Syracuse Raises Tuition

[dan7800]

I know this won’t be popular but why do the ”wealthy” have to pay more for their kid to get the same degree? That is another “wealth tax“ just because their parents make more than most.

This is going to open up a totally new can of worms, but it isn't only wealth; it is largely demographics.

 

[SURules]

Yeah mind blown by this... “why do I have to pay more of Johnny who only has $100 in bank account only has to pay less! He doesn’t deserve college then!”

I knew someone would go there and that is why I shouldn’t have posted it probably as I knew it wouldn’t be popular. I know families that spend every dime and make very good money but then want handouts as they didn’t save anything. My wife and I saved and planned unlike many I know. We have continually been penalized for that am I’m tired of paying the way for other people that can not plan their finances and buy BMW’s when they should be driving Fords.

All kids deserve college if they study hard and get good grades in High School.

 

[Newhouser]

Save for your retirement and senior citizen years, don't save for your child's education.

 

[LeMoyneCuse]

I knew someone would go there and that is why I shouldn’t have posted it probably as I knew it wouldn’t be popular. I know families that spend every dime and make very good money but then want handouts as they didn’t save anything. My wife and I saved and planned unlike many I know. We have continually been penalized for that am I’m tired of paying the way for other people that can not plan their finances and buy BMW’s when they should be driving Fords.

All kids deserve college if they study hard and get good grades in High School.

What system are you talking about here? Social Security?

 

[Bayside44]

Higher education is SO ripe for disruption. I own a small business that manages money and I could honestly care less about where someone goes to school. It's all about their ability to be coached, willingness to learn the real ropes, their ability to hold a conversation and their overall quality of character. When they're saddled with over $100k of student loans for their double major at Colgate or Syracuse or Cornell, that doesn't really do much for me. Colleges do not prepare these kids for the real world, whatsoever.

I'm guessing that some other small businesses out there have a similar take.

I just finished interviewing for a position - thought I was going to hire a kid from Georgetown, but honestly drove us nuts at offer time. Basically turns out that since the parents dumped so much money into the kid they were acting like her agent, no thanks, offer pulled.

The great thing about Syracuse is the place has (or at least had) enough diversity with the kids and areas of study where you learn to deal with all types, helpful in the bigger world.

 

[721Comstock]

Save for your retirement and senior citizen years, don't save for your child's education.

You can’t borrow to pay for your retirement.

You (& and your kids) CAN borrow to pay for college.

 

[Cusefan0307]

I knew someone would go there and that is why I shouldn’t have posted it probably as I knew it wouldn’t be popular. I know families that spend every dime and make very good money but then want handouts as they didn’t save anything. My wife and I saved and planned unlike many I know. We have continually been penalized for that am I’m tired of paying the way for other people that can not plan their finances and buy BMW’s when they should be driving Fords.

All kids deserve college if they study hard and get good grades in High School.

They allow a lot of rich kids into colleges who are dumb and lazy just because they can pay to offset people who can't. There's kids at SU who got rejected by Oneonta, but got into SU because their parents were millionaires. This works both ways.

 

[elimunelson]

This is going to open up a totally new can of worms, but it isn't only wealth; it is largely demographics.

It's always this way. Even in the youth leagues in my town, we subsidize anyone who can't pay the fees for the town leagues. The AAU world is the biggest offender because you end up with players who can't play a lick paying full freight for the high flying kids who never ever ever pay a dime to play AAU.

This is the distortion of the free market.

 

[JeffCuse]

why do kids from poor families come out of school with almost no debt and kids from middle income come out 100K in the hole? they end up with the same job on the other side .

Good point.

I grew up poor as heck, my dad made maybe $20k a year. And I took out a lot of loans, but also got a lot of grants. Now we are solidly middle class, but not wealthy. And our income in a state like NJ is taxed to hell. Yet colleges look only at the top line income and none of the other cost of living factors or liabilities, and as such, my son is going to have probably 2x the debt that I did relative speaking.

 

[JRHEETER]

I knew someone would go there and that is why I shouldn’t have posted it probably as I knew it wouldn’t be popular. I know families that spend every dime and make very good money but then want handouts as they didn’t save anything. My wife and I saved and planned unlike many I know. We have continually been penalized for that am I’m tired of paying the way for other people that can not plan their finances and buy BMW’s when they should be driving Fords.

All kids deserve college if they study hard and get good grades in High School.

uhhhhh that’s why it goes by household salary not actual money in your bank account...

 

[NJCuse97]

They allow a lot of rich kids into colleges who are dumb and lazy just because they can pay to offset people who can't. There's kids at SU who got rejected by Oneonta, but got into SU because their parents were millionaires. This works both ways.

Didn't a bunch of celebrities just get arraigned for this? Is this really OK? Would SU or any other school risk their academic profile (that which makes people want to pay to go there) for the sake of covering tuition on other equally qualified students? Isn't this the issue with increasing enrollment? I thought that is exactly what Nancy tired to do and we watched SU drop in the rankings and lose it's research status.

 

[upperdeck]

since when? the look at money saved when the figure out financial aid.

