I agree with your parents. I have a graduate degree from BC and, with the exception of my football and basketball season tickets, refuse to donate any more money to the school.
I have a few friends who are "Triple Eagles" which still carries plenty of clout in Boston. For those on the thread that don't know - graduates of Boston College High School, Boston College, and BC Law. Both are none too happy about the PC climate in some circles there. Still love the football and basketball. Starting when I was about 5 years-old we always went to at least 3 BC football games a year, and never missed the Army game.
After my brother and I both got accepted at BC my father stopped donating money because we both were told we couldn't get on-campus housing as freshmen. My bro went to Holy Cross instead (shocking my parent's BC buddies), I chose Norwich. No regrets.