Reply to What's the Cutoff For Schools That Are Worth the Money?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]If your kid is going to pursue a lucrative career in finance or tech, then paying up for prestige often makes sense. If not, then financially, it is hard to justify. Anyone pinching their own financial security (for example borrowing money you really don’t have) should think twice or three times about paying more than they have to for anything but elite degrees. Screwing up your retirement for Colby doesn’t make sense. That said, if you do have money, think of it as a luxury good, not just an investment. Like a vacation to Paris instead of Florida. In the scheme of luxury goods, I think a wonderful college experience is more valuable than a fancy car, for example. There are intangible benefits to the experience which could translate into financial benefits. For example, your English major daughter is more likely to find a future investment banker to marry at some schools versus others (for better or worse). But people who cannot afford luxury goods shouldn’t buy them. [/quote]

I felt like so many of the posters in this thread live in such a bubble and are just so narrow minded about the reasons parents might choose to invest more than others to send their kids to college. I like this post, though. Makes perfect sense.[/quote]

You are free to invest all you want, but don't complain when you want to retire and don't have enough saved.  It should never come at the cost of retirement savings.  "people who cannot afford luxury goods shouldn't buy them" is best way to put it[/quote]

Some of us started 529s when our kids were born and have been saving for 18 years so we have the money.[/quote]

Then you have the money and likely also have been saving for retirement.  If you haven't been retirement saving, then you don't really have the money.

We have fully funded 529 because we planned and saved and and high enough income to do it comfortably, and can even afford medical school/grad school if/when our kids want it.

But if we did not, then our kids would be searching merit and saving some money.  All of my kids got decent merit offers without even trying.  Each one had multiple offers to attend a great private school for about $30-40K/year.  And that was withOUT searching for merit.  Could have easily gotten cost down to 20-30K[/quote]

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