Author Topic: Luxury student housing  (Read 8944 times)

ducky19

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Luxury student housing
« on: August 20, 2015, 05:46:13 AM »
http://www.msn.com/en-us/money/careersandeducation/i%E2%80%99ve-found-a-new-way-to-rank-colleges%E2%80%94and-it-has-nothing-to-do-with-learning/ar-BBltcNR

It's no wonder kids these days are graduating with student loan debt upwards of $100k! Nothing like setting unrealistic expectations for your kids right out the gate. I live near Illinois State University in Normal, IL and have noticed a dramatic increase in the number of luxury student housing units going in the past few years. I'm glad we set the expectation for our kids to start at the local (awesome) community college for their associates while living at home, and then transferring to ISU to finish their degrees. We'll definitely be helping them out to a degree (in no small part by giving them free housing while in school), but they will be expected to take out some loans. My goal is for each of them to have no more than $10k in student loans by the time they graduate. I just don't understand what kind of parent lets their kid live somewhere like this and rack up $100k in debt before they even have a decent job.

I'm a red panda

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Re: Luxury student housing
« Reply #1 on: August 20, 2015, 07:24:52 AM »
Quote
I just don't understand what kind of parent lets their kid live somewhere like this and rack up $100k in debt before they even have a decent job.

Well, granted I didn't have any debt at all- but I remember my parents trying to convince me to go to a nicer complex.  My rent was $600 a month, inclusive (small town school, rent was cheap). We had huge bedrooms, closets and each had our own bathroom. The complex had a pool.

We went to dinner at a family friends apartment, and my Mom was just gushing how nice it was. It was- stainless appliances, granite countertops, vaulted ceilings, a balcony and covered parking. And the complex had pools, tennis courts, tanning (ugh), a car wash, beach volleyball, a game room, and some other stuff.  My Mom was so excited to hear that the rent was only $500 a month and questioned why I picked the complex I did.

I had to explain to her that the rent was the PORTION she paid- the rent for the unit was $2,500 a month (5 lived there). Whereas I split $600 with my one roommate.  Although my parents paid my rent, I had no interest in wasting their money.


That's not even getting into the luxury dorms, which were even more ridiculous than the luxury apartments!

Cromacster

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Re: Luxury student housing
« Reply #2 on: August 20, 2015, 07:34:32 AM »
The landscape of schools has definitely changed over the last 10 years. 

I had a similar experience as iowajes.  a few years I lived in an apartment for 550/month split 2 ways with a roommate.  Then I lived in a house for 900/month split 4 ways.  All walking distance to campus and close to the main drag.

The last 2 years of my college career was when the luxury housing started to make it's appearance.  1500-2500/month for 2 or 3 bedroom places.  They were nice and all, but no way in hell I was going to afford it on my part time job.  I atleast had some sense not to take out student loans in order to afford such a place.  I had many friends that chose to live in these places. 

Now I live relatively close to the UofM and new luxury apartments seem to be going up every week.  But I guess if thats what the market wants.

MgoSam

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Re: Luxury student housing
« Reply #3 on: August 20, 2015, 08:50:19 AM »

Now I live relatively close to the UofM and new luxury apartments seem to be going up every week.  But I guess if thats what the market wants.

What are do you live in? I live in Roseville!

GatewayTwo

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Re: Luxury student housing
« Reply #4 on: August 20, 2015, 09:05:46 AM »
I'm near the U too.  I have a coworker who is renting in one of those luxury student apartments, and he was saying it was like $1k/month for a bedroom, bathroom, and PORTION of the common living space.

It's no wonder that buying in Ann Arbor is more cost effective than renting.

ducky19

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Re: Luxury student housing
« Reply #5 on: August 20, 2015, 10:34:50 AM »
I'm considering buying a place for my kids to stay - there are plenty of 2-3 bedroom condos in the area in the $40-60k range, so one or two roommates at a reasonable rent would basically pay the mortgage. Once all three kids are through school, I could keep it and continue to rent it out as an income generator.

teadirt

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Re: Luxury student housing
« Reply #6 on: August 20, 2015, 11:48:00 AM »
I'm considering buying a place for my kids to stay - there are plenty of 2-3 bedroom condos in the area in the $40-60k range, so one or two roommates at a reasonable rent would basically pay the mortgage. Once all three kids are through school, I could keep it and continue to rent it out as an income generator.

In college, one of my friend's parents bought a 4bd house a few miles from campus. We had 4-6 living there and it was a blast. It seems like a great idea to me: the owners built equity and we had reasonable rent, and the owners let us have a lot more freedom than a normal landlord would have allowed (we had chickens, house pets, and a garden!).

I'm a red panda

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Re: Luxury student housing
« Reply #7 on: August 20, 2015, 12:25:54 PM »
I'm considering buying a place for my kids to stay - there are plenty of 2-3 bedroom condos in the area in the $40-60k range, so one or two roommates at a reasonable rent would basically pay the mortgage. Once all three kids are through school, I could keep it and continue to rent it out as an income generator.

