Value of Attending a Name College

My daughter is obsessed with attending a big-name college. She believes that it will give her certain advantages in getting into graduate school and getting a job. This is likely to be more costly than going to a lesser-known school. Should we support her choice? -- Parents
Answer: It's not so much the name of a school, but the academic reputation of a school that is helpful in getting into graduate school. And there is also the matter of getting good scores on graduate admission tests and good grades at a college. Money definitely has to be factored into deciding where your daughter should apply for college. However, the expected family contribution to a student's college education is determined by a formula. It may cost the same or even less to go to a big-name school rather than a less well-known college.
For certain jobs, the name of your college can be important. This especially holds true on Wall Street and for many jobs in Hollywood. And, of course, your child can always brag that she attends a certain school, which may impress many people. Hopefully, this isn't one of her major reasons for choosing a big-name school.