Fifty-two Schools top 50K tuition mark.

[qialah]

I'm sure it varies by field. For most PhD's, there are far more lucrative careers than teaching. Universities aren't just competing among themselves for talent.

There is also a huge cohort of senior faculty than is getting ready to retire, so job prospects for current graduate students may not be so bleak.

As for adjunct faculty: I'm sure different schools use them in different proportions. Some are truly cheaper added labor. Others are hired as replacements for faculty on leave. Those aren't a net savings in salary cost.

[FallGirl]

What I can't understand is what can possibly be worth over $50,000 per year

Thats called the sucker syndrome.

I am not a "sucker" because my child is full-pay at one of these schools.

I live in a wealthy suburban area. I don't understand why people I know feel they need to take a multi thousand dollar trip to Disney on a yearly basis, buy a Porsche instead of a Honda, live in a 6000+ square foot house, etc. But if they are not asking me to pay for it, it's not my business. H & I have chosen to put the money into education. We are very fortunate to have that option (and I know that most people don't) but we are not "suckers".

[thumper1]

Agreed with FallGirl...our kids were practically full pays at two schools which were above $50K for the total COA. We too felt that our money was better invested in education than in some of the other things we could have been spending our money on. We both work full time in professional jobs. Both kids got some merit aid (one better than the other)...but still...in the end, we'll have paid almost $300,000 for their college educations.

[MWestMom]

FallGirl and thumper1- Doesn't it feel like you are being taken advantage of when you know you are part of the minority that is paying full or almost full cost?

You are correct that it's just wrong to blow lots of cash on expensive toys and then not want to invest in education. But consider that lots of people (I think) spend conservatively, drive modest cars, etc. yet will not/can not attend a top school because they can't afford to pay full cost, don't believe in massive debt or just don't want to transfer most of their assets to the university (which itself may already have more money than many small countries). The choice feels like that of financing a college education for both my child and another the school designates (who is receiving full need aid) or just not attending.

[LongPrime]

^^

FallGirl and thumper1- Doesn't it feel like you are being taken advantage of when you know you are part of the minority that is paying full or almost full cost? ...The choice feels like that of financing a college education for both my child and another the school designates (who is receiving full need aid) or just not attending.

Can't answer for FG or thumper>
We felt that we would rather be the family that had a choice of schools regardless of aptitude, reputation, or cost. We would rather be the family that does the subsidizing than be the unlucky kid that does not receives adequate financial aid and thus unable to attend. FA/Adcom are a capricious bunch.

[taxguy]

When my daughter attended Syracuse's pre-college art program, It REALLY ticked me off to find out that 25% of the attendees paid nothing, zilch, nada, and I paid $5,000. I really did feel like a sucker for a number of years thereafter.

However, I guess I would have preferred that situation to being the unlucky kid, that Longprime noted, who can't attend at all and has few choices because of inadequate finances. We were lucky enough to have saved for years in order to pay for most college expenses without my kids incurring any debt. Does it bother me that some spendthrift parents are getting a lot of aid where I got very little? yes! However, again, I did feel lucky to have had the foresight and ability to pay for college for my kids without debts.

[Dad_of_3]

We have two $50K+ kids in college - it's interesting to get the fundraising calls from these schools touting that the money we give goes to support the half/two-thirds/three-quarters- take your pick of the student population that don't pay full freight. If indeed the majority of students don't pay the $50K, there's a cost of subsidy component in the 50K. Reminds me of healthcare where the "list" price is some lofty amount that is basically irrelevant, with the commercial insurances paying more than cost to subsidize the medicaid and self-pays who contribute less than cost.

[jym626]

Agree with longprime-
We are strong believers in education, and think it is a far better investment than a car or some other luxury. To us, education is a different kind of "luxury", and we too wanted the luxury of not being limited by cost. Sure, we wanted to spend our savings as wisely as possible, leaving the kids with no loans to repay, nor any debt ourselves. But we also promised the kids they could go anywhere they wanted, and we meant it. I am not ashamed that we wouldn't qualify for need-based aid. S's went for merit aid, and got some. One took the big merit package and is saving the rest of the savings for grad or professional school.

What chaps my craw are the people who claim to be poor, to have serious need, who claim the can't afford to pay much of anything at all and want to know how to get all the aid they can, yet spend their money on luxury vacations, cars, hobbies and clearly have plenty, PLENTY of expendable cash. Cry me a river.

[thumper1]

Doesn't it feel like you are being taken advantage of when you know you are part of the minority that is paying full or almost full cost?

No...I do not feel taken advantage of....I am also paying for MY kids' educations. One is a graduate and the other a senior of these pricey schools. We value what their colleges offer(ed) them. And we would do it again. BTW...both were accepted at less expensive options. Sometimes it's not all about the money.

