Advice on College Decision.

Parents Forum
1

<p>Hello Parents. I need some advice. I'm a senior and I've been accepted to 3 schools and will likely be accepted to the state school I'm waiting on. I haven't received all of my financial aid packages yet but I'm confused and need some general advice so please help me.</p>

<p>Accepted:
Ithaca College (not attending)
Emerson College
Lesley University</p>

<p>Waiting On:
Fitchburg State</p>

<p>My first choice is Emerson College. I'm absolutely in love with it. I was accepted as a Writing, Literature and Publishing major. My goal for the future is to work as an editor in a publishing company. Emerson teaches its' students all about the publishing business and also has connections to several publishing companies. It has many great clubs and I love that it's in the center of Boston. The problem is... it's expensive. I got a tentative FA package a few days ago that look like this:</p>

<p>Grants: $20,695
Loans: $6000 total with $500 being non interest
Work Study: $1,500
Cost Left Over: $21,551 (I don't think this includes a Meal Plan though)</p>

<p>My EFC is ~3500. My parents are not together and my dad says he can probably take $10,000 a year out of his 401k which leaves $11,551. I'm going to work over the summer but I can't possibly make up the difference and I have no idea how much my mom is even able to pay. I'm guessing about half of this could maybe be taken care of in outside scholarships and my mom's contribution.</p>

<p>Lesley University was my second choice. It's in Cambridge so it's also in the setting I want to be in. However, I was admitted for creative writing and they don't have much in the way of publishing, if anything at all. I visited and didn't feel like I really fit in there. Their FA package looked like this:</p>

<p>President's Scholarship: $17,500
Grants: $3,300
Loans: $5,500
Work Study: $1,500
Cost Left Over: $19,077</p>

<p>If I am accepted to Fitchburg State it will be my new second choice. I visited there in October and the people were friendly. The program I was accepted to is Professional Writing and it delves into the publishing business a bit. It does not have the connections that Emerson has though. I already have a full tuition scholarship because of my MCAS scores but that only takes off $970 from the bill, leaving about $19,000 left over if I receive no other aid. </p>

<p>HERE ARE THE OUTCOMES I'M CONSIDERING:
Plan A: Go to Emerson, be happy, get an internship at a publishing company which could result in a possible job but if not will give me the experience I need.
Plan B: Go to Fitchburg, get an internship at a local newspaper or publishing company and try to get out into the business after graduation.</p>

<p>HOWEVER. I'm wondering if a BA will be enough to get me the kind of job I want. If not should I go to Fitchburg and shoot for Emerson as a grad school but not get the full experience of being a student there? And I'm just not sure about Lesley either. </p>

<p>ANY ADVICE?</p>

2

<p>Frankly I don’t see how any of those options are workable. You are talking about ~$20K/year WITH LOANS ALREADY INCLUDED. Even if your dad is willing to pull $10K/yr from his 401K how will you make up the difference? You might be able to earn $3K over the summer. That leaves you $7K short. What about your local CC while you save up for two years?</p>

3

<p>I’ve applied to many outside scholarships and my GC says that I’m far ahead of the game compared to much of my class. Students make out very well in scholarships at my school and he told me I should get a few thousand just by the amount that I’ve applied to/am set to apply to. I didn’t factor in any of my mom’s payment either. She can’t pay much but she will be able to help. I’m a first generation college student and many people from my family are proud and willing to contribute, I just don’t know how much. </p>

<p>Plus, Fitchburg is totally hypothetical right now. I could receive grants and will probably receive loans. No matter what I’m going to have loans and I’ve accepted that.</p>

4

<p>These three options sound unaffordable for you. Did you apply anywhere where the cost is attainable with guaranteed merit and/or need based aid? </p>

<p>Where will you get the $20,000 or so that you are short at all of these schools?</p>

5

<p>Have you researched the job market in publishing? As you likely know, book publishing has been declining at a fast clip in the last decade and even in its heyday, the salary for editor’s assistants (entry level) was quite low. Living in Manhattan = quite expensive. Before you look at the costs of college, look ahead a few years at the realities of paying it all back. I wish you well, but wonder that no one has advised you to have open eyes. As to your GC encouraging you–I find that disheartening. No one outside your family has a right to assume what you should pay… and what decision now may cause you to have unendurable debt for years and years to come.</p>

6

<p>Yes I have researched the job market and I’ve also thought of a number of back up options. I want to do something with editing. At a publishing company would be ideal but I know the probability of that happening is low. I also never said I wanted to live in Manhattan. There are publishing companies elsewhere as well as freelance opportunities. Or I could commute. My GC is not “encouraging me” in the negative light you have shed on this phrase, he’s realistically laying out my options and helping me. We’ve talked extensively about scholarships and how to deal with the left over cost. I applied to these schools for a reason and I chose my major for a reason as well. I don’t need to be judged, I just wanted an opinion on what road to take as far as which school to go to and how far to go in terms of degrees.</p>

7

<p>We’ve given you our opinions. You may not like this pragmatic advice, but run the numbers. How much debt will each college entail over 4 years. Then figure how much you can make in the first 3 years out of college. </p>

<p>Here’s a look at what it takes to pay back 70,000 in loans (approx 17.5K per year). </p>

<p>Loan Balance: $70,000.00
Adjusted Loan Balance: $70,000.00
Loan Interest Rate: 6.80%
Loan Fees: 0.00%
Loan Term: 10 years
Monthly Loan Payment: $805.56
Number of Payments: 120</p>

<p>Cumulative Payments: $96,667.60
Total Interest Paid: $26,667.60 </p>

<p>If you earn $3000 a month, it will be about $2300 after taxes and then your $800 loan payment. So with about $1500 you’ll need to pay for food, phone, transportation, insurance, an apartment, clothes…</p>

<p>You are not being judged. You simply need to do whatever is best for you.</p>

8

<p>I’m sorry if I came off as being snotty. This whole thing is just really stressing me out and I know I have limited options. I forgot to mention that I have $900 saved up already which I know isn’t a lot. My dad will stop paying child support on my 18th birthday but I think that he’s planning on contributing that much toward the cost as well since the money has always gone towards me anyway. Also, I’ve taken dance classes for years and without this bill both my parents will have a bit more pocket money. With these deducted plus the original $10,000 my dad said he’d take out I’d have about $5,000 left to make up. I don’t know if I’m being practical but with outside scholarships plus a summer of working I might be able to make this up. My grandparents have also said they’ll help. </p>

<p>I know that FA packages change per year as well, like that you can take out more money in loans as years go on or that the grant money