Chinese culture — OCBC advertisement would tell you an aerospace engineering degree costs S$260k… and it’s parents’ responsibility!

Chinese culture — even after his children graduate from college, the Chinese parent still takes the responsibility to help them pay off their student loan, or help them buy their home. I think in other cultures the young adults are responsible for their finances at a much younger age.

Introspective — Sure a private uni is good, if we can afford it, just as …

• 30-minute commute is good, if I can afford it.
• home with a private study room is good, if I can afford it.
• private yoga instructor is good, if I can afford it
• $200/month yoga program is good (even though I attend only 4 sessions), provided I don’t need to worry about the cost.

My own experience – I had reasonably good A-level grades, so I could have applied to some private U.S. universities but not outstanding enough to earn scholarship. My parents only had enough money for a Singapore university. I felt fine. I didn’t suffer or regret.

If my kids are really good students they would have enough choices beside the expensive universities. In that situation, if we can’t afford a private university, we would accept. That’s what happened to me as a student, and what happens to many talented students every year. I don’t believe the expensive university education is such a make-or-break factor. Getting into a good firm (like Goog, APPL or GS) might be.

As of 2017, tuition + expenses per student per year is between 50k – 60k for one colleague (per Shubin). Another colleague said 250k for 4 years per student. I have reason to believe these are realistic numbers. Luckily, my 2 kids have no “overlap”, so I can slowly save up, if I take up the responsibility.

• Option: Grandpa stressed many times — a mediocre university is fine
• Option: student loan. We will probably max this out
• Option: they work to pay for themselves
• Option: some “local” state universities are good enough, such as Stony Brooks
• Option: Singapore universities are more affordable
  • All university students get student loans up to 80% of tuition, with no questions asked. I received that myself, as a foreign student.
  • For the needy students, there are bursaries. As a foreign student, I received S$3000 every year
  • There are still other financial assistance schemes for Singapore citizens.
  • For living expenses, my kids could work in the university or outside. I did that a few times while in college. Very easy to find jobs.