Looking for Perspective Regarding College

[RS53576GG]

I rarely look back on the "old days" as being especially good. I tend to be optimistic by nature and today always looks a zillion times better to me than yesterday ever did. However all this talk of sending kids to college reminds me of how things were in earlier times.

I grew up in southern California and in the 70's I went to a community college and a Cal State college after that. Community college cost $5/semester plus a fee for a parking decal. Cal Poly Pomona was $64/quarter for a full time student. I don't remember what parking cost but it seemed ridiculously high so it could have been as high as $15/quarter. I lived with my parents the whole time and worked while going to the community college. I did 4 semesters at the community college and 9 straight quarters at the state college. I estimate that the total cost for tuition and parking was $750 and books were probably another $1300. Total cost for a B.S. degree in engineering was just over $2,000 plus what I spent on gasoline to drive back and forth every day.

In retrospect that was a fantastic bargain. It was easy for an average guy who didn't know what he wanted to do with his life to go to a local college and try a few things and see if anything hit home. Over my career I've probably paid back in additional income taxes 20 times what that education cost the state, although California wasn't compensated because I went to grad school out of state and never returned. None the less, the increased income tax money entered the country's financial system and society is better off because of it.

Is there something a teeny bit out of whack with the present day situation or have I suddenly gone senile and started looking on the past with irrational fondness and drool running out of my mouth?

I'd write more but I need to get a fresh napkin.

 

[LOL!]

Many students that start do not finish at MIT, and these are the cream of the high school crop. Almost everyone is a valedictorian or salutatorian. The pressure is frustratingly tremendous, but I do not know any MIT graduate that regrets going there. Note that I said graduate.

This is trivial to fact check.

https://www.collegefactual.com/coll...ology/academic-life/graduation-and-retention/

At MIT, there were 1,059 bachelors degree candidates in the class of 2013. By 2015, six years after beginning their degree, 91.4% of these students had graduated. After an additional two years, 93.2% of this class eventually completed their degree.

So your "Many students" appears to be less than 100 on average. The MIT graduation rate is actually better than most universities. The link has other retention / graduation facts for MIT which are astounding.

 

[daylatedollarshort]

As mentioned in other posts, graduation rate as well as how many years it takes on average to graduate can be a big cost factor, not just tuition per year. California has had a transfer degree in place for most of the state colleges for some time, guaranteeing students who complete 60 credits and a transfer degree at the community colleges the ability to graduate in no more than 2 more years at the CSU schools. More recently there are programs with the UC system as well as 36 private, nonprofit colleges.

"The move is part of a wider state effort to increase the number of students earning a bachelor’s degree by shortening the time students need to graduate. The state is especially focusing on helping California’s 2.1 million community college students earn a degree in four years." Source : https://edsource.org/2018/a-group-o...missions-to-community-college-students/600609

 

[Asabino]

I told my kids I'd pay for their undergrad degrees and school expenses because I didn't want my kids to be saddled with school debt. I made good money and I invested wisely for their education. I firmly believe it's a parents job to give their kids the best opportunity for success whether it's a 4 year college or vocational school, or a combination of both.

Fortunately for us, my daughter was disciplined, smart and dedicated enough to go through medical school. I made a deal with her. I'll front the tuition and expenses. Once she finishes, she'd have to pay me back half- interest free. AND, I would receive free medical check ups and advice. My plan is to have her pay me back the portion she owes me and without her knowing; I will invest the money for her and my son as a portion of their inheritance.

As for my son, he got an ROTC scholarship from the Army where he is currently Captain. No school expense.

My advice: Pay for the kid's tuition. It's only money. So you make have to work a couple more years- - but it'll be worth it knowing you did everything possiblre for your son for him to be successful.

 

[Koolau]

I've always thought of universities as a bit like cars. You can drive a perfectly good Chevy or Toyota and it will do 90+% of what a BMW or Mercedes will do for a lot less money. I would suggest picking a GOOD (as in anyone would recognize the name) state engineering school - there must be 4 or 5 in Texas (right?). With or without significant grants/scholarships/loans, you ought to be able to swing it. Wild guess: $100K or less for 4 years with room/board, but I haven't checked MY state schools since kids did them for $10K to $12K/year about 10 to 15 years back.

If your kid is counting on MIT or some such, tell him/her you'll help, but there will be no free ride. As always, YMMV.