- This topic has 533 replies, 25 voices, and was last updated 9 years, 5 months ago by
scaredyclassic.
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March 15, 2015 at 6:54 PM #783765March 15, 2015 at 9:44 PM #783772
CoronitaParticipant[quote=spdrun]Med school abroad is also cheaper. Poland or the Czech Republic, and there are programs that cater to Americans looking to get licensed in the US.[/quote]
HAHAHAHAHA
March 15, 2015 at 9:51 PM #783773CoronitaParticipant[quote]
1. Somebody mentioned that the cost of attendance (COA) for a UC is about 14K and 60K for an Ivy. 14K, is just the tuition for a UC. Total COA for UC is about 35K. So approximately, the total COA difference for four years between UC and the Ivies is about 110K to 120K, depending on the school. That 120K is probably the difference of the cost of living in Scrrips Ranch vice living in Escondido. Or maybe by not driving a Range Rover/Porsche but just having a Honda Civic or a Kia. Maybe not going to Europe for vacation but instead just driving to Arizona or Las Vegas. Or maybe not paying for an expensive extra curricular (i.e. soccer, baseball, etc.). Or maybe a combination of these things and other. But who am I to judge? And I don’t. Different people put values on different things.
[/quote]WHAT? UC schools are $35k/year now including room and board? Holy freaking sheet. In 9 years, with a 4% increase per year, that’s $50k/year for UC schools. Ouch… Ok, so the difference isn’t as wide.
Little FLU: Ivy is back play. Now just get in. Looks like I need to put more money into the “ForMyKidNotMyPorsche” account.
Side note: anyone else thing over the next decade it’s realistic to find 4% returns consistently year after year?
March 15, 2015 at 10:05 PM #783774CoronitaParticipantI’m surprised wall street hasn’t created a derivatives market for college tuition costs.
For example, Goldman could offer a $1000 option to allow you to pay your kid’s Ivy League education @ $60k/year in 2025 for 4 years, with the option contract expiring in 2030. The option would be considerably more expensive as the kid gets closer to high school. Of course, the option contract would be worthless if your kid doesn’t/can’t go to any of the Ivy League schools.
March 15, 2015 at 10:30 PM #783775scaredyclassic
Participantyeah but calstate is 7k. so 28k total v. 250 k. for ivy tuition is an actual substantial difference. i would say you would get a better shot at a decent life with a cal state degree and 220k in cash, than an ivy degree. in fact, ion average for most kids, i am absoltuely positive of it. individual mileage will of course vary.
now i did not think this way back in 1980 when i was filling out college apps. Iw as thinking, lemme go to the fanciest most prestigious namebrand place so when people hear the name of the school, they go, shoot, dude must be smart.
fat lot of good it does for most of us. its a fools game.
no disrespect to people paying to send their kids. they may be the exception. it’s just, well, my eprsonal experience heavily colors things. i have friends who went to work consulting or doing wall street type gigs back then. keep in mind, thats no guarantee either. there’s plenty of washouts…
also, i paid through the nose for a fancy law school and i am still paying off loans 20 years later.
i am liek a guy who has been burnt. you gotta be cautious with tuition money…
shoot. my ivy league tuition was more in 1985 than cal state today.
March 15, 2015 at 10:33 PM #783776FlyerInHi
GuestWhy hasn’t anyone said “if you don’t invest the money in your kids’ education, you’ll piss it away anyhow.”
That’s what they used to say about paying for an overpriced house.
March 15, 2015 at 10:51 PM #783777Guest[quote=scaredyclassic]
now i did not think this way back in 1980 when i was filling out college apps. Iw as thinking, lemme go to the fanciest most prestigious namebrand place so when people hear the name of the school, they go, shoot, dude must be smart.
[/quote]You are smart. And you have the degrees to prove it. If you didn’t have the degrees people would take you for an idiot.
Perform some social experiments and see how people react. Next time you meet someone say that you’re a part-time gardener (only if it’s the truth and you like to garden).
March 16, 2015 at 12:37 AM #783779an
Participant[quote=flu]
WHAT? UC schools are $35k/year now including room and board? Holy freaking sheet. In 9 years, with a 4% increase per year, that’s $50k/year for UC schools. Ouch… Ok, so the difference isn’t as wide.Little FLU: Ivy is back play. Now just get in. Looks like I need to put more money into the “ForMyKidNotMyPorsche” account.
Side note: anyone else thing over the next decade it’s realistic to find 4% returns consistently year after year?[/quote]Based on my calculation, current UC tuition is ~$13k and Harvard is $48k. In 9 years, at 4% increase, UC would be ~$18k and Harvard would be ~$68k. That’s a difference of $50k/year. So, after 4 years of undergrad, you’re talking about $200k. I don’t know about you, but that’s pretty big difference to me. Maybe it’s not as big of a deal if you have one kid. For me, I rather save that $200k and if he/she has the ability to get far beyond a BS and make that education investment worth it, then I can take that $200k and pay for their MD/Law/MBA. You can view it as undergraduate being a test. If you’re a MD, I don’t think people care if you got your pre-med at Harvard or at SDSU, as long as you got your MD at Harvard.
