Thinking about financial aid packages and debt, we’ve talked quite a bit with our kids over the years of the expense of school relative to the returns. Our plans have always been to fully cover them for tuition, room & board, and most incidentals for 4 years each at the cost of the in-state public universities, since there are at least 5 in our state that are very strong (although they range in selectivity and prestige). S16 was always happy to go in-state public, but D18’s initial dream was to go to school in New York. We told her that would be fine, but we could only pay the amount that would go toward in-state public and she could take out loans for the rest if she didn’t get scholarships to cover it. We are not eligible for any need-based aid, but we still want to be careful with how much college costs for each of our kids because we are nearing retirement age and don’t want to have unnecessary money concerns. And, we don’t feel that the big cost differential between public in-state tuition and a no-scholarship tuition at an out-of-state public or a partial scholarship at a private (but still substantially higher than in-state public) tuition is worth the huge price differential…especially multiplying the additional $10 - 30K+/year by 4 years.
Over time, D18 realized on her own that it would be better to go the instate public route for undergrad since she plans to go to graduate school, and at that point she can be more selective and apply for RA/TA positions to cover the costs…or find a job that offers tuition reimbursement. Where our kids end up going to school is not nearly as critical as what they make of the opportunity - through strong grades, internships, and network connections with faculty and alumni, as well as independent clubs they join or start.
Our company hires many new graduates and while a BS/BA from a prestigious university may give an initial boost to consider a candidate, we rely much more heavily on transcripts, intern/job experiences, work samples, and strong interviews that provide a detailed look at a person’s strengths and skills. We’ve had some so-so hires from undergraduate programs at Harvard, UVA, Brown, and other institutions, and some amazing hires from U of Kansas, Minnesota, UMCP, etc. And, the company offers substantial tuition benefits to these recent bachelor’s degree recipients so they can pursue a master’s or doctoral degree, regardless of their undergrad institution.
Now we’re in the tricky spot where D18 has a substantial scholarship to a less-selective in-state public vs. our hope of acceptance to the state flagship, where we’re pretty sure she won’t get any scholarship. Since we offered to cover the full price for in-state public, I’m curious to see what path she takes - but at least we know we can afford all of her options and can afford it if she decides to change universities or majors after she arrives.
Sorry for the long email, but after reading recent research on the relationship between college prestige and long-term outcomes, I just wanted to share thoughts and hear other perspectives (since D18 could still potentially complete a few common or common core applications over break now that the essays are done:)).
