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Honored Contributor
Posts: 8,929
Registered: ‎04-16-2010

Your child gets into MIT....

[ Edited ]

Your child is accepted into MIT. You can NOT afford the tuition. Your child has a college trust that will cover in-state tuition for all 4 years and but will only cover 1/2 year at MIT. Your child does NOT qualify for financial aid. Your child does NOT qualify for any type of scholarship. You will NOT co-sign a loan. 

 

As a parent, how do deal with the fact that your child can't go to a college he/she has dreamed about but won't be able to attend. Yes, the child can go into debt: their loan would be approximately $254,000 plus.

 

There are those who believe the debt is justified and will be paid off soon after graduation.

 

There are those who believe the debt is not justified in any way and is a waste of money.

 

I'm impressed the child ignored the nay-sayers (not smart enough, not talented enough, etc) and was accepted. But the reality of the cost...OMG.

Respected Contributor
Posts: 3,881
Registered: ‎03-09-2010

Re: Your child gets into MIT....

The MIT education is worth the loans with the connections and job opportunities that will be made.  Go for it, and worry about the money later. They have at least 10 years to pay off the loan, possiby more.

"More is more and less is a bore!" Iris Apfel
Honored Contributor
Posts: 10,721
Registered: ‎11-01-2010

Re: Your child gets into MIT....

@SahmIam 

 

I would think that the child has a plan to cover the cost of the school. I hope the plan is not that the parents will go into debt to pay for it.

 

I’m not so sure applying to go to a school one cannot afford to attend is a sign of a bright child. 

Respected Contributor
Posts: 2,467
Registered: ‎03-10-2010

Re: Your child gets into MIT....

@SahmIam :  I firmly believe that no young adult should assume a quarter million dollars in debt.  For most people, in most professions, a public education (community college and then state university) works just fine.

Trusted Contributor
Posts: 1,084
Registered: ‎11-21-2011

Re: Your child gets into MIT....

I'd say that kid must be pretty smart so she should understand how absurd that kind of debt would be. What if she goes for just one year and changes her mind? She be 63 thousand in the hole. Or does the enitre 4 years and then finds a job she really loves but it doesn't pay what she expects.

Trusted Contributor
Posts: 1,687
Registered: ‎07-25-2010

Re: Your child gets into MIT....

I guess I would tell my child...do a year, and see what financial and educational shape you are in at that time....then he/she can decide if they want to do another year or transfer elsewhere.

 

Most college kids nowadays are working a job while attending school...and come out in debt.   If this young person is smart and focused, they will figure it out.   If it's their dream and they are willing to sacrifice and work for it...I wouldn't tell them it was the wrong thing to do.  

 

 

Esteemed Contributor
Posts: 7,014
Registered: ‎07-15-2016

Re: Your child gets into MIT....

This is all theoretical ... I don't have any kids.

 

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By the time my son/daughter got to high school, he/she would be aware that I would not pay for them to attend any secular university.  

 

If they want me to pay - they'd have to select a Catholic university.

 

If they had their heart set on MIT ... study hard and get a scholarship!

Esteemed Contributor
Posts: 7,207
Registered: ‎03-14-2010

Re: Your child gets into MIT....

[ Edited ]

There are plenty of schools that are as good if not better than MIT....he should get a pell grant or be prepared to graduate in heavy debt. Most students gladly go into debt for their tuition because they are idealistic enough to think they will land a 6-7 figure job as soon as they graduate and will just write a check to pay off the loan. Then reality sets in.

Did he even apply to other schools? Sounds like he feels the prestige is worth the cost....but he should bear the burden, not someone else.

Honored Contributor
Posts: 17,076
Registered: ‎11-25-2011

Re: Your child gets into MIT....

[ Edited ]

For every ‘it’s worth it’, there will be 1000+s of ‘no way.’

 

Life is not guaranteed, no matter how many initials are

behind your name. The financial burden is overwhelming 

for many...and that’s if everything goes according to a

very well scripted Life plan.

 

I love the way many successful people are now saying...

education is over-rated.  If one has the fire in their belly,

they will be successful with...or without...the degree.

Respected Contributor
Posts: 3,881
Registered: ‎03-09-2010

Re: Your child gets into MIT....

[ Edited ]

Let me add that they could go to a good State University for two years and if they have stellar grades, they could transfer to MIT (so big tuition cut in half).  In addition, if they emancipate themselves (would take 6 mos to a year), then their financial aid would not be dependent on parents' income.

"More is more and less is a bore!" Iris Apfel