Wednesday, February 4, 2015

Go State



Morrigan came home from school the other day and told us they had been researching colleges, how to find one that suits your needs and fits your expectations. I'm not sure she enjoyed the McK version of university selection...

Us: Actually, it won't be hard at all. We have narrowed it down for you to in state public universities.
Morrigan: But I really liked one in Maryland.
Us: Then you'd better get to work on saving money or getting a scholarship. We planned for in state tuition.
Morrigan: But, but what if I get into Harvard?
Us: You'd better get a scholarship as well.
Morrigan: Would you be proud if I got in without a scholarship?
Us: Sure, but you can't go.

It is so hard to resist conventional wisdom when it comes to student loans. The government has made it all too easy for kids to go into mind numbing debt and we, as a society, have gone right along with it. The universities have no incentive for cost control. Our kids will end up suffering. It isn't unusual to have doctors starting at the hospital with loans in excess of $300,000. Even at a physician's salary, that is one hell of a mountain of debt to pay off.

The kids are not very happy with our limitations to their school selection. Let's hope when they are out of school debt free they will see the wisdom in it.

9 comments:

  1. We have prepaid both kids' tuitions in state through the Virginia 529 savings plan. That's where they go unless they win scholarships. That being said, very few families pay sticker price at Ivy Leagues. Sophie has one in mind. Who knows if she can get a scholarship, or play lacrosse there. What we don't see as very smart is paying for less prestigious private schools. And certainly not out of state public schools! We have so many great public schools in Virginia!!! I agree that it is not wise to walk away from college with debt, unless you are walking away from Harvard paying a fraction of the sticker price tuition. We are just starting this whole process and it is already giving me an ulcer.

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  2. I forgot to add that is a nice picture of her! She is quite grown up now!

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    1. Thanks! She is too grown up! I posted a comment that I meant to make a reply. I suck as a blogger!

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  3. We've been saving in the 529 plan for all the kids too. With all the great Virginia choices, I don't think we're limiting her too much! And there is always a fencing scholarship!

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  4. I am sure fencing scholarships are not hotly pursued, so that may be a strategic move! Good luck with the surgery. It will all work out just fine!

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  5. Ivy League schools do not offer academic or athletic scholarship

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    1. True - I didn't know that. Guess Harvard is out for sure!

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  6. Harvard does....https://college.harvard.edu/financial-aid/types-aid/scholarships-grants She should do her homework and start researching now if she wants to go out of state! But I'm with you, Virginia has more than enough excellent state schools.

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  7. The people who took on mountains of debt to go to their preferred school never like to hear this, but the cold, hard fact is that in 99.999% of cases, where you went to school simply does *NOT* matter. Kids buy into the notion of a prestigious school the same way people buy into a ridiculously expensive brand. It's totally stupid.

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