Would you do this, aka college costs are insane

[newbymom05]

I'm having some tilework redone, and I joked with the guy that DH was worried he retired, but I remembered he had a daughter in a "good" school so I thought he would still be working. Ha ha, yes, his daughter's in Vanderbilt so he's still working because he spent $80K in tuition last year!!! Am I crazy, or is this guy nuts? I say that because of the ROI--what possible job can she (or anyone) get that will justify that kind of cost? OK, maybe brain surgeon. But seriously, would you EVER spend that much on your child's college tuition, esp undergrad?

On a related note, I had no idea tile guys make that kind of money!

[1growingsprout]

No. For a school at that cost the student needs to be on scholarship IMO.
FYI i think your tile guy overpaying... per the link tuition is aobut 40k not 80k


http://colleges.usnews.rankingsandre...ational-search

18 Vanderbilt University
Nashville, TN
Score 79 Tier 1
Costs:
2008-2009 Tuition and Fees: $37,005 2007 Total enrollment:
11,847 Fall 2007 Acceptance rate:
32.8 % Purchase Premium Online Edition to access full data.

either way my kids would need to get scholarships at those prices

[WC_hapamama]

Originally Posted by 1growingsprout

No. For a school at that cost the student needs to be on scholarship IMO.
FYI i think your tile guy overpaying... per the link tuition is aobut 40k not 80k


http://colleges.usnews.rankingsandre...ational-search

18 Vanderbilt University
Nashville, TN
Score 79 Tier 1
Costs:
2008-2009 Tuition and Fees: $37,005 2007 Total enrollment:
11,847 Fall 2007 Acceptance rate:
32.8 % Purchase Premium Online Edition to access full data.

either way my kids would need to get scholarships at those prices

Tuition and fees generally does not include room, board and books.

Here are the numbers for the 2009-2010 school year, directly from the Vanderbilt University website.

Tuition $37,632
Residence Hall $8,200
Meals $4,450
Books and Supplies $1,292
Student Activities and Recreation fees $946

Total= $52,520

This does not include lab fees, computer fees, personal expenses, travel costs, transportation or health insurance/costs

[Sarah W]

Originally Posted by WC_hapamama

Tuition and fees generally does not include room, board and books.

Here are the numbers for the 2009-2010 school year, directly from the Vanderbilt University website.

Tuition $37,632
Residence Hall $8,200
Meals $4,450
Books and Supplies $1,292
Student Activities and Recreation fees $946

Total= $52,520

This does not include lab fees, computer fees, personal expenses, travel costs, transportation or health insurance/costs

Yeah, this. We're prepaying tuition and the guidance we were given is that it would end up being approx 1/2 of what we'd actually be spending. We're also prepaying for 2 yrs of dorms to help with the future costs.

[AndrewsMother]

My cousin attended vanderbilt, he does quite well for himself, so for him the cost was justified.

In 5 years he has made more than enough to justify the amount of the education, and he was not an A student, but a B/C student who worked two jobs so that he would not have to ask his parents for anything because they paid for his tuition. He was recently accepted to an Ivy League college for graduate school.

I would want my DS to attend the school with the best name in his field of choice, so I guess that I would spend that much money if I had to.

[BetsyS]

We wouldn't pay that much out of pocket, and we'd advise our children not to do it if they couldn't pay for it in cash (no student loans for that kind of money!).

I have a graduate degree from a private university with annual tuition in the same range (almost exactly). I'm still happy with the degree, but it was very costly. If I could do it over, I would figure out a way to do it cheaper.

I'm not convinced that the only way to get a certain degree is to go to a pricey school. Certainly it may be the most convenient, the easiest, the one that you were accepted to first. But, it is very, very rarely the only way to get the degree/start to a career.

[shayinme]

Well as the mother of a 17 yo senior who is definitely college bound, pricey schools are something we are discussing. I think it depends on the kid and what they are studying, truthfully you can get a cheaper education at State U in many cases. Yet schools that come with higher price tags often have resources that expand beyond just getting a degree, in terms of alumi networking, etc. Also is some fields where you went to school can make a difference in getting your foot in the door.

My son's college list is a mix of costly name schools that have great programs for what he wants to study along with some basic state schools. Right now its a two step process, he will apply in the next few months and once he is accepted then we look at who offers the most financial aid. One thing I have learned in this journey is that in many private schools offer more aid than the cheaper state U, so state U maynot always been a better deal.

[BetsyS]

I should also add that a couple of things cloud my judgement..