I know quite a few people who did this.  Or if you don't have 2 kids in school at the same time, consider a condo-apartment, and have them get a roommate. The roommate can cover almost all of the mortgage, if not all of it!

pdxbator

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Re: Luxury student housing
« Reply #8 on: August 20, 2015, 01:54:28 PM »
Back in my day (ok a long time ago mid 90s) I paid $116 a month for a room in a run down house a block from campus. It was fine for what it was. It also taught me how to live more meagerly than what I was accustomed to when living with my parents. Now I work at a university hospital. There are students rotating through here and many are living in much nicer housing than I currently live in. The rate is outrageous though. They are paying $1600 a month or more. The problem here is they then get accustomed to nice housing and when they go searching for apartments or houses later in life they have too high of standards with expensive taste. Everything has to be granite counter top and stainless steel, etc. It's easy to outspend your income on housing and not live within your means.

After living in pretty grungy housing in college when I bought my first house it was a bit run down but in my price range. I saw the potential. Now it has grown in value and it's paid off.

LiveLean

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Re: Luxury student housing
« Reply #9 on: August 20, 2015, 04:34:24 PM »
Back in my day (ok a long time ago mid 90s) I paid $116 a month for a room in a run down house a block from campus. It was fine for what it was. It also taught me how to live more meagerly than what I was accustomed to when living with my parents. Now I work at a university hospital. There are students rotating through here and many are living in much nicer housing than I currently live in. The rate is outrageous though. They are paying $1600 a month or more. The problem here is they then get accustomed to nice housing and when they go searching for apartments or houses later in life they have too high of standards with expensive taste. Everything has to be granite counter top and stainless steel, etc. It's easy to outspend your income on housing and not live within your means.

After living in pretty grungy housing in college when I bought my first house it was a bit run down but in my price range. I saw the potential. Now it has grown in value and it's paid off.

Senior year of college I rented a large room (shared bath down the hall) in a wonderful old house for $110/month, utilities included. There was no AC, so I bought a window unit for $100 and cranked it as high as I wanted in August and September and sold it for $75 later. Granted, this was 1990-91, but even then it was a huge bargain and it was less than 100 yards from most of my classes. I grew up in a MMM family, but this further grounded me as a Mustachian. Still one of my favorite places I've ever lived.

CmFtns

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Re: Luxury student housing
« Reply #10 on: August 20, 2015, 05:18:47 PM »
Aside from anything to do about luxury housing... I just want to point out the lack of effort this article took to write... just terrible. The pictures are super small they pick one out of thousands of living arangements in an entire city and act like that describes the living situation of the city. Just looking for quick cheap views... stupid. For example I went to the University of Florida and the Ivy house they posted is not even that expensive and just a sorority house/dorm style living... and the pictures were of the lobby.

MrsPete

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Re: Luxury student housing
« Reply #11 on: August 22, 2015, 07:50:13 AM »
http://www.msn.com/en-us/money/careersandeducation/i%E2%80%99ve-found-a-new-way-to-rank-colleges%E2%80%94and-it-has-nothing-to-do-with-learning/ar-BBltcNR

It's no wonder kids these days are graduating with student loan debt upwards of $100k! Nothing like setting unrealistic expectations for your kids right out the gate. I live near Illinois State University in Normal, IL and have noticed a dramatic increase in the number of luxury student housing units going in the past few years. I'm glad we set the expectation for our kids to start at the local (awesome) community college for their associates while living at home, and then transferring to ISU to finish their degrees. We'll definitely be helping them out to a degree (in no small part by giving them free housing while in school), but they will be expected to take out some loans. My goal is for each of them to have no more than $10k in student loans by the time they graduate. I just don't understand what kind of parent lets their kid live somewhere like this and rack up $100k in debt before they even have a decent job.
Yes, as the mother of two college students, I've spent some time visiting colleges in the last couple years, and "upscale housing" for college students is definitely a trend:  Stainless steel appliances, granite countertops, walk in closets, gyms and hot tubs.  Since most people seem to be getting some sort of loan for college, do they not realize they're BORROWING money to pay for a SECOND place for their teenaged kid to live (assuming, of course, that the parents are staying in the same home and the kid's bedroom is still available)?

I took my kids and a bunch of their friends to umpteen colleges, and I remember one experience clearly:  The girls had wanted to visit a certain small, expensive private college -- so I took them.  Because sometimes I do stupid things.  They were SUPER EXCITED about the services provided.  You register for classes, and when you check into the dorm your books (all new!) will be waiting in a box on your bed, and also a brand-new laptop for every freshman! -- no need even to walk to the bookstore.  You can check out iPads, X-Boxes and similar items from the dorm lobby!  They were ALL ABOUT IT as we sat munching burgers at Wendy's later in the day.  So I pulled out a pad of paper and made them see the truth:  That school was 35K/year, compared to 14K/year for a state school.  They quickly realized that they could easily purchase books and computers (one they'd choose for themselves) and own the iPad and X-Box for that price difference. 

