<p>Hoggirl…your “debt vs cash” scenario was the decision I mentioned upthread which would be more difficult but less painful, because both options are fully on the table for that family. Those parents don’t HAVE to face a situation where they tell their child that the “dream school” admission has to be declined due to cost. They need to weigh the “opportunity cost” of not attending the dream school against the actual cost of attending, and each family will have their own number for “opportunity cost”.</p>
<p>Personally, I don’t think there’s any school in the country that would be worth spending $40K-$60K per year if there are state flagship level publics that are available debt-free. None…not HYP, not Stanford, not any fancy LAC…none. There are folks who would disagree, and there’s no definitive answer. Too often, people “buy the brochure” from University X only to discover it was “fluff over substance”, but sometimes there may actually be an advantage. There are no absolutes if the dream school is chosen, but there are if the debt-free school is chosen…that money is still available to the family. What they choose to do with it differs from family to family as well and certainly would impact the decision. Do the parents keep the money themselves, or give it to the student since they were willing to spend it in the first place? How many adults, knowing what they know now, would jump at the chance to be 21-22 years old again with a $100K-$200K headstart on a bank account/investments?</p>
<p>Despite what you’ll read to the contrary on some threads here on CC, there are several facts that need to be considered.</p>
<ol>
<li><p>Admission to “elite” schools is not a Golden Ticket to life. There are plenty of HYPSM grads sitting in the cubicle next to State U grad at companies all around the country, and their paychecks have the same amount on them. </p></li>
<li><p>Attending a “lower tier” school does not sentence you to a life of mediocrity. Check the pedigree of major company CEOs/CFOs etc. around the country and see where they got their undergrad degree. You’d be surprised.</p></li>
<li><p>Anyone who says you can’t be academically challenged at a state flagship level university is…well…“academically challenged”. Students will find others at whatever academic level they choose to seek wherever they’re located.</p></li>
<li><p>Internships/co-ops/networking opportunities exist at universities of ALL levels, not just the “elites”. There are certainly specific opportunities at elite schools that might not exist everywhere, but not EVERY student is lucky enough to get them. How much are you willing to spend/bet on that lottery?</p></li>
<li><p>“Dreams” can, and often do, turn into “nightmares”. I agree completely with BobWallace’s earlier comments. If a 17-18 year old young adult has a “dream school”, exactly how do you think they got that “dream”? Do you really think they’ve spent enough time at that school to make that judgment, or was that idea planted in their head by parents/teachers/counselors/society?</p></li>
<li><p>The only guaranteed value of USNWR ranking sheets comes when they’re used to line the bottom of a bird cage. Given the known levels of gamesmanship, nepotism, and subjectivity that exist in them, trying to differentiate between #20 versus #60 versus #100 is often a fools errand.</p></li>
</ol>
<p>At the end of the day, it’s often a choice of head versus heart. While neither decision is made without risk, it’s much less likely that a decision made with the head will be regretted later. YMMV</p>