http://www.nytimes.com/2013/04/20/your-money/measuring-college-prestige-vs-price.html?pagewanted=1&ref=economy&_r=0
This is something we have all gone through. Receiving financial aid or loans and using that information to decide what college we want or have to go to for the next four years. This article talks about whether it is worth it for some families to take out a large amount of loans just for their child to go to the student of their dreams, like NYU or Harvard. These schools typically have a much higher tuition rates in comparison to state schools. Advisers suggest that some families should not take out loans they can't afford to pay back just for their child to go to a prestigious school to work on culinary art, for example. In some situations, it may be smarter to go to the school with a more affordable tuition, and get a very much similar education and could end up with a job just as prestigious as if they attend a different school. This is a interesting article to read and hear analysts' opinions on financial aid, loans, and tuition rates.
Going to a prestigious school such as Harvard is always a students dream, but the cost of the school may be out of reach. I believe in some case that the opportunity cost out weighs the loans you may take out because of the social status of the school which could help land you a prestigious job. It also important to think about if you will be able to pay back these loans. You do not want to be right out of college and be in a large sum of debt. With that being said there are scholarships you can receive and other types of aid to let you go to your dream school.
ReplyDeleteI agree that there are some benefits of going to a highly prestigious school, but in most cases, if it is going to be a huge financial burden, I feel that it is not worth the cost. If a student comes out of college making a slightly higher salary because they went to a prestigious school, but also has a huge debt to pay off, this debt will offset most of those extra earnings until they can pay it off. In addition, I think that students going to cheaper schools can still be highly successful- I feel that it is more about the students themselves than the school that they attend.
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