I live in a state that offers free tuition to anyone with a high school average of B that is renewable for each year they maintain a 3.0 GPA in college. It's only for undergrad, but free is a heck of a lot cheaper than $160,000, you know?

I also have a nursing degree. Nurses with fancy $150,000 + degrees still wipe hineys right next to associate degree nurses. In my particular field, there isn't a big difference in state schools versus private schools.

I don't know a lot about other degrees/fields of study, so I'm biased in that regard.

[Aridel]

It really depends on the degree. For most fields, it doesn't matter where you go, especially undergrad, as long as the program is decent and your child takes full advantage of the classes, research, all opportunities available. But some fields, like business, it can matter where you go, both through having the name to throw around, and through providing networking with companies and alumni before and after graduation.

Personally, if the cost was that steep, my daughter would have some serious loans because we just couldn't do it. And if she was going to be in that much debt for a degree in a field where she could get a job just as easily coming out of State U, I would be strongly discouraging the expensive private school.

[riverscout]

Even if I had that kind of money, I highly doubt I would pay that much per year for an undergraduate program unless it was a very specialized. IOW, I wouldn't throw down $80K a year for a psych degree at Vanderbilt, but perhaps I would for an engineering degree at MIT.

[phatchristy]

Back when I was 15 I had to make that kind of decision. But I didn't know what I wanted to do at the time. I was already an accelerated student, probably too young to know what I was leaning towards.

In my case, I took scholarships for the best state university.

Two factors--I was leaning towards a community service based profession which is not lucrative and the state university was one of the best public universities in the US.

As for our kids, I'd rather save the extra for grad school (wink). DH had to take out loans for that!

[Ruthiegirl]

It depends.

For myself, that kind of money would have been wasted since I have never had the temperment to follow a demanding career path. Dh on the other hand benefited greatly from his expensive college education. He is now a college professor/scientist and is successful because his parents recognized his gifts and sacrificed to provide him with the best education they could afford.

I look at my three kids and I can see that at least one of them has inherited dh's intelligence. For now, we are homeschooling and that is a sacrifice in itself. Will we shell out big bucks for higher education? Probably, if they want it and we can swing the costs.

BTW - most high end private schools offer very good scholarships. I have know several people who went to Harvard/Yale/MIT on full scholarship. So, higher education does not necessarily mean paying huge tuition bills.

[jentilla]

Originally Posted by riverscout

Even if I had that kind of money, I highly doubt I would pay that much per year for an undergraduate program unless it was a very specialized. IOW, I wouldn't throw down $80K a year for a psych degree at Vanderbilt, but perhaps I would for an engineering degree at MIT.

I lean toward this, but again, undergrad is less important to me than grad school. Grad schools look at test scores, GPA & other factors related to the specialty and usually you are getting aid, etc. I'm more likley to want to help with an expensive grad school program and have much of the undergrad done at a cheaper school. I have homeschool friends whose kids have entered college at the sophmore & junior levels b/c they took dual credit course for the general stuff. We plan on doing something like this so we can be a bit more choosey with the school for the "major" portion of their degrees.

[newbymom05]

Originally Posted by AndrewsMother

My cousin attended vanderbilt, he does quite well for himself, so for him the cost was justified.

In 5 years he has made more than enough to justify the amount of the education, and he was not an A student, but a B/C student who worked two jobs so that he would not have to ask his parents for anything because they paid for his tuition. He was recently accepted to an Ivy League college for graduate school.

I would want my DS to attend the school with the best name in his field of choice, so I guess that I would spend that much money if I had to.

But how well? I mean, if he's making 6 figures out of the gate, yes, that seems like eventually he'll get his money back. But I don't see how that's possible w/ an undergrad degree, but what do I know.

Re: your own son, in theory I want to send my boys to the best possible school too, but 320K is a LOT of retirement savings, money that would go into our estate if not used, money that could pay for undergrad and grad at a state school AND a down payment for a house.

I dunno, I just can't see the ROI justifying it, but maybe I don't understand the earning potential.

Oh, and it IS a psych degree that she's getting, btw!

[Leta]

My alma mater, where DH now works, is the cheapest four year school in the state, and two semesters of tuition and fees & room and board, is $15,000. That doesn't include books or lab/activity fees, if you need those. Or things like a bike or car, or health center bills, or anything else.

So spending $80K on everything at a "name" school seems sadly realistic to me.

Free tuition for dependants at DH's employer is one of his benefits. Our kids will live here with us and attend college there (or will have to take out loans if they want to go someplace else). Thank God we have a plan. Otherwise, stories like this would seriously keep me up at night.

