4 ms·

What is your price elasticity for your childrens' future?

brk 3y ago
Your comment highlights what I personally think is some of the reason for the extreme tuition increases: too many people believe that college is the singular best path for their children's future.
- ceejayoz 3y ago
  Including, unfortunately, the vast majority of employers and human resources people those children will encounter when attempting to get a job.
- silverquiet 3y ago
  I don't have kids, but I believe it. I have several close family members whose biggest regret is that they didn't go to college.
- BobaFloutist 3y ago
  It (still), mathematically is. The return on the investment of a college degree is absolutely worth it. What's becoming much less clearly worth it is the value add of going to an elite school over a state school.
- tekla 3y ago
  College was/is/remains one of the biggest factors in determining incoming levels and general success in life.
cj 3y ago
> What is your price elasticity for your childrens' future? This is a silly question. Silly answer: I would want my kid to be able to retire happily. If college debt prevents that, let's ditch it.
999900000999 3y ago
I can think of a much better use of 400k. I went to community college and a cheap state school and I make good money. Colleges don't refund you if you can't finish or get a decent job afterwards. The system as is doesn't make alot of sense. Just running though Harvard's cost calculator, if you have a family income of 300k you're out 86,666$. Drop that down to 175k and it's only 26k. Given how bad the tax rates are at that level you might as well have one parent play golf all day. 300k is a very reasonable amount for two typical people. After income taxes takes 100k off top( assume a high tax state like Hawaii), you're talking about spending more than 1/3rd of your take home on one child's education.
- silverquiet 3y ago
  > 300k is a very reasonable amount for two typical people. It's literally four times the median household income of the US. (And even after inflation, bananas still don't cost anywhere near $10 two decades on after that joke was made). This sort of statement is a bit out of touch if you ask me. Here's where I'm certainly willing to accept that I'm a bit out of touch - I don't have children. So my question is, how much would you be willing to pay if you thought something would give them a significantly better future?
  - 999900000999 3y ago
    How will anyone have an extra 86k on a 300k a year salary ? The numbers just don't make sense. I don't have kids so I'll probably cross that bridge if I get to it, but there's a limit. You can have a great future with community college + state school.
    - silverquiet 3y ago
      If I math this out right $300K - $100K taxes (your estimate) - $86K tuition = $114K which is still a lot higher than the median household income (which I'm pretty sure is still pre-tax). That said, I think you are onto something - these schools are for the elite; not the merely well-to-do or below. I also went to state school, so I'm not really dissing the thing, though people here would probably laugh at me if I said how much money I make, so maybe your mileage may vary on that one. But my perception (which could certainly be mistaken) is that the elite degrees actually have a huge premium, which is why there is so much competition for them.

brk 3y ago

Your comment highlights what I personally think is some of the reason for the extreme tuition increases: too many people believe that college is the singular best path for their children's future.

ceejayoz 3y ago
Including, unfortunately, the vast majority of employers and human resources people those children will encounter when attempting to get a job.
silverquiet 3y ago
I don't have kids, but I believe it. I have several close family members whose biggest regret is that they didn't go to college.
BobaFloutist 3y ago
It (still), mathematically is. The return on the investment of a college degree is absolutely worth it. What's becoming much less clearly worth it is the value add of going to an elite school over a state school.
tekla 3y ago
College was/is/remains one of the biggest factors in determining incoming levels and general success in life.

cj 3y ago

> What is your price elasticity for your childrens' future? This is a silly question. Silly answer: I would want my kid to be able to retire happily. If college debt prevents that, let's ditch it.

999900000999 3y ago

I can think of a much better use of 400k. I went to community college and a cheap state school and I make good money. Colleges don't refund you if you can't finish or get a decent job afterwards. The system as is doesn't make alot of sense. Just running though Harvard's cost calculator, if you have a family income of 300k you're out 86,666$. Drop that down to 175k and it's only 26k. Given how bad the tax rates are at that level you might as well have one parent play golf all day. 300k is a very reasonable amount for two typical people. After income taxes takes 100k off top( assume a high tax state like Hawaii), you're talking about spending more than 1/3rd of your take home on one child's education.

silverquiet 3y ago
> 300k is a very reasonable amount for two typical people. It's literally four times the median household income of the US. (And even after inflation, bananas still don't cost anywhere near $10 two decades on after that joke was made). This sort of statement is a bit out of touch if you ask me. Here's where I'm certainly willing to accept that I'm a bit out of touch - I don't have children. So my question is, how much would you be willing to pay if you thought something would give them a significantly better future?
- 999900000999 3y ago
  How will anyone have an extra 86k on a 300k a year salary ? The numbers just don't make sense. I don't have kids so I'll probably cross that bridge if I get to it, but there's a limit. You can have a great future with community college + state school.
  - silverquiet 3y ago
    If I math this out right $300K - $100K taxes (your estimate) - $86K tuition = $114K which is still a lot higher than the median household income (which I'm pretty sure is still pre-tax). That said, I think you are onto something - these schools are for the elite; not the merely well-to-do or below. I also went to state school, so I'm not really dissing the thing, though people here would probably laugh at me if I said how much money I make, so maybe your mileage may vary on that one. But my perception (which could certainly be mistaken) is that the elite degrees actually have a huge premium, which is why there is so much competition for them.