I've heard similar things from my high school seniors over the years, and it just shows that they aren't quite ready to make the college decision completely on their own:  I remember one kid who was absolutely-positively going to attend School X because on a weekend visit to friends he found out they had fantastic pool tables in the Student Union.  I remember one girl who wanted to attend a school that was very clearly out of her league (both academically and financially) because it looks like Hogwarts.  In her defense, it really DOES look like Hogwarts.  And I remember lots of kids who are willing to borrow against their futures for certain climates:  One girl who said she'd always imagined herself bundled up in a warm scarf and pea coat walking to class in the brisk New England weather.  Plenty of kids who want to attend school at the beach or in Florida.  A few who want to return to their childhood state, imagining that they'll meet up with all their elementary school friends. 

I can see paying for a safe place, and I can see paying for a private bedroom instead of a shared dorm room.  Parking was actually a big reason I went along with my college senior leaving the dorms.  She's a student nurse, and several times a week she has to be on the road to Clinicals around 5:00 a.m.  If she were still in the dorms, she'd have to walk allll the way across campus to reach the parking lot.  For both safety and convenience, I like that on those dark, snowy mornings her car is just outside her door.

Incidentally, we are NOT off to a good start at community college with our youngest.  She's doing fine because she has two involved parents and is academically motivated, but the school is NOT providing the same level of "hey, let's get you off to a good start" that my oldest received at a 4-year university when she was a freshman.  I'm not saying I regret the choice:  She's not ready to leave home, and she's not ready for the HUGE university within driving distance of our home -- she's in the right place -- but thusfar we're not overly impressed with the community college.



LiveLean

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Re: Luxury student housing
« Reply #12 on: August 22, 2015, 03:21:49 PM »
It's a trend, Mrs. Pete.

I have a relative leaving for college this week. She was accepted into a good state school -- actually above her expectations and qualifications. Kind of a fluke admission. Parents put down $500 deposit and were thrilled. After all, until she got word from state school she was looking at out-of-state school for nearly double the price. But since it was the same distance from home, she wanted to go there.

As the summer flies by, she starts having second thoughts, asks parents if they can take another trip to out-of-state school. During the trip, she decides that she really prefers out-of-state school. Parents - who didn't attend college themselves and this is their only child, who they adopted in mid-30s after not being able to have kids on their own -- decided to swallow hard and pay for out-of-state school, which prestige-wise would rank at most as a lateral move, possibly a lesser school in the eyes of some compared to state school.

I asked the girl what made the difference in going with the out-of-state school.

"I just felt more comfortable there," she said.

"More comfortable? How so?" I asked.

"Well, the dorm room comes with a microwave and there was a popcorn popper in the suite." (She really likes popcorn, eats it every night). "Plus it had a movie theater in the lobby of the dorm that shows free movies every night."

"What else?"

Strange look as if this was the most bizarre question ever....."Nothing else."

I pointed out to her mom, my cousin, that's she'll be paying an additional $20,000 - $25,000 a year for a microwave, popcorn popper, and access to free second-run films.

« Last Edit: August 22, 2015, 03:23:43 PM by LiveLean »

MrsPete

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Re: Luxury student housing
« Reply #13 on: August 22, 2015, 09:19:40 PM »
LiveLean, you were wise to ask the girl to specify WHAT DETAILS made her feel more at home.  If you'd said she'd have access to programs not available at the in-state school, or if you'd said they have a better record for graduating kids on time, or something else sensible, I might've said, "Well, it's still expensive, but maybe it's worth it."  But this answer?  No.  This is the kind of decision you get when you allow an 18-year old unlimited choices ... with your money. 

What does Netflix cost?  $10/month, maybe?  So 4 years x $10 + a $100 microwave ... she's making the decision to go out of state because of $600 of movie stuff.  Sure, she can't see the big picture, but what about her parents?

When I was in college -- big state school -- movies on Friday night were a big thing.  Thursday nights were "club nights" and Friday nights were for movies.  This was before everyone had DVD players, but RAs'd show movies for their floors, and anyone else could attend.  Monty Python was the most common choice.  People'd bring their own snacks and beer (which 99% of the time was drunk quietly), and it was a good time.  My older daughter is currently attending a big state school, and they have two $1 movie theaters on campus, and when she lived in the dorms they had a RedBox in the lobby.  Plus LOTS of students have Netflix or (or similar), so it's easier than it used to be back when I was in school.
« Last Edit: August 22, 2015, 09:28:37 PM by MrsPete »

iamlittlehedgehog

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Re: Luxury student housing
« Reply #14 on: August 24, 2015, 12:23:24 PM »
This is a trend to justify rising tuition costs. Usually transfer and adult students get stiffed in this situation.
While I was looking into transferring to another college to finish a degree (all online at that point, I had finished the major core classes) I asked what the 3k "student life" charges were. They went to parking (I lived 50+ miles away and was going to finish my degree online) and for the new freshman dorm swim up virgin-mixed drink bar.

