Hello. I am interested in other parent's thought process regarding sending your child to a high cost/more prestigious school v. less cost/less prestigious school. My 2014 son has a 4.0/31 with lots of activities. He plans to run cross country and track in college.
When discussing the costs, I am just using tuition and housing numbers, no books or living expenses. Also, I am looking at it from a worst case scenario. He has looked at schools like Kenyon and they estimate about a $5000 loan for him with my wife and I paying roughly $12,000. Also included in their calculation is another $3000 a year for him working at the school.
He has looked at schools like the University of the Cumberlands where the worst case looks to be about $5000 per year. He may be able to take the cost to zero if he wins a bigger scholarship. Also, this is a NAIA school that has money for sports. Right now he would get about $3000 per year but that could increase if his times decrease.
So, of course, if college was free we would send him to a Kenyon type school. As you may be aware, college is usually not free. Paying $1000 per month is something my wife and I can do. I don't think we would need to take out any loans but it would be something we would feel each month. It would mostly influence vacation, keeping cars, and home improvements.
A quick word about my son's goals. He is not money driven. He talks about being a high school teacher and coach. He also talks about teaching and coaching at a small college. He will most likely double major in English and something else. Grad school is a possibility. If he came back home to go to grad school we are within 30 minutes of 4 larger universities- Xavier, Miami, Cincinnati, and Dayton.