We are facing this decision right now. D18 is still waiting on decisions from a few schools but right now has an offer of full-tuition at a school ranked in the 50s or nearly full-pay at H. As I mentioned about 200 posts ago, I think this situation is way more common than “full-ride” vs “full-pay.” But the overall cost difference will probably be in the range of 180k over 4 years. H is a much better academic fit for daughter. We have also saved enough money that we don’t have to borrow and can pay for H out of savings and current income. Not 100% sure how this will play out but it is a bit crazy the price differential between the two options.
@arsenalozil We will likely be confronting similar. My child has a full tuition ride at a private T-20. S prefers (with good reason, I admit) a different private where we’d be nearly full pay. We can manage it with some belt tightening and some help from grandparent. But when comparing apples to apples it’s hard to pick the pricier apple even if we think it’ll taste better. We aren’t comparing apples to oranges. We aren’t talking about free state flagship vs full pay at Ivy.
Wow, tough decisions for the above two posters. Let us know what you decide to do. I found out sometimes having choices is not fun. I was relieved that a choice was sort of made for us. Time to time, I was trying to get my wife to change her views but my wife didn’t want to go down that line of discussion because for her the decision was already made. It was weird because usually I make decisions very quickly whereas she takes forever to arrive at any decision, whether it is what to order to eat at restaurants. lol
@ProfessorMom1, I don’t think your situation is that similar.
I’m hard pressed to think of any opportunity at some top 20 private that doesn’t exist at another top 20 private.
@PurpleTitan LOL. I totally misread @arsenalozil’s post. My bad.
On the other point: some T20s don’t offer any merit aid, some do.
@ProfessorMom1, yep, and the really crazy thing is that some folks think that schools who don’t offer merit scholarships are automatically better justbecausetheydon’toffermeritscholarships.
Ouch, @arsenalozil and @jmvc10 .
IMHO- If a family is in the enviable position of being able to be full pay, and spending $250k+ does not put a dent in their lifestyle, retirement plans, monies for other future expenses (house, car, weddings, etc), requires no loans, etc, then the beauty of choosing the best fit is fabulous. That said, in all honesty, would we have paid full pay for Tulane when our DS#2 attended? Doubtful. And for you, @jmvc10, as the Architecture program is a 5 year program, thats a LOTTA money. My DS loved Tulane, but personally, not sure its worth that kinda dough. I’d love to hear what the other options are for your son.
“Sorry if I missed this - has anyone paid full price for Tulane? My son wants to study in their architecture program and received no aid. Feels like a great fit for him and we could afford it with some budgeting but just have not heard about many at TU actually paying full coa.”
The Tulane CDS seems to indicate that about 30% of Tulane students are full pay. You just don’t see those families as much on CC.
30% is not a small number of full pays when talking about a top 50 private school. 36% get some merit aid and 33% get need-based aid. The demo of the CC posters strongly trends to towards higher stat kids. So a lot of CC posters do get Tulane merit money, but that is not a representative sampling.
The average TU merit award is $26k. So the sweet spot of Tulane’s merit money model are the families who (after merit money) are willing/able to pay $45k a year or so. So the majority of Tulane families are still writing big checks. Which you can see from Tulane’s median family income of $181k.
Great school, my kid loved it. But not cheap. Only you can decide if it is worth it (compared to your alternatives) to full pay. But if you do full pay, you won’t be the only one.
@PurpleTitan I certainly don’t think that schools are simply “better” because they don’t offer merit. I guess I shouldn’t be surprised that some folks do think this. For my part, having been a college professor for 20+ years and a recipient of degrees from various T20s that both do and do not offer merit aid, I get how this all works.
Knowing these things makes it easier to talk to my child about college choices but sometimes emotion overtakes reason for a teenager!
“We will likely be confronting similar. My child has a full tuition ride at a private T-20. S prefers (with good reason, I admit) a different private where we’d be nearly full pay.”
