Reply
Respected Contributor
Posts: 4,417
Registered: ‎03-11-2010

Re: Your child gets into MIT....

[ Edited ]

Timing is everything. The time to have discussed, and decided about, applying to MIT has long since passed. The cost of an elite private university is no secret. I worked at such an institution and I wondered why students and parents were willing to amass mind numbing debt in order to live a dream that can easily become a nightmare.

 

The time to discuss that dream-school is well before that application is submitted. It’s Important for parents and their children to look at the financial implications of going after an illusion, i.e., that somehow this will all work out. My two oldest grandchildren went to state schools. They have not one cent of debt. My youngest granddaughter, an excellent student-athlete, has her hopes set in an Ivy League school (Ivies do not have athletic scholarships). My daughter is working two jobs and sacrificing contributions to her retirement so that her only child’s dream might come true. I stay out of it.

Esteemed Contributor
Posts: 7,704
Registered: ‎03-14-2010

Re: Your child gets into MIT....

Hopefully parents have set up 529 accounts for their children. We have them set up for all of our grands.
Honored Contributor
Posts: 50,926
Registered: ‎03-10-2010

Re: Your child gets into MIT....

There is a middle ground... If the kid is able to be accepted at and afford other solid schools then, to me, the wise thing is to accept one of them and make the best of it... Not all dreams come true and it's probably time to start leaning that lesson when one is ready for college... Also worth mentioning is that merely getting into MIT doesn't guarantee staying in MIT and even if one does and graduates, the prestige factor might or might not parlay into success... For either the parent or the child to walk into over a quarter millon dollar debt for a 'dream' college education is just plain nuts...


In my pantry with my cupcakes...
Respected Contributor
Posts: 2,284
Registered: ‎03-29-2019

Re: Your child gets into MIT....

I would never stomp on my child's dream, but I would be realistic with them, then let them decide.

The Sky looks different when you have someone you love up there.
Valued Contributor
Posts: 889
Registered: ‎02-05-2011

Re: Your child gets into MIT....

I think getting in is so worth it in the end. My son has 1 more year in grad school at UCSD. He has been in collage for 10 years !! When he graduates hoping next year,  he will owe over 100,000 in loans. His previous girlfriend is in med school at 100,000 a year. But they do have programs to help pay off some of the loans, and also some employers pay off some when employed. It really all works out in the end, i know it seems impossible and SO expensive, but middle class kids are really getting a raw deal now days. Education is never a waste, and it will work out if you want it to. 

Trusted Contributor
Posts: 1,981
Registered: ‎05-27-2015

Re: Your child gets into MIT....

[ Edited ]

SahmIamm  I'm surprised the applicant has not received any grants or other scholarships. My DD received $6,000 against a $25,000 tuition just coming off of a straight A community college education. Also, there are many companies out there who are willing to help with tuition for people who have interned with them or who have promise.

Honored Contributor
Posts: 10,692
Registered: ‎07-26-2014

Re: Your child gets into MIT....

I'm a tad confused.  If the parents cannot afford the tuition, how come the child cannot get any grants, scholarships and/or grants?

MIT also has a work study program.  Why isn't the child entitled?

 

Am I missing something?

"Never argue with a fool. Onlookers may not be able to tell the difference."
Esteemed Contributor
Posts: 5,524
Registered: ‎02-22-2015

Re: Your child gets into MIT....

@lovesrecess  Our son had a 50% scholarship to a private school of his choice. We applied for a Pell Grant, but were turned down FLAT for making too much money. Many people fall into that same boat. We ended up paying his tuition which was 50% and dorm costs. He paid for all his student fees, car expenses and insurance. 

Respected Contributor
Posts: 2,113
Registered: ‎06-19-2010

Re: Your child gets into MIT....


@Mz iMac wrote:

I'm a tad confused.  If the parents cannot afford the tuition, how come the child cannot get any grants, scholarships and/or grants?

MIT also has a work study program.  Why isn't the child entitled?

 

Am I missing something?


Plus if the kid is smart enough to get into MIT he should be smart enough to qualify for some kind of finance assistance. If not and he still wanted to attend MIT I would say go for it but it’s on your dime. 

Honored Contributor
Posts: 9,126
Registered: ‎04-16-2010

Re: Your child gets into MIT....

@Mz iMac  The parents make too much money but not enough to pay the outrageous tuition. Parents income is considered until the child turns 26 of age. At MIT, the household income of $90,000 and below is when financial aid when will be considered. Work/study is also based on household income.

 

The work-study requirement is the same at many colleges in my state; only those who qualify for financial aid are considered. I don't know about other states.