Reply to College applications -- apply to $$$$ schools or not?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]You have the money to send both kids to full private. Inlcuding ivy if they get in. They certainly don’t need to be chasing merit but it sounds like you’re going to ask them to? Or go public? Maybe you should step back and think about your priorities. What do you want to do with your money? Invest in your kids? Set up the next generation? You aren’t going to run out of money. Even though it sounds like you’re worried about that. If the market tanks 30%, you’re not going to need access to all of it in the next 24 months - so you’re going to do what you did in the dot com crash and 2008 - wait it out until it comes back. [/quote]

They only have $150K saved for college per kid.  That's in-state pricing, not sending both kids to $90K+ schools.

IMO, we would explain the finances to the kids, discuss their plans (might they want/need graduate/professional school?) and determine the right path.  But whatever you do, unless you are 100% committed to 90K+ per year, make certain your kid knows that, so they can have 75-80% schools that are targets and safeties that will be around in-state pricing (or just a bit more).  DOn't let your kid think they can attend Harvard if they get in if you are not really willing to pay for that.  Also if that's the case, don't let them apply to 80%+ schools that are 90K/year.  [/quote]

This is OP. We have $300k in college savings accounts. I clearly identified all the other sources of funds we have which is in the millions. We also have one more year for one kid and four more years for the other. There’s no doubt that a family with $4.25 million in net worth can afford this. It’s silly to pretend otherwise. As I’ve said our investments increase by more than $100k pretty much every year. We could pay in full and so see our net worth continue to increase.

[b]To be honest, I was expecting some more insightful replies than this. What I’m struggling with — and I thought I’d made clear in my OP — is whether it makes sense to spend that much money on an Ivy League education. [/b][/quote]

Uh, rude. Go ask AI then. It will stroke your ego as it responds.  [/quote]

Yes OP seems to want to only want to hear, "Hey! You have nothing to worry about!! You are so rich and lucky!! Spend the $$ on the pricey college!!" Because the truth is, OP has already decided and came here to get justification. 
[/quote]

I think OP wants to hear that it’s not worth it to alleviate any guilt when they says no to their kid.

What I think is that they have no idea what it takes to get into an Ivy.  If their student is actually competitive and unique enough to get in on his own (am assuming no curated by a private college counselor vibe) then they should absolutely pay because that is one amazing kid.

I think the harder question is full pay top 25 private schools.  Their student may get into one of those and it is likely a superior educational experience over a state flagship.    What to do?

[/quote]

Except many of us don't believe it's a "superior education experience over a state flagship".  The main difference (IMO) is the smaller class size and the opportunities that affords.  But going to the honors program at many state U offers some similar perks.  
So if you have the $$$, then yes it's worth it.  But if you don't, then don't take on debt (or have to delay your retirement plans).  Because 95% of what someone does in life has to do with their drive, work ethic and what they do in life, not where they attend.  [/quote]

This us a useful perspective.[/quote]

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