The Screwed Up Mentality Of My Parents’ Generation
After I had finished my A-Levels, I started considering applying to a bunch of tier-2 American universities and top Canadian universities. The memory of which American universities I did apply to is hazy (if I had applied at all) but I remember clearly applying to 4 top Canadian universities. 3 replied offering places for courses I was interested in.
I didn’t accept any of the places.
The main reason was cost (which is why it was likely I didn’t apply to any of the American universities).
My mom used emotional blackmail to get me to stay:
“You’ve been in NS for 2.5 years. Now is time to stay with the family and not run off to some foreign country”*
* Above is paraphrased. My mom’s emotional blackmail skills are way better than the words above will give her credit for.
My dad had two points:
1. I had already got into NUS, and NUS was good enough.
2. It was cheaper to study in NUS, after all, the government was giving a grant and studying overseas would stretch the family finances at that point.
I’m not going to go into how students are able to work while overseas to cover part of the cost and expenses.
I’m also not going into the debate about the (perceived) value of an overseas degree from a foreign university versus NUS’s.
What I want to talk about is the messed up mentality of my generation’s parents when it comes to considering costs and benefits.
And I will do it will a very simple example.
My generation’s parents are more likely to take a loan of $50,000 to buy a car then take a $50,000 loan for their child to study overseas in a foreign university.
And when they do, it is usually because the child couldn’t get into a local uni.
I think the decision on whether to take a loan should be independent of the fact that a place in a local uni has been secured and whether a grant is given.
How the C/B analysis should be done is like this:
Cost of NUS (after considering grants) versus Benefits of studying in NUS.
Cost of studying overseas (possibly helped covered with part-time income) versus Benefits of studying overseas.
Benefits of studying overseas / Benefits of studying in NUS (>|=|<) Cost of studying overseas (possibly helped covered with part-time income) / Cost of NUS (after considering grants)
Instead of:
Cost of NUS (after considering grants) (>|=|<) Cost of studying overseas (possibly helped covered with part-time income)
Benefits of studying in NUS + absence of addition cost (>|=|<) Benefits of studying overseas.
Thinking too much in absolutes instead of relative.
Following how it is socially more common to take a loan to buy a car than to pay for an overseas education.
I really hope my generation will overcome this mental block for our kids.
