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Also the choice of college is important. While a degree from Harvard or Stanford might be worth the tuition, many second-tier private colleges cost $25,000 per year and have academic reputations inferior to a $10,000 per year state university. A student who saved and invested that $15,000 per year difference would have a $500,000 nest egg by age 45.

intercst

Excellent point. To further illustrate this point, I am a 25yr old in accounting for an entertainment company, and my boss is 33 yrs old. I went to a public California university, and managed to graduate debt-free. My boss went to a private university in St. Louis for his undergraduate studies, and also went to a private university for an MBA he did not complete.

Even if I never get a raise (I am currently at $42k a year), I will retire before my boss b/c I don't have $100,000 in student loans hanging over my head like my boss does (well, that and he leases his automobiles). I'm willing to bet that the university I attended has the better reputation also.

I suppose this either makes an argument for public universities, or it emphasizes the importance of making sure mommy and daddy pay for your private school education :)

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