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2013-07-02 6:10 PM
in reply to: SeanMac

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Subject: RE: Question for Parents of older Teens
Originally posted by SeanMac

Your school name is with you for LIFE....not many ask what you studied.

We have debated this issue with many friends and I know MANY of you will disagree but that is my 2 borrowed cents.

As someone who is involved in the higher education business (graduate level) after 18 years in corporate world, I almost entirely disagree. I want to know their goals for the future and what they accomplished in their career. Also would be who they've worked with and where. Further down the list would be where they went to college and what they studied. People change fields, pick up new skills, and adapt.

It's like that old joke - what do you call the person who graduated last in their class at medical school?
Doctor.

I have no idea where most of my colleagues went to school. I could tell you if they are competent or not


2013-07-02 6:31 PM
in reply to: Rogillio

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Subject: RE: Question for Parents of older Teens
Originally posted by Rogillio
Originally posted by crowny2
Originally posted by briderdt

Okay, so I'll pitch in some things here.

I went to a state University and graduated BSME in 1988. Different economic climate, for sure. My parents payed for my room and board (via living with them) for all 6 years into which I stuffed my 4 year degree. I paid all the school expenses via summer jobs and a part-time mid-way through. We never really had those frank discussions, it was just expected. Same with my three older sisters (engineer, biology, and forestry).

I have a 12-year-old who already has her career path set (and has been adamant for some three years already) -- she wants to own and operate her own beauty salon. Fine, there's Running Start programs for the beauty school, and she now realizes and agrees that a business degree will be nigh-to-required. We recently had a bit of a windfall for her education, and the agreement is this: as long as she goes on to higher education after high school, it's hers to use for education. BUT... if she chooses not to go on to college, then we're going to hang onto it for 5-7 years to make sure she establishes herself on her own before just handing her a load of party money.

Now there's another one on the way... Due in August. We're already starting some college funds, but it'll be the same dealio -- it doesn't just get handed over when they turn 18...

For those with new borns, some interesting projections from USNews.

 

http://money.usnews.com/money/blogs/my-money/2012/07/25/how-much-will-you-need-to-send-your-child-to-college-in-2030

What Will College Tuition Cost in 2030?

Congratulations! You are a new parent. It is time you are baptized into the world of diaper changes and midnight feedings. You also might want to brush up on your financial calculator skills.

Assuming junior is going to opt for a value education from a public school, you’ll want to know what the cost of college will be in 2030. According to the US Department of Education, the average annual cost of public school increased 6.5 percent each year over the last decade. That means that by 2030, annual public tuition will be $44,047. The total cost for a four-year degree will be more than $205,000.

 

 

That is IF tuition costs continue to rise at 6.5%.  I doubt this rete will continue.  It will soon be at the point where the cost does not justify the return.  If a 4-year degree costs $205k and you have 4 years of lost wages at say $30k/year = $120k.  This is $325k that one would have to recover.....before interest considerations.  I think people will simply go to smaller community colleges where rates are still pretty low.

I question WHY college tuition has gone up so much faster than the rate of inflation.  I doubt teacher salaries have increased 6.5% year for the last 10 years.  Maybe they are getting less and less money from the state?  IDK.  I'd like to see an analysis of why costs have gone up to fast.

Partially this and partially (mostly) increases in administration.

I'll give you one example: Central Michigan University.  10 years ago, they got 34% of their budget from the state.  Last school year, they got only 16%.  This last year, that was $70.6 million.  They paid $159 million in salaries (faculty and staff).

In 2000, they received $87.7 million from the state, and paid $103 million in salaries.

Just in inflation, 87.7 million would be 118 million.  103 million would be 139 million.  So in real dollars, in 13 years, state money decreased $47.4 million and salaries increased $20 million.

In 2000, CMU employed 2395.25 FTE.  Today they employ 2235.4 FTE.

Now, you've got to take into Michigan's lousy economy over the past decade, so other states might be different, but it seems the loss of state funds is the main culprit in this case.  

I guess that was a bad example, cause it disproved my hypothesis lol.

