It's not uncommon for a teen to have an offer to attend a college the family can afford, only to have the teen pining over their "dream school." Having this conversation long before the college list is made can prevent a lot of heartache, tears, and parents from hocking their investments so that little Suzie can get what she wants. (Yes, there's definitely sarcasm here.)
I don't subscribe to the dream school concept. I believe it's a made-up marketing gimmick by pricey colleges. There is no evidence that having a degree from an expensive college equates to more success or more income. Unfortunately, "dream school" and "top school" have come to mean the same thing. Money. It's gonna cost you. The question is "how much?" So how do you figure that out, and how do you know if it's worth it?
It's all in the numbers so grab a spreadsheet and let's start doing a little math.
In my example, Alice had an offer to attend a very reputable college with a scholarship, and her mom could...