AND...one graduated in four year...and the other WILL graduate in four year (the second one with TWO bachelor's degrees). Neither ever had a grad assistant teach a class. They had outstanding accessibility to professors. They never had trouble registering for a required or elective class. They were on a first name basis with all of the faculty in their departments.

[jym626]

While the "majority" (66%) of students get some sort of financial aid, this statistic includes merit aid, work study and loans (subsidized and non subsidized), not just grants. Fast Facts

Sixty-six percent of all undergraduates received some type of financial aid in 2007–08. For those who received any aid, the total average amount received was $9,100. Fifty-two percent received grants averaging $4,900, and 38 percent took out an average of $7,100 in student loans. Seven percent received aid through workstudy jobs averaging $2,400 in wages, 2 percent received an average of $5,400 in veterans’ benefits, and 4 percent of students had parents who took out an average of $10,800 in Parent PLUS loans. Parent PLUS loans are included in total aid but are not included in student loans because they are loans for parents of dependent students.

Forty-seven percent of all undergraduates received federal student aid in 2007–08, the average amount of which was $6,600. Sixteen percent received an average of $2,500 in state-funded grants and 20 percent received an average of $5,000 in grants funded by the postsecondary institution they attended.

In 2007–08, federal Pell Grants were awarded to 27 percent of all undergraduates at an average of $2,600, and 34 percent of all undergraduates took out federal Stafford loans averaging a total of $5,000. Subsidized Stafford loans were received by 30 percent of undergraduates and averaged $3,400, while 22 percent received an average of $3,200 in unsubsidized Stafford loans.

So, while about 1/2 of students get some sort of grant, overall, this averages to only $4900 (2007-8 data - is this before some of the changes in grant policies at HYPS?) Even if it doesnt include the free money at HYPS, the average student who can't afford to pay their estimated cost of attendance will be taking out loans, working, etc to pay for college. We all know that what we think we can afford and what the college FA calculators think we should pay often differ wildly. We didnt have to take out a single loan, we didn't have to refinance our house (our mortgage will be paid off in 6 mos), and the cost of attending any college our s's wanted didn't have a stranglehold around our necks. So who is the sucker again????

[ellemenope]

allGirl and thumper1- Doesn't it feel like you are being taken advantage of when you know you are part of the minority that is paying full or almost full cost?

Actually, at the top schools, I'll bet 50% of the student body is full pay. Another 25-30% are partial pay and the rest are heavily subsidized. That's the way it was at my D's college. So we had plenty of company.

[jym626]

^^Exactly, LMNOP. I never understand why some people think someone else should pay for their/their kids' educations. It reminds me of the 3 little pigs. Some go out and play after building their house out of straw, while others build theirs out of brick and are well protected. Why should the ones who used straw mooch off of the ones who used brick? Real need is real need, but IMO poor budgeting and reckless spending habits for people who have tha ability to pay OOP should not be rewarded.

[mythmom]

I saved the money to send mine through elite private. Then H suffered severe financial losses and made poor business decisions. The money was spent bailing out a failing business.

I thought that a worthwhile expense because my H associated so closely with his business that had it failed, I don't think he would have had enough self-esteem to function as a successful parent.

I wanted to spare him and his children (my children) that pain. The jury is still out on the business, but the family did survive psychologically intact. I'm very grateful.

I had planned to pay full freight. After this reversal there was no way I could have. I would rather have paid full freight and I did not expect to feel resentment. It was my extreme pleasure to have gathered the means to send my kids to "dream schools". I would never have considered spending the money on anything else.

I have been fortunate in that both kids were excepted at need-blind/meets 100% of need institutions so I can just squeak by and get them though. One has graduated. I am very grateful for the institutional help I've received, but I would rather have paid full freight.

[jym626]

^^^^ And it is exactly because you were a wise saver that you had the funds to manage your personal family needs. An in a case like this, when there is adversity that affects a family's income/finances, they deserve financial aid, just like those who are from lower income families. The high income, "living the high life" and haven't saved a dime (or not nearly enough to fund a childs education) should learn to live within their means, not expect entitlements that are meant for those truly in need. To me that is merely enabling their bad behavior.

My H was laid off 8 mos ago. Because we have been very careful with our money, we have savings and my income to live on. Fortunately older s is out of college and younger s's college costs are low thanks to large merit award. We can pay for his college expenses out of the 529 fund we funded a long time ago.

[berryberry61]

fallgrl and thumper - I think you misinterpreted my comment about the sucker syndrome - it was not that you were making the choice to use funds for education over expensive toys - actually I appluad your decision there. Rather it was directed at colleges which have come up with this perverted system of charging those who can pay a lot more so they can use the extra funds to subsidize everyone else.