[WC_hapamama]

Originally Posted by shayinme

One thing I have learned in this journey is that in many private schools offer more aid than the cheaper state U, so state U maynot always been a better deal.

That was the case for me. I actually ended up with less student loans going to a private university than I would have going to a Cal State University.

[sunnysandiegan]

Same thing for me. I paid LESS out of pocket (I was on my own either way) going to a great private school than if I went to either of two good public universities in the same area. I received grants and scholarships that covered ALL my tuition at the private school and it wasn't going to be that way at the other two schools. The lesson I learned is that price tags are a starting point in life. There are many ways to "negotiate" your bottom line cost.

[honey-lilac]

Originally Posted by jentilla

I lean toward this, but again, undergrad is less important to me than grad school. ... I'm more likley to want to help with an expensive grad school program and have much of the undergrad done at a cheaper school.

Just out of curiosity, is it an "expected" thing now that kids are going to go to grad school? Degree inflation?

[mightymoo]

Originally Posted by AndrewsMother

My cousin attended vanderbilt, he does quite well for himself, so for him the cost was justified.

The thing is, its not about how much he makes now, but about the comparison to what he would make with an identical degree from a cheaper school and whether that makes much difference down the line. After 5-10 years, your experience eclipses your schooling, so you have to make that much more in the first few years to justify the cost. So, if Bill goes to state school for $50K and makes $100K out of school, but George goes to an Ivy League school for $150K and makes $110K out of school, he has to make $10K more than Bill for at least 10 years to justify the cost of the schooling.

I'll tell you, I didn't go to a cheap school myself, but it wasn't Ivy league and I worked alongside folks who went to MIT and we got the same salaries. My DH makes a lot of money and his school charges $13K a year for tuition room AND board for this year (he paid a lot less 15 years ago!). We were both in the computer science field, though. Other fields may vary.

I do buy that it gives *some* advantage, but I'm not convinced its a huge one. A huge part of your ability to succeed lies within yourself and what you put into your education and take out of it and how you can perform. I think kids who go to ivy league schools need more of that to get in to begin with, so they naturally do better when they get out. I think someone who could get into an ivy league school but chooses a less expensive option can do just as well as someone who went to one.

ETA - plus, there is a good chance that someone who can get into a top tier ivy league school could get a nice scholarship to a state school. So the difference isn't just in the tuitions, but coming out with $0 debt versus $150K or whatever. I think that is a huge advantage.

[shayinme]

Originally Posted by mightymoo

The thing is, its not about how much he makes now, but about the comparison to what he would make with an identical degree from a cheaper school and whether that makes much difference down the line. After 5-10 years, your experience eclipses your schooling, so you have to make that much more in the first few years to justify the cost. So, if Bill goes to state school for $50K and makes $100K out of school, but George goes to an Ivy League school for $150K and makes $110K out of school, he has to make $10K more than Bill for at least 10 years to justify the cost of the schooling.

I'll tell you, I didn't go to a cheap school myself, but it wasn't Ivy league and I worked alongside folks who went to MIT and we got the same salaries. My DH makes a lot of money and his school charges $13K a year for tuition room AND board for this year (he paid a lot less 15 years ago!). We were both in the computer science field, though. Other fields may vary.

I do buy that it gives *some* advantage, but I'm not convinced its a huge one. A huge part of your ability to succeed lies within yourself and what you put into your education and take out of it and how you can perform. I think kids who go to ivy league schools need more of that to get in to begin with, so they naturally do better when they get out. I think someone who could get into an ivy league school but chooses a less expensive option can do just as well as someone who went to one.

ETA - plus, there is a good chance that someone who can get into a top tier ivy league school could get a nice scholarship to a state school. So the difference isn't just in the tuitions, but coming out with $0 debt versus $150K or whatever. I think that is a huge advantage.

You make some good points but I will say as someone with a kid who is applying to colleges this fall that in talks with folks whose kids recently graduated that many state schools are not giving out as much money as the private schools. A colleague of mine whose son just graduated applied to the University of Vermont and a private school in VT where the tutition was higher than UVM. In the end the private school ponied up way more as far as grants and scholarships so kid despite UVM being his #1 choice is going to the private school.

I am in Maine and I know a lot of folks whose kids are going to the UMaine system state school and they barely gave any money unless the family was uber poor or a sports scholarship. These were kids whose folks thought state university was cheaper but here in Maine tuition with room and board is 18K, in most cases none applied to private schools but those that did and got in are paying less than most state university folks.

That bit of information has lead me to have my son come up with a mix of state and private schools, he now has 6 on his list.

Shay