Anonymous
01/10/2019 15:56
Subject: If I am full pay, am I a sucker?
Well, i’ll make you feel better. DH makes $140k a year (I’m a SAHM) and just started making that. DS is about to start applying to schools and every calculator i’ve used has us full pay b/c we were massive savers in our younger years (when I worked) and the benefit of the market. What annoys me are. the people who didn’t save but could have and instead spent money on cars, vacations, etc. They get financial aid and we won’t. Oh well - we are probably the bigger suckers!!
Anonymous
01/10/2019 15:51
Subject: Re:If I am full pay, am I a sucker?
Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:You’re a sucker in the sense that your full pay is subsidizing other kids. But at your alleged salary, it’s no big deal, right? In any event, try to adjust your attitude to understanding that there are those less fortunate than you are.
This is such a myth. Full-pay families are not subsidizing other kids because the cost per student is far more than the sticker price. Actually educating a student at an elite college costs $100K+/year. At these schools (the elite ones that don't really offer merit aid), the difference between tuition and the actual cost is paid for by interest from enormously large endowments.
FWIW, I know that we are likely to be full pay parents, but I don't consider ourselves suckers. As one PP noted, I consider ourselves very, very fortunate. In the grand scheme of things, it is really morally appalling and politically unsustainable that there is such a huge difference in wealth between the top 1% and the lower 90%.
Yes, but merit aid goes to the top 1% too. Some of them are great students willing to go to a less great school for a discount. Others are much more run of the mill students, whose parents just demand and get a discount. There was a great article a year or two ago on Franklin and Marshall College cutting off merit aid for these non deserving parents, and redirecting the money into financial aid. It was great for the college.
Because yes, you are a sucker if other rich parents are getting a discount, but you're not.
OP here. Which is why I pointed out that our DS will attend a school that gives out very little merit aid...only to a handful of kids who are just over the top unique achievers. On the other hand, another school he got into gives out lots of merit aid. It was his safety though.
If you truly make 800K$ a year, why do you care? Tuition of 40K is just 5% of your annual income.
Using the same logic, your house should cost X for you and 2X or 3X for someone making much more.
Are you the same poster who compares purses and cars to a college education? You seem to not have a very good one yourself as you don't know what you are talking about.
Anonymous
01/10/2019 15:45
Subject: If I am full pay, am I a sucker?
Anonymous wrote:We make over $1M and are full pay too. I just feel a sucker when paying full tuition at the out of state flagship but not at the ivy.
This is the sucker - OOS public? Why would u pay full price?
Anonymous
01/10/2019 15:42
Subject: If I am full pay, am I a sucker?
Anonymous wrote:You're not a sucker at all if your financial circumstances permit you to be full pay. We did it for all our kids and don't feel like suckers.
Adding that one kid was offered an $8,000/year merit award from a "match" school but got into his first choice college and attended that one.
Anonymous
01/10/2019 15:40
Subject: If I am full pay, am I a sucker?
You're not a sucker at all if your financial circumstances permit you to be full pay. We did it for all our kids and don't feel like suckers.
Anonymous
01/10/2019 14:52
Subject: Re:If I am full pay, am I a sucker?
Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:You’re a sucker in the sense that your full pay is subsidizing other kids. But at your alleged salary, it’s no big deal, right? In any event, try to adjust your attitude to understanding that there are those less fortunate than you are.
This is such a myth. Full-pay families are not subsidizing other kids because the cost per student is far more than the sticker price. Actually educating a student at an elite college costs $100K+/year. At these schools (the elite ones that don't really offer merit aid), the difference between tuition and the actual cost is paid for by interest from enormously large endowments.
FWIW, I know that we are likely to be full pay parents, but I don't consider ourselves suckers. As one PP noted, I consider ourselves very, very fortunate. In the grand scheme of things, it is really morally appalling and politically unsustainable that there is such a huge difference in wealth between the top 1% and the lower 90%.
Yes, but merit aid goes to the top 1% too. Some of them are great students willing to go to a less great school for a discount. Others are much more run of the mill students, whose parents just demand and get a discount. There was a great article a year or two ago on Franklin and Marshall College cutting off merit aid for these non deserving parents, and redirecting the money into financial aid. It was great for the college.
Because yes, you are a sucker if other rich parents are getting a discount, but you're not.
OP here. Which is why I pointed out that our DS will attend a school that gives out very little merit aid...only to a handful of kids who are just over the top unique achievers. On the other hand, another school he got into gives out lots of merit aid. It was his safety though.
If you truly make 800K$ a year, why do you care? Tuition of 40K is just 5% of your annual income.
Using the same logic, your house should cost X for you and 2X or 3X for someone making much more.
