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Different schools of thought about paying for college

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Replies to: Different schools of thought about paying for college

  • BKSquaredBKSquared Registered User Posts: 1,012 Senior Member
    Back in the age of dinosaurs, the normal IB track was 2 year analyst program, MBA, associate position. During the course of the 90's, I noticed we were offering more of the top analysts direct promotion into associate positions. Interestingly, many of them (including some of the top analysts working for me and for whom I wrote LoR's) opted for BSchool, especially if they got into HWS. I think their calculus was based on potential future lateral moves, networking opportunities, and the fact they needed a break from the grind. My understanding that bypassing MBA's is even more prevalent now with IB's in a talent war with PE and hedge funds.
  • Mwfan1921Mwfan1921 Registered User Posts: 630 Member
    edited December 6
    My understanding that bypassing MBA's is even more prevalent now with IB's in a talent war with PE and hedge funds.

    Yes, and another reason why many MBA programs are experiencing declining applications, including some of the M7. Other potential reasons: high relative cost of MBA (often 100% shouldered by student), and plentiful jobs in many industries/sectors/geographies (domestic and int'l)
  • CheeringsectionCheeringsection Registered User Posts: 2,180 Senior Member
    @mom2and I agree with your point about “comfort” of spending money on college depending upon job security of the parents. No one is guaranteed an income stream—not employees, business owners, or those that might inherit funds. It is a gamble to spend more than currently on hand. We may be more comfortable spending a bit more on DD20’s UG just because DS16 will have his degree and what remains in the college savings is solely for her, but also because we both feel a bit more secure in our employment than we did when DS16 was picking a school. We also have that many more years of contributions to retirement behind us. Staying in the work force until 65 is not guaranteed to anyone so borrowing funds to be paid back from income to that age is truly a risk I am not willing to take.
  • rickle1rickle1 Registered User Posts: 1,271 Senior Member
    "This problem that I see with threads like these is that some posters feel an emotional need to validate their own choices by casting aspersions on or questioning the motivations of posters who make other choices and other posters who feel shade even when it is not cast. There are enough variations among students and parents that I don't see a valid reason to judge others' motivations. The fact that they did something different than I did (or would do) does not necessarily make them wrong."

    This is so spot on! No one should feel they need to justify their position. You do what you feel makes sense for your kid based on your situation. I think some take offense when the read things like "... we do X because of our values" . They interpret that to mean by not doing X, you are devoid of values. I think they confuse the words values with morals. Values, in a literal sense, simply means you assign a certain value to X (being full pay, taking a scholarship to a lower ranked school, going to community college, etc.). What I assign to X is likely quite different than anyone else because we all have different situations.
  • blossomblossom Registered User Posts: 9,087 Senior Member
    Rickie, people have different values and I don't think there's anything wrong with stating that.

  • websensationwebsensation Registered User Posts: 1,809 Senior Member
    edited December 6
    Frankly, I can tell you whatever decision my kid made and whatever college he ended up going, I will probably be able to justify his going there as the "best" decision. Had my kid gone to an Honors College, I will probably be posting how great Honors College is, and how my kid is getting great grades and education for free. You know why? Because whatever my kid decides within a reason, I will probably be supportive and happy about. lol

    Also, whatever college he went, he probably would have learned similar stuff and had slightly different experiences, given differences in strong and negative points, cultures and regions -- but good experiences probably.

    Now, there were only few colleges I had some personal reservations about my kid going there: Berkeley, Harvard and UNLV. Other than that, I wouldn't have been concerned about his going to UCLA, Honors College and Stanford.
  • theloniusmonktheloniusmonk Registered User Posts: 1,863 Senior Member
    "Frankly, I can tell you whatever decision my kid made and whatever college he ended up going, I will probably be able to justify his going there as the "best" decision."

    Very good point, been doing some reading on biases and decision making and basically if you keep second guessing yourself it's hard to move on (in general, not just college admissions), so the mind pretty much justifies these decisions even if it wasn't the best one, which is again good as you don't want keep reliving the past.
  • ChoatieMomChoatieMom Registered User Posts: 4,797 Senior Member
    edited December 7
    Values, in a literal sense, simply means you assign a certain value to X (being full pay, taking a scholarship to a lower ranked school, going to community college, etc.). What I assign to X is likely quite different than anyone else because we all have different situations.
    Our son chose a college against our values, but his values are very different from ours, and he has taught us to appreciate (some of) his. We really have no idea how a child raised in this household could become what he is becoming, but he is forming a life for himself that satisfies what drives him, so our judgement ends there.
    Frankly, I can tell you whatever decision my kid made and whatever college he ended up going, I will probably be able to justify his going there as the "best" decision.
    I don't feel any need to justify anyone else's decisions. The only justification that matters is the one the decision-maker makes to himself. It is clear that our son thinks his choice was the best one for him, so it must be as we can never know differently.
    So is there anyone out there who'd like to volunteer that they spent less on college and their kid didn't go to as highly ranked school as they could, not because they couldn't afford it, but because they just didn't see the value for money?
    We certainly spent less on college as the service academies don't charge parents anything, and our son did not choose the highest ranked program he was admitted to, but it's hard to argue value when there is no money involved. Had he not chosen this route, we would have paid for whatever college he decided on as we don't place a financial ROI on education, but we did clearly explain to him that his college education would be our last financial gift to him. I guess he's having the last laugh.
  • rickle1rickle1 Registered User Posts: 1,271 Senior Member
    ^ from the CC community, thank him for his service! Wonderful to see bright young people committing to something far bigger than themselves.
  • partyof5partyof5 Registered User Posts: 2,567 Senior Member
    Ive done both, one child got into NYU Tisch but considering the money wasn’t guaranteed I didn’t think 70k COA was worth it, she had the option of a full tuition st 3 other schools, and chose an HBCU where she thrived, had excellent internships and has already had a couple of jobs since graduation. D2 also had full tuition to instate but we chose to send her to private because it was a better fit.
  • twogirlstwogirls Registered User Posts: 6,615 Senior Member
    edited December 8
    My D was accepted to a few highly ranked schools... she would have received a small financial aid award her first year, but we would have been full pay for the remaining 3 years... at about $65-70,000 each year. That was too much money for us at the time. She applied hoping for one of the lottery merit awards.

    She attends a very strong public university that in my opinion is giving her the same opportunities that she would have received at the other schools.,, at a cost that is affordable to us. She is permitted to take classes at one of the schools we could not afford.., the schools are considered academic collaborators and share some of the same professors.

    My other daughter stayed instate and then attended a great grad program.

    No regrets. Every family does what works for them.



  • websensationwebsensation Registered User Posts: 1,809 Senior Member
    "I don't feel any need to justify anyone else's decisions. The only justification that matters is the one the decision-maker makes to himself. It is clear that our son thinks his choice was the best one for him, so it must be as we can never know differently."

    I think we are saying the same thing. I am saying, if you wanted to, you could always justify your decision because ultimately parents are geared towards supporting whatever decisions their kids make. Therefore, I am saying there is really no reason to justify anything.
  • twoinanddonetwoinanddone Registered User Posts: 19,584 Senior Member
    I know many students who could choose any school and not worry about the money. They are very luck. And most did not choose the highest ranked school. The Bush twins are a good example. One went to Yale, the other to UT (instate rates).

    Many many more are happy to go to school at all and do the CC to 4 year schools, or go part time and finish when they can.
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