Debt vs. expensive university education

A reader left this comment in our post asking if college loans are worth it. It’s an interesting take so I guess it warrants a longer answer.

If an upper class parent is able to afford to send their child to the expensive university, does that mean that same child will land the job that a middle class child will not be able to get because they didn’t go to that expensive university?

I am asking myself this question over and over. I want my child to attend the university, but really cannot afford it without lots of loans. The financial aid isn’t enough, middle class don’t get the aid that lower income people can hopefully get.

My child is worth it, my child worked very hard to get the grades in high school that got him/her accepted into the university.

Why should my child not be able to go because of money? What message is that sending him/her. Work hard, but it won’t matter because the only thing that really matters in life is how much money you or your parents have?
Do you think the job market will hire the child that graduated from the expensive university over the child that did not?

Silver spoon kids definitely have the black and white advantage. Aside from access to education, there’s always the pre-existing networks and linkages that they can exploit in the job market. They definitely don’t have the pressure to earn like middle class kids do. They probably have trust funds and can just wing life if they want.

Still, everything still boils down to how one maximizes the opportunities present. The (still) great thing about America is that you don’t need to have a fancy degree to make things work. You can always go for more affordable education. No need to place yourself and your child in debt for years to come just because a Harvard degree might give your kid a better shot. It’s not always a guarantee.

I guess it’s wrong to think of sending the wrong message. Hard work should be rewarded, yes. But if the cost of that reward is simply sinking yourselves in debt, then that would probably be the wrong message. Your kid can always go back to the more expensive university for a graduate degree.

I had that same dilemma years back. I got into a great degree program in one of the most expensive universities. But since we didn’t really had money, I opted to enter a state university instead. That didn’t discourage me though, I work hard, graduated with honors and, in no time, I’m pretty much doing quite well for myself.

Work hard, because it matters. Let me quote Conan O’Brien here: “Nobody in life gets exactly what they thought they were going to get. But if you work really hard and you’re kind, amazing things will happen.”

Related posts:

1. Is higher education the next bubble to burst?
2. Fresh graduates: Pay off your student debt
3. Unemployed? Try careers in education and health
4. Drop your vices and pay off your debt
5. Watch out for Christmas credit card debt