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Should I go to an expensive out-of-state school, or go to a decent state school?


Replies to: Should I go to an expensive out-of-state school, or go to a decent state school?

  • 123Mom456123Mom456 Registered User Posts: 693 Member
    edited May 2017
    Saying my parents can afford UCB, but they have to sell all of their investments to fund my education is one thing but will they do that. Personally, I could have striped my savings accounts (which will be needed for a comfortable retirement) and send my kids anywhere but that was not an option I was willing to do. They had great options in our family budget.

    UCB also has a 17% acceptance rate and you are guessing at your scores so it is really hard to predict anything this early. There are a lot of other schools out there that will help you meet your goal and will meet your family budget.

    You also indicated you feel you won't be able to be the best at Rutgers. Why do you feel that way?
  • carachel2carachel2 Registered User Posts: 2,619 Senior Member
    "They did say that they have a 401k investment plan or something, but they did not go into much detail. '

    Allowing your parents to raid their 401K for your college is foolish. It guarantees you almost that they will be depending on you financially as they age. Also, the tax penalties are huge. Do NOT let them do that.
  • 123Mom456123Mom456 Registered User Posts: 693 Member
    edited May 2017
    Your parents don't have to divulge what is in their 401(k).

    You need to do some more work in coming up with options. There are a lot of great schools that will be within your parents budget and help you achieve your goals. Come up with some reaches like UCB, some matches and some safeties. Talk to your parents about what they are willing to spend.

    Your profile is speculating what your grades and test scores will be. What is your GPA right now after sophomore year and what are your PSAT scores?
  • MassmommMassmomm Registered User Posts: 3,006 Senior Member
    Your parents and you can borrow to finance your education. They cannot borrow to finance their retirement. It seems the only strategy for you is to go to a school you can afford without borrowing (much).
  • TooOld4SchoolTooOld4School Registered User Posts: 3,010 Senior Member
    edited May 2017
    The idea is to get through undergrad maximizing your education dollar, with an eye on grad school. For a family in your income bracket, you will probably be full pay at most schools. If you want to go OOS, you will need schools that have good merit or low tuition. Some schools have combined BS/MS programs too, which usually saves a year. Some highly ranked OOS schools are a lot cheaper than others- Rutgers is $34K (in state), Georgia Tech is $48K, UCB is $62K.

    Next fall as a junior you will take the PSAT, which could qualify you for national merit scholarships if you do well enough. It is definitely worth studying for over the summer and perhaps taking the SAT in June for practice. You could get full tuition at schools like Alabama, Oklahoma and Nebraska, or half tuition at USC (making it close to Rutgers pricing), along with many others. If you are committed to social/environmental change you could receive other scholarships. Look into it now so you have a year to start something.

    Should you decide to go to grad school for business you have several options: Nearly free as a Ph.D. student in a funded program (you'll also get an MBA when you submit your dissertation at many colleges), on scholarship (often determined by your GMAT score or if you work in a non-profit, or as a full pay student ($125-$200K)

    I would keep my undergrad costs as low as possible while still attending a reasonably highly ranked uni as the best mix. Life has a way of altering plans so maintaining flexibility is a good strategy.
  • juilletjuillet Super Moderator Posts: 11,783 Super Moderator
    As a sophomore, your job is to expand your list of options, not constrict it. Keep UCB and Rutgers on the table and also explore other colleges. There are lots of great places where you can get a degree in both CS and business; you don't need to go to the "best" (subjective, anyway) school in this area to get an MBA from a great school. Keep an open mind, too, in that you may change your mind a whole lot between now and later.
    Nearly free as a Ph.D. student in a funded program (you'll also get an MBA when you submit your dissertation at many colleges)

    This isn't quite true. Most business schools that award a non-terminal master's to business PhD students 1) award that after the student has submitted a thesis, which is usually in the second or third year of graduate school; and 2) award an MS or MA, not an MBA. MBAs are usually pretty defined courses of study and the courses you'd have to take in a PhD are quite different. It's my general opinion that pursuing a PhD when you really just want or need a master's (especially a professional master's) is a bad idea.

    There also are not that many scholarships for MBAs.
  • StPaulDadStPaulDad Registered User Posts: 111 Junior Member
    You have way more choices than just Berkeley or staying at home. In fact most of your choices are not either of those extremes. Look at more schools than just those familiar to you, stay open to figuring out what you want, and don't start making hard choices until you've sifted through a lot more options. Begin by following the steps outlined by @happy1 above: find out your actual financial constraints from your parents, figure out who you are and what you want from college and what you want to do (grad school?), find schools that match all criteria, and then go out and work hard and enjoy your life.
  • bssurlybssurly Registered User Posts: 231 Junior Member
    edited May 2017
    If your parents' annual income is 50,000 after taxes + expenses how would you be able to pay for UCB?
  • LostLilKidLostLilKid Registered User Posts: 5 New Member
    As someone who also dreamed to go to UCB or honestly I just wanted to go to a UC in general. It's just not feasible for people in the middle class who would be oos. And since you plan to attend grad school, it just wouldn't make sense to spend it on undergrad. I definitely understand not wanting to go to your state flagship where everyone else is going. With your projected stats (Which I suggest not relying on them and go with where you are at now) you could possibly get some significant merit aid from several other universities around the country. I would advise to keep you options open after all you have all of junior to research and explore.
  • citymama9citymama9 Registered User Posts: 1,819 Senior Member
    Please continue to research all options. Rutgers may be the best bet, but there are other schools where you could get great merit that brings the cost down. Good luck.
  • mom2collegekidsmom2collegekids Registered User Posts: 82,689 Senior Member
    Thank you for the clarification. it was confusing because you said that your parents "could afford" Berkeley, when clearly they can't. (No one would say that a person could "afford" a school if it means emptying their 401k, paying huge penalties, and have no retirement)

    If you get the grades and test scores that you expect, you may have some other merit options from other schools.

    How much WILL your parents pay each year towards college?
  • tk21769tk21769 Registered User Posts: 9,916 Senior Member
    After doing some research, I found that the college with the best programs for these fields is UC Berkeley, but as an out-of state student, I will have to pay almost 60000 per year, as I probably will not qualify for much financial aid.

    As an OOS student, you probably will not qualify for ANY financial aid from Berkeley.
    Have you run the online net price calculators for any other colleges that interest you?
    My family has a upper middle class income, and make a net gain of about 50000 after taxes and yearly expenses

    We don't know what "upper middle class income" means to you. The US median family income was about $52K in 2013. If your family's is $100K, you might qualify for as much as $50K in annual need-based aid from some selective private schools. If it's $200K, you might still qualify for ~$15K in annual need-based aid from some of them. Or none, or a bit more, depending on the school and your situation. You'd need to run the NPCs to see.

    In my opinion, though, it'd be hard to justify paying $60K for Berkeley if you could attend Rutgers for less than half that. Some other college might be worth a smaller price premium. A lot depends on how much of your your parents' "50000 after taxes and yearly expenses" is available for your college expenses.
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