s/early 50s with more than one kid are not spending $90k per year to send one kid to college, because then they can't afford to live (unless they've been at high income level for a very, very long time).

The donut hole is real, and sending their uber smart UMC kids to SEC honors programs (or other lower ranked schools) where they can get big $ scholarships. This changes everything because the best and brightest aren't necessarily at Ivies/T25s, a lot of them are at schools they can afford instead. (And I'd argue that the kid who takes a full ride scholarship to a lower ranked school is "smarter" than one who takes loans and/or drains his parents' savings to attend T25).

Heck, if my kid could get a full ride at a lesser ranked school, I was UMC full pay, and had the $ banked for Ivy or Ivy+ -- I think the smarter choice is taking the full ride to the 100th ranked school and giving the kid the cash to invest -- probably come out WAY, WAY ahead (unless the goal is IB).

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