UM cost of attendance...

[ssvir]

Here is what you do as a parent. Send your kid to a community college (do they still exist) and make them pay their own way. If they make it in life , great ! Everyone is happy .

But plan B goes like this. You invest that $97,774 every year for 4 years and if you make a measly 5% in the market you give your kid a million bucks at age 36

If you do a little better and can pull 6% out of the market then the kid gets his million at age 33

7% and he gets his million at 31.

8% and they get at 29
9% at age 28
And if you get 10% then they get their million at 27.

If your super conservative and put the money in treasuries /bonds they still get their million at about 41 or 42.

Sounds like a deal to me.

If you are wealthy enough to invest $100k a year for your child then you aren't sending them to community college.

On top of that let's assume they had $1M at 36 and invested it at 5% then they would get a whopping $50k a year to supplement their $50k night janitor salary.

 

[ssvir]

Crazy idea, but at some point, colleges/universities are going to have to reconsider the "one-size-fits-all" tuition approach they charge undergrads.

I want to double down on this: It makes little to no sense to attend an elite / expensive school if you won't be earning big bucks.

The math needs to math.

A lot of merit to this thought

 

[ssvir]

The school part comes down to ignorance in my opinion and by that I mean on the family of the student, the teachers / guidance counselors that are literally coaching these kids to go to any school and to take on the debt because "it'll be worth it" (I was literally told by my guidance counselor to go to a college that was more expensive because the student debt was worth it - luckily didn't follow the advice and went to a public university) .

the more people realize that IF the student wants to get a specialized degree then the answer is

1) community college for the first 2 years to save money, chase an associates degree (maybe all they need?), chase a certification (maybe all they need?)
2) if they need a full four year, they can transfer to an affordable local 4 year public university and finish that way which saves a ton


my first child will be born next month and I'm going to ensure he has money saved from the second he's born added monthly into a 529 / my personal brokerage to where no matter which one he chooses he'll have options.

I'll also ensure he doesn't feel pressure to go to college just because it's the thing to do and will let him know that society (teachers, friends, guidance counselors, finance morons on tiktok) that say "student loan debt is good debt" are idiots and he'll be set starting his adult life without shackles around his feet

Congrats but now your "position" on this makes a lot more sense now ... all due respect but you don't know a god **** thing yet.

There is incredible nuance to this entire topic but high reputation academics and highly successful alumni bases makes a HUGE difference in career paths. There is a reason that UM has more ultra high net worth ($50M+) alumni than UF while UF has 5x more alumni.

https://www.cnbc.com/2019/07/31/wea...versities-that-produce-the-richest-grads.html

 

[407cane]

Congrats but now your "position" on this makes a lot more sense now ... all due respect but you don't know a god **** thing yet.

There is incredible nuance to this entire topic but high reputation academics and highly successful alumni bases makes a HUGE difference in career paths. There is a reason that UM has more ultra high net worth ($50M+) alumni than UF while UF has 5x more alumni.

https://www.cnbc.com/2019/07/31/wea...versities-that-produce-the-richest-grads.html

what have I said that's wrong that you can actually dispute lmao? you don't have anything to point to other than a website article linking grad wealth that includes zero context

if a normal kid pays 97,000 a year, will their school be on that list and will it cause them to be a wealthy grad? or is it more likely that they end up in 400,000 in student loan debt trying to make it paycheck to paycheck?

because you're acting like there's causation to paying more and getting a high return on investment, and there's not for the vast majority of all students

I've made it very clear in all my posts that there's instances where college choice and certain degrees are useful but for the vast minority - which you're proving with this. I would also say choosing Ivy League schools and leaving out the context of the ultra wealthy families that send their kids to those schools is just dumb

again, you're getting aggressively defensive without disproving anything

 

[swat1]

The school part comes down to ignorance in my opinion and by that I mean on the family of the student, the teachers / guidance counselors that are literally coaching these kids to go to any school and to take on the debt because "it'll be worth it" (I was literally told by my guidance counselor to go to a college that was more expensive because the student debt was worth it - luckily didn't follow the advice and went to a public university) .

the more people realize that IF the student wants to get a specialized degree then the answer is

1) community college for the first 2 years to save money, chase an associates degree (maybe all they need?), chase a certification (maybe all they need?)
2) if they need a full four year, they can transfer to an affordable local 4 year public university and finish that way which saves a ton


my first child will be born next month and I'm going to ensure he has money saved from the second he's born added monthly into a 529 / my personal brokerage to where no matter which one he chooses he'll have options.

