Reply to Yale vs Penn State - Your Honest Opinion Please

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]I got into both Yale and Penn State and I went to Yale.  My parents didn't give me a hard time about it but helped me pay and supported me taking out loans.  I met people at Yale I wouldn't have met at Penn State.  Even now, the Yale name on my resume means more on job applications than the Penn State name would.  I would make the same choice again.[/quote]
How much loans can students take out? That $5,500K or so a year that every student can take out obviously won't cut it. Was it actually your parents who took out the loans? Or co-signed your loans? Research says below:
[b]
$5,500 to $12,500 per year[/b]
The maximum amount that undergraduate students can borrow each year in federal direct subsidized and unsubsidized loans ranges from $5,500 to $12,500 per year, depending on their year in school and whether they're a dependent or independent student.[/quote]

I went about 30 years ago when I think tuition and board were about 35 K/year, and I think I took out 15K in loans per year.  We used my savings and my parents paid the rest.  My parents also helped me pay off my loans afterwards, which was extremely kind of them.[/quote]

By the way, I wound up applying to law school five years after I graduated Yale when I realized I wanted to make more money than my writing job was paying me. I got in touch with a prior Yale English prof and he wrote me an excellent recommendation that paved the way to a great law school for me even though law school was a little bit of a left turn for my literature background. Not sure a Penn State prof would have done the same 5 years out with the same effect.  And people saying the Yale undergrad degree doesn’t matter for law school are wrong, at least when I was getting hired ~20 years ago, because it came up in interviews, and frankly still does.

One other thing to consider is whether it is still as viable as it was in your husband’s day to become something out of nothing just through hard work. A LOT of people are grinding.  It’s part of the reason why millennials and Xers and Zers are so mad at older generations. There is a LOT of grinding going on and not everyone grinding has a success story coming out of it. Lots of people work very hard without catching the golden ring at the end; don’t assume some luck wasn’t involved and stack the deck in your kids favor as much as you can, imho.

Good luck![/quote]

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