I've been lounging around, waiting for Institute for Teach For America and happened to pop on the TV to find Rachel Cruze spouting out nonsense concerning college. She's encouraging students to go to state schools that are far cheaper than their Elite peers and makes the argument that this will put these students at little to no disadvantage. That's a huge lie. I wish it weren't a huge lie, but it is. There are advantages and disadvantages to going to an Elite institution. Going to local state schools also has its own advantages as well. Here are a few actual tips to save money for college, that are doable by almost anyone.
1. Check out the Honors program of your State school-
Unless your State school is a UVA or UNC, then your state school is probably average in terms of rankings. Yet you hear of so many people getting amazing jobs after college. That my friends is a result of what some people call "Ivy patches". Honor Programs or Colleges within State institutions tend to provide elite level education regardless of the ranking of the school. These degrees are typically respected locally, so don't try to push your luck too much. Furthermore, these programs tend to have amazing networks all around the world, developed by alumni of the program. Needless to say, these students are the ones getting the best job offers from their career centers, while other students are expected to fumble through the job seeking process.
2. Ranking isn't everything, but it is something-
There are advantages for going to an elite institution. The first being name recognition. As I went on interviews for Teaching positions, just the mention of University of Michigan had Principals singing my accolades for academic achievement. Am I deserving of this kind of preferential treatment? Probably not. Did it land me jobs? I doubt it, hard work and dedication is still necessary. But it can be the little bit that puts you over an equally qualified candidate. Furthermore, these degrees have a further geographical reach than your local state school. This reach allows you to easily move throughout the country, while having employers respect your degree. Now if you're set on staying in your geographical region, then honestly you should go to the cheapest state school out there. People have an affinity for local universities and will typically put them on par with elite institutions that are out of state. If your university commands respect in the place where you want to work, then that's the only validation you need.
3. Elite schools have Elite Networks-
Elite schools have a plethora of successful alumni, allowing the opportunities offered through the career center to sometimes be life savers and well worth the high tuition. Now that doesn't mean all people who go to Elite Universities are entitled to these offers. Elite institutions have honors programs, just as other institutions do. Furthermore, the bigger your school, the more competition you're going to have to face. So don't think because you went to an "Elite" institution that a job is going to fall right into your lap. You need to work for it.
4. There is a debt limit that's hard to predict-
If you're planning to go into a field like Economics or Business and you are certain you will be pursuing these things for a career, then definitely go to an elite institution. Getting a BBA from the Ross School of Business in comparison to another Business school could be the difference between Wall Street and unemployment. The issue is many elite institutions are expensive and require you to go into a lot of debt. Some will say screw the debt, you'll be making a lot as an investment banker. Yes, that's true, if you become an investment banker. There needs to be a cap on what students take out in loans and I personally think parents need to take a more proactive role in tempering their kid's aspirations. A parent needs to ask themselves, "how determined is my child to go into finance or economics." If you think your child without a doubt is going to do it, then you should encourage them to take the debt out for a school that can give them the connections they need to get the job they want. If you aren't so sure, then maybe you should encourage your child to go to a cheaper University. Lower rankings do not mean there is any difference in the quality of the education.
5. You go to college for peers, not Professors-
If you're serious about school and have worked hard to attend a great University, then your entitlement isn't to an elite institution, it's to an exceptional cadre of colleagues. That's sometimes the issue with lower ranking schools. The education is great and the opportunities are great, but the student body ends up lacking because the standards to be admitted are far lower than that of a higher ranking school. While making friends may not be your top priority, it can be integral to having a good college experience. Keep this in mind
6. I'm serious about going into (blank), should I go to Harvard?
This is usually the misconception I see many high school students making. They want to go into a specialized field and assume that an elite institution is the best way to get there. This may not be true. It's important that if you are set on a specialized field, then you check which school has the leading experts in that field. You may be surprised. Elite Institutions do not specialize in everything and lower ranking institutions have far better experts in many topics. If your topic is covered by your local institution, then I think you should go to your local institution. I would only be wary of a few things. First, know what topics are actually germane to your field. Many people might think that English departments might have professors who focus on early adult fiction or mystery novels and so on. However, the vast majority of English Professors focus on time periods and theories. If you love Early modern poetry written by women in the 17th century, then there's a place for your somewhere. If you want to an expert on Harry Potter, then I think you'll be having a tough time searching for a University that would let you pursue that. Furthermore, choosing a school for their specialization is risky because if you decide you don't want to do that particular topic (as many college students do), you might find yourself stuck in a place that doesn't have the expert you're looking for.
7. How much money should I take out in loans?
If you're thinking about going to college the answer would be as little as possible
If you're in college, you need to be thinking job, job, job, job, I NEED A JOB (unless you're planning to stay in academia, then your job is school)
Using myself as an example, I worked for the working family party my freshman year summer and wasn't thrilled about the work. Then I worked in Housing and while I enjoyed it, I didn't really want to make it a career. Then I tutored and I knew for a fact I liked teaching. I kept working until I found what I liked to do and that needs to be your mentality when you're in college. You need to find what you like to do and somehow make that thing pay your loans off. The average college student is going into loans of 30,000 plus. That is partially a failure of the government and institutions, but I also think this is also because of the inclination of many parents not to pay.
Note for parents: If you can't afford college for your child, that is completely understandable. Financial aid should be able to help students who have parents who can't pay tuition. However, if you can afford to give money for your child's education, then shame on you if you withhold that money. I personally think if you're making a salary of 60k or above, and your child asks you to chip in 7 to 9k a year for tuition, then you should do it. That's a reasonable price for any parent. If your child flunks out or is not taking education seriously, then
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