Reply to Does everyone on here with kids applying to top 50 schools really have the $80K per year to spend?

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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]Funny you should ask this OP.

When I hit “submit payment” and a link to deduct $42,650 from our bank account last Tuesday- for ONE SEMESTER- I had the same thought. Who in their right mind really does this?[/quote]

1) those with over $20MM in the bank, 2) those with paying grandpas[/quote]

Nope.  HHI $230, have been saving since the children were little (started with $210/month for maxium tax benefit, as our income went up we did a little but more, plus bonus money, etc).  DC 1 got merit aid, so very inexpensive, will have funds leftover for grad school.  DC 2, attending am over $80k per year private, will be a stretch for us, between 529 and cash flow - there will be nothing left for grad school, they will need to pay on their own.

And, we don't go abroad for vacation, drive 10+ year old cars until they die, etc).  [b]We've made education a priority[/b]  [/quote]

So that your kids can take budget vacations and drive beater cars while making education a priority for their kids too? [/quote]

This is harsh but really worth talking about.  how is paying $80K a year for school worth it in this scenario?  Are you hoping that maybe your kid will break into the next income level and not repeat this cycle? The reality is that there is no guarantee that attending a $80k school will lead to ANY better income or standard of living than a $40k school.

it's just insanity that people like have fallen victim to the $80k trap.  it's honestly really depressing.  [/quote]

Okay OP - you change it, and get back to us. We'll wait here......[/quote]

wHat's to change?   send your kids to schools you can afford.  It's really simple.  Look outside the T50 and there is plenty of merit for decent students, more for excellent students. (hint for excellent students there is merit within the T50, it does exist in the 25-50 range)

My 26ACT/3.4UW/no AP/"average kid" attended a T100 school with 35% merit award.  They also had offers at 2 other similarly ranked schools with similar merit.  Paid only $40K/year.  Had offer at T120 where cost was only $30K/year.  Got all of that without us chasing merit---we didn't need it.  Could have gone to 3 schools in-state (not the flagship but the next best 3) for less than $20K/year.   Also, my kid attended college with some really smart kids---plenty of top students who chose to go somewhere with great merit, plenty of "strivers" as my kid would call them (my kid is a B's are excellent grades and C's get degrees mentality).

That kid has graduated, started a job at a great company 2 weeks after graduation and is excelling in their career one year in.   First year raise was in the top 25% of first year employees.  Not to shabby

[/quote]

C's get degrees?

Is this actually a thing?? [/quote]

Yes--why not?  Once you get your first job, nobody cares what your GPA was in college.  Now, if you have a 2.5 gpa you may have trouble getting internships and getting that first job---you will have to work harder.  But 1-2 years in, try switching jobs and what a company cares about is your references and what you do on the job.  Nobody gives a shit about your grade in Accounting 101 or Business 300.

Point was my kid did decent in college, but did not stress if they did not have all As.  They graduated with a 3.4 overall, and would have had a 3.5/3.6 had they started in their final major---freshman year in pre-med did a nice job of tanking their gpa.  They had no internships due to covid.  Yet they are at an excellent company with a 3.4 gpa, doing very well in their job and high achiever at the job.  Nobody cares whether they got a 2.5 or a 3.5 or a 4.0 gpa in college---they care about what you do daily on the job.  
And yes, they work with others who had lower gpas in college who are excellent employees.

[/quote]

Seems C's at Harvard would be very different than C's at a college 2+ tiers down, at least at my company. [/quote]

I helped a friend's son get a job with my company after he graduated from UGA last year. They did not ask to see his transcript. They only knew his gpa because he put it on his resume. Last time I did any hiring all I cared about was "has degree in relevant subject". [/quote]

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