I'll also ensure he doesn't feel pressure to go to college just because it's the thing to do and will let him know that society (teachers, friends, guidance counselors, finance morons on tiktok) that say "student loan debt is good debt" are idiots and he'll be set starting his adult life without shackles around his feet

The only thing I'll add to this is...If one's kid is responsible enough, start in a dual-enrollment program in their sophmore or junior year of high school (if they're in Fl). They can knock out a lot of college credits while in high school for FREE.

 

[BODESLAM]

UM COULD $ELL ICE TO ESKIMOS AND NEVER MISS A SECOND OF SLEEP…

 

[ssvir]

what have I said that's wrong that you can actually dispute lmao? you don't have anything to point to other than a website article linking grad wealth that includes zero context

if a normal kid pays 97,000 a year, will their school be on that list and will it cause them to be a wealthy grad? or is it more likely that they end up in 400,000 in student loan debt trying to make it paycheck to paycheck?

because you're acting like there's causation to paying more and getting a high return on investment, and there's not for the vast majority of all students

I've made it very clear in all my posts that there's instances where college choice and certain degrees are useful but for the vast minority - which you're proving with this. I would also say choosing Ivy League schools and leaving out the context of the ultra wealthy families that send their kids to those schools is just dumb

again, you're getting aggressively defensive without disproving anything

Did you even bother to review that list? Miami is on that list at #18.

I agree that going to Miami to be a middle school teacher doesn't "pay" but in most other cases the business and career connections made at an elite institution (Ivies, Stanford, MIT types) or a highly thought of private school (UM, USC, BU, etc) are worth many times what the tuition is over a lifetime.

A Miami degree opens many more doors than a UF degree and is vastly different than a FSU/UCF/Bama/UGA/etc.

You just haven't had enough life experience to see the forest for the trees.

 

[407cane]

Did you even bother to review that list? Miami is on that list at #18.

I agree that going to Miami to be a middle school teacher doesn't "pay" but in most other cases the business and career connections made at an elite institution (Ivies, Stanford, MIT types) or a highly thought of private school (UM, USC, BU, etc) are worth many times what the tuition is over a lifetime.

A Miami degree opens many more doors than a UF degree and is vastly different than a FSU/UCF/Bama/UGA/etc.

You just haven't had enough life experience to see the forest for the trees.

I think you're conflating correlation (i.e. wealthy people can afford to send their kids to expensive schools) and causation - kids are wealthy because of the type of school they go to. It's not 100% each way, there's a mix there but I think you're void of context.

There's nuances of course which is why I left room for error in my original post, but again - nobody on here asks their doctor where they went to school before getting surgery or receiving medicine, nobody on here asks a lawyer where they went to school before hiring them, nobody on here choses not to hire an engineer based on what college they went to. As long as they all passed the national/state standards then they're set and some of them paid 5x for their degrees to complete the same work.

but I'm done with it all, have a good Sunday friend

 

[ssvir]

I think you're conflating correlation (i.e. wealthy people can afford to send their kids to expensive schools) and causation - kids are wealthy because of the type of school they go to. It's not 100% each way, there's a mix there but I think you're void of context.

There's nuances of course which is why I left room for error in my original post, but again - nobody on here asks their doctor where they went to school before getting surgery or receiving medicine, nobody on here asks a lawyer where they went to school before hiring them, nobody on here choses not to hire an engineer based on what college they went to. As long as they all passed the national/state standards then they're set and some of them paid 5x for their degrees to complete the same work.

but I'm done with it all, have a good Sunday friend

You literally couldn't be more wrong on this if you tried and made my point for me.