ProfMom
I was there a year ago. I was expecting to full pay for a top 20 and would have done it (painfully) if necessary. But when the full tuition offer came in from another top 20, we decided to take the deal.
It took me and my kid a while to get over not selecting the very beloved top choice. But a year later, we can’t believe that we even considered spending the extra $200k (now earmarked for professional grad school). Unless you are a hedge fund manager, sending your kid to a top 20 for just room and board is a deal that most would not turn down – although some clearly would.
Just make sure you have very solid reasons if you turn down such a good deal.
In NYS we have very economical in state, low 20s and my kids got half and full tuition merit scholarships.
Essentially only had to pay R&B, but instead sent both to good privates (at near full pay).
Both having a great experience unlike they would have had at suny or cuny.
No regrets, money well spent.
“I guess I shouldn’t be surprised that some folks do think this.”
I see that when people state that School A has to buy a kid with merit money while School B evidently is so good that it sees no need to offer merit grants.
I understand how parents who shell out $200K+ really want to justify their decision.
Also how kids who don’t know how much that money means (or enough about the working world to have a good grasp on ROI) want to justify their feelings.
I also don’t think that way, however.
Post 240,
We faced nearly the same circumstances seemingly as what you guys are dealing with as a family.
If there is any conversation you would like to have about our process or about Harvard please send a PM.
Best Wishes!
@northwesty -
There are people who will pay full pay at many schools. But what the CDS doesn’t show is what they did to their personal finances (refi’s, HELOCs, raided their 401Ks and other retirement accounts, took out private loans, etc) to do this. IMO many of those are simply bad financial decisions. So while the CDS may show that 30% of Tulane (or pick another school… )students are fullpay, they may be in a financial world of hurt to do so.
Purple Titan wrote:
@ProfessorMom1, I don’t think your situation is that similar.
I’m hard pressed to think of any opportunity at some top 20 private that doesn’t exist at another top 20 private.
One example that comes to my mind is that Brown University has the only ice skating marching band. Maybe that isn’t a reason to select a school, but if it is an activity (or two) that your child enjoys, it is something to consider.
Each school has its own quirks, the questions is do they matter for your child. IMO
When this thread started TheGreyKing talked about his school selections and why they were right for him. It reasons was the other students and the educational experience that offered him (at least that is how I read it), not the financial pay off of the school. Plus, what does “the financial pay off of the school” mean? Starting salary? average salary mid-career? percentage employed within a year out of undergrad?
That said my father did three years at the University of Pennsylvania before running out of money and not being able to finish. We said many times he should have gone to Temple then he would have earned the degree. However, after serving in the military, and getting a job, he was passed over for a job because he didn’t have the degree. That caused him to go back to school. He earned his undergraduate degree at 36 years old, his master’s two years later and his doctorate at age 43. Maybe it’s a good thing he ran out of money?
My D is facing full-tuition offers at a couple of schools; one potential free ride (with study abroad and research money); or one of her elite school that only does need-based aid (for which we’ll qualify). Based on our FASFA I have a plan to pay for the first two years of undergrad for her. I have told her I don’t know how we’ll pay for years three and four. She has a couple of ideas. But she knows it is a risk she’d be taking if she selects one of the elites. She also knows my Dad’s story. She’ll have to decide if she wants to take the risk of not finishing at the school she starts for the experience of attending an elite.
@NinaBlue, I would not choose a school you will run out of money at.
Going to CC/for free somewhere and transferring is a better plan.
What are her goals.
Thank you for your comment. She may have a full ride at a public land grant, and she has two full-tuition offers from the public. I appreciate that you would not choose a school where you might run out of money, but it’s her choice.
@NinaBlue, very true. It’s her life. On the other hand, it’s your money, and I certainly won’t give my kids total free reign on how they will spend my money.
@NinaBlue If the cost is high, Its actually not her choice, its yours. She can’t borrow more than 7K per year in her own name, so you, as the parents, would be taking those loans for her if the cost of the elite is greater than that - when the money runs out in Y3 & Y4.