Private School Education Or College Student Loans?

[Singuy]

I was thinking today about how my co-worker puts three of her kids through top of the line private school here at 70k/year. I asked her if the kid's college funds are set up and she said no...considering they are living pretty close to paycheck to paycheck...this answer will most likely not change.

One of the kid wants to go to Brown..which cost 54k/year if no scholarship is granted.

My question is...which is more worth it? If the parents were to invest the private school tuition into a 529 at 22k/kid/year, I'm sure their college will be nicely funded.

So public school + paid off college for your child or
Private school and no college fund for your child?

[snafu]

Answering your question is quite straight forward here in Canada in spite of our split 3 way 'public' K-12 system that works ok for all but the most difficult communities. I think it's quite different in the USA where funding methods and children's security issues cause a litany of problems that can prevent even the most basic learning, positive educational experience from occurring. I wondered if things went horribly off the tracks when schools were forcibly integrated or whether the problems pre-dated that dramatic change.

I can't speak to the veracity, but 60 Minutes [TV show] did a show on American Public School's system of union rules/laws demonstrated by the different work groups in NY Public schools which left DH and I gobsmacked. I couldn't figure out who their 'client' was but it was clearly not children assigned to a specific school. I didn't think it was the parent either who presumably paid school staff salaries via municipal tax or via landlord who collected rent.

[disneysteve]

So public school + paid off college for your child or
Private school and no college fund for your child?

Personally, I would have picked public school and paid for college.

[creditcardfree]

Personally, I would have picked public school and paid for college.

Me too. And that IS what we are doing. I've noticed that people in our town seem not to trust the public school system, for educational and safety reasons. I have some issues with the public system, but I'd opt to home school before I would pay for private k-12 school.

[disneysteve]

I've noticed that people in our town seem not to trust the public school system, for educational and safety reasons.

We would not have bought a home in a place where we didn't trust the public schools. That was a key factor when we were home shopping.

[sv2007]

Depends, Brown is a good school for certain subjects. One should go to the best school for his/her chosen field whether public or private. Financial matters (which are short term compared to college education/experience) should be of secondary importance.

[disneysteve]

One should go to the best school for his/her chosen field whether public or private. Financial matters (which are short term compared to college education/experience) should be of secondary importance.

I would modify that to, "One should go to the best school you can afford." Too many people get hung up on attending a particular school and go into ridiculous amounts of debt to get there.

Ultimately, where your degree came from is far less important than what you do with it.

[creditcardfree]

We would not have bought a home in a place where we didn't trust the public schools. That was a key factor when we were home shopping.

Schools are always a key factor for us as well. This is a military town. There are more rentals here than your average town. Homes for sale sit longer on the market than other areas. I think perceptions, some of them misguided, shape peoples thoughts on public vs private education.

[MonkeyMama]

I think perceptions, some of them misguided, shape peoples thoughts on public vs private education.

Very true.

Our kids are attending a school district that is in an upswing/overhaul. In fact, my youngest was just accepted into the #1 high school in the entire (very large) region. But people look at me like I am crazy to live here because they chose to decide school districts on out-dated perceptions and rumors. ??? It amazes me how little effort people truly put into researching schools.

[MonkeyMama]

Given the huge amount of high quality public options in our state, I'd expect to pay cash for public college.

I doubt we would consider borrowing any money for college. Kind of a separate point, but somewhat related because we have so many low-cost options.

[disneysteve]

I think the quality of the child is far more important than the quality of the school. A smart, motivated kid is going to do well no matter where he/she goes.

[GoodSteward]

I'm not a big fan of "everybody go to college." I saw a recent documentary where the workforce is over saturated with degrees and no job experience. I know it depends on where you live, but I keep hearing most students don't get a job in the field they go to school for anyway, making the degree almost worthless.

My mom's bosses (a couple that are both chiropractors) sent their only daughter to London to get a major in vocal performance (singer). She has NEVER used it, and didn't minor in anything else. Complete waste of their money. While in Europe she married a guy with a degree in musical composition. He has NEVER used his degree. They ended up working for a bank and living on help from rich family and are now back in the US. They are in their 30s.

Make sure you have a plan if you are going to college. A successful non-degree person isn't as far behind, if any at all, the successful degree person anymore. It just depends on the field, and if the degree even gets you a job. It is stupid to go to college and get into 75-100K+ of debt to get out making 30k$ a year. It will take a LONG time to offset the cost of that degree in dollar form because of the debt. For doctors, lawyers, engineers, and other higher paid people this formula isn't nearly as offset. Just make sure your investment matches the intended return with college.

I pick public schools and no debt.

I don't have a degree, but I do have two certifications in IT. I also have a CDL license. lol

[sv2007]

A good college teaches more than just specific job knowledge because those can go obsolete. It also teaches ways to think and how to problem solve (i.e. continued learning); i.e. it is more an experience and IMHO it can influence you as much as the first 18 years of one's life.

[GoodSteward]

A good college teaches more than just specific job knowledge because those can go obsolete. It also teaches ways to think and how to problem solve (i.e. continued learning); i.e. it is more an experience and IMHO it can influence you as much as the first 18 years of one's life.

I agree although I don't approve of all influence they can encounter.

I was told by someone who got a doctorate (therefore they are approved to speak for everybody! ) you go to college if you want to learn more information. You go to a tech school if you want to learn a trade and get a job. A 4 year College isn't the best place to go if you are just wanting to get a job. Thier words...

[james.hendrickson]

Private school education is extremely important from a social capital standpoint. The people you meet in high school and college can give you access to capital, opportunities, jobs, etc - for the rest of your adult life. So, the intangibles alone are worth the additional cost.