Undergrad and Grad School, Private vs. Public

[bimmer456]

So is private school worth twice the tuition as public school? If you are getting the same salary it isn't worth it unless you're getting a free ride or the scholarship results in the cost being the same. Not sure why anyone would go to a private school and pay full price except for sentimental reasons. You could use the money to buy real estate which will go up in value versus blowing it on education and you'll never see that money ever again. Or invest it in the stock market and see 50+% return. That is your true opportunity cost, potentially millions of dollars versus being in debt for the rest of your life. What do you guys think?

[yco]

this should be considered with the area you live and department..
cause some private school departments are certainly better than public ones.. but i doesnt mean private is always better.. it needs to be thought more specifically..

[stbm5]

depends on the school and program. a lot of private schools are not great in sciences unless you are talking the big names.

[bimmer456]

An advice I've gotten from a friend is that you should declare independence from your parents, they should not declare you as a dependent on their tax return, that way you have 0 income and can get government assistance, presumably more if the school is higher tuition.

[Sea-Tac]

[QUOTE=bimmer456;23296326]So is private school worth twice the tuition as public school? If you are getting the same salary it isn't worth it unless you're getting a free ride or the scholarship results in the cost being the same. Not sure why anyone would go to a private school and pay full price except for sentimental reasons. You could use the money to buy real estate which will go up in value versus blowing it on education and you'll never see that money ever again. Or invest it in the stock market and see 50+% return. That is your true opportunity cost, potentially millions of dollars versus being in debt for the rest of your life. What do you guys think

I went to a public university and a private grad school. If they are both high caliber schools they they are pretty much equal except for maybe costs.

I sure don’t think the money spent on my college or grad school education was blown. Not even remotely. And it has been highly rewarding both personally and financially.

[bimmer456]

[QUOTE=Sea-Tac;23296406]

Originally Posted by bimmer456

So is private school worth twice the tuition as public school? If you are getting the same salary it isn't worth it unless you're getting a free ride or the scholarship results in the cost being the same. Not sure why anyone would go to a private school and pay full price except for sentimental reasons. You could use the money to buy real estate which will go up in value versus blowing it on education and you'll never see that money ever again. Or invest it in the stock market and see 50+% return. That is your true opportunity cost, potentially millions of dollars versus being in debt for the rest of your life. What do you guys think

I went to a public university and a private grad school. If they are both high caliber schools they they are pretty much equal except for maybe costs.

I sure don't think the money spent on my college or grad school education was blown. Not even remotely. And it has been highly rewarding both personally and financially.

It's all relative to how much you made after graduation. If it costs as much as a house to go to grad school versus costing as much as a car it may not be worth it at some point cost is a consideration when you can get the same experience for much less.

[JamesWWIII]

Originally Posted by Sea-Tac

If it costs as much as a house to go to grad school versus costing as much as a car it may not be worth it at some point cost is a consideration when you can get the same experience for much less.

If you attend grad school in the hard sciences and they aren’t paying you, you’re doing something wrong.

It’s not like med or law school, there’s no student loan debt waiting for you at the end of the road to a PhD. There might not be the primo job you were anticipating either, but that’s a whole other kettle of fish.

[Maynard]

This totally neglects the issue of career value and job prospects. In some fields, the connections you make, and the experiences (internships, etc.) that you can get access to will be invaluable, something that is nearly impossible to make up for coming 'from the outside'.

In the sciences, this makes perfect sense - anybody can read a book, but to study with truly top notch scientists/practitioners who are actively pushing the boundaries is in another league. But in business/government, I think this just supports the entrenched familial hierarchy (look at how many of Washington and Wall Street power players came from just a few schools and very elite fraternities). I suspect that a lot of the 'higher education is a rip-off' is a smoke screen to divert attention away from this hidden caste system (not that $150-250K for a liberal arts degree isn't a rip-off).

