Paying for Ivy League?

R124687
Tue, 29 Sep 2009 11:44:53 +0000

OP…my daughter is in exactly the same boat. And I’m making the same arguments. I NOW have a higher income bracket. But that doesn’t negate the rest of my life where I had nothing. I’m single, “above middle aged”, with no retirement savings yet, etc. So money is EVERYTHING to us.

That said, she does have the stats for a stellar school. But, FAFSA will “think” we have the funds to pay for it. We don’t. I have health issues, I’m self employed and pay all our own health “insurance” plus out of pocket etc etc.

So, THE dilemma. Where is the breaking point for each person? To take out loans? I’m willing to do that. But I’m NOT willing to ruin her future by allowing her to graduate with more debt than she can ever pay off.

Like you (and very nearby!..think west)…we have some fabulous state schools where she would go cheaply, or possibly for free. So here is one of the things I reminded her, and maybe you should think about - for kids at your academic level (obviously high if you’re thinking Ivy): Are you considering graduate school? If you ARE…where will THAT money come from? If you go to undergrad for FREE…then maybe you’ll work summers and save, and/or your parents could contribute to graduate school instead. If you spend EVERYTHING … “and then some”…and want to continue your education…you’re already in a hole that is hard to get out of.

I’m not trying to talk you out of it, just telling you the thoughts running around our house. I KNOW why the “better” schools are more expensive. But they can’t make a silk purse out of a sow’s ear. In other words, a “lesser” student who can afford it, will get a great education, that’s for sure. But YOU can use the perfectly fine undergrad education at your fingertips and REALLY excel there. THEN…you’ll have the undergrad stats that maybe you can get a scholarship to grad school too! My neice did this. She went free to our state school, turning down an expensive admit to an Ivy. Then, SOMEHOW, she was admitted to an Ivy for law school, so she had the money to pay for that. She also had a free ride at a neighboring state’s law school…but opted to use the money for this level of education. Just something to consider. Think of the WEIGHT on you when you graduate, versus … “That’s it! I’m FREE and educated and in NO debt. Whoohoo!”. There was a movie called Lions for Lambs. Have you seen it? It’s running around cable right now.

There is an African American and Hispanic student, attending an elite school on scholarship. They opt to join the millitary, and use THAT money to go to grad school. Their thought process is something like “An African American and Hispanic student who went to undergrad for free, were militarily trained, and will come out of grad school with NO debt too?..NO ONE COULD STOP US THEN!”

OK, for those who saw the movie you know it didn’t have a great ending for these characters. But…it was a very far-sighted approach for such young men.

Good luck, whatever you do.