 

[caneingville]

I think you're conflating correlation (i.e. wealthy people can afford to send their kids to expensive schools) and causation - kids are wealthy because of the type of school they go to. It's not 100% each way, there's a mix there but I think you're void of context.

There's nuances of course which is why I left room for error in my original post, but again - nobody on here asks their doctor where they went to school before getting surgery or receiving medicine, nobody on here asks a lawyer where they went to school before hiring them, nobody on here choses not to hire an engineer based on what college they went to. As long as they all passed the national/state standards then they're set and some of them paid 5x for their degrees to complete the same work.

but I'm done with it all, have a good Sunday friend

You’re joking, right? I ALWAYS l research my doctors backgrounds (and I have a LOT of doctors). When my doctor gave me a couple different brain surgeons to choose from, you better believe I picked the one who went to Yale undergrad, Harvard med, Michigan residency/fellowship, and is now at Emory over the one who went to schools that I honestly don’t even remember. If someone was going to be cutting into my brain, I wanted them to be the best qualified person possible. I wasn’t taking any chances.

Also, attorneys’ alma maters are listed in their bio on their firm website for a reason. People care about that stuff. I’m in my mid-40s and don’t even work anymore and when I tell people I was an attorney, I always get asked where I went to law school. Sure, if one is an attorney, then a layperson assumes you can probably do the job, but there is still a hierarchy and it does matter. Society always will try to figure out a way to rank and order, and prestige matters in certain professions. It’s naive to assume that others don’t care about these things just because you may not.

 

[Novacane32000]

God I’d love to know what % of parents who’s kids go to Community Colleges have the means to save 98k/yr. I have a feeling you are incredibly out of touch with the world that shows a small portion of the country have a $1000 in their savings acct for a minor emergency.

No,No, No .My advice is only meant for rich folks who want to get richer and then if their kids scr*w their life up they have invested for that probability. Full proof plan B.

 

[grover]

Did you even bother to review that list? Miami is on that list at #18.

I agree that going to Miami to be a middle school teacher doesn't "pay" but in most other cases the business and career connections made at an elite institution (Ivies, Stanford, MIT types) or a highly thought of private school (UM, USC, BU, etc) are worth many times what the tuition is over a lifetime.

A Miami degree opens many more doors than a UF degree and is vastly different than a FSU/UCF/Bama/UGA/etc.

You just haven't had enough life experience to see the forest for the trees.

Agree with everything you just said. And yet I think 80-100K annual tuition + fees is dangerously high.

And I know enough to know many schools provide instant discounts on that amount even before considering financial need. And counterintuitively, many feel forced to keep increasing their prices because they actually get more applicants and higher matriculation to acceptance rates if they are priced equivalently to other top schools.

All that can be true and at the same time 80-100K nominal annual fees create sector toxicity. I believe it's one reason (there are definitely others) half the population talks about ivory towers and intellectual elitism with hate now, as opposed to with admiration like they did 30-40 years ago.

 

[JTKoval]

Interesting.

If you can go to UM, go. If you have a rich family, who cares. If you want to open professional doors, it is recognized as a real college by professional schools. The opportunity doesn’t disappear after graduation. Maybe you bloom later in life.

I went from Miami to a top 25 law school. Boston U (24th this year). We had zero kids from a UCF or an FIU back then. Maybe things have changed. But BU eagerly published the number of kids from each undergrad program and it wanted an impressive list. My mentor (6 kids) group was all Ivy other than me and a U Chicago guy. Miami makes the quality of school check box.

Again, I owe the U my whole career and life really in many ways. Go Canes.

I wasn’t rich. My mom was a nurse and dad a steamfitter. So, I am cool with trade schools. But it is a one trick pony. If you want to be a trade person, great.

The U made money available for me to attend as I said above in another post.

In the end, the U has brand value. That should not be ignored like it doesn’t exist.