I get that once the family income gets to a certain point they just assume the family can pay for things and then the family decides whether to pay or take out loans.. Middle income might have 50K-100K saved and thats great but you can assume they are gonna send 2-3-4 kids thru college with it and have nothing left in the bank. and poor kids I get that too, so supplement them, Pell grants for spending money, etc. But they shouldnt come out vastly ahead of 70% of the students going to the same school .

I have had this talk with financial aid people at 10+ schools.. Every one was surprised when we talked finances and that the kids were taking out loans and that parents were not footing the bill for school. I said i dont care if you are making 200K a yr, you probably dont have an extra 50K a yr unused after paying for a house a couple cars, 3-4 cellphones, internet/cable etc.. And when the 2-3rd kid go to school they didnt spread that load out either its just another 50K at another school

 

[Cusefan0307]

Didn't a bunch of celebrities just get arraigned for this? Is this really OK? Would SU or any other school risk their academic profile (that which makes people want to pay to go there) for the sake of covering tuition on other equally qualified students? Isn't this the issue with increasing enrollment? I thought that is exactly what Nancy tired to do and we watched SU drop in the rankings and lose it's research status.

Maybe it has stopped now, but I know it was an issue in the past.

 

[rrlbees]

Many foreign students pay full freight. I wonder how that dynamic may change with travel restrictions

maybe not as much as we think. Freshman yes it’ll have an impact, but many foreign students stayed here because of the fear of getting back.

 

[upperdeck]

I know a huge number of ours stayed around campus.. they lived off campus and already had leases and were very worried about going and coming back. From what I hear the foreign kids may have to come earlier to get back to what ever campus is provided if testing happens as they plan

 

[NJCuse97]

Good point.

I grew up poor as heck, my dad made maybe $20k a year. And I took out a lot of loans, but also got a lot of grants. Now we are solidly middle class, but not wealthy. And our income in a state like NJ is taxed to hell. Yet colleges look only at the top line income and none of the other cost of living factors or liabilities, and as such, my son is going to have probably 2x the debt that I did relative speaking.

When I applied to SU, my father was out of work (had been for about a year) and my brother was in college. Because he was enrolled before my father lost his job, he didn't get aid. Because he wasn't getting it, and because the value of our home was still high, we were told that we would not be eligible for aid at SU, after all we didn't get it for my brother and were paying full tuition... There is no clean line on "rich" vs "poor". We were financially judged by the full value of our assets including our mortgage/re-fi potential.

 

[Cusefan69]

This is why you go community college the first two years and then transfer to a school such as Syracuse. Paying the full nut anywhere else isn’t good value Year 1 and 2.

 

[SURules]

Save for your retirement and senior citizen years, don't save for your child's education.

Save for all. It’s called 529’s.

 

[dan7800]

thought I was going to hire a kid from Georgetown

Reported

 

[OttoMets]

Many foreign students pay full freight. I wonder how that dynamic may change with travel restrictions

So does SU.

 

[SU2NASA]

At some point, the business case for a Syracuse education doesn't close, and at (full cost) $76,000 tuition + room and board, I'd have to believe that it's crossed that threshold.

($76K + $12K (avg. misc. expenses)) x 4 years = $352,000

At a 5% interest rate, paying back over 30! years, that's almost $1900/month. Very roughly, that's like having your first $35K of salary going to student loans. Income-based repayment (assuming that a fresh-out salary isn't going to make that type of loan payment tenable), with interest on that principal, becomes a death spiral.

I fail to see how SU provides that level of value for the investment for those students paying full, or near-full, cost.

 

[cto]

At some point, the business case for a Syracuse education doesn't close, and at (full cost) $76,000 tuition + room and board, I'd have to believe that it's crossed that threshold.

($76K + $12K (avg. misc. expenses)) x 4 years = $352,000

At a 5% interest rate, paying back over 30! years, that's almost $1900/month. Very roughly, that's like having your first $35K of salary going to student loans. Income-based repayment (assuming that a fresh-out salary isn't going to make that type of loan payment tenable), with interest on that principal, becomes a death spiral.

I fail to see how SU provides that level of value for the investment for those students paying full, or near-full, cost.

Big fallacy here. No one takes out loan for that amount. If one needs that much assistance, he/she would receive significant financial aid

 

[Shrmdougluvr]

The sticker price will already dissuade a lot of applicants (which is a revenue stream too). Raising the cost in what is probably going to be an even more difficult economic time than we faced in 2009-10 ... looks greedy at worst, tone deaf at best.

 

[OttoMets]

The sticker price will already dissuade a lot of applicants (which is a revenue stream too). Raising the cost in what is probably going to be an even more difficult economic time than we faced in 2009-10 ... looks greedy at worst, tone deaf at best.

I think they made this decision months ago; kind of a misleading and clickbait-y piece by the Sub.

 

[upperdeck]

One thing thats interesting.. almost the entire budget shortfall for these colleges is the financial aid they give out. If kids are gonna take gap years and colleges have kids they are turning away then why not cut some of the financial aid and see how many bail . you may end up saving millions if a chunk dont come and others fill the void. just look at SU if 5000 kids get 5000 less in financial aid and more in loans thats 25 million. It sucks to add on debt but kids also have a choice. if 10K get 2500 less its still 25 million.. It may also be a 1 yr blip in school finances and 2500 over 10 yrs $25 a month on the other end. Its better than cutting everything from the school, cutting staff and sports and etc..