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Author Topic: Families in the Northeast pay twice as much for college  (Read 17318 times)

Eldon

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Families in the Northeast pay twice as much for college
« on: July 21, 2017, 07:42:55 AM »
A new report from student loan lender Sallie Mae found that families living in the Northeast are more likely than the rest of the US to consider the quality of a university's academic program when choosing a school, rather than the price tag.

Notably, families in the Northeast spend about 70% more on college than those living in the West, Midwest, and South, borrowing money and using parent contributions at a higher rate to cover the cost.

The typical family in the Northeast pays $35,431 for college. That's nearly twice the average amount spent by families in the West — $19,181 — while families in the Midwest and the South pay $21,577 and $20,953, respectively.


https://finance.yahoo.com/news/families-northeast-spend-70-more-141200213.html


tl;dr: People on the East Coast love the name of the school, cost be damned.  Where is MUFNY when you need him? 

GB Warrior

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Re: Families in the Northeast pay twice as much for college
« Reply #1 on: July 21, 2017, 08:06:20 AM »
Why don't they just go to the Harvard of the midwest

Side note: I'm a bit out of touch with my generation's internet speak etiquette, but aren't you supposed to put the tl;dr disclosure before someone finishes your post?  ;)
tl;dr: People on the East Coast love the name of the school, cost be damned.  Where is MUFNY when you need him?
« Last Edit: July 21, 2017, 08:09:56 AM by GB Warrior »

MU82

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Re: Families in the Northeast pay twice as much for college
« Reply #2 on: July 21, 2017, 08:08:36 AM »
I'm not surprised that NE families spend more; I was surprised by the amount of the difference.

I don't like to generalize, but in my experience (as a child of the Northeast), "prestige" was extremely important to my friends and their parents. Even the No. 1 factor in many, many cases.
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warriorchick

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Re: Families in the Northeast pay twice as much for college
« Reply #3 on: July 21, 2017, 08:14:12 AM »


tl;dr: People on the East Coast love the name of the school, cost be damned.  Where is MUFNY when you need him?

Exactly.  When I lived on the East Coast, I had a friend who graduated from a public high school in a tony Boston suburb near the top of her class.  She told me that at commencement, it was a tradition at their school to announce where the student was going to go to college as they crossed the stage.  When it was her turn, it was "Chick's Friend, University of Massachusetts".

After the ceremony, her parents were approached by several people who all said something along the lines of "UMass?  What happened?  Did she bomb her SATs or something?"

Fortunately, my friend overcame the handicap of an inferior education and is a top executive at a major company.
Have some patience, FFS.

jsglow

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Re: Families in the Northeast pay twice as much for college
« Reply #4 on: July 21, 2017, 08:16:14 AM »
I'm not surprised that NE families spend more; I was surprised by the amount of the difference.

I don't like to generalize, but in my experience (as a child of the Northeast), "prestige" was extremely important to my friends and their parents. Even the No. 1 factor in many, many cases.

In Boston a stranger asks you three and only three questions. What specific town do you live in? What car do you drive? Where did you go to school?

We absolutely hated it out there.

MUBurrow

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Re: Families in the Northeast pay twice as much for college
« Reply #5 on: July 21, 2017, 08:40:30 AM »
Exactly.  When I lived on the East Coast, I had a friend who graduated from a public high school in a tony Boston suburb near the top of her class.  She told me that at commencement, it was a tradition at their school to announce where the student was going to go to college as they crossed the stage.  When it was her turn, it was "Chick's Friend, University of Massachusetts".

After the ceremony, her parents were approached by several people who all said something along the lines of "UMass?  What happened?  Did she bomb her SATs or something?"

Fortunately, my friend overcame the handicap of an inferior education and is a top executive at a major company.

Asking largely out of ignorance of how things operate out there, but isn't there an argument that it was actually more economically risky in the long run for your friend to save money and go to UMass than to have taken out a boatload of debt to go to one of the schools she was expected to attend? It sounds counterintuitive, but given where she was from, the attitudes as I understand them, and the job pipeline/alumni networks, reaching the C-Suite was basically assumed if her resume read as people expected. Sure there would have been the debt to pay off, and your friend is doing great on her own merits, but I could certainly see the appeal of just going to the prestige school regardless of cost if it made the path to success (and a fat salary) significantly more mapped out when I graduated high school at 18.

jsglow

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Re: Families in the Northeast pay twice as much for college
« Reply #6 on: July 21, 2017, 08:50:21 AM »
Asking largely out of ignorance of how things operate out there, but isn't there an argument that it was actually more economically risky in the long run for your friend to save money and go to UMass than to have taken out a boatload of debt to go to one of the schools she was expected to attend? It sounds counterintuitive, but given where she was from, the attitudes as I understand them, and the job pipeline/alumni networks, reaching the C-Suite was basically assumed if her resume read as people expected. Sure there would have been the debt to pay off, and your friend is doing great on her own merits, but I could certainly see the appeal of just going to the prestige school regardless of cost if it made the path to success (and a fat salary) significantly more mapped out when I graduated high school at 18.

