
Book #75 of 2021:
The Price You Pay for College: An Entirely New Road Map for the Biggest Financial Decision Your Family Will Ever Make by Ron Lieber
As the father to a toddler with a new sibling on the way, I picked up this 2021 title expecting simply a quick overview of the current options for various college saving plans. And it has that information, but so much more besides, from which factors affect “merit” scholarships to some of the reasons behind rising tuition costs (and the surprising fact that only a small percentage of families end up paying that full sticker amount) to the other aspects of a university like class size and mentorship opportunities that should be considered when deciding where to apply.
New York Times columnist Ron Lieber has spent decades researching and writing about financial matters, and I’ve found it particularly helpful to use his framework for thinking through what a student / household wants to get out of their choice for higher education. Do we place a greater value on the doors opened by the degree credential? On the actual course learning? On the residential experience and the bonds of kinship that it tends to form? Different people will weigh these elements differently, and as the author notes, the COVID-19 pandemic has scrambled the traditional calculus with the switch to online lessons and restrictions on social gatherings. Recognizing a moment like that may lead one towards certain schools and away from others, much as it may change how they market and price their offerings accordingly.
All in all, this has been an informative and thought-provoking read, and while I don’t know that it’s necessarily going to hold up until I’m navigating campus visits and application essays myself, I’d recommend it for any parents of prospective undergraduates today.
★★★★☆
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