Chris22

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Re: Luxury student housing
« Reply #15 on: August 24, 2015, 01:06:17 PM »
thusfar we're not overly impressed with the community college.

Indeed.  I always wonder what the "send my kids to community college for 2 years first" crowd is thinking. 

EricP

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Re: Luxury student housing
« Reply #16 on: August 24, 2015, 01:12:04 PM »
thusfar we're not overly impressed with the community college.

Indeed.  I always wonder what the "send my kids to community college for 2 years first" crowd is thinking.

If you're driven then having the "coddling" (can't think of a better word) of the more expensive school isn't really necessary.  Plus CC often comes with the added perk of "free" room and board, so it's not just the half price tuition but also not having to shell out $10k for dorms and a meal plan. (or an apt or whatever)

Chris22

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Re: Luxury student housing
« Reply #17 on: August 24, 2015, 01:14:51 PM »
thusfar we're not overly impressed with the community college.

Indeed.  I always wonder what the "send my kids to community college for 2 years first" crowd is thinking.

If you're driven then having the "coddling" (can't think of a better word) of the more expensive school isn't really necessary.  Plus CC often comes with the added perk of "free" room and board, so it's not just the half price tuition but also not having to shell out $10k for dorms and a meal plan. (or an apt or whatever)

The quality of education is generally nowhere near as good, and you miss out on all the networking opportunities (with both faculty and peers).

I'm a red panda

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Re: Luxury student housing
« Reply #18 on: August 24, 2015, 01:26:25 PM »
This is a trend to justify rising tuition costs. Usually transfer and adult students get stiffed in this situation.
While I was looking into transferring to another college to finish a degree (all online at that point, I had finished the major core classes) I asked what the 3k "student life" charges were. They went to parking (I lived 50+ miles away and was going to finish my degree online) and for the new freshman dorm swim up virgin-mixed drink bar.

I've never experienced a school that included room/board in tuition.  These fancy dorms come with fancy price tags.

Now, the "student life" charges do often include frivolous things (rec centers with state of the art rock climbing walls, fancy swimming pools, etc); but it isn't the luxury dorms.

iamlittlehedgehog

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Re: Luxury student housing
« Reply #19 on: August 24, 2015, 01:32:12 PM »
This is a trend to justify rising tuition costs. Usually transfer and adult students get stiffed in this situation.
While I was looking into transferring to another college to finish a degree (all online at that point, I had finished the major core classes) I asked what the 3k "student life" charges were. They went to parking (I lived 50+ miles away and was going to finish my degree online) and for the new freshman dorm swim up virgin-mixed drink bar.

I've never experienced a school that included room/board in tuition.  These fancy dorms come with fancy price tags.

Now, the "student life" charges do often include frivolous things (rec centers with state of the art rock climbing walls, fancy swimming pools, etc); but it isn't the luxury dorms.

Likewise - which was why I was so taken back by student life fees going to something that maybe 1/4th of the student body can enjoy. I always assumed those were funded by the students living there and student life fees went to stuff like ice cream socials, student orientation events, ect. From what I understand they juggled around some fees because enough people were complaining.

gillstone

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Re: Luxury student housing
« Reply #20 on: August 24, 2015, 02:41:32 PM »
These are showcase dorms for parents who want to shell out lots of cash so their children can grow from dependents into parasites.  Most dorms are small, have thin mattresses and common bathrooms for the other 99% that attend the school.




MrsPete

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Re: Luxury student housing
« Reply #21 on: August 24, 2015, 09:29:12 PM »
If you're driven then having the "coddling" (can't think of a better word) of the more expensive school isn't really necessary.  Plus CC often comes with the added perk of "free" room and board, so it's not just the half price tuition but also not having to shell out $10k for dorms and a meal plan. (or an apt or whatever)
Kids are different, and what matters most is helping them choose the school that's right for them. 

My oldest went straight to a 4-year university, as I did.  She's extremely driven and fairly outgoing, and she's done very well.  However, she did have LOTS of advantages as a freshman:  She was required to attend an overnight orientation /registration, she was assigned a student mentor in her major as well as a faculty advisor, and she attended numerous "welcome to campus events" the first week.  I wouldn't say that the university "coddled" her, but they did provide some transition to help her get on her feet in those first weeks. 

In contrast, my youngest chose to stay home and begin in community college.  She received a letter from the school telling her she was accepted -- and nothing else.  At my prompting, she checked the school's website and found out when registration began.  She called and asked about an appointment with an advisor -- they don't do that.  She and I were both quite confused about a "hybrid class" that's 50% in the classroom, 50% online, and we wanted to ask questions -- unable to get any help over the phone, we drove over and walked through the math department 'til we found someone to ask -- it was an older student who answered our questions.  She and I read through the website together, then we talked to the 4-year university to determine that she was taking classes that would transfer.  A computer glitch prevented her from registering for classes, and when she tried to call the school for help, we were both shocked that no one was available to take her call -- they'd opened registration at 5:00 on Friday, and no one was "in the office" 'til Monday.  Who plans things like this?  When we went over to find out why she couldn't register, it turned out they'd put a block on her account.  Why?  Because they hadn't yet read her high school transcript to see what math she had taken -- oh, yes, they had it -- they just hadn't read it.  The man in registration explained that MANY high school students apply for admission, but then never attend, so they don't bother to go over the transcripts until the student actually attempts to register.  I asked him flat out, "Are you telling me that every freshman student who attempts to register for a math class will be refused registration until they contact you?  Yep, that's what he was telling me.  I'll ask again:  Who plans things like this?  She's started her classes now, and her teachers seem to be on the ball (except the older student who supervises the mandatory math help sessions), but the administration seems not to have any interest in helping their new students. 