[MKSixer]

[QUOTE=Sea-Tac;23296406]

Originally Posted by bimmer456

So is private school worth twice the tuition as public school? If you are getting the same salary it isn't worth it unless you're getting a free ride or the scholarship results in the cost being the same. Not sure why anyone would go to a private school and pay full price except for sentimental reasons. You could use the money to buy real estate which will go up in value versus blowing it on education and you'll never see that money ever again. Or invest it in the stock market and see 50+% return. That is your true opportunity cost, potentially millions of dollars versus being in debt for the rest of your life. What do you guys think

I went to a public university and a private grad school. If they are both high caliber schools they they are pretty much equal except for maybe costs.

I sure don’t think the money spent on my college or grad school education was blown. Not even remotely. And it has been highly rewarding both personally and financially.

Private HS
Public Undergrad
Public Grad

Full ride in undergrad and grad.

An investment in education for personal edification should always be encouraged. This is a different decision than the decision for career selection and advancement. In certain fields going to certain schools is a big positive. The calculus one must make with regard to career is this: Will the investment pay dividends or leave you with an insurmountable mountain of debt.

[Darth One]

this is gonna be one of those big threads, i can sense.

my thought on this is that it's impossible to generalize whether private or public schools are overall better than the other. what i'd advise a would-be student is to select a short list of schools that are tops in the field they want to be in, that they can realistically get into with their numbers (plus a stretch or two)....and apply to those schools, agnostic of whether they are public or private.

then once you know where you've gotten in, make a decision according to your personal factors, including cost. typically the public school would have a lower cost of tuition, but only if you are a resident of that state.

[bimmer456]

So answer this question, do you think a bachelors degree is worth a quarter of a million dollars especially if you can get an AA degree from a JC and slash at least 40% off that bill by transferring to the private school instead of going there 4 years? Maybe if you're lucky you make $50k a year to start but many make less or can't even find a job.

[MKSixer]

Originally Posted by bimmer456

So answer this question, do you think a bachelors degree is worth a quarter of a million dollars especially if you can get an AA degree from a JC and slash at least 40% off that bill by transferring to the private school instead of going there 4 years? Maybe if you're lucky you make $50k a year to start but many make less or can't even find a job.

From the Social Security Administration:

Education and Lifetime Earnings

November 2015
There are substantial differences in lifetime earnings by educational attainment
Men with bachelor's degrees earn approximately $900,000 more in median lifetime earnings than high school graduates. Women with bachelor's degrees earn $630,000 more. Men with graduate degrees earn $1.5 million more in median lifetime earnings than high school graduates. Women with graduate degrees earn $1.1 million more.
After controlling for key socio-demographic variables that influence earnings and the probability of college completion, the differences in lifetime earnings by educational attainment are reduced, but still substantial
Regression estimates show that men with bachelor's degrees would earn $655,000 more in median lifetime earnings than high school graduates. Women with a bachelor's degrees would earn $450,000 more in median lifetime earnings than high school graduates.
We also measure the lifetime returns of educational attainment using the discounted present dollar value
Applying a 4 percent annual real discount rate, the net present lifetime value at age 20 of a bachelor's degree relative to a high school diploma is $260,000 for men and $180,000 for women. For those with a graduate degree, it is $400,000 for men and $310,000 for women.
Overall, these findings confirm the significant long-term economic benefits associated with college education.

https://www.ssa.gov/retirementpolicy...-earnings.html

[hooligan_G01]

Originally Posted by bimmer456

So answer this question, do you think a bachelors degree is worth a quarter of a million dollars especially if you can get an AA degree from a JC and slash at least 40% off that bill by transferring to the private school instead of going there 4 years? Maybe if you're lucky you make $50k a year to start but many make less or can't even find a job.

It's already been answered: it depends.

[fravel]

Unless one receives a scholarship and/or has someone else footing the bill for tuition, undergrad/grad school are both scams regardless of private vs public.

Learn a trade, name your price.

[aozer]

Went to public undergrad and grad, now an engineer at one of the top semiconductor companies in the world. Don’t think I would have done any better with a private school.

