Choosing the right schooling to pursue after high school affects the rest of your life: Your career, your friends, where you live and quite possibly your mate (or, in a society where divorce is more common than staying married, at least your first mate).
I wrote about this about a year and a half ago in “Big Decisions.”
After writing about our visit with my stepson to St. John’s last week, friend Frank asked:
I’d like to hear a commentary from you of the benefits of a private college vs a public college ie: $120,000 in expenses vs. $40,000. With Kari also being a junior we are discussing our tour schedule for next summer – my smartie little girl says, “Can I live at home if I go to a junior college the first year to get my basics out of the way – and then transfer, it’s way cheaper, Dad.”
Since one of the themes of this blog is that I have two cents worth of opinion on any subject, I am happy to address this matter.
Public or private college?
It depends. At the very least, apply to all the schools you might want to attend.
Live at home or live on campus?
If you’re going to go to college as an unmarried student of typical college age, then you should definitely live on campus, no matter how much it costs.
Whether your should urge your child to attend a public or private university depends on the child’s intelligence, initiative, life goals, the family’s finances, how many kids in the family are going to be in college at the same time and your view on debt.
The debt I accrued to get a college degree is, hands down, the best debt with which I’ve ever been saddled. Back in 1995, my husband at the time and I consolidated $23,615 in student loans for two undergraduate degrees and his master’s degree. At one time in my life, I had more credit card debt than that (sad but true), and the second mortgage on the overleveraged anchor of the house I’m now living in is nearly three times that much. I’m still paying off those consolidated student loans (2015 is the expected date of debt freedom), but I earned more intellectual value in that education (yes, even the ex-husband’s education) than any other debt I’ve ever undertaken. Worth every penny.
So, in my view, it’s OK for a kid to take on debt for college.
Some kids shouldn’t go to college at all, no matter how comfortable with debt you are. A poor student who can’t get good grades in high school who wants to be a mechanic should be urged to attend technical school, even if the family can afford something more. Nothing wrong with being a mechanic — the world could use more good mechanics. Getting an associate degree at a state school or community college before tech school just to expose the child to a bigger world would be a good idea if the family can afford it, but if the kid can’t cut it in the first semester, go to the fallback position of tech school.
The old saw that you get what you pay for applies to higher education, too. Chintz out on toilet paper, but don’t waste your money on a toilet paper degree.
If I had it to do over again, I never would have attended St. Cloud State. I went there for its proximity to my hometown and because my best friend was there (bad reasons). I didn’t live on campus, and in the end, it took me five years to get my degree (which is statistically not unusual at state schools). I am not proud of my degree, and 20/20 hindsight has revealed how little respect SCSU gets out in the real world. Among Minnesotans, SCSU is known as a party school, and no one beyond the borders of Minnesota knows anything about the school (except possibly in the hockey scene) so “State” in the title does nothing to add credibility to my resume. I feel more affinity to the alma mater where my ex-husband earned his master’s degree (not a state school but a public university with a boatload more class, sophistication and sense of community).
If I had it to do over again, I would have stayed in the University of Minnesota system. I went to the U of M-Morris my first two years and when I decided to transfer, I should have transferred to the Twin Cities campus.
In general, the smarter the child and the poorer the family, the more I think you should urge him or her to attend a private college; there are scholarships galore for kids like this. If I had applied to a couple of private schools back in the ’80s, I might have been surprised at the scholarships I could have earned.
But I didn’t even apply.
Que sera sera.
My stepson is a smart kid who seems to have enough initiative to succeed in school and appears to be more suited to market or sell cars than fix them, so we’re encouraging him to attend college. There is a limit to how much we can help financially, so he will certainly have to take on debt. He may have to work, too. The magic number for me? If he can attend college with less than $50,000 in debt, I think he’ll be fine.
Here’s the breakdown on the costs of public vs. private (tuition, housing, books and $100 a month in personal expenses, according to estimates provided on the respective university’s websites):
- St. Cloud State University: $80,520 for five years (18% of SCSU students graduate in four years).
- University of Minnesota-Twin Cities: $118,940 for five years (37% of U of M students graduate in four years).
- St. John’s University: $176,600 for four years (95% of SJU students graduate in four years).
Is St. John’s worth twice as much as SCSU?
No.
If my stepson doesn’t get any scholarships, it would be very difficult to encourage him to attend a private college like St. John’s. But the better his grades now in high school, the better the chances he’ll get scholarships.
If he’s still interested in SJU in a year, we are going to encourage him to apply there (and to any other schools he’s interested in, including at least one public university). We’ll see what kind of financial aid packages he gets and try very hard to help him make an informed decision at that point.
My advice to you, Frank: I know Kari is a smartie in a good way. Put a couple of private colleges on your visit list and if she likes them, see what she can get in terms of scholarships.
And in my experience, senioritis is a real disorder (as I am quite sure my mother would attest). Both of you will want her to get out of the house by the time she graduates from high school. Whatever money she saves by attending a junior college won’t be worth the hassle of living with a rebellious teen-ager. “Absence makes the heart grow fonder; familiarity breeds contempt.”
My two cents. And it may cost only 96 grand (ha, ha). What a deal!
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