Part 3
As the cost of university in America gets higher and higher. It’s time to start thinking what’s practical over the dream school, unless that school is in the top 10.
common sense
I will now explain my personal scenario, and the actions of my mother. I applied to several schools. For sure was my safety UCONN (the University of Connecticut at Storrs) my state university. lt was probably the best option in terms of financial cost. I’m also lucky because the state I grew up in has a fairly good university. In the Northeast, many of public universities are good but if I told my mom I wanted to go to UMASS as an out of state resident, she would flat out refuse. It’s basically the same thing to her. However she might think differently if it was University of Michigan, North Carolina at Chapel Hill or Virginia.
Application process
I still remember when I applied to schools. When I was a senior I had about nine applications. I think for most part if you apply early decision and get in then your set! However if you not as confident on your acceptance into your first choice… your parents may want you to apply just to “see” if you can get in. Afterall many of us do like to gamble. Just remember applications fees add up!
- Apply to 6-10 schools, you can apply to 20 schools even but to me that look desperate
- If you qualify apply for some Ivy school or if you live in west coast their version like Stanford
- Make sure one school is the university representing your state, not the State University of… this can be your last safe choice especially if you live in a state with a good school
- Apply for a few liberal arts schools that you know for sure you would get in to… important I let you know why later
Final Selection
I didn’t get into an Ivy. I didn’t think I would either, but I was placed on a waiting list. My mom started telling me I guess it’s UCONN for you. However after acceptance into one of my safety schools, I got a letter from them offering a tuition scholarship. So this is how my mother saved face with her friends at church with my full academic scholarship. I no longer had to go my state university because the money that my parents would have spent for tuition and living expenses could now be put toward my living expenses in Boston. That means the price of the state school and this school were equal. I was saved! Partying in Boston was my future!
Financials are important
Let me put it to you this way. If you are accepted into an Ivy League school there are no academic scholarships. Why? Everyone is brilliant, that’s why acceptance is enough! Financial aid is only determined by the income of your family. So essentially it’s only available to lower incomes. That’s why I encourage your child to also to apply to schools where they could get a full academic scholarship. Don’t forget to encourage them to apply to local scholarships in your area as well.
My retirement
So this is how I will choose my children’s university. At the end of day, it’s all about the money and how much we put in versus how much we get out. As parents have their children at older ages, do you want forego your retirement in lieu of your child’s education? If you plan to pay full price for university and can afford it this doesn’t apply to you. However if your child is not accepted into the top 100 best universities of America, then I would suggest that you just go with your state school. Having an university education is important, but big part of the allure is the exclusivity. Think with your pocket more than your heart.