I do think there’s a difference if the parents told the kid they could pay for various colleges then refuse to pay even though they have $, and parents who give their kids a (doable) budget (whether then the top choice is affordable or not). And then there are parents who tell their kids they “will make it work”, the kid doesn’t pay attention to budget, and in the Spring turns out you “can’t make it work” and the kid is stuck with poor choices.
I do feel bad for the kid whose parents said “work hard and we’ll pay for it” and then change their minds even though they can afford the college their kid got into.
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Big difference - parents need to know their limits up front.
And I can see someone saying - we can afford anything but when they see or hear about other offers - deciding - sure I can pay $80K, but Johnny down the street is going to X School for $30K, and that’s what you need to do. So they weren’t 100% up front when they had the discussion. They may have been at the time but weren’t educated enough to know what else was out there until they heard it from someone else…perhaps.
I can also see parents loving their kids and saying - i"ll find a way to make it work - and they truly mean it - that they hope to - but only later realizing it will totally diminish their lifestyle. So they’ve give out a false hope- but with the best intentions in mind when it started.
Talking about paying for something - in some cases $45K 2x a year - and actually having to do so - big difference for many people.
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As an observer from the West, I have always found Tulane very prestigious, and this sentiment would likely be heightened among the South and in elite circles. My aunt was about to turn down Yale for Tulane for graduate school (she went with Yale due to a specific program niche). If she is interested in law school, Tulane’s law school is a top producer of federal judges.
Consider this: do you think the $240,000 in debt (plus interest!) you would save could be used for opportunities beyond what just going to Georgetown over Tulane would provide?
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Is anyone else here old enough to remember the Kingston Trio? Their song with the refrain
“ they’ll never return, no they’ll never return…” is running in my head.
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In December of 1980 the MBTA was shut down for a short time due to funding issues. At the time Barry Locke was the chair of the MBTA advisory board. I wrote a new verse to the song, but never told anyone “official” about it. One of my minor regrets in life is that I did not call up a local TV station and try to get my new verse played on the air:
All those advisory board officials they all know that it’s a scandal
How the cities have to pay and pay
Shut the T down, shut the T down!
And get Charlie off the MTA.
And did he ever return, yes he’s finally returned
His fate has now been learned,
Barry Locke kicked Charlie off the Boston subway
He’s the man who finally returned.
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Nicely done. I will have this rolling in my head tonight as I take the MBTA out of Boston.
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My son just spent last weekend in Boston, my daughter is getting back on Sunday after spring break, the T is right outside her apartment building but she can walk to BU in 30 minutes if needed.
OP - First, huge congratulations to your D.
Second, I didn’t read every comment, but I agree with most posters that Tulane is an excellent school and she’s so fortunate to receive a huge merit aid. She will find lots of success as a Tulane student. So many students at our local high school attend Tulane as full pay students and many go to law schools post Tulane.
Third, Georgetown may be your D’s dream school now. However, when she becomes a university student, she’ll meet a wide arrange of students from various financial backgrounds and she’ll meet new friends and some who may share their high anxieties about their student debt. Some of my children’s HS and college friends who took out big loans for dream school told them they wished they made different choices or had help from their parents about making different choices.
Fourth, two of my children received big merits (one got full tuition for 4 years and one got full ride for 4 years.). It was their decisions to accept the aid from these schools even though they had acceptances from more nationally ranked schools. They didn’t have specific dream schools and they both read too many reddit posts about burdens of student loans. I also think they really didn’t want have any reasons for us parents to check on their progress at school. They owned their education process and progress. They didn’t slack off but worked even harder because both merit aids were named scholarships. When seeking internships and jobs, they also felt less pressured to land in the highest paying industry or jobs due to concerns about loans. They had the luxury to explore areas that really spark their interests.
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180K in loans for undergrad is too much. Do you have other kids going to college? Is your retirement assured? it is just a lot of debt, and that will weigh everyone down. I know people who did this, then one parent lost a job, and now they are not in great shape. That is bad for everyone’s futures.
one idea: we have a friend whose daughter joined ROTC and marines, is going to NYU law school fully paid for by the Marines now. There are other options too - Americorps for. a year, etc. Parental debt is not the best option.
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Tulane is NOT in the same tier as Georgetown for academics. Maybe sports.
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I honestly believe this student will get an excellent education as a history major at Tulane. Likely as good as at Georgetown. This is not the SFS at Georgetown…it’s history.
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ehhhhhh - not sure I agree - and there are kids from all schools that outperform kids from other schools. In other words, you will have Umass kids outperform Harvard kids.
Do you want to spend $180K + interest over many years to bet on Gtown over Tulane?
One could argue whether they’re in the same league or not (I’d say yes) but you are talking about more than an academic comparison here.
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If the OP’s daughter had said she would like to go to med school, everyone would yell from the rafters for her to go to the cheaper school - that it doesn’t matter where you go to undergrad. I don’t know why it is any different, as she would like to go to law school.
All the kids with their 36 ACT and 4.0’s who got rejected from Tulane would be happy to be in a position to be attending, much less with a full tuition award. I don’t even understand how this can be a question unless the OP can easily cash flow the cost of Georgetown.
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and they can’t. I think we covered that at the beginning 
OP long gone.
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You are exactly right. Tulane’s History Department is strong. And while the OP hasn’t asked about sports, if they did care, Tulane has had a strong baseball and football team. I think the Hoyas have lacrosse. Don’t really follow that.
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That’s what I thought!
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Tulane alum here, so I’m biased, but I don’t even see how this is a question for someone needing financial aid. It will take sooooooo long to repay those $160K+ loans for most every job you get with a liberal arts degree. Tulane has a great liberal arts program. Your kid also can do a full junior year abroad on her Tulane aid!
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My s started out as a history and chemistry major at Tulane, and pivoted to a Chemical engineering and Psychology major! When he was there, there were some well known poli sci visiting professors (James Carville, Newt Gingrich) and Prof. Melissa Harris-Perry had a talk show on MSNBC.
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Maybe, but debt can be pernicious for an 18 yo. Why go through burden of loans? Any kid smart enough to get in to both schools will be just fine in life. Don’t believe the hype.
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