Reply to S/O What is our obligation as parents regarding college $$$?

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[quote=Anonymous][quote=Anonymous]I have to admit I am kind of appalled by this - really you wouldn’t feel obligated to fund a top private? I am Asian and it is basically written into my dna that if I can afford it (and even if I can’t I would try) that I will pay for my kids’ college tuition.I kid, but  It was never a question for me growing up that as long as it was a “good” school my parents would pay. That comes with all the stereotypical strings you can imagine.

My parents paid for grad school as well. I had the option of a top 30 program full ride scholarship vs a top 15 program with no scholarship. I didn’t want to take out debt but was perfectly willing to go to the lower ranked school - my parents paid for the higher ranked school. I didn’t realize how much of a leg up that gave me back then but I surely appreciate that now. Having school fully paid for did not make me a bum, as I hear people cite as a reason they think having debt is good.

Our HHI is well over 550k and we’ll absolutely pay for undergrad and grad school, within reason. Why wouldn’t I? My kids are very little now but I can’t imagine telling them to go to their second choice school or take out a crap ton of crippling debt when I can perfectly well afford it. If I couldn’t afford, it would be a different story - no one should bankrupt their retirement to pay for college - but you clearly can. Maybe this is a theoretical thought exercise for you and you’ll change your mind when / if it is a reality [/quote]

We are in a similar HHI as the OP.  While I would consider funding an ivy, not because I believe the education is better but because of the connections, I would not fund a small private that has pretty buildings and good food over a state school.  In most cases, unless your child is exceptional and narrowed in on a specific field of study that only a private can offer, there is a detriment to going to a small private school.  I would encourage my child to explore many majors and options, even allowing them to take a 5th year if needed, at a state school.  If there is a reason that is justified outside of just want or "it is pretty" or a random perceived notion the school is better, than nope, not shelling out 4x as much.  We didn't get to where we are by wasting money.  [/quote]

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