Anonymous
01/10/2019 14:52
Subject: Re:If I am full pay, am I a sucker?
We were full pay. Like you we could afford it and there is no way we were qualifying for any need based aid. One of my DCs did get an unsolicited merit award of about $10k/year but chose to go to a different school that she thought was a better fit. That was fine with us, although the discount would have been nice. The other kid applied primarily to schools with no or very limited merit aid so there was no debate on that one. We did what worked for us, and half the kids at both schools were in a similar situation so if we were suckers we had plenty of company.
Anonymous
01/10/2019 14:47
Subject: If I am full pay, am I a sucker?
Anonymous wrote:As a full pay parent here, I am 100% o.k (actually, better than ok) with the idea that some of my money is covering financial aid. But I would not be OK if my son's school offered merit aid, which would mean that my tuition dollars would be going to subsidize some upper middle class parents you just don't want to pay the full tuition. That seems like a bad dynamic.
This sounds crazy to me.
You prefer your kids to be surrounded by so-so poor kids rather than brilliant ones?
Why not try a community college?
Anonymous
01/10/2019 14:40
Subject: If I am full pay, am I a sucker?
You are paying only 10% of your income on college tuition, while I - even with financial aid - am paying 25% of my income on tuition. Am I a sucker?
For the record, I don't think I am. Unless you're going to hoard all your money, you have to spend it on something. And I much prefer spending it on my kids' education than cars or vacations or home remodeling.
We are scrimping to get our kids through undergrad with no student loan debt. It's kind of tight each month, but achieving this goal will fill me with more satisfaction than any car or trip. Feel good that you are able to provide this wonderful opportunity for your child, rather than lament that other, less affluent people can do the same.
For the record, I don't think I am. Unless you're going to hoard all your money, you have to spend it on something. And I much prefer spending it on my kids' education than cars or vacations or home remodeling.
We are scrimping to get our kids through undergrad with no student loan debt. It's kind of tight each month, but achieving this goal will fill me with more satisfaction than any car or trip. Feel good that you are able to provide this wonderful opportunity for your child, rather than lament that other, less affluent people can do the same.
Anonymous
01/10/2019 14:24
Subject: Re:If I am full pay, am I a sucker?
Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:You’re a sucker in the sense that your full pay is subsidizing other kids. But at your alleged salary, it’s no big deal, right? In any event, try to adjust your attitude to understanding that there are those less fortunate than you are.
This is such a myth. Full-pay families are not subsidizing other kids because the cost per student is far more than the sticker price. Actually educating a student at an elite college costs $100K+/year. At these schools (the elite ones that don't really offer merit aid), the difference between tuition and the actual cost is paid for by interest from enormously large endowments.
FWIW, I know that we are likely to be full pay parents, but I don't consider ourselves suckers. As one PP noted, I consider ourselves very, very fortunate. In the grand scheme of things, it is really morally appalling and politically unsustainable that there is such a huge difference in wealth between the top 1% and the lower 90%.
I sincerely doubt the bolded part.
Do you have any idea about professor salary and tenure, and president earnings? You seem very naive.
Let's say a professor make ~$150K/year (generous; it's probably less). A good college has 10 students for every professor.
An elite president make, what, $1M/year? And there's only one of them.
If it costs over $100K/year to educate a student at an elite college, there's something wrong with how they're handling their money. Maybe too many administrators.
You are obviously no economist, accountant, or academic. Colleges also need to pay for classrooms and grounds, utilities, facilities, maintenance and grounds, lab equipment, computers, furnishings, personnel to clean and maintain those grounds, support staff (admissions, HR, deans, health facilities, academic counselors, disability services, etc.). It amazes me when people complain about the cost of education and then also complain that the facilities are sub-par.
When tuition is going up at many times the rate of inflation, I think it's right to question where the money is going.
Education is a luxury good. There's far more demand for seats at elite universities than there is supply. If you don't like it, you can cheap out and send your kid to Nowhere U.
but this is a big part of the problem. and DCUM is never tired of lecturing that one is to supposed to buy an expensive car or a purse (suckers! $30 purse is the same as $3000 one! toyota is the most reliable car!)
I am sorry, but I don't see the analogy here. An education at HYPS or any of the top 20 is going to open up a lot more doors than an education at a state school...even (dare I say) UVA. And even if you want to argue UVA gives the same outcome as these top schools, the OP would need to be a VA resident to make it worth going there.
Anonymous
01/10/2019 14:03
Subject: Re:If I am full pay, am I a sucker?
Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:You’re a sucker in the sense that your full pay is subsidizing other kids. But at your alleged salary, it’s no big deal, right? In any event, try to adjust your attitude to understanding that there are those less fortunate than you are.
