Reflecting on Using My Trust Fund to Pay for Columbia University Education

Last updated Mar 8, 2025

My Experience Paying for Columbia University with a Trust Fund

Financing higher education is a significant decision for many students. In my case, I paid for Columbia University using a trust fund established by my grandfather. On reflection, I sometimes question if investing that money in a down payment would have been smarter. When it was time for graduate school, my trust fund was depleted, forcing me to take on student loan debt.

Choosing College Based on Architecture

Students select their colleges based on various factors, such as location, financial resources, and academic programs. For me, it was the architecture of Columbia University. The Greek-inspired buildings and the majestic dome of the Low Library strongly appealed to me. Although I merely applied to one college, I never regretted my decision.

Trust Fund Privileges and their Impact on College Selection

Being a trust fund kid allowed me the luxury of choosing my college based on architectural appeal rather than financial constraints. My trust fund, a generous gift from my grandfather, an ex-WWII submarine captain, and a Columbia alum, was $120,000. In 1998, it was more than enough to cover four years of tuition fees at any private college.

Spending My Trust Fund on Columbia University

Attending Columbia cost $24,974 annually, which quickly depleted my trust fund. A study abroad program during my junior year further drained my trust fund.

The Opportunity Cost of Using My Trust Fund for College

An Ivy League degree does have numerous benefits, including the prestige associated with such institutions. However, as my dream was to become a writer, it’s doubtful if an Ivy League degree was necessary for my career. I could have pursued my writing career at a less expensive university, leaving thousands of dollars in my trust fund for future investments, such as a house or master’s degree.

Grad School Loans

Despite my trust fund, I ended up taking a small loan for graduate school. It took close to twenty years to clear my student loan debt. Looking back, it would have been better to avoid these loans or to have had some of my trust fund left for a property investment.

Reflecting on My Trust Fund Spending

I’m proud of my Columbia University education, but I often think about the other ways I could have used my trust fund. With the money I had left, I went backpacking in Europe one summer and paid medical bills for some children during my study abroad year. Looking back, these experiences were more valuable than the prestige of an Ivy League education. It’s a lesson I wish I’d learned sooner.