Frankly, I'm disappointed in the community college thusfar, and I hope my youngest will get something out of the classes in which she's enrolled this semester; she's only taking her basic core classes, so I'm hoping it'll work out.  We'd agreed that she'd attend community college 1-2 years, and we'd wait to see how things were going before we decided together just when she'd make the switch.  At this point, I'm in favor of her going to the 4-year university next year as a sophomore. 

It's all well and good for you to say that a student who's "driven" will succeed, but it's not true.  18-year olds need guidance.  They don't automatically understand the system and don't know how to "work around" roadblocks and unhelpful professors or administrators. 
     

MrsPete

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Re: Luxury student housing
« Reply #22 on: August 24, 2015, 09:33:25 PM »
These are showcase dorms for parents who want to shell out lots of cash so their children can grow from dependents into parasites.  Most dorms are small, have thin mattresses and common bathrooms for the other 99% that attend the school.
Yeah, my daughter described her mattress as a "reject from the Holocaust". 

Zamboni

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Re: Luxury student housing
« Reply #23 on: August 24, 2015, 09:56:39 PM »
Quote
BU apt building: including central air-conditioning, 26th floor multipurpose room and 24-hour front door security.

The air conditioning and view are a nice touch, but isn't a "multipurpose" room probably just a big, mostly empty room? And every residential building in Boston has front door security of some sort (at least it's locked), and many have 24 hour "proctors" checking ID's just to keep bums from sleeping in the lobby. These are not a big deal.

Now the giant ball pit in the MIT building sure sounds nice . . .

Sailor Sam

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Re: Luxury student housing
« Reply #24 on: August 24, 2015, 11:28:36 PM »
Hey MrsPete, I'm curious about what decision making process you used to map the different paths for your two kids. Did the youngest push for CC, or did you lay down the financial law? Not to pry, but because I might have a simliar-ish situation soon. My middle niece is shaping up to need more guidance than her large pack of very ambitious siblings. Their age adjusted skills, both academic and worldly, are just more advanced than hers are.   

I talked to her about the paths before her, and she acknowledges that she could benefit from continued guidance. When I get her alone she's receptive to living at home and attending CC, but in public she's much more reluctant. I understand. No one wants to be seen as the dumb fish. But really want her to succeed, and I think she may need to be incentivized towards the CC path.

As for my dorms, decidedly not luxurious. They were hot, ugly, and packed tight. My entire first month there, some guy from down the hall would come into the room, dump all our clothes on the floor, and toss our bedding on top. All for kicks. A different guy liked to lean through the doorway at unanticipated intervals and scream bloody murder into the room. Very startling. But hey, free education.

EricP

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Re: Luxury student housing
« Reply #25 on: August 25, 2015, 09:13:12 AM »
If you're driven then having the "coddling" (can't think of a better word) of the more expensive school isn't really necessary.  Plus CC often comes with the added perk of "free" room and board, so it's not just the half price tuition but also not having to shell out $10k for dorms and a meal plan. (or an apt or whatever)
I wouldn't say that the university "coddled" her, but they did provide some transition to help her get on her feet in those first weeks. 

It's all well and good for you to say that a student who's "driven" will succeed, but it's not true.  18-year olds need guidance.  They don't automatically understand the system and don't know how to "work around" roadblocks and unhelpful professors or administrators. 

Right, I didn't want to use the word "coddle" either, but I couldn't think of a better word.  That's why I put it in quotes and clearly stated that I wasn't sure what word to use.  But having a few hiccups in the registration process really doesn't seem like the end of the world to me and something that could happen at any state school just like a CC. Community Colleges do not have a monopoly on unhelpful professors and administrators.  I think this is very much a YMMV situation.

CC is great for saving money and it seems like with your assistance your youngest is doing just fine and that's another benefit of CC is that parents are nice and close to help with this type of stuff.  I know my sister had more than few calls crying about some BS and my parents couldn't help much 300 miles away.

By all means if you have the money just go straight to Big State U, but if you're parents aren't going to help out much financially or you as parents want to be a little more frugal, CC for 2 years is just find because at the end of the day they'll still get the same piece of paper from Big State U and still have 2 years of networking and such when they're actually taking the real classes.

gillstone

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Re: Luxury student housing
« Reply #26 on: August 25, 2015, 11:15:23 AM »
CC always looked like the best option if you didn't know what you were going to do in college.   It is especially useful if your kid may not be ready to live on their own.  Who doesn't have an anecdote about the brilliant kid from high school who now works retail because they failed their freshman year of college? 

