OK - missed that - retiring - ugh - another fear of mine - that’s a lot of jack - you don’t know about aging and healthcare.
But back to the point and it’s always the point and OP saw many perspectives - in the end, the family gets to choose how to spend their $$.
I wish OP well. They certainly worked hard and were richly rewarded for their accomplishments - two full rides and Yale. Wow - that’s impressive.
OP if you went to UVA would your family take the money that was saved to pay for law school?
If I do choose UVA, I get all the money that we’ve already saved for college (a bit less than 200k) since they see that as a sunk cost. That can be used for law school tuition, housing out of college, or anything career-advancing.
Your parents have about $100,000 saved for undergrad and Yale will cost $70,000 a year after FA? How will they fund the rest?
Sorry major typo there 200k.
Perhaps the OP can clarify, but my impression from what they have written is these are planned retirements and the family is prepared for them.
Yep.
I have no skin in this game, but I would definitely rather be the person who doesn’t let a new main squeeze be that much of a distraction. And I would rather choose a partner who supports my academic endeavors instead of tempting me away from them.
This doesn’t help the OP.
If we do the math:
147/500 = .29
170/1000 = .17 (meaning less diversity of undergrad representation at YLS)
One approach to OP’s financial situation might be that if student loans are needed to pay for Yale, then U Virginia Jefferson Scholars and USC Stamps plus Honors College should be given very strong consideration since the student intends to attend law school.
Speaking as a parent, even if we had to sell the house, downsize, or take another mortgage, if our son was in your shoes we would pay the 70K and take Yale.
We have seen in our lives that even high-quality education from T20s cannot quite open the doors and networks that the Ivies (let alone one of HYP) can.
Also, you will not get quite the same caliber of education at UVA, as good as the education there may be.
And then there are peer effects which also go in favor of Yale.
It SUCKS that this means 70K a year difference, but I believe it will more than pay off. Good luck to you, and Congrats on your fantastic achievements.
There are plenty of smart people at UVA, and the Jefferson Scholars are amongst THE strongest.
At this point, this is a family decision for this family. Either option is a terrific one. Different but terrific. It’s a wonderful gift that this family will support this student’s decision either way.
There is no shortage of smart students at UVA, and this student will have a large chunk of money for law school.
OP Congratulations. This is all very personal and I don’t think strangers can properly advise you in the absence of knowing your personal financial circumstances (and no I am not asking).
I will share that we started saving for college very early and were blessed to be able to fully fund our kids educational needs long before needed. As we went about saving and put away money we treated it as “spent”. We never considered the possibility of one day “recouping it”.
One of my kids was a finalist for a full ride prestigious scholarship at a great school and had gained several other high end acceptances he was very interested in. We had a discussion along the lines of what you are considering.
We told him that his hard work had earned these amazing opportunities and our hard work saving allowed him to make the choice that he was most comfortable with. We said you choose and don’t worry about the money as in our minds it is “spent”.
Ultimately he didn’t get the scholarship and instead chose to attend one of his other options. I don’t know what he would have done but we felt very honored and blessed to have been able to allow him to decide.
I fully appreciate everyone’s circumstances are different but for us we never wanted our kid to wonder “what if” after we had saved for so long and he had worked so hard.
I wish you luck making the decision and once again congratulations.
OP, you are getting a lot of good things to factor. Congrats on having some great choices.
If I were you I’d:
Recheck with Yale on FA. They won’t match merit, but you could get an idea of what FA/COA might be over 4 years with your parents’ retirement situation.
You chose Yale as your SCEA school. Why and how does that compare to UVA, putting money aside. Are there are only differences in degree or are there fundamental differences?
What are your longer term goals? What if law school is not that certain? How does each of these schools help you towards these goals, and not just career goals, things like where you want to live? One thing I have stressed with both of my kids when making “big” decisions, which choice gives you more options vs limiting your options? At some point everyone probably needs to narrow their paths, but not so much when they are young.
On the money, sit down with your parents. Find out how much stress we are really talking about. Besides the $200k in money already set aside, have they already budgeted for the remaining $80-100k? Where is the $300k for law school going to come from?
Go through a thought exercise, would you prefer a gift of $70k a year from your parents if you go to UVA vs going to Yale. If you would rather take the money, then you have your decision.
Who’s paying for law school?
Know where Yale kids end up for Law School? Few are now publishing but Vandy used to - and let’s just say it’s not even close to all elite law schools. Unfortunately, they stopped publishing because it was eye opening. But maybe not the best look for them - not that there’s anything wrong with Fordham Law or UTK law , or Kentucky, etc. because there isn’t.
Please please decide about undergrad. So much can change…the student might decide law school isn’t what they want to do…at all.
I am in your camp but let’s be honest some people are just predisposed towards the cheapest option. We often hear it’s not how much you can spend but how much you want to spend. That’s one point of view and it’s personal. Often these people haven’t experienced the difference a true T10 can make so you can understand their perspective or blind spot.
Regardless, it’s personal and there is no one size fits all answer that can be won through debating theoreticals 5 years forward. OP has to decide what’s best for their family.
OP my daughter made it through the first few rounds of Jefferson Scholars. She was cut right before going to Charlottesville. I am telling you that this is a very, very elite award and you will be among brilliant and accomplished peers. My daughter found the entire interview experience to be humbling and eye opening.
IMO having law school funded (or 2/3+ funded) will give you freedom to choose. My family member went to a top law school with huge loans and was miserable working the type of job that was required to pay them back. He paid them off in 5 years and then left to do what he loved. Something to consider…depending on what you want to do.
Good luck as you make your decision. This is personal and there is no poor choice. I agree that you should thank your parents for allowing you the freedom to choose.
Based on this comment, I would reverse my positon and wholeheartedly recommend Yale.