Reply to If college is so expensive ... why don't more families get need-based aid?

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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]We do okay (at around $200K HHI until a 50% jump three years ago) but are not RICH.

We planned.  Used the Vanguard college calculator and saved $400-$600 per month in the 529 since birth.

Limited vacations.  Public school.  Not a lot of meals out.  DIY home improvements.  No family support.

Both children will graduate with no student loans.  [/quote]

That's wonderful, but isn't it crazy that we have created a system where college without loans even for the well to do requires 22 years of significant monthly savings to pay for 4 years of education. [/quote]

That is why there is a public school system as an alternative. Private education at "Elite" schools is a luxury good, not a basic need.[/quote]

How many elite schools do you think would agree with you that they are nothing but frivolous luxury brands?[/quote]

Well the schools wont' agree, but look at the world around you.  Look at your job and the companies you have worked for.  You are most likely surrounded by people (in your same position, and in the management levels above you, possibly even into the C suites) that attended State University and schools ranked lower than 100.  Good chance you have never heard of some of the schools they people attend.  Yet they are paid the same as you, might even be your manager or a few levels up.  What you accomplish in life is due to what you put into it, not where you attend college.  Once you realize that you will be happier and likely "wealthier" [/quote]

Sounds like a T150 state school grad basic misunderstanding of statistics.

Median Ivy salary is about $50k/yr more than median non Ivy, across whole career.

https://www.dcurbanmom.com/jforum/posts/quote/30/29191582.page

[/quote]

I’d bet a lot of that is due to Ivy grads being able to go work for dads company, or dads friends company upon graduation — would be interesting to see data on Ivy grad salary alongside family net worth …

Also, I’d bet the majority of the full pay UMC families at the 80-90k/yr schools aren’t having to save for retirement (inheritance) or had homes bought outright for them by family trusts etc. so ya, it might look like a handful of 250k families are affording full pay — but we could full pay too with no mortgage or no retirement to save for… 
The trust often pays for the grandkids education too— 
so the “UMC” kids at these schools are actually from super wealthy families too.  
[/quote]
Full pay, have a mortgage, saving for retirement...no inheritance(grew up poor). Same is true of two of my law partners who have kids at ivy-plus schools. Tell yourself what you want but there are plenty of us who knew to save and do not have family wealth to help.
And, looking back at my ivy friends: the most successful in the larger friend group tended to be poor or middle class at the ivy, now doctors, private equity, partners in law firms, one owns a company they started. Our rich friends were more likely to coast a bit in college and not get into med or law school. They bounced around job to job and never quite found their niche. Some may have gotten daddy's money but none that I know and if it has happened they have not revealed it; they live in a smaller house than we do. Though maybe their parents will be paying for grandkids' college. [/quote]

I think what you say used to be true re jobs. But not so much anymore. The wealth gap is quite a bit larger than it used to be, plus students used to be able to borrow (reasonably) for an ivy education. That’s no longer the case. [/quote]

Sorry but no. There are super bright, charismatic merit scholar students getting top jobs and grad schools and making bank. Many are female too.

Drop the tropes about everyone working for daddy’s company or actually being dumb. It will hold YOU back or already has. [/quote]

Agree with your top comment. My point was these kids aren’t achieving this (higher pay on average) because they’re Ivy League grads. The brightest kids from ANY university probably earn more on average. 
But you also cannot deny that the very, very wealthy start with an advantage. And that ivies and $ private schools on balance have more of these types of students, which could account for the increased pay (on average) of Ivy grads compared to other universities. 
In other words, it’s not the Ivy that accounts for the higher pay, it’s the student. Smart, wealthy, and connected is a winning combination.

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