The pitfall to watch for with the CC route is that students have to have a good idea of what happens after 2 years.  Students need to know the school they want to go to afterwards and if they will take the credits at face value.  Out of state and small private colleges may not take CC credits and leave the kid paying for 3 or 4 years of their tuition despite their prior hard work.

EricP

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Re: Luxury student housing
« Reply #27 on: August 25, 2015, 11:24:00 AM »
Out of state and small private colleges may not take CC credits and leave the kid paying for 3 or 4 years of their tuition despite their prior hard work.

Well... I don't think anyone should be paying their own way through private or out of state colleges.  The RoI just isn't there.

Hall11235

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Re: Luxury student housing
« Reply #28 on: August 25, 2015, 12:31:16 PM »

Now I live relatively close to the UofM and new luxury apartments seem to be going up every week.  But I guess if thats what the market wants.

What are do you live in? I live in Roseville!

Crazy! My folks live in Maplewood. Small world. Are Minnesotans over represented here, lol?

Chris22

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Re: Luxury student housing
« Reply #29 on: August 25, 2015, 12:47:29 PM »
Now I live relatively close to the UofM and new luxury apartments seem to be going up every week.  But I guess if thats what the market wants.

It's probably less about that and more about what the developer wants to build.  Building an apartment building costs more or less the same, no matter what kind of apartments are to be built; the core infrastructure is all about the same.  But if you can spend an extra couple grand per apartment on nicer appliances and counter tops, and then jack the rent up 20%, why wouldn't you as an apartment building investor/owner? 

gillstone

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Re: Luxury student housing
« Reply #30 on: August 26, 2015, 08:13:58 AM »

Now I live relatively close to the UofM and new luxury apartments seem to be going up every week.  But I guess if thats what the market wants.

What are do you live in? I live in Roseville!

Crazy! My folks live in Maplewood. Small world. Are Minnesotans over represented here, lol?

Minnesotans are everywhere.  I lived in Roseville when I was at UofM.  I didn't have one of those luxury apartments though.  We had 345 sqft of  married student housing.

LiveLean

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Re: Luxury student housing
« Reply #31 on: August 26, 2015, 08:41:26 AM »
I graduated from college in Virginia in 1991 and even then many of the dorms did not have air conditioning. Except for the first couple of weeks of September, it didn't matter. But I can't imagine a school trying to get away with that today, telling students to bring fans.

Chris22

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Re: Luxury student housing
« Reply #32 on: August 26, 2015, 08:53:23 AM »
I graduated from college in Virginia in 1991 and even then many of the dorms did not have air conditioning. Except for the first couple of weeks of September, it didn't matter. But I can't imagine a school trying to get away with that today, telling students to bring fans.

My alma mater (graduated 11 years ago) had no air in a bunch of the dorms in Philly.  Think they still don't, they were big old historic type buildings.  Humorously, these were the dorms that were most desirable to live in, due to their central location, versus the nicer, more modern buildings on the outer portions of campus.  I think the spread for "rent" from the least nice building to the nicest was maybe 10% per semester, maybe $200-300.  Wasn't really a factor when considering where to live. 

teadirt

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Re: Luxury student housing
« Reply #33 on: August 26, 2015, 10:38:48 AM »
I graduated from college in Virginia in 1991 and even then many of the dorms did not have air conditioning. Except for the first couple of weeks of September, it didn't matter. But I can't imagine a school trying to get away with that today, telling students to bring fans.

I lived in a dorm in 2011 and we didn't have air conditioning. Painful for a few weeks in August/September, but schools do 'get away with it'. It was still too expensive imo :) as far as I know, none of the dorms at my school had A/C, even though 90-95f highs were common at the beginning of the year.

I'm a red panda

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Re: Luxury student housing
« Reply #34 on: August 26, 2015, 11:18:10 AM »
I lived on a campus in Texas that in 2000 had a few dorms left without air conditioning. Most of them got units that year, but one dorm fought it off until 2002. 

The rent there was super cheap.  And their common rooms had AC, so there was a lot of camaraderie in that dorm that the others lacked after a big campus event that used to bring dorms together as a unit had been canceled.  It was their last vestige of dorm spirit. 

The dorm still sucks (you can sit on the toilet and shower at the same time... though at least it is suite style bathrooms)- but they aren't melting in the Texas heat anymore.

immocardo

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Re: Luxury student housing
« Reply #35 on: August 26, 2015, 11:57:48 AM »
I graduated from college in Virginia in 1991 and even then many of the dorms did not have air conditioning. Except for the first couple of weeks of September, it didn't matter. But I can't imagine a school trying to get away with that today, telling students to bring fans.

2011 Dorms here.  UW-Madison only has air conditioners for students with health issues that require it.

Also, unrelated to the quote above a lot of people are commenting on how they split $600 units two ways.  While that's nice and all, the costs vary greatly from school to school.