Perhaps, but what one can't appreciate unless they live in the Northeast is how so very much folks out there judge others on the stereotypes of perceived economic and social class.  'You're from Milwaukee?  I'm so sorry.'  Seriously, it's THAT bad.

Dr. Blackheart

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Re: Families in the Northeast pay twice as much for college
« Reply #7 on: July 21, 2017, 08:53:47 AM »
2X for a lower acceptance rate, ai-na?

forgetful

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Re: Families in the Northeast pay twice as much for college
« Reply #8 on: July 21, 2017, 09:12:16 AM »

After the ceremony, her parents were approached by several people who all said something along the lines of "UMass?  What happened?  Did she bomb her SATs or something?"

Fortunately, my friend overcame the handicap of an inferior education and is a top executive at a major company.

That often happens in the Midwest too.  Same stigma with going to an affordable college.  If they don't say it to you personally, they say it to your friends.

warriorchick

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Re: Families in the Northeast pay twice as much for college
« Reply #9 on: July 21, 2017, 09:33:11 AM »
That often happens in the Midwest too.  Same stigma with going to an affordable college.  If they don't say it to you personally, they say it to your friends.

Honestly, I have never heard that.  And I would assume that I would be hearing that about other people.
Have some patience, FFS.

CTWarrior

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Re: Families in the Northeast pay twice as much for college
« Reply #10 on: July 21, 2017, 09:33:31 AM »
Perhaps, but what one can't appreciate unless they live in the Northeast is how so very much folks out there judge others on the stereotypes of perceived economic and social class.  'You're from Milwaukee?  I'm so sorry.'  Seriously, it's THAT bad.

Who the heck were you hanging out with?  I've lived in New England for 55 years, and I do not ever recall being asked in a casual conversation what college I went to or what car I drove, unless the conversation was specifically about college experiences or cars, which is not very common.  I'm more likely to volunteer I went to Marquette than to be asked about it.  Far more common to be asked where you work or what high school you went to, usually to see if a new acquaintance and you may have common friends, pretty much like anywhere else, I expect.

Families here are just like families anywhere else.  Believe it or not we play softball and go to bars and drink beer (though we're not as snooty about the choice of beer as you Wisconsinites) and have cookouts like pretty much everyone else.  People usually send their kids to the best schools the kid can get into that the family can afford.  Most kids in CT go to UConn or one of the other state schools or one of the seemingly thousands colleges of all varieties in the MA/CT/NY/NJ area.  The wealthy families send their kids to Ivy League schools and Georgetown (which is crazy popular among Fairfield County residents).  My wife and I have one child, and since we were both working fulltime since we were married and had the foresight to put away money from the start for college, could afford to send our kid anywhere.  He ended up selecting a Patriot League school, and after his junior year had a dozen high-paying internship offers and after graduation had a line of recruiters trying to entice him to go work for them, as did pretty much all of his classmates.  His state school friends definitely did not have the same level of opportunities.  Not sure why sending your kid to a school you can afford at which he'll be happy that gives him the best chance of success is a snobby Northeast thing.  If it is, I guess I'm a snobby Northeasterner.

Calvin:  I'm a genius.  But I'm a misunderstood genius. 
Hobbes:  What's misunderstood about you?
Calvin:  Nobody thinks I'm a genius.

warriorchick

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Re: Families in the Northeast pay twice as much for college
« Reply #11 on: July 21, 2017, 09:34:36 AM »
Perhaps, but what one can't appreciate unless they live in the Northeast is how so very much folks out there judge others on the stereotypes of perceived economic and social class.  'You're from Milwaukee?  I'm so sorry.'  Seriously, it's THAT bad.

