<p>What Bud Said.<br>
Just as a reminiscence from a family that paid full price for Duke for son number one. He is happy and employed and we are grateful to add that Duke was his perfect fit emotionally, socially, academically. He works in a city with a huge Duke alum network…and those cities include Boston, San Francisco, Atlanta and DC among others. Huge mistake in 2008 (speaking of parental finances and lack of ability to offer much help to sons later…both of whom are grad school ready now) when housing values went down, income plateaued and job market and starting salaries in many fields became a huge worry for grads. Did the UVA and Va Tech grads fare just as well in the job market? Yes!! If they were among the most motivated hard working students.<br>
Don’t pay full price unless you can pay cash and not look back as parents. Unless you child will seek a hard sciences advanced degree which for the most industrious can be underwritten. Unless your child will seek a grad degree later that has any hope of being reasonable in cost.<br>
No one told us in high school that many many top law and med schools mandate access to parental income till age 28. Even if you are married with a spouse with an income.<br>
There are many top business schools in good cities with evening degrees. I know this because Duke son is working full time and going to Emory for an MBA now. He did win a 25% discount in tuition and evening MBA is way less expensive than full time. Full time however is way more about networking and internships. Son has a job that is better than an internship and not looking to move out.</p>
<p>Vandy '13 grad won a merit scholarship that covered tuition only for which I must take a moment to kiss the earth each time I mention it. He attended Vandy for less than instate at UVA. And what a world class education he received. Good thing because the world doesn’t need another lawyer and I am almost certain he will pay full price for law school next year. At a state U more than likely. The job market for new law grads is too lousy to justify full price full private pay.</p>
<p>Regarding strategy: Coach your son or daughter to be open hearted. A stellar performance in a state honors college can also lead to a fully underwritten grad school at a private. Yep. Thinking of the state flagship honors grad not accepted to Swarthmore, Davidson, Wes, etc who is going to Yale next year on a full ride in Physics for a doctorate. Stories like that make my day. Be smart. Be aware. Our kids need cars, smart phones, laptops, housing, insurance and a safe place to live in grad school. </p>
<p>Vandy son only applied to Vandy for merit money when the stock market crashed in October 08 and I had to tell him that we would not after all be able to send him to full pay private college…he was accepted to Davidson with offer, Rice, Swat, Haverford etc…and all his flagship with honors options. He told me “Vandy is at the BOTTOM of my list” even tho it was his father’s grad school home. Emory btw “lost” his merit application and although he was very competitive, they acknowledged his file was not reviewed. Since then the entire admissions staff has overturned due to other issues that dogged the office. Emory does have a more business oriented campus in my opinion in a city that has gobs to offer re field placements but that is only a factor. Money should be the crucial factor and it is your job to not make your child feel like a loser if there is no reduced tuition merit offer in April. That would be a crime. Instead…be a gunner in your state flagship or engineering college and hit the ground running. </p>
<p>Being wanted with a rare merit offer and having the pride of having earned reduced tuition when Vandy son knew his grad school path was going to be expensive won the day. </p>
<p>He wanted to win merit at Rice. Didn’t happen. There is no rhyme or reason. He was NOT more deserving than his peers at Vandy. All of these schools, including the state honors programs can be Pixie Dust in your student’s life. It really is all about how you understand and appreciate the institutions that are considering you. In this economy, more and more respect and self esteem is the prize of making a financially shrewd decision once your options are clear.</p>