Paying For College

by Lark

We have a number of readers now whose kids are in college or heading off this fall. How’s the financial aspect been? Did you save enough? Have there been expenses you didn’t anticipate? How much are you requiring your kids to contribute, either to tuition or incidentals? If you could go back 5 years, is there anything you’d do differently financially?



Popular Majors at Selective Versus Nonselective Colleges

by Honolulu Mother

We have argued before about the value of majors that don’t directly tie in to a well-paid job. A recent 538 article notes that students at selective colleges are the ones more likely to be going into, say, social sciences or performing arts, while their peers at less selective colleges focus more on technical or directly job-related fields:

Students At Most Colleges Don’t Pick ‘Useless’ Majors

The article suggests that it could be that the selective school undergraduates assume they’re going on to graduate school so the undergraduate major matters less, or it could be that they expect their college name and network to open doors even where their major isn’t pre-professional. I would note also that more selective schools may not even have the pre-professional majors. Have you noticed this effect, and if so do you have thoughts on what causes it?

Paying for college

by Sheep Farmer

High school seniors are excited about college acceptances, and their parents are worrying about how they are going to finance the next four years. DD will be attending an Expensive Private College (EPC) starting in August. Luckily, she was awarded a merit scholarship that cuts tuition in half. Both sets of grandparents have generously contributed to a 529. I plan to pay the rest out of pocket. We have talked to her about working during the school year, but I told her that she could wait until after the first semester before deciding whether or not that is something that she wants to pursue. What are others doing to finance their children’s education, especially ones that will be attending EPCs? Have any of your kids considered the ROTC route? Are you going to encourage them to work during the school year? Are you willing to pay the full fare for an EPC?

Where the 1% attend college

by MooshiMooshi

Here is an utterly fascinating collection of data charts, showing where the types of colleges that the 1% attend vs the schools that the bottom 60% attend. It isn’t surprising that elite private schools do not enroll many of the bottom 60%. Near the bottom is a great chart showing the colleges with the highest mobility rates – the schools that propel students from lower income families into a higher income category, The chart shows the top 10, but you can type in the name of any school and get its position. My own employer came in at 75, which is not bad at all considering there are at least over 1000 schools on this list. We also have less than 1% enrollment of one-percenters, and 48% from the lower 60%.

The question that must be asked: why isn’t more charitable giving directed to the schools that are most successful at propelling lower income students into higher income categories? Charitable giving to universities is dominated by money going to the elites, which do not function well as engines of mobility. I think this idea of mobility as a measure of success needs to be more publicized, and donors who care about education should be encouraged to give to the schools that are already doing a good job at mobility.

Some Colleges Have More Students From the Top 1 Percent Than the Bottom 60. Find Yours.

Opinions? Should colleges be rewarded for helping more students move upwards?