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

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[quote=Anonymous][quote=Anonymous]My oldest DS was accepted to both Northwestern University (90K/yr), and University of Virginia (40K/year) in 2020, and he decided to attend Northwestern University.  The total cost of attendance is around 360K.  His cousin attended UVA in 2020 (he was also accepted by Northwestern), and both he and DS received the same job at the same company. They both studied the same major, but his cousin has 200K in savings for not going to Northwestern.  He will take my DS a long time to save up to 200K in post-tax money.

My younger DS is a HS senior, and I explained to him that if he should go to UVA, if accepted, because it would set him up much better financially for the future.  I will invest that 200K towards his retirement.  Not sure if I am doing the right thing here.  Thoughts?[/quote]

First, yes Northwestern is an amazing school (Proud Alum).   But unless you can truly afford the 90K, no school is worth it.  By afford I mean, you have it all saved/earmarked for education, have fully saved for retirement (no scrimping on being prepared for your retirement so kid can attend elite school) and are not in massive debt otherwise.  If not, then you attend UVA and enjoy not being in debt and/or having extra money for grad school/first car/down payment.

Because yes the fact is, plenty of kids will attend other schools and get the exact same job (often with the exact same pay) as your kid at a T25 school.

I only attended NU because I got significant FA making it cheaper than all of the state schools and other OOS schools I applied to.

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