Have some patience, FFS.

jsglow

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Re: Families in the Northeast pay twice as much for college
« Reply #12 on: July 21, 2017, 09:40:03 AM »
Who the heck were you hanging out with?  I've lived in New England for 55 years, and I do not ever recall being asked in a casual conversation what college I went to or what car I drove, unless the conversation was specifically about college experiences or cars, which is not very common.  I'm more likely to volunteer I went to Marquette than to be asked about it.  Far more common to be asked where you work or what high school you went to, usually to see if a new acquaintance and you may have common friends, pretty much like anywhere else, I expect.

Families here are just like families anywhere else.  Believe it or not we play softball and go to bars and drink beer (though we're not as snooty about the choice of beer as you Wisconsinites) and have cookouts like pretty much everyone else.  People usually send their kids to the best schools the kid can get into that the family can afford.  Most kids in CT go to UConn or one of the other state schools or one of the seemingly thousands colleges of all varieties in the MA/CT/NY/NJ area.  The wealthy families send their kids to Ivy League schools and Georgetown (which is crazy popular among Fairfield County residents).  My wife and I have one child, and since we were both working fulltime since we were married and had the foresight to put away money from the start for college, could afford to send our kid anywhere.  He ended up selecting a Patriot League school, and after his junior year had a dozen high-paying internship offers and after graduation had a line of recruiters trying to entice him to go work for them, as did pretty much all of his classmates.  His state school friends definitely did not have the same level of opportunities.  Not sure why sending your kid to a school you can afford at which he'll be happy that gives him the best chance of success is a snobby Northeast thing.  If it is, I guess I'm a snobby Northeasterner.

Absolutely NOTHING against you CT.  But I think that unless one is from the outside one can't see it.  Now NYC (and probably CT as an extension), completely different story in my experience.  So many transplants, especially in Manhattan.  Again, everyone's mileage varies.  But the term 'Mpretty boy' doesn't spring from nothing.

WOW, a scoop autocorrect!
« Last Edit: July 21, 2017, 09:45:09 AM by jHausglow »

jsglow

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Re: Families in the Northeast pay twice as much for college
« Reply #13 on: July 21, 2017, 09:47:13 AM »
That often happens in the Midwest too.  Same stigma with going to an affordable college.  If they don't say it to you personally, they say it to your friends.

They only say that about Whitewater and Oshkosh!   ;D

MU82

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Re: Families in the Northeast pay twice as much for college
« Reply #14 on: July 21, 2017, 09:54:10 AM »
That often happens in the Midwest too.  Same stigma with going to an affordable college.  If they don't say it to you personally, they say it to your friends.

Grew up in CT and spent my first 18 years there. Spent the next 32 years in the Midwest. Have lived in NC since 2010.

Definitely more of a "thing" where I grew up. In the Midwest, it was more if you were going to Northwestern or Harvard or Stanford or wherever, people being impressed but not necessarily making faces when you weren't going to one of those schools. My son went to Illinois - a good state university but not Northwestern or Chicago or Notre Dame - and everybody offered sincere congrats and seemed impressed with that. If we had still lived in CT and he had opted for UConn, there likely would have been more "lookin' down the nose" at it.

Interestingly, because of my timing, folks where I grew up were pretty impressed with my Marquette decision. I made the decision in the winter of 1978, so we were the defending national basketball champions and were looking ready to make another nice NCAA run. So there was name recognition.

Here in the south, it's not a thing at all. If you can string two sentences together, and stick in a homey "y'all," they're very impressed!  ;)
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mu_hilltopper

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Re: Families in the Northeast pay twice as much for college
« Reply #15 on: July 21, 2017, 09:54:32 AM »
Appropriate for this thread ..

Since 1999 / 18 years .. Americans have 137% more auto debt.  99% more mortgage debt.  23% more credit card debt.

And 828% more student loan debt.  Eight-hundred-Twenty-Eight Percent !!

https://www.axios.com/american-household-debt-2458678450.html

jsglow

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Re: Families in the Northeast pay twice as much for college
« Reply #16 on: July 21, 2017, 09:55:26 AM »
I will add this.  I've heard that until recent years Milwaukee felt somewhat 'closed' for outsiders and that the influx of educated outsiders say in the last 10-15 years has helped some.  I can absolutely see that.  Forever I have said how every Milwaukeean should be required to live somewhere else for two years before being allowed to return home.  Maybe then they won't bitch about $5 parking downtown or that Summerfest is up to a ghastly $15.  Too many in MKE don't know how absolutely great they've got it.

CTWarrior

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Re: Families in the Northeast pay twice as much for college
« Reply #17 on: July 21, 2017, 10:23:19 AM »
Grew up in CT and spent my first 18 years there. Spent the next 32 years in the Midwest. Have lived in NC since 2010.

