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I still find it amusing that the national average 4 yr college tuition debt is under 30k and people are outraged. That is lower than the cost of the average cost of a new sedan! If you are unwilling to invest in your education but perfectly OK with a 36k average sedan 6 yr loan... Investment wise school is better than a new car out of high school.

Now on the flip side, if the average debt is under 30k then there is a small distribution of really high cost schools (overhyped from small % that paid too much for meaningless degrees at an ivy league, etc) or paid for by mommy/daddy (out of retirement or wealth). My education was way more than that but worth the investment and 100% self paid (debit gave me drive to pay attention in school).

If these were private colleges with no tax/government funding then the schools can basically charge what they want in a free market so long as no bribarym"colusion"... Since these are state schools will be interesting to see if this cut of revenue for these schools raises the costs for the normal folks...
 

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Discussion Starter #62
Most are private schools in the articles I read, aside from UCLA (maybe others, can’t recall).


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Part of the reason that college tuition is so damn high is because the government got into the business of backing student loans. This is also why you see a plethora of silly degrees that should never exist. They're a HUGE cash cow for the colleges, and if the students can't pay, it doesn't hurt the school because the government pays them. It's a license to print money.

Prior to the government getting into the loan guarantee business, colleges primarily only taught degree programs that you could actually use out in the real world to start a career, and they were relatively reasonably priced.
This is the absolute truth right here.

But part of me steps back and says: what is the actual point of a college education these days? Is it personal growth, intellectual enlightenment, or something else? "Back in the day" college education was primarily reserved for the wealthy, connected or highly motivated individuals, and carried a reputation of exclusivity with it. Sports were club and you did them as a kind of fraternity, for the honor and fun of it. Now it's a multi-billion dollar machine all its own.
The point is for colleges to make as much profit as possible, lol. Outside of a certain number of fields such as STEM, Law, and a few others, college is often useless. Out of the ~130 hours that I needed to graduate, I'd estimate that 15 of those hours (~5 classes total) actually provided me with any useful takeaways that I could apply to the real world for my benefit. Its an absolute joke. If I had a kid that wanted to go to some big name college (without a sizable scholarship), I'd steer them towards a cheaper community college nearby for gen ed and to dip their toes into a variety of classes (that will transfer credits) while they "figure themselves out." The thought of an 18 year old knowing what they want to do for the rest of their life is laughable, especially in today's world. Its a waste of money in many cases.
 

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At the end of the day, we want the right school for our son, we aren’t trying to fit our son into the ‘right’ school.

He’s applied to both public and private, ‘local’ and distant. I’m just starting to come to the reality that he will be moving out. It’s much easier when it’s a few years away, and even now, only 6 months or so away, it hasn’t really hit (at least for me, I think my wife is dealing with it now. I’m definitely one who uses denial too often) as we don’t know where he’s going
Here we are at May1st - college decision day. How did it go for you and your son? Hopefully a decision you can all be happy with.
 

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Here we are at May1st - college decision day. How did it go for you and your son? Hopefully a decision you can all be happy with.
Well, in all honesty, kid is trying to get more aid from Univ of Chicago.

Otherwise, he’s going to a top UC. He applied to 14 schools, got accepted to 12, including two Ivies.

UC is an in state school, so about $36k and five to six hour drive, or hour long flight on Southwest.

Chicago would cost about $60k/year with the modest merit aid they offered, so he’d be in the hole about $100k before he applies to law school, which would mean probably another $160k.

He’s really torn as he didn’t think he could get into Chicago (though I thought he had a great chance), and it wasn’t his early decision or early whatever.


I just can’t see the money difference being worth it, as I can’t afford it, and I hate to see him saddled with loans and money stress (it’s killing me), but I get it, Chicago is full of intellectuals that don’t need pronouns to describe themselves (omg, you should hear about this crap).

Plus, he’s never experienced much winter, aside from our snowed in trip in Jan 2018 when we couldn’t get out of Boston to visit Chicago.

And then there’s the neighborhood factor in Chicago that is freaking my wife out.



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Well, in all honesty, kid is trying to get more aid from Univ of Chicago.

Otherwise, he’s going to a top UC. He applied to 14 schools, got accepted to 12, including two Ivies.

UC is an in state school, so about $36k and five to six hour drive, or hour long flight on Southwest.

Chicago would cost about $60k/year with the modest merit aid they offered, so he’d be in the hole about $100k before he applies to law school, which would mean probably another $160k.

He’s really torn as he didn’t think he could get into Chicago (though I thought he had a great chance), and it wasn’t his early decision or early whatever.


I just can’t see the money difference being worth it, as I can’t afford it, and I hate to see him saddled with loans and money stress (it’s killing me), but I get it, Chicago is full of intellectuals that don’t need pronouns to describe themselves (omg, you should hear about this crap).

Plus, he’s never experienced much winter, aside from our snowed in trip in Jan 2018 when we couldn’t get out of Boston to visit Chicago.

And then there’s the neighborhood factor in Chicago that is freaking my wife out.



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Nice to have options - sounds like a very bright boy. But those Chicago winters (especially if you've never experienced one all the way through) are BRUTAL. And that is a ton of debt to start any career with - I agree that the money difference cannot possibly be worth it.

OTOH, Chicago is a fantastic school and city - my college roommate from undergrad went to Chicago for his Masters and loved it. But he was a Detroit boy and knew all about winters already.

Cannot even imagine the culture on any UC campus (and I've heard all about the pronoun stuff) - hell, in the Midwest we think Ann Arbor and Madison are leftist enclaves. I bet they can't begin to compare with the cognitive dissonance in your part of the world.
 

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Well, last night was decision day, and our son told us about an hour before midnight CDT that he’s decided to go to UC Hicago (Univ of Chicago).