My experience was that even with a roommate you are highly unlikely to find anything under $450-500/month within a reasonable distance of campus.

If you get a larger group you can get it lower.  We had 6 guys in 3 beds and 2 baths for $400/month.  But for additional roommates they also charge an extra fee per month so beyond a certain point it's no longer feasible.


jinga nation

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Re: Luxury student housing
« Reply #36 on: August 26, 2015, 02:36:41 PM »
When I started at USF in 1998, only freshmen and student athletes lived in the dorms... quite the shite it was.
When I graduated in 2004, everyone wanted to live in the new dorms, and pay more than off-campus housing which was an additional 5-10 minute walk.

clarkfan1979

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Re: Luxury student housing
« Reply #37 on: August 29, 2015, 01:48:03 AM »
I was renting a basement room to a guy for $350/month, near a large University in Colorado. His dad came to visit and said he lived in the same neighborhood when he went to college there and paid $35/month for a basement room in the mid 1970's. I thought the math was pretty cool based on their two examples and still remember it 6 years later.

Tabaxus

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Re: Luxury student housing
« Reply #38 on: August 30, 2015, 11:32:34 AM »
If you're driven then having the "coddling" (can't think of a better word) of the more expensive school isn't really necessary.  Plus CC often comes with the added perk of "free" room and board, so it's not just the half price tuition but also not having to shell out $10k for dorms and a meal plan. (or an apt or whatever)
Kids are different, and what matters most is helping them choose the school that's right for them. 

My oldest went straight to a 4-year university, as I did.  She's extremely driven and fairly outgoing, and she's done very well.  However, she did have LOTS of advantages as a freshman:  She was required to attend an overnight orientation /registration, she was assigned a student mentor in her major as well as a faculty advisor, and she attended numerous "welcome to campus events" the first week.  I wouldn't say that the university "coddled" her, but they did provide some transition to help her get on her feet in those first weeks. 

In contrast, my youngest chose to stay home and begin in community college.  She received a letter from the school telling her she was accepted -- and nothing else.  At my prompting, she checked the school's website and found out when registration began.  She called and asked about an appointment with an advisor -- they don't do that.  She and I were both quite confused about a "hybrid class" that's 50% in the classroom, 50% online, and we wanted to ask questions -- unable to get any help over the phone, we drove over and walked through the math department 'til we found someone to ask -- it was an older student who answered our questions.  She and I read through the website together, then we talked to the 4-year university to determine that she was taking classes that would transfer.  A computer glitch prevented her from registering for classes, and when she tried to call the school for help, we were both shocked that no one was available to take her call -- they'd opened registration at 5:00 on Friday, and no one was "in the office" 'til Monday.  Who plans things like this?  When we went over to find out why she couldn't register, it turned out they'd put a block on her account.  Why?  Because they hadn't yet read her high school transcript to see what math she had taken -- oh, yes, they had it -- they just hadn't read it.  The man in registration explained that MANY high school students apply for admission, but then never attend, so they don't bother to go over the transcripts until the student actually attempts to register.  I asked him flat out, "Are you telling me that every freshman student who attempts to register for a math class will be refused registration until they contact you?  Yep, that's what he was telling me.  I'll ask again:  Who plans things like this?  She's started her classes now, and her teachers seem to be on the ball (except the older student who supervises the mandatory math help sessions), but the administration seems not to have any interest in helping their new students. 

Frankly, I'm disappointed in the community college thusfar, and I hope my youngest will get something out of the classes in which she's enrolled this semester; she's only taking her basic core classes, so I'm hoping it'll work out.  We'd agreed that she'd attend community college 1-2 years, and we'd wait to see how things were going before we decided together just when she'd make the switch.  At this point, I'm in favor of her going to the 4-year university next year as a sophomore. 

It's all well and good for you to say that a student who's "driven" will succeed, but it's not true.  18-year olds need guidance.  They don't automatically understand the system and don't know how to "work around" roadblocks and unhelpful professors or administrators. 
     

Not all 18 years olds need guidance.  Some do.  It's good that you were able to identify what was best for your kids.

MrsPete

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Re: Luxury student housing
« Reply #39 on: September 17, 2015, 01:39:35 PM »
Hey MrsPete, I'm curious about what decision making process you used to map the different paths for your two kids. Did the youngest push for CC, or did you lay down the financial law? Not to pry, but because I might have a simliar-ish situation soon. My middle niece is shaping up to need more guidance than her large pack of very ambitious siblings. Their age adjusted skills, both academic and worldly, are just more advanced than hers are.   
To sum it up in a few words, they're different kids.   Yes, I can relate to your comment about age adjusted skills, etc. 

They're both academically capable (and are both on full tuition scholarship), but the older one was emotionally ready to be "on her own" at a 4-year university.  The youngest has always lacked in confidence, and I was afraid that she would be the kid who'd hole up in her dorm and wouldn't thrive at a university.  We visited schools, talked about all sorts of options, but in the end, SHE was the one who made the choice to stay home and go to community college.  I do think it was the right path for her.   I am sure it's better to keep her home an extra year rather than send her out into the world and have her fail and come back thinking college is "too much" for her; we figured it was better to be overly conservative in this situation. 

