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]

OP, you made a big mistake with your oldest DS even allowing an expensive out of state option on the table.

Our DD faced a similar dilemma. She was adamant about attending NYU and was accepted into both UVA and NYU. We forced her to go to UVA, which easily saved $45K per year / $180K total.

Then, she turned around and got an MS from NYU after her BS from UVA and still had plenty of money left over.

So:

Option 1 = BS NYU w/ no money leftover

Vs.

Option 2 = BS UVA + MS NYU + $50K leftover for jump starting career

The choice is obvious. DD was so happy we forced her hand. She graduated last year, now lives in Manhattan, and is making $245K per year in Finance. [/quote]

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