BONUS: Is College Worth $200,000?

So Money with Farnoosh Torabi

Farnoosh Torabi

Entrepreneurship, Business

4.7 • 1.9K Ratings

🗓️ 27 March 2015

⏱️ 9 minutes

🔗️ Recording | iTunes | RSS

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Summary

Let's say you or your child gets accepted to Stanford or Harvard, an elite private college that consistently ranks in the tippity top of higher ed rankings and where graduates tend to get the best jobs with the best pay. But here's the catch: It'll cost close to $200,000 to attend. In the grand scheme of life, is it worth it? I posed this question to a recent guest on my podcast, Lynnette Khalfani-Cox, a financial expert who's published a great book called "College Secrets: How to Save Money, Cut College Cost, Graduate Debt Free.” Lynnette's own daughter is currently considering colleges and so this question is hitting very close to home. Catch her full interview in Episode 72. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	I do have one question though because this often comes up and it's a topic for debate
0:05.0	Lynette which is if our if your child gets into let's say Stanford or Harvard
0:10.0	in that case where you know job placement is just so very strong and great job
0:18.1	placement is so very strong with those graduates is it okay is it is it okay? Is it, is it relatively less damaging to take out, say, a hundred to
0:29.4	two hundred thousand dollars in student loans, which I mean, my feeling is no, but I want to know, I mean,
0:35.9	in the grand scheme of life, perhaps if you get into Harvard, is it worth it?
0:40.4	Because if you're going to graduate and make, you know, six figures in your 20s perhaps because of your
0:46.0	brand name education, what do you think?
0:49.0	My answer is no, it's not worth it.
0:52.0	And here's not worth it.
0:53.0	And here's the reason why.
0:55.0	First you have to understand the financial aid policies
0:57.6	and the aid policies in general at these schools.
1:00.1	You mentioned two different ones, Harvard, Stanford,
1:02.3	obviously both excellent
1:03.3	schools some families mistakenly think like oh my kid is such an academic
1:08.5	standout or he's gifted in athletics or in the arts or in something else and they're going to get a
1:16.8	merit-based scholarship. Well, none of the Ivy League schools offer merit-based
1:21.9	scholarships. They only offer need-based
1:24.7	scholarships which are which is institutional aid in effect that is based on a
1:30.8	family's income and assets.
1:33.6	So fortunately, places like Harvard and Princeton and Yale
	...

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