What I really wanted my youngest to do:  The school she plans to attend has a fantastic college-within-a-college program.  It's a big dorm that holds about 200 students -- all freshmen and sophomores -- and they act as a cohort.  They take their basic core classes IN THEIR DORM, and venture out into the main campus for only a few classes as a freshman.  It's sort of a "sheltered start".  They have their own social programs, community service, and even some meals right there in their own small world.  I think it would've been an ideal situation for a shy, nervous freshman. 

She is enjoying community college, but she is also keeping an eye towards the day she goes to the "real university".  We've looked up information on the transfer program, and we had a talk in the car the other day -- she says she really wants the opportunity to live in a dorm, and we found out the school she plans to attend has a floor just for transfer students.  We agreed that's probably a good option for her. 

No, money did not play into the equation.  We are able and willing to pay for our kids to attend a state school (without borrowing), even before their scholarships kicked in.
Right, I didn't want to use the word "coddle" either, but I couldn't think of a better word.  That's why I put it in quotes and clearly stated that I wasn't sure what word to use.  But having a few hiccups in the registration process really doesn't seem like the end of the world to me and something that could happen at any state school just like a CC. Community Colleges do not have a monopoly on unhelpful professors and administrators.  I think this is very much a YMMV situation.
Of course it's a YMMV situation, but it's more than a few hiccups.  Registration was really bad, but I was able to help her through that.  She has NO college advisor.  I asked if she could be assigned to one, and they said they don't do that; the degree requirements are online.  She had no orientation to the school.  We tried to lay out a two-year course plan for her ... it doesn't mesh with the general degree requirements for the state university she plans to attend; for example, she needs two math classes to earn her AS degree ... but she needs a DIFFERENT math class to be admitted to the program she wants at the university, and that different math class isn't offered at community college ... so she's going to end up taking a third math to satisfy the requirements of both schools.  She is going to encounter a similar situation with her science classes.  It isn't going to be as simple as "do two years here and then two years there".  Because she finished high school with a number of college classes under her belt, she will be able to earn the AS in three semesters ... but because of the mis-matches, she will not finish college in four years total. 

Her sister, who went straight to the university, had a whole week of "welcome to campus" activities, an RA looking after her, an older student in her department acting as mentor ... and she has breezed through 3 1/2 years getting exactly the classes she needs to streamline herself towards graduation -- she will graduate in four years in a tough science-oriented program.

Is our experience typical?  I don't know, but I am sure that my youngest -- though she is in the right place for her personality -- is getting less at this moment, and because she'll end up in college more than four years, it isn't going to save us money.  As you can tell, I'm not entirely satisfied -- but I'm keeping that to myself around the house. 
CC always looked like the best option if you didn't know what you were going to do in college.   It is especially useful if your kid may not be ready to live on their own.  Who doesn't have an anecdote about the brilliant kid from high school who now works retail because they failed their freshman year of college? 

The pitfall to watch for with the CC route is that students have to have a good idea of what happens after 2 years.  Students need to know the school they want to go to afterwards and if they will take the credits at face value.  Out of state and small private colleges may not take CC credits and leave the kid paying for 3 or 4 years of their tuition despite their prior hard work.
Oh, yes.  As a high school teacher, I know plenty of those brilliant-but-now-waiting-tables types.  And I think my youngest could have become one of those if we'd pushed her towards the university too soon.  Both my husband and I thought community college was the right answer for her, and we were secretly a bit relieved when she made the choice. 

Transferring credits is a tricky game.  It's better than it was in the past, and you can click through the internet and see which credits are "guaranteed to transfer" to one of our state colleges.  Thing is, they're guaranteed to transfer ... NOT guaranteed to transfer as your math credit! So you may take a tough class in community college, only to find out that the state school will only grant elective credit for it ... and you have to retake the class to satisfy a major requirement. 
Not all 18 years olds need guidance.  Some do.  It's good that you were able to identify what was best for your kids.
I work with 17-18 year olds, and I suspect MAYBE 1% of them are really ready to go it alone without guidance.  The vast, vast majority need some help with the transition -- even those who are ready for the academics, even those who are emotionally mature and self-driven. 

My parents provided me with no guidance at all; in truth, my mom didn't want me to go to college straight out of high school -- she did it and flunked out, and she feared I'd do the same.  On some level, she wanted me to fail.  I didn't fail, but I also didn't prosper right away.  I think that's typical.  I wanted my kids to do more than muddle through, and a part of that was protecting my financial investment! 

justplucky

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Re: Luxury student housing
« Reply #40 on: September 17, 2015, 06:16:34 PM »
My dad, when seeing my dorm for the first time: "It looks straight out of the Soviet Bloc."

However, the "dining halls" had been retrofitted to basically be restaurants (and cost the same). I don't want to think about how much of my student loans were burned there.