This is such a myth. Full-pay families are not subsidizing other kids because the cost per student is far more than the sticker price. Actually educating a student at an elite college costs $100K+/year. At these schools (the elite ones that don't really offer merit aid), the difference between tuition and the actual cost is paid for by interest from enormously large endowments.
FWIW, I know that we are likely to be full pay parents, but I don't consider ourselves suckers. As one PP noted, I consider ourselves very, very fortunate. In the grand scheme of things, it is really morally appalling and politically unsustainable that there is such a huge difference in wealth between the top 1% and the lower 90%.
I sincerely doubt the bolded part.
Do you have any idea about professor salary and tenure, and president earnings? You seem very naive.
Let's say a professor make ~$150K/year (generous; it's probably less). A good college has 10 students for every professor.
An elite president make, what, $1M/year? And there's only one of them.
If it costs over $100K/year to educate a student at an elite college, there's something wrong with how they're handling their money. Maybe too many administrators.
You are obviously no economist, accountant, or academic. Colleges also need to pay for classrooms and grounds, utilities, facilities, maintenance and grounds, lab equipment, computers, furnishings, personnel to clean and maintain those grounds, support staff (admissions, HR, deans, health facilities, academic counselors, disability services, etc.). It amazes me when people complain about the cost of education and then also complain that the facilities are sub-par.
When tuition is going up at many times the rate of inflation, I think it's right to question where the money is going.
Education is a luxury good. There's far more demand for seats at elite universities than there is supply. If you don't like it, you can cheap out and send your kid to Nowhere U.
but this is a big part of the problem. and DCUM is never tired of lecturing that one is to supposed to buy an expensive car or a purse (suckers! $30 purse is the same as $3000 one! toyota is the most reliable car!)
Anonymous
01/10/2019 14:02
Subject: Re:If I am full pay, am I a sucker?
yes, you are a sucker but you can afford to be. being a sucker is not equally damaging for everyone.
Anonymous
01/10/2019 13:23
Subject: If I am full pay, am I a sucker?
No, OP. You are not.
You are in the lucky position that you can afford to give this to your children.
Go for it.
One of the things I hate on this board is the assumption that only the tippy top schools are worth X dollars. Certainly there is a limit - there are some very expensive schools that don't do a great job with their charges - but if your kids worked hard enough in high school and you think they will take advantage of what the schools offer, go for it.
You are in the lucky position that you can afford to give this to your children.
Go for it.
One of the things I hate on this board is the assumption that only the tippy top schools are worth X dollars. Certainly there is a limit - there are some very expensive schools that don't do a great job with their charges - but if your kids worked hard enough in high school and you think they will take advantage of what the schools offer, go for it.
Anonymous
01/10/2019 12:07
Subject: Re:If I am full pay, am I a sucker?
Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:You’re a sucker in the sense that your full pay is subsidizing other kids. But at your alleged salary, it’s no big deal, right? In any event, try to adjust your attitude to understanding that there are those less fortunate than you are.
This is such a myth. Full-pay families are not subsidizing other kids because the cost per student is far more than the sticker price. Actually educating a student at an elite college costs $100K+/year. At these schools (the elite ones that don't really offer merit aid), the difference between tuition and the actual cost is paid for by interest from enormously large endowments.
FWIW, I know that we are likely to be full pay parents, but I don't consider ourselves suckers. As one PP noted, I consider ourselves very, very fortunate. In the grand scheme of things, it is really morally appalling and politically unsustainable that there is such a huge difference in wealth between the top 1% and the lower 90%.
I sincerely doubt the bolded part.
Do you have any idea about professor salary and tenure, and president earnings? You seem very naive.
Let's say a professor make ~$150K/year (generous; it's probably less). A good college has 10 students for every professor.
An elite president make, what, $1M/year? And there's only one of them.
If it costs over $100K/year to educate a student at an elite college, there's something wrong with how they're handling their money. Maybe too many administrators.
You are obviously no economist, accountant, or academic. Colleges also need to pay for classrooms and grounds, utilities, facilities, maintenance and grounds, lab equipment, computers, furnishings, personnel to clean and maintain those grounds, support staff (admissions, HR, deans, health facilities, academic counselors, disability services, etc.). It amazes me when people complain about the cost of education and then also complain that the facilities are sub-par.
When tuition is going up at many times the rate of inflation, I think it's right to question where the money is going.
Education is a luxury good. There's far more demand for seats at elite universities than there is supply. If you don't like it, you can cheap out and send your kid to Nowhere U.
Anonymous
01/10/2019 12:06
Subject: If I am full pay, am I a sucker?
Why do you listen to other people's non-sense and why wouldn't you pay given your income? That would be really selfish not to pay.