November 19th, 2009 | Uncategorized

Worth $47,500 per year? Absolutely, says Schurenberg

In an article featured on the Huffington Post, CBSMoneyWatch.com Editor-in-Chief Eric Schurenberg argues why an Ivy League education is worth the financial investment. Though Schurenberg acknowledges that smart kids can succeed at any school, he maintains that there is some return to be gained from paying for a highly selective private university.

Schurenburg writes:

Believe me, I wish a) I could believe that, so that I could b) treat my daughter’s college as a discretionary expense not an investment, and c) send her to Montclair State and apply all the money I saved to my aching 401(k). But a) I don’t, and b) it isn’t, and c) I can’t …

So this year, I’m going to join the anxiety-ridden hordes and gamble that an expensive education is a good investment in my kid’s human capital. Does it burn me that so much of my tuition dollar will be spent on fancy gym facilities and gourmet dining halls? Don’t get me started. Is there a hint of parental vanity in all this? Guilty as charged. On the other hand, my daughter earned the grades that put her in the running for these colleges. So she did her job. Now it’s my job to fund the education she earned.

Read the whole article here.

  • LM

    As a parent of three college graduates and a current student from four different universities, I have to say Yale is definitely worth it. The offerings–not just academic, but social, relational, artistic–are phenomenal. My West Coast prejudices against the Ivies disappeared when my offspring attended Yale and I saw the differences.

    In terms of cost, if you aren’t making a lot of money, Yale can actually be cheaper than other universities. Two of my kids have huge student loans they took out to attend their private universities. Only my Yalie and the kid who went to a public university have come out loan-free.

    I do have to say the travel expenses were very hard on us, so in the long run Stanford might have cost less and Berkeley would have been next to nothing. The opportunity to live on the other coast, the Ivy League experience, and meeting the people my child met were more than worth the plane tickets (and credit card fees), though.

    Yale isn’t for everyone–my other children have been happy with the universities they chose and which fit their personalities and career goals better than Yale might have–but Yale is absolutely worth whatever sacrifices we had to make.

  • To LM

    You speak the truth, as does the author of the article. Kids are better off if they matriculate at the very best school that offers them admission. Presumably this is why 3 out of 4 applicants admitted to both Harvard and Yale choose Harvard. It has ever been thus.

    Moreover, due to generous financial aid programs, it is currently cheaper for most middle class applicants to attend Harvard, Yale and Stanford than UMass. UConn or UCLA, respectively.