We were both taken aback, surprised at the reversal.

He’s going to need about $80k in loans, though I am hopeful he will get a $2500/yr scholarship from my company.

My wife is pretty upset, I guess sad is the best way to describe it.

He hasn’t been to the campus, despite a failed attempt and, well, I personally feel he has had 6 weeks to visit since being accepted but found reasons not to.

He’s a romantic existentialist, pretty much my polar opposite in that way, but I respect his decision and, well, he earned it, on his own, on his merits.

He wouldn’t even take test prep courses, as he’s frugal and confident, though he was surprised he was accepted to his dream school.

He now has to rescind his acceptance to the other school, while he has finals this week and 6 AP exams over the next two weeks.

Any tips on where to buy clothing? We don’t have winter clothing here aside from ski and snowboarding.


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He’s going to need about $80k in loans,

Any tips on where to buy clothing?

$80K in debt before you start, I would suggest Wal-mart. But seriously, glad he got into his dream school.
 

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He’s going to need about $80k in loans,

Any tips on where to buy clothing?

$80K in debt before you start, I would suggest Wal-mart. But seriously, glad he got into his dream school.
Well, technically, not before he starts, as he’ll need about $15k-$20k a year, and the loans, I believe, don’t accrue interest and need repayment until after graduation.

I’m hoping I’ll be in a position to help.


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He won't need to buy cold weather clothing until September or so. Wait until he gets there, then go some place cheap like H&M. You may be able to find gloves and other small winter items on good sales right now. A good pair of boots and a heavy winter coat will be a must. And wool socks.

I hope you have air miles as rewards on your credit cards. Sounds like your son has put in some hard work. Congrats to him.
 

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Well, last night was decision day, and our son told us about an hour before midnight CDT that he’s decided to go to UC Hicago (Univ of Chicago).

We were both taken aback, surprised at the reversal.

He’s going to need about $80k in loans, though I am hopeful he will get a $2500/yr scholarship from my company.

My wife is pretty upset, I guess sad is the best way to describe it.

He hasn’t been to the campus, despite a failed attempt and, well, I personally feel he has had 6 weeks to visit since being accepted but found reasons not to.

He’s a romantic existentialist, pretty much my polar opposite in that way, but I respect his decision and, well, he earned it, on his own, on his merits.

He wouldn’t even take test prep courses, as he’s frugal and confident, though he was surprised he was accepted to his dream school.

He now has to rescind his acceptance to the other school, while he has finals this week and 6 AP exams over the next two weeks.

Any tips on where to buy clothing? We don’t have winter clothing here aside from ski and snowboarding.


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Good on him for putting in the work and getting into UC on his own merits. I totally understand your wife's concern - that's far from home and an unknown neighborhood, but there are so many ways to stay connected and in touch.

I'm sure some local Chicagoans can provide tips on where to buy warmer clothes, but he won't need to start layering up until mid-September. August/September are beautiful in Chicago. I am under varying layers of fleece and wool from Oct to May here in Michigan...and a ski/snowboard jacket will work great for him as an outer layer.
 

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Well, last night was decision day, and our son told us about an hour before midnight CDT that he’s decided to go to UC Hicago (Univ of Chicago).

We were both taken aback, surprised at the reversal.

He’s going to need about $80k in loans, though I am hopeful he will get a $2500/yr scholarship from my company.

My wife is pretty upset, I guess sad is the best way to describe it.

He hasn’t been to the campus, despite a failed attempt and, well, I personally feel he has had 6 weeks to visit since being accepted but found reasons not to.

He’s a romantic existentialist, pretty much my polar opposite in that way, but I respect his decision and, well, he earned it, on his own, on his merits.

He wouldn’t even take test prep courses, as he’s frugal and confident, though he was surprised he was accepted to his dream school.

He now has to rescind his acceptance to the other school, while he has finals this week and 6 AP exams over the next two weeks.

Any tips on where to buy clothing? We don’t have winter clothing here aside from ski and snowboarding.


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Congrats to your boy and kudos for letting him make the decision!
 

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I truly believe in self-determination.

He’s 18, and while I can have a ton of influence on him, I want the decision to be his.

In all honestly, I had a hard time with my wife urging him to stay closer, but I didn’t say anything about it to him, or really to her.



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In all honestly, I had a hard time with my wife urging him to stay closer, but I didn’t say anything about it to him, or really to her.

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This type of restraint should help you stay married with a good relationship with your kids. Right on.


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Priority is minimizing debt. Those loans will follow him to the grave, and he has to make significantly more in salary to pay for more expensive loans + interest. It's a new world and personal debt is crushing the younger have-it-now generations.

I made that mistake, and will pay them off in another 17 years. ! Yes, I pay a grand a month in student loans...

But I didnt have an interested Dad to point out the powers of compounding interest and non-dischargeable debt when I signed up. Student loans will be arguably more influential than a mortgage in life significance.

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Priority is minimizing debt.
I think minimizing debt is one priority in this situation, but not the only one. Maintaining a good relationship with your kid (now a legal adult) is a very high priority, and telling him he 'cannot' go to his dream school that he got accepted into on his own merits, is not going to help that relationship.

Offering guidance but letting him make the ultimate decision is a good call here, I think. I was lucky in that my kid only seriously considered schools within an hour of our home, so I didn't have to deal with trying to guide him and ultimately letting him make what I might think is a bad decision. Parenting ain't easy even as they get to adult ages...
 

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Student loan debt is reality and also need to consider earning potential after graduation.

$80k debt as a liberal arts major..... bad idea.

$80k debt +$160k debt and a lawyer, much more understandable and manageable.


Or just start a roofing company......

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