Definitely more of a "thing" where I grew up. In the Midwest, it was more if you were going to Northwestern or Harvard or Stanford or wherever, people being impressed but not necessarily making faces when you weren't going to one of those schools. My son went to Illinois - a good state university but not Northwestern or Chicago or Notre Dame - and everybody offered sincere congrats and seemed impressed with that. If we had still lived in CT and he had opted for UConn, there likely would have been more "lookin' down the nose" at it.

Interestingly, because of my timing, folks where I grew up were pretty impressed with my Marquette decision. I made the decision in the winter of 1978, so we were the defending national basketball champions and were looking ready to make another nice NCAA run. So there was name recognition.

Here in the south, it's not a thing at all. If you can string two sentences together, and stick in a homey "y'all," they're very impressed!  ;)

I don't know what it is about this topic that gets my goat. 

Geez, MU82.  You and I are about the same age.  Back then people were just impressed that you were going to a four year college at all!  Way more kids go to UConn or the state schools like Southern or Western or UMass than go to prestigious private schools so there must be an awful lot of "lookin' down the nose at".  Sure, there are wealthy folks that think that way, but those people exist everywhere.  I see little evidence from your upper middle-class families on down (my social circle, which is also 90+% of the population) that there is anything like that.  Maybe I'm just hanging and working with the wrong (or right) people.
Calvin:  I'm a genius.  But I'm a misunderstood genius. 
Hobbes:  What's misunderstood about you?
Calvin:  Nobody thinks I'm a genius.

4everwarriors

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Re: Families in the Northeast pay twice as much for college
« Reply #18 on: July 21, 2017, 10:29:39 AM »
Appropriate for this thread ..

Since 1999 / 18 years .. Americans have 137% more auto debt.  99% more mortgage debt.  23% more credit card debt.

And 828% more student loan debt.  Eight-hundred-Twenty-Eight Percent !!

https://www.axios.com/american-household-debt-2458678450.html



Hope ya got da 529 thin' goin' on, hey?
"Give 'Em Hell, Al"

PBRme

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Re: Families in the Northeast pay twice as much for college
« Reply #19 on: July 21, 2017, 10:37:49 AM »
I will add this.  I've heard that until recent years Milwaukee felt somewhat 'closed' for outsiders and that the influx of educated outsiders say in the last 10-15 years has helped some.  I can absolutely see that.  Forever I have said how every Milwaukeean should be required to live somewhere else for two years before being allowed to return home.  Maybe then they won't bitch about $5 parking downtown or that Summerfest is up to a ghastly $15.  Too many in MKE don't know how absolutely great they've got it.

+1
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MU Fan in Connecticut

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Re: Families in the Northeast pay twice as much for college
« Reply #20 on: July 21, 2017, 12:29:47 PM »
Who the heck were you hanging out with?  I've lived in New England for 55 years, and I do not ever recall being asked in a casual conversation what college I went to or what car I drove, unless the conversation was specifically about college experiences or cars, which is not very common.  I'm more likely to volunteer I went to Marquette than to be asked about it.  Far more common to be asked where you work or what high school you went to, usually to see if a new acquaintance and you may have common friends, pretty much like anywhere else, I expect.

Families here are just like families anywhere else.  Believe it or not we play softball and go to bars and drink beer (though we're not as snooty about the choice of beer as you Wisconsinites) and have cookouts like pretty much everyone else.  People usually send their kids to the best schools the kid can get into that the family can afford.  Most kids in CT go to UConn or one of the other state schools or one of the seemingly thousands colleges of all varieties in the MA/CT/NY/NJ area.  The wealthy families send their kids to Ivy League schools and Georgetown (which is crazy popular among Fairfield County residents).  My wife and I have one child, and since we were both working fulltime since we were married and had the foresight to put away money from the start for college, could afford to send our kid anywhere.  He ended up selecting a Patriot League school, and after his junior year had a dozen high-paying internship offers and after graduation had a line of recruiters trying to entice him to go work for them, as did pretty much all of his classmates.  His state school friends definitely did not have the same level of opportunities.  Not sure why sending your kid to a school you can afford at which he'll be happy that gives him the best chance of success is a snobby Northeast thing.  If it is, I guess I'm a snobby Northeasterner.

This turn in the thread rubs me the wrong way too.  The third Connecticut Yankee needs to chime in. 

Other than my 4 years at Marquette I've lived in New England my whole life.  I never hear at the top of anyone's question list "what school did you go to?" either.  I'm also more likely to volunteer I went to Marquette than to be asked about it, which is a thing that bothers my wife!

Most kids seem to target UConn or another Northeast Public Institution.  If they're looking private I hear a lot kids looking to stay local for Qunnipiac or Fairfield U or University of Hartford or go to a school in the DC area (which seems to be popular). 

Back in 1987 through today people are pretty impressed that I attended Marquette also!  And older people are all familiar with the '70s era basketball team.  Younger people say, "Dwyane Wade!"

I don't understand the Northeast hate?  I do know that New Englanders are very particular about education only because it's been that way since the Pilgrims landed. 

jsglow

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Re: Families in the Northeast pay twice as much for college
« Reply #21 on: July 21, 2017, 12:53:51 PM »
Another one of my Massachusetts expressions.

'They really do believe that the world ends at the Berkshire mountains'.

I know you guys here on scoop are fine people and I'm sincerely glad you're happy out there.  When you find a group of 'non-natives', especially in metro Boston that feel the same way, please let me know.  The exception might be if someone went to college in the Hub (even that's elitist).  That seemed to get one into the club.  And I must add, our experience out there was 30 years ago during the so-called Massachusetts Miracle time period.  Perhaps things are different.

Chick and I really disliked it.  But that's why we live in a great county and can migrate to where we want.  Have a great weekend all.  Well, except for you Pats fans!  Kidding, kidding.

MU Fan in Connecticut

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Re: Families in the Northeast pay twice as much for college
« Reply #22 on: July 21, 2017, 01:57:04 PM »
Another one of my Massachusetts expressions.

'They really do believe that the world ends at the Berkshire mountains'.

I know you guys here on scoop are fine people and I'm sincerely glad you're happy out there.  When you find a group of 'non-natives', especially in metro Boston that feel the same way, please let me know.  The exception might be if someone went to college in the Hub (even that's elitist).  That seemed to get one into the club.  And I must add, our experience out there was 30 years ago during the so-called Massachusetts Miracle time period.  Perhaps things are different.

Chick and I really disliked it.  But that's why we live in a great county and can migrate to where we want.  Have a great weekend all.  Well, except for you Pats fans!  Kidding, kidding.

On another note, my fellow Nutmeggers can probably address is there is Boston and then there is the rest of New England.  For example, outside of New England people assume everyone is a Boston Red Sox fan.  In Connecticut & Rhode Island there are probably just as many Yankee fans.      Don't mistake Boston for the rest of New England.

jsglow

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Re: Families in the Northeast pay twice as much for college
« Reply #23 on: July 21, 2017, 02:24:02 PM »
On another note, my fellow Nutmeggers can probably address is there is Boston and then there is the rest of New England.  For example, outside of New England people assume everyone is a Boston Red Sox fan.  In Connecticut & Rhode Island there are probably just as many Yankee fans.      Don't mistake Boston for the rest of New England.

100% true.  That was very much our experience.

muwarrior69

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Re: Families in the Northeast pay twice as much for college
« Reply #24 on: July 21, 2017, 03:41:14 PM »
I grew up in New Brunswick, NJ. I lived about a mile where the first college football game was played between Princeton and Rutgers. Within a 50 mile radius there are a plethora of highly regarded colleges and universities: Princeton, Columbia, Yale, University of Pennsylvania and Rutgers. Then the the Catholic Schools as well, like Villanova, La Salle, St. Joes, Fordham, and St. Johns. I chose Marquette because as an only child I wanted to experience being on my own and at the time Dentistry interested me and MU had and still has a great school of Dentistry. (I did not become a Dentist).

After graduating and returning to New Jersey I joined a local community theatre group in Princeton which a few Princeton students belonged. During rehearsal they would study and I noticed that they had the same Biology, Chemistry, English, and Western Civ text books I had at MU. I realized my education at MU was essentially no different than at Princeton. If there was a difference it was that "Princeton" probably opened a few more doors than "Marquette".

As for paying more for college: My daughter was not sure what she wanted to do. So I told her to go to the community college until she figured it out. The tuition at the community college for two years was less than the tuition at Rutgers for one semester and Rutgers was not that expensive about 3 or 4K in 2003 IRCC.

She decided to go to Rider for an accounting degree. All her Credits transferred so we only had to pay 2 full years of tuition for a BA in accounting.

After that, it is your work experience that really counts.
« Last Edit: July 21, 2017, 03:46:07 PM by muwarrior69 »