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Respected Contributor
Posts: 3,217
Registered: ‎05-22-2014

Re: Your child gets into MIT....

 

When you apply to a top-rated school, the only scholarships will likely be for those in financial need.  Reason?  They accept only top students, the brightest and most talented.  Competition is fierce.  As far as degrees in many fields, graduate school is a necessity.  And grad school is even more expensive.

 

Every situation is different.  I would assume every student and family would be getting sound advice from their high school college guidance counselors.  I think it unwise for parents to spend ridiculous sums while neglecting to invest for their retirement.  Notice I said invest.  The stock market, long term, is the best way of accumulating money.

 

Many coming out of ivies, and “little ivies,” are turning to public colleges for grad school.  The reason is not wanting to graduate with outrageous debt.  that has made grad programs in public schools very, very competitive.

 

In reality, in many fields (not all), your degree may get you in the door for employment.  But after that, it is your performance that counts.  Just something to ponder.. And many people who follow the trade school route can earn very good money and live happy lives.  

 

 

Respected Contributor
Posts: 2,721
Registered: ‎09-12-2010

Re: Your child gets into MIT....

Any high school student who has a "dream" to attend MIT when there isn't enough money to pay for it needs some serious parental intervention. Assuming student debt of a quarter of a million dollars is absurd. There is absolutely no guarantee that high paying jobs will be available at graduation to pay for that kind of debt.

 

Being given the opportunity to attend an in-state college/university that will be fully funded, and with no student debt would be something that most students and parents would consider to be their "dream"!

 

 

 

Esteemed Contributor
Posts: 7,161
Registered: ‎03-14-2010

Re: Your child gets into MIT....

It also doesn’t look like the sign of a bright parent either...
Contributor
Posts: 58
Registered: ‎10-22-2018

Re: Your child gets into MIT....

@Jtdmum All those questions you asked have also been hanging in my head. It's such an individual thing.

 

What are this student's goals? Going to college at a place like MIT, in an academic city like Boston, gives you a wider world view. For some people this is important; for others, not. In many ways, getting that exposure as an undergrad is more important than in graduate school.

 

There's been a lot of reporting lately on the experiences of first-in-family college students at Ivy League schools. It's a huge cultural change for them and really hard. You've got to take this into consideration.

 

I'm imagining this student coming from a family where work ethics and family support created the environment for business success. Perhaps something like construction. Where education was not the key to success, and perhaps the parents do not feel the importance of education as much.

 

This is such a more complex issue than my request for help with bears on Tuesday.

 

I still say if this student is right for MIT, take the financial risk and find a way to make it happen.

 

 

Honored Contributor
Posts: 8,108
Registered: ‎11-16-2014

Re: Your child gets into MIT....

[ Edited ]

@SahmIam wrote:

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.


My son graduated a few years back but I know a lot of his friends declared themselves independent of their parents. Paperwork finished and many of them were then eligible for financial aid packages and scholarship money. Back then parents could "gift" their children $12,000.00 a year per parent, so even if they were giving them money for incidentals it was OK.

 

Graduate school is usually more important than college as far as name recognition. A "name" graduate school does open doors. Since most need it for their career, I would put my money into that rather than college.

 

Found this....

Just to clarify, MIT does not give scholarships based on merit. If you get into MIT, the financial aid will be solely based on your personal financial situation. ... So yes, it is possible to get a full scholarship even as an international student, provided your income level qualifies you for it.

 

Edited... just checked, apparently you can no longer declare yourself independent if you are under the age of 24.

Trusted Contributor
Posts: 1,990
Registered: ‎06-19-2010

Re: Your child gets into MIT....

Heck, send the kid to a trade school to be a plumber, electrician or car mechanic. They don’t have to work in corporate America, can work independently and make a fortune. I just had a plumber come out to give me a quote on the install of two new bathroom faucets and they wanted $1400. (I already had the new faucets, that was just the removal and install of new ones) so if little Johnny plumber can do a couple of jobs a day at say $500 each he could make $5000 a week/$20,000 a month. 

Esteemed Contributor
Posts: 5,148
Registered: ‎03-09-2010

Re: Your child gets into MIT....

 

It may come as no surprise as to what colleges the highest paid first-year grads are coming from: Ivy League Colleges and Engineering (Tech) Schools.

 

Highest Starting Salary by College

CollegeSalary
1. Samuel Merritt University$91,600
2. Harvey Mudd College$88,000
3. Charles R Drew University of Medicine and Science$87,900
4. California Institute of Technology$87,300
5. Massachusetts Institute of Technology$86,800
6. Franklin W Olin College of Engineering$84,800
7. United States Military Academy$83,500
8. United States Naval Academy$83,500
9. United States Merchant Marine Academy$81,400
10. Stanford University$80,900

 

Highest Mid-Career Median Salary by College

CollegeSalary
1. Stanford University$156,700
2. Massachusetts Institute of Technology$156,500
3. Harvey Mudd College$154,700
4. United States Naval Academy$154,100
5. Harvard University$151,600
6. United States Military Academy$151,200
7. California Institute of Technology$150,800
8. SUNY Maritime College$150,400
9. Princeton University$147,800
10. Dartmouth College$147,500

 

Note: The data considers those whose education went no further than a bachelor’s level degree. Physicians, lawyers and others with advanced degrees were not included in the data. College data provided by campusgrotto.com.

The more I learn the more I realize how little I know.
Being perfect must be a heavy burden.
Respected Contributor
Posts: 2,398
Registered: ‎03-14-2010

Re: Your child gets into MIT....

One of the benefits of attending a school like MIT is not only the superb education but the connections made with folks who can help far into the future. This young man must be incredibly smart and talented to get accepted. As a parent, I'd try to do everything possible to get him there. After reading some replies, I'm thanking the universe some never had children.
Honored Contributor
Posts: 36,092
Registered: ‎03-10-2010

Re: Your child gets into MIT....

It's a good time for said child to learn that he cannot have everything he desires.

 

My dad was in human resources with a company in the Philly area.  He always said he'd rather hire a grad engineer from Drexel University than MIT.

New Mexico☀️Land Of Enchantment
Valued Contributor
Posts: 607
Registered: ‎06-24-2011

Re: Your child gets into MIT....

It is SO worth it for the child to go to MIT. My child was accepted into ivy leagues, and I was a single mom who could not afford it. I spoke with admissions and the financial aid dept. My child did receive scholarships and did qualify for grants. Just about everything was covered for my child. I provided everything else and I opened (& still have) a joint checking account so I could always make sure my child had enough $. Going to an ivy league school changed my child's future. My child is currently working on a Ph.D. at another ivy league. I would have worked 2 jobs, taken out loans, even sold my house, and done whatever I could to help my child attend an ivy league and shared the expense if things were different. I cannot tell you how grateful I am.