March 16, 2015 at 4:23 AM #783781CA renter
Participant[quote=AN][quote=flu]
WHAT? UC schools are $35k/year now including room and board? Holy freaking sheet. In 9 years, with a 4% increase per year, that’s $50k/year for UC schools. Ouch… Ok, so the difference isn’t as wide.Little FLU: Ivy is back play. Now just get in. Looks like I need to put more money into the “ForMyKidNotMyPorsche” account.
Side note: anyone else thing over the next decade it’s realistic to find 4% returns consistently year after year?[/quote]Based on my calculation, current UC tuition is ~$13k and Harvard is $48k. In 9 years, at 4% increase, UC would be ~$18k and Harvard would be ~$68k. That’s a difference of $50k/year. So, after 4 years of undergrad, you’re talking about $200k. I don’t know about you, but that’s pretty big difference to me. Maybe it’s not as big of a deal if you have one kid. For me, I rather save that $200k and if he/she has the ability to get far beyond a BS and make that education investment worth it, then I can take that $200k and pay for their MD/Law/MBA. You can view it as undergraduate being a test. If you’re a MD, I don’t think people care if you got your pre-med at Harvard or at SDSU, as long as you got your MD at Harvard.[/quote]
This is what we plan on doing. The kids go to the local JC and state colleges while living at home. If they can prove themselves through their BS/BA degrees, then we can talk about the fancier colleges for advanced/professional degrees, assuming the ROI would work out.
If they don’t like it, they can get jobs and pay the difference between what we’re willing to pay and the cost of whatever it is they want to do. Fortunately, they “get it” and seem totally okay with our plan as we’ve been preaching about it since they were born. And if they want to get student loans, we’re going to drop our subsidy by the same amount in order to discourage them from taking on any student debt (we’ve been preaching about that, too).
March 16, 2015 at 5:40 AM #783782Essbee
Participant[quote=AN] If you’re a MD, I don’t think people care if you got your pre-med at Harvard or at SDSU, as long as you got your MD at Harvard.[/quote]
As someone who’s been to medical school at a top 5 program, I will promise you that it is a MILLION times easier to get into Harvard Medical School if you come from Harvard undergrad, versus SDSU undergrad. The only way I can see “SDSU to Harvard Med School” happening is if the applicant is an underrepresented minority.
In fact, I know hundreds of doctors (friends, classmates, co-residents, co-fellows, etc), and I have NEVER met one who went to SDSU undergrad. UCSD, absolutely yes. SDSU, no. I’m not saying it’s impossible, but I just haven’t met that person yet.
It’s going to be swimming upstream to get into any med school… and it is harder to get from a lower tier medical school into a “good residency” etc. Does any of this matter? Perhaps not. It depends on the person’s goals within medicine. But if your kid wants to be a doctor, my sincere advice is for them to go to the “best” undergraduate school that they can, preferably one where they can get near-straight A’s.
March 16, 2015 at 6:15 AM #783783ParticipantFor prestige or more money?
Within medicine to me it seems like hustlers make money but a hospital wherever they do their residency us gonna make 1 to 150 an hour.
So is it gonna be more lucrative to be a doc with 250k in the bank setting up a few pain mgt. 9th ices with a less prestigious residency or an internist from Harvard working as a hospital is a “good” hospital.
The Harvard gal probably has more shine but the pain guy is probably gonna be rich.
March 16, 2015 at 6:23 AM #783784ParticipantI could be wrong about this. There could be special opportunities for the to dudes I don’t know about…
I would definitely not pay full freight at a law school for less than top few…Harvard Yale Stanford and a few others…and even that would be not a smart investment for most people.
Aren’t docs who are half a 6 or 7 hundred thousand in the hole from fancy degrees absolutely screwed if they’re generalists making 150/hr.
March 16, 2015 at 6:41 AM #783785ParticipantHuh. Ben Bernanke has a kid with about a half million in med school debt. Hope he picks the right specialty.
March 16, 2015 at 6:55 AM #783786ParticipantWherever your degree is from you can’t bill insurance one dime more for the name on your diploma. I think. Unless there’s a billing code I’m unaware of.
Maybe this is the new bubble where we can again have something to argue about. Houses, feh. Are degrees overpriced and how will the bubble burst if it does…or if there even is a bubble.
Bring on the debt! Education always pays off!
Looks like bernanke was smart enough to pick psychiatry where he’s doing a residency in nyc. That has a chance of a good cash practice. Maybe. Or throwing lots of pills at people as fast as possible in some hospital somewhere.
That might be worth a half million but he definitely cannot service that debt through his internship and residency so it’ll balloon upwards. Unless his dad helps him out.
I’m so old. All I worry about is money.
March 16, 2015 at 7:00 AM #783787ParticipantI think it’s pretty clear that if you borrow 700000 to get thru college and med school and are idealistic enough to do primary care non procedure stuff you are a financial loon.
For Ben bernanke, a gov. Employee basically he obviously felt he didn’t have the cash to pay for a fancy med school. Or wanted his kid to gut it out?
Or maybe a political move?
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