2013-07-02 6:43 PM
in reply to: scorpio516

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Subject: RE: Question for Parents of older Teens

Unrelated to my last post, I've got another anecdote to share.

Today, my wife talked to her mom about my sister-in-law about her daughter.  i.e. my niece.  She's going to be a junior this fall.  She's a smart cookie, but doesn't want to go away to college because she won't be able to pay for it.  She doesn't seem to know that loans exist.  Her parents are trying to push her to apply to New England colleges, cause we live here - they are in Hawaii right now.  I've brought this up to my niece before: if the parents don't make a lot of money, quite a few ivy league schools and a few of the seven sisters (and Stanford) don't charge tuition.  This is good for her because her dad is a USMC sergeant and her mom stays at home.  I've personally checked for her and she could go to Stanford, Harvard, Dartmouth, or Wellesley for almost nothing.

Obviously this doesn't work for a lot of parents of college bound kids - for example, Dartmouth doesn't charge tuition if your parents make less than $100,000, and I'm sure it takes college savings into account too.

2013-07-03 9:24 AM
in reply to: BrianRunsPhilly

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Subject: RE: Question for Parents of older Teens
Just to address another comment - I do agree this is industry specific. My wife is a teacher and for the most part, the school does not weigh in heavily.

You commented that you would care who and where they worked before looking at the school. From my experience it is impossible to get into certain companies without the right name school. So with the right school and then the right company - their trajectory is much steeper than mine. Now I am not saying it is impossible to succeed - I went to a state school and worked my butt off and have done well BUT I am sure - given my limited "doors" I had to get luckier to be where I am. Also, I am very aware of the degrees around me - especially with the use of Linked-In. Now - everyone in your business knows your resume.

I grew up relatively poor and as a parent, it is MY personal goal to provide the best start in the working world for my kids and to have ALL or as many doors open as possible....and that includes the right Grad School too. This is my ultimate goal - not a summer house, not a sports car, not early retirement....it is just my thing and I may be wrong (but I don't think so). Of course you can graduate from Harvard and be a total putz - there are other factors and if I have done my parenting well and instilled a good work ethic - my kids will do well.

Additionally, I work for a Singapore-based firm and travel to Asia quite a bit. We are going to see a relentless wave of new college applicants and then workers from Asia and other emerging markets - especially as the middle-class grows in China and I think our kids are going to see unprecedented competition not only to get into the schools but also in the workforce.

There is a great book out - The Great Convergence by Mahbubani - According to the book, the twenty-first century has seen a rise in the global middle class that brings an unprecedented convergence of interests and perceptions, cultures and values. We are creating a new global civilization. Eighty-eight percent of the world's population outside the West is rising to Western living standards, and sharing Western aspirations.

It used to be if you worked hard, you succeeded, then the college degree (which historically was meant for intellectuals) became somewhat required, I would say today, the graduate degree is now becoming somewhat required. The bar keeps rising.

Again - this may be industry specific - but what worked when we were college kids... is not necessarily going to work going forward.

This is just my opinion. Now I have to get back to work to pay off this 2 cents.

Enjoy the 4th everyone.

2013-07-15 7:41 PM
in reply to: KateTri1

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Subject: RE: Question for Parents of older Teens
Our son starts his Jr year at the University of Oklahoma next month. He spent two years in community college, earning an Associates in Business Administration. He had originally planned on a Marketing degree, but after getting his Associates, felt a Finance degree followed by an MBA would be more versatile.

He lived at home while in CC, and we paid tuition/books. He didn't really want to do CC, seeing all his friends packing off to college after high school. But we made it clear, in the absence of scholarships, this would be the only option we would pay for. He now looks back and feels the two years in CC made all the difference in helping him adjust to the rigors of college, and now feels better equipped to take on his bachelors degree.

He will have to move out in order to attend OU, as we live too far to commute. This presented another 'learning' opportunity. There is another state university close enough to commute to and allow him to continue to live at home. So we told him if he decided to move out, we would pay tuition/books and he would be responsible for housing (since he was choosing to forego free room & board). He has already made housing arrangements, and has been working all summer in order to pay for his housing.

We practice a debt-free lifestyle, so student loans are not an option.
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