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[kvue[Houston family spends $1.5 million on college

Discussion in 'BBS Hangout' started by tinman, May 16, 2012.

  1. tinman

    tinman Contributing Member
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    http://www.kvue.com/news/state/151754375.html
    Houston family spends $1.5 million on college

    by SHERN-MIN CHOW

    KHOU 11 News

    Posted on May 16, 2012 at 1:53 PM

    Updated today at 2:12 PM

    HOUSTON -- A Houston dad will be crisscrossing the country this week, from North Carolina to Houston to St. Louis and back. All this, so he can attend three graduations among his five daughters. But the plane fare is the least of the tab.

    "We’re looking at roughly $60,000 to $70,000 per child per year," said Marc Ostrofsky, the girls’ father. "A total of about $1.5 million after tax dollars."

    Tracy, 20, is at the University of Denver. Maddy, 23, graduated last year from Berklee School of Music. While this week, Mary Grace, 18, graduates from Kinkaid and is headed to Boston University. Kelly graduates from Duke in Raleigh Durham, and Shelly graduates from Washington University in St. Louis. 

    Now 22, Shelly and Kelly are twins. When they were Memorial High School co-valedictorians, they got some advice from the famous dad of another pair of twins: President George W. Bush. 

    "[He] said that’s the last time my daughters probably listened to me, when I said go to different colleges," Ostrofosky recalled.  

    Mr. Bush said Jenna and Barbara Bush listened, as did Kelly and Shelly Ostrofsky.

    Their dad, Marc Ostrofosky, is a successful Internet entrepreneur and a New York Times best-selling author. He and Beverly married a few years ago, blending their two families. Footing the college bill was an extended family affair.

    "I think in the future it’s going to be different. I don’t think a lot of people are going to play that game," he said.

    Instead, he believes that students will mix brick and mortar with online classes to save tuition.  Even one year can mean a savings of $75,000 for a private college.

    We jokingly asked, when his youngest graduated from Boston University in 2016, would the family be done with big education bills? 

    Ostrofsky laughed, pointing to Kelly, and said, "No, because I’m told this one wants to go and get a Ph.D now." 

    As for telling his kids to stay in school, he quipped, "Be careful what you wish for."  

    For the Ostrofskys, it’s a million-dollar answer.
     
  2. bnb

    bnb Contributing Member

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    Math works. 5 kids x $70K/y x 4 yrs. There are cheaper options out there. Good ones. Especially for undergrad degrees.

    Not sure how much value you get spending nearly $300K for a bachelor of music -- but I'm guessing these guys have the cash.
     
  3. DonkeyMagic

    DonkeyMagic Contributing Member
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    white people problems.
     
    1 person likes this.
  4. jank1434

    jank1434 Contributing Member

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    Co-valedictorians couldn't get scholarships?
     
  5. krnxsnoopy

    krnxsnoopy Contributing Member

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    Quick googling shows this guy is probably loaded?

    Also a "successful online entrepreneur" and author of Get Rich Click!. He's probably not worried about money and is saavy enough to see this an opportunity to help his businesses.
     
  6. BetterThanI

    BetterThanI Contributing Member

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    I don't know too much about the others, but I know UNT is a better music school than Berklee and a helluva lot cheaper, especially since it would be in-state tuition. I don't have too much sympathy for these folks.
     
  7. REEKO_HTOWN

    REEKO_HTOWN I'm Rich Biiiiaaatch!

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    Time for me to marry into some money *cracks fingers*
     
  8. jank1434

    jank1434 Contributing Member

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    He might have meant the "Get Rich Clique". And you know those rappers don't know how to invest their money wisely.

    http://getrichclique.tripod.com/
     
  9. bladeage

    bladeage Contributing Member

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    Must be nice.
     
  10. Air Langhi

    Air Langhi Contributing Member

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    My dad spent like 60 or 70 grand a year for my sister, but she went to MIT not the University of Denver. I think UT is the best deal around. Anyone who spends 70k on schools not named Harvard, stanford, mit, yale is out of their mind.
     
  11. Rocketman1981

    Rocketman1981 Member

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    I think we will see a re-surgence of the Autodidact belief system as most these schools are operating lines pushing out kids that don't seem to really be educated but indoctrinated to lack creativity.

    That combined with educational inflation and the faltering pay back rates and cycles makes one really question certain facets of conventional education.
     
  12. rhadamanthus

    rhadamanthus Contributing Member

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    He has the money to afford it, but he's still stupid.
     
  13. DFWRocket

    DFWRocket Member

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    Fixed for you.

    Big name schools are highly overated. Many kids that go to those schools are already well-connected through family and therefore get better jobs regardless of their school because of WHO they knew before college. (and therefore skewing the average salary of an Ivy-league type graduate up higher)

    Although I graduated 15yrs ago, I spent a total of about 20K for my entire undergrad degree and NOBODY ever asks me where I went to school..they just want to see my demo reel (I'm in TV production). I believe College is completely worth the money, just not overspending for it.
     
  14. JuanValdez

    JuanValdez Contributing Member

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    Sounds like that's full-fare on tuition (no financial aid breaks, since the guy is loaded), plus room and board, and no student loans foisted on the kids actually getting the education. But, he can afford it all, so I'm not sure why I care. Another father in the same situation but poor would pay much less to send his daughters to the same schools. He'd get some financial aid; the kids would apply for some scholarships; the kids would also get work-study jobs, move out of the dorm into some cheap rat-infested basement and eat ramen everyday, and take out giant federally subsidized loans. The father covers what he can and maybe takes a loan to bridge the gap.
     
  15. ima_drummer2k

    ima_drummer2k Contributing Member

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    70K on a music degree.....smdh...
     
  16. No Worries

    No Worries Contributing Member

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    Its like the father has a PR firm that got him some face time on the evening news.
     
  17. No Worries

    No Worries Contributing Member

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    These high end schools have retail and wholesale prices for their tuitions. If your family is loaded, you get the retail price. If not, you get the wholesale price plus grants and scholarships to make up the difference. The wholesale price may still require you to take out loans.

    This pricing model allows universities to raise more money by raising the retail price while keeping the wholesale price unchanged.
     
  18. bnb

    bnb Contributing Member

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    Per Year!

    Plus Beer!

    Sing out loud. Sing out strong. Sing of good things not bad. Don't worry if it's not good enough....
     
  19. ima_drummer2k

    ima_drummer2k Contributing Member

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    This was a MAJOR expense while getting mine...

    Olympia Gold FTW.
     
  20. dharocks

    dharocks Contributing Member

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    In defense of getting your undergrad degree at schools like the Ivies and MIT, they also tend to be the most open-handed with financial aid if you need it.
     

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