(Or: Why You Should Talk to Your Kids About Money Before Applying)
My son applied to two schools: In-State-U and an Out-Of-State-U-With-A-Scholarship. I’m fairly certain that a big reason for applying to OOSU was that his sister is applying to a number of schools and he felt like maybe he’d be doing something wrong if he didn’t. He wants to attend a big school; he loves sports and wants a D-1 sports program to be part of his college experience. His GPA isn’t fabulous but he did really well on the ACT, so he did some research and discovered that OOSU has a big scholarship for out of state students that’s based solely on test scores. Continue reading A Tale of Two Acceptances
In 2002, a paper in the Quarterly Journal of Economics by economists Stacy Dale and Alan Krueger showed that for most students, the incremental value of attending an elite college was virtually nil. Instead, the paper showed that similar students– especially those with similar test scores– fared similarly in life regardless of where they attended college. Happy news for the majority of us who did not and will not attend elite schools.
A new paper shows a slight twist to this story: while individual characteristics may be more determinate for many students, particularly upper middle class white males, for others, especially women, minorities and students whose parents did not attend college, school choice can make a big difference. Here is a great article summarizing the findings.
It’s been a busy few weeks in my world, between the school play, Thanksgiving, our office moving, and more fun stuff like that. So apologies that you haven’t heard more from me lately. Continue reading Budgeting for College