[Habs11]

Originally Posted by MKSixer

From the Social Security Administration:

Education and Lifetime Earnings

November 2015
There are substantial differences in lifetime earnings by educational attainment
Men with bachelor's degrees earn approximately $900,000 more in median lifetime earnings than high school graduates. Women with bachelor's degrees earn $630,000 more. Men with graduate degrees earn $1.5 million more in median lifetime earnings than high school graduates. Women with graduate degrees earn $1.1 million more.
After controlling for key socio-demographic variables that influence earnings and the probability of college completion, the differences in lifetime earnings by educational attainment are reduced, but still substantial
Regression estimates show that men with bachelor's degrees would earn $655,000 more in median lifetime earnings than high school graduates. Women with a bachelor's degrees would earn $450,000 more in median lifetime earnings than high school graduates.
We also measure the lifetime returns of educational attainment using the discounted present dollar value
Applying a 4 percent annual real discount rate, the net present lifetime value at age 20 of a bachelor's degree relative to a high school diploma is $260,000 for men and $180,000 for women. For those with a graduate degree, it is $400,000 for men and $310,000 for women.
Overall, these findings confirm the significant long-term economic benefits associated with college education.

https://www.ssa.gov/retirementpolicy...-earnings.html

This ^ with a lot of grains of salt.

1) School is more about what you put into it than anything else. I attended both Public and Private and came across under and over performers at each.

2) Your career is more about what you put into it than where you go to school. Although a big name school will open some doors that a public school will not, your ability and work ethic will drive your success more than the school you attend.

The figures quoted above are "substantial" for a reason and IMO it's not the schools or funds spent that created the differential, rather the student body that selected the schooling. Meaning I believe there is a weak causation of school selected and future earnings - again IMO the causation or correlation is with the individual making the selection and not the selection made.

[R3dliner]

If you go to a private college for a liberal arts degree then it's a waste of $$.
If you're in finance or health care, private colleagues will carry a better name and prestige and have better networking.
Ex. NYU here is very prestigious and the name carries itself better and than any SUNY.

OP what's your major you are talking about? Maybe that will narrow your answers down.

[bimmer456]

Originally Posted by R3dliner

If you go to a private college for a liberal arts degree then it's a waste of $$.
If you're in finance or health care, private colleagues will carry a better name and prestige and have better networking.
Ex. NYU here is very prestigious and the name carries itself better and than any SUNY.

OP what's your major you are talking about? Maybe that will narrow your answers down.

It definitely isn't worth it for liberal arts. Though some public schools are well regarded in health care and sciences. I'm just saying in general if it's worth it considering what else you could do with the money. USC vs UCLA I don't think it makes any difference as far as career prospects.

[R3dliner]

Originally Posted by bimmer456

I'm just saying in general if it's worth it considering what else you could do with the money. USC vs UCLA I don't think it makes any difference as far as career prospects.

Invest in crypto and fly to the moon

My nephew just got into UC Berkeley and I'm not too keen on westcoast schools besides cal tech and Sanford but he was telling me competition is unreal even getting into Berkeley from which I always thought was a very prestigious SUNY.

[KenB925]

When I was younger I didn't think it mattered at all, but the more I see the more I think that the 'Brand' matters more then just about anything else.

I can break my friends into 3 groups.

1. Average earners getting paid market value, may have been laid off with a down turn. The 'Brand' is less important here, but still helpful to get you in the door.

2. Self starters, people who work for themselves, may not have advanced degrees.

3. The people that I know that have 'Good Jobs' making good money, stock options, ect largely belong the the 'Good' brand group.

The 'Good' brand gets you hired, it is all about networking. When you are at a private/expensive school your classmates come from families that have money and that is what creates opportunity. Your buddies dad is the CEO of xyz and can get you an interview. Or they guy interviewing you went to the same school or the same frat 10 years ago.

I don't have time t go into more detail now, but lets just say.

What you know counts for very little if you never get in the door.

[upstatedoc]

Originally Posted by R3dliner

Invest in crypto and fly to the moon

My nephew just got into UC Berkeley and I'm not too keen on westcoast schools besides cal tech and Sanford but he was telling me competition is unreal even getting into Berkeley from which I always thought was a very prestigious SUNY.

SUNY=State University of New York

[R3dliner]

Originally Posted by upstatedoc

SUNY=State University of New York

No need to be a smart ass. I think the OP understood my jist.
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