Al Renovation Rumors

[WarriorFan]

I recall the guy down the floor from me in McCormick had a bunch of t-shirts made that said
"9 month party, $10,000 cover charge" around the MU logo.

I think he paid his cover charge.

And that's about what it cost wen I went there.

Can't imagine $47k now.  I'd only pay that for business or engineering for my kids.  State schools for them if they want to major in underwater basketweaving.

[Chicago_inferiority_complexes]

$47K per year.  That was painful to type.

I graduated from undergrad in 2007 with obscene debts. I would bet that by 2017 my debt level from then will be about average, though. Don't know how this is sustainable. No way I would ever recommend someone do it again.

Unless you are loaded beyond belief, I don't know why any degree or experience at full cost at Marquette is worth it compared to Madison (or U of Ill if you're from Ill).

I mean really, should the reasonably successful guy who makes low six-figures and has modest savings with 3-4 kids believe that it's a good investment to spend another $20-25k per year on ANY degree from MU compared to Madison?

[Canned Goods n Ammo]

I love Marquette, and I realize rising tuition is a problem that is bigger than Marquette.

But this is totally counter to their mission. Containing tuition increases should be priority #1, not new construction.

Bingo.

Capital expenditures are sexy, but the school really needs to get it's economics in order. Can they be more efficient with what they have?

At some point in the future, they are going to price themselves out of the market, and that's going to be a PAINFUL lesson... especially on a campus full of shiny new buildings.

[jsglow]

I love Marquette, and I realize rising tuition is a problem that is bigger than Marquette.

But this is totally counter to their mission. Containing tuition increases should be priority #1, not new construction.

I don't recall the exact increase this upcoming year (to the $47K I reported) but it was the smallest percentage increase in something like a dozen years.  Everyone understands that there is a problem and that affordability coupled with a shrinking 18 y/o population are the greatest long term risks to the university.  As I said in this thread, real cuts are happening and McCormick isn't coming down.  

And do understand, there are some who believe that basketball expenditures at the levels historically seen aren't warranted.  I will tell you that's a minority as most recognize the value.

[jsglow]

One more quick comment.  $47 is the 'rack rate'.  If your student is highly sought after, significant scholarships really bring that down.  It's how private universities compete for the best and brightest.

But for the kid with the 3.0 HS GPA and a 27 on his ACT......

[MU Fan in Connecticut]

Don't have kids yet, not even married yet...but does anyone here have a 529 plan for their kid(s)?

How effective a mechanism is it for saving for college?

I have one for each daughter.  When the time comes it won't pay for a year at Marquette but I figure anything is better than nothing.

[Benny B]

Don't have kids yet, not even married yet...but does anyone here have a 529 plan for their kid(s)?

How effective a mechanism is it for saving for college?

I got a plan for my kids... it's called enrolling them in the least popular scholarship sport.  No soccer, no football, no baseball, no basketball, no gymnastics.  One daughter will be a bowler, the other will play golf or hockey, and my son will be a wrestler.  If that doesn't pan out, they can go get a surg tech degree or something at the community college and be making more money at 20 y/o than it would have cost for a year of private college tuition.

[reinko]

I got a plan for my kids... it's called enrolling them in the least popular scholarship sport.  No soccer, no football, no baseball, no basketball, no gymnastics.  One daughter will be a bowler, the other will play golf or hockey, and my son will be a wrestler.  If that doesn't pan out, they can go get a surg tech degree or something at the community college and be making more money at 20 y/o than it would have cost for a year of private college tuition.

HVAC: People will always want to be cool in the summer, and warm in the winter.

[4everwarriors]

Marry money

[MU Fan in Connecticut]

I got a plan for my kids... it's called enrolling them in the least popular scholarship sport.  No soccer, no football, no baseball, no basketball, no gymnastics.  One daughter will be a bowler, the other will play golf or hockey, and my son will be a wrestler.  If that doesn't pan out, they can go get a surg tech degree or something at the community college and be making more money at 20 y/o than it would have cost for a year of private college tuition.

My kids have been doing archery.

I heard some story, that decades ago a wealthy alum left tons of money to (I think) George Washington University for Badminton scholarships and that a good number are available every year simply because no one know about them so know one applies.  

[Chicago_inferiority_complexes]

How do you start a 529? Someone once told me that you can start it before you even have kids? Is that true?

Do you get it through Fidelity or Vanguard or something?

[reinko]

How do you start a 529? Someone once told me that you can start it before you even have kids? Is that true?

Do you get it through Fidelity or Vanguard or something?

Each state runs it's own 529 program, so just look up who your state uses.  Here is a helpful link: http://www.savingforcollege.com/529_plan_details/

As for starting before a child is born, yes you can.  In creating a 529, name yourself the beneficiary, then after Warrior07 junior comes along, name them the beneficiary.  This article breaks it down.  http://www.usnews.com/education/best-colleges/paying-for-college/articles/2013/07/31/kick-off-college-savings-before-a-child-is-born

[swoopem]

I got a plan for my kids... it's called enrolling them in the least popular scholarship sport.  No soccer, no football, no baseball, no basketball, no gymnastics.  One daughter will be a bowler, the other will play golf or hockey, and my son will be a wrestler.  If that doesn't pan out, they can go get a surg tech degree or something at the community college and be making more money at 20 y/o than it would have cost for a year of private college tuition.

Just got to make your son the best long snapper or kicker possible. I went to high school with a guy who couldn't play offensive line to save his life, but got a scholarship to Syracuse for long snapper. Pretty smart.

[MU Fan in Connecticut]

Each state runs it's own 529 program, so just look up who your state uses.  Here is a helpful link: http://www.savingforcollege.com/529_plan_details/

As for starting before a child is born, yes you can.  In creating a 529, name yourself the beneficiary, then after Warrior07 junior comes along, name them the beneficiary.  This article breaks it down.  http://www.usnews.com/education/best-colleges/paying-for-college/articles/2013/07/31/kick-off-college-savings-before-a-child-is-born

Or see your financial advisor. 

[TAMU, Knower of Ball]

So you would send, what, 1,500 additional students onto the rental market around campus?  Do you think that there is the capacity to handle that safely and effectively?  Do we want students living further west or north than they do already?

In short, yes.

But I would actually lift the bans on upperclassmen living on campus. Most universities use a model where freshmen must live on campus and the rest have the option to. But freshmen get first priority.

[TAMU, Knower of Ball]

The tuition raising is a terrifying prospect. Student loan reform is coming in the next ten years. Forget about students having massive debt when they graduate, they literally won't be able to assemble the loans in order to come to Marquette.

I really don't think curbing tuition's rise is enough. I think drastic changes need to be made in order to actually lower tuition from it's current point. If we don't, I think we will survive student loan reform, but we won't thrive.

We could see 100s of universities closing in the next 50 years. I think our prestige will save us, but small, private, liberal arts universities are going to take huge hits. The ROI simply isn't good enough compared to the large state research 1 universities.

[Benny B]

Just got to make your son the best long snapper or kicker possible. I went to high school with a guy who couldn't play offensive line to save his life, but got a scholarship to Syracuse for long snapper. Pretty smart.

I've always said the easiest way to a professional sports career is looking backwards through your legs (long snapper) or looking sideways at homeplate (sidearm/submarine lefty reliever).

[jesmu84]

I've always said the easiest way to a professional sports career is looking backwards through your legs (long snapper) or looking sideways at homeplate (sidearm/submarine lefty reliever).

Have your son grow up playing soccer, in high school, have them dual-sport in football/soccer as a kicker. Get help learning how to kick/punt - scholarship.

[keefe]

I've always said the easiest way to a professional sports career is looking backwards through your legs (long snapper)

I tried long snapping but the ball kept getting batted forward.

[Spotcheck Billy]

I tried long snapping but the ball kept getting batted forward.

That's gotta hurt!

[Coleman]

In short, yes.

But I would actually lift the bans on upperclassmen living on campus. Most universities use a model where freshmen must live on campus and the rest have the option to. But freshmen get first priority.

There is no "ban." If you are a junior or senior and want to live on campus, there are options available to you, primarily in Humphrey or Campus Town.

No, you can't live in McCormick, but its not like MU says you can't live on campus.

[Coleman]

The tuition raising is a terrifying prospect. Student loan reform is coming in the next ten years. Forget about students having massive debt when they graduate, they literally won't be able to assemble the loans in order to come to Marquette.

I really don't think curbing tuition's rise is enough. I think drastic changes need to be made in order to actually lower tuition from it's current point. If we don't, I think we will survive student loan reform, but we won't thrive.

We could see 100s of universities closing in the next 50 years. I think our prestige will save us, but small, private, liberal arts universities are going to take huge hits. The ROI simply isn't good enough compared to the large state research 1 universities.

I agree.

I think what needs to happen is that students pay a smaller fee up front (<$10,000 per year for tuition/room board, less than that if you live off campus) and then also have some sort of arrangement where alumni pay a percentage of take home pay (10%? 15%? 20%?....whatever the right number statistically is for it to be sustainable for the university and for the graduate) for X number of years (10 years? 15 years?...again, there are people smarter than I who could do the actuarials).

The other thing that needs to happen is that universities need to foster entrepreneurship and small businesses by students and use these ventures to generate revenue. For example, dozens of companies are founded at MIT by its students each year. There has to be ways for universities to monetize these ventures.

Another example is that Loyola Chicago has a hotel on campus that its students run and manage. I'm not sure how much profit it generates, but universities need to think outside the box and diversify revenue streams besides just donations and tuition.

[jsglow]

We could see 100s of universities closing in the next 50 years. I think our prestige will save us, but small, private, liberal arts universities are going to take huge hits. The ROI simply isn't good enough compared to the large state research 1 universities.

Concur.

[GGGG]

The other thing that needs to happen is that universities need to foster entrepreneurship and small businesses by students and use these ventures to generate revenue. For example, dozens of companies are founded at MIT by its students each year. There has to be ways for universities to monetize these ventures.

WARF is the private entity that holds all of UW-Madison's research licensing.  It provides UW-Madison with $45 million annually.  How much is $45M to UW-Madison?  1.6% of its annual budget of $2.8B.

Alternative revenue streams are always talked about, but they are extremely difficult to accomplish because colleges and universities are not venture funds.  It isn't what they do.  And even if they can figure it out, they aren't that lucrative.  (See UW-Madison example.)  It is simply a drop in the bucket when compared to items like tuition.

[Coleman]

WARF is the private entity that holds all of UW-Madison's research licensing.  It provides UW-Madison with $45 million annually.  How much is $45M to UW-Madison?  1.6% of its annual budget of $2.8B.

Alternative revenue streams are always talked about, but they are extremely difficult to accomplish because colleges and universities are not venture funds.  It isn't what they do.  And even if they can figure it out, they aren't that lucrative.  (See UW-Madison example.)  It is simply a drop in the bucket when compared to items like tuition.

Right, but it needs to be a combination of things, like I said in my post. Alternative revenue is just one piece of the pie.

Agree it won't solve all the problems. But $45 million annually would be helpful.