Reply to As schools near $100K/year when will that affect the pool of students?

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Reply to "As schools near $100K/year when will that affect the pool of students?"

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]It already is. In theory, we could "afford" to send our kids anywhere. In practice, DC1 chose to stay instate (where we get a tuition break on top of lower tuition anyway, due to one parent's job). Total for DC1 for 4 years should be around $100K, which is about what it was for me to go to an expensive private college back in the early 90's.

It's truly hard to imagine how it would be "worth" $300K more for an undergraduate education. We're already seeing more and more great students choosing public colleges and universities, and that helps to make those schools better. I think the tipping point will eventually be that if costs of private keep rising, the best students will be choosing public, and then the whole system will implode. [/quote]

There will always be wealthy smart students who can afford the elite schools.  Just look at the elite HS in NYC where people pay $50K+/year.  Same for all the elite boarding schools in the Northeast.  People paying $75 k+ for a year of HS will have the money for college
[/quote]

Yes, there are rich people with smart kids, but my point is, if the smart but less rich kids are all choosing public universities, eventually, the "name brand" private colleges will be diluted with rich but less smart kids, and then what advantage will that name have? I mean, I don't see this happening soon, but as another PP pointed out, back in our day, UMD was an easy, guaranteed admit, and now it's coveted. Plus, Gen Z is just a lot smarter about not leaving college in debt.[/quote]

You just described Harvard/Yale/Princeton for 300 years of their existence. They will be fine educating smart (but not the smartest) rich kids[/quote]

Sorry to burst your bubble, but HYP offer the most generous financial aid of any elite private schools. If your kid can get in, they can go because HYP will make it happen. Poor and middle class kids go to HYP because HYP gives them money. Not the other elite private schools. None is so generous with FA. [/quote]

Donut hole families (DMV) will get zero need based aid at HYP.  Trust me on that.  They have to be making less than $150k.[/quote]

We’re at $180K  annual income, with $50,000 in college savings and no other non-retirement assets. My son didn’t get into Princeton, but the calculator gave us an EFC of $18,000, and Harvard was at about $30,000.  [/quote]

Income doesn't tell the entire story, as others note. And $180K is really not that much above $150K.[/quote]

I think you are misinterpreting what PP saying…at Princeton they would be receiving around $67,000 in need-based aid at $180k of HHI, and only have to pay $18,000 per year.

The folks who keep yelling “donut hole” either are complaining about need aware schools like a Tulane or make in excess of $300k per year (which most would not say is donut hole).[/quote]

That's Princeton. They very rich schools can afford to be very generous. Once you get outside of those schools, they start getting a lot less generous. For in state schools, PP would probably be full pay or close to full pay even though W&M has a 40+ coa [/quote]

Yep. NYU, Cornell, USC, Tulane and several other schools aren’t very generous imo.[/quote]

Most of them aren't worth the money anyway vs an in-state school so who cares? [/quote]

Many elite privates are far cheaper than “an instate school” for low-income/lower middle class kids. [/quote]

What's your point? If you're so jealous of LMC parents, become one.

Or, if you lived like a LMC person for a decade, you'd save up more than enough to avoid your dreaded "donut hole" fate. [/quote]

Most complaining would never actually want to swap places with the LMC or lower family for the last 18 years, of course not.  They just want the "perks" they envision from being one[/quote]

Yup. And it's just so funny because these $150k-300k families could save up for even the steepest tuitions fairly quickly through the magic of living like they made $80k/yr, as many MANY DC area families do. But they won't, so they whine. [/quote]

The only way a family is living like they make 80k a year in DC is if they either have a paid off place to live or are fine with a very dangerous neighborhood. An 80k salary is 300k house (less for a condo with an HOA). In DC that means dangerous neighborhood. [/quote]

So rent, just like rest of us poors.

- living on around $100K in DC with two kids[/quote]

Rent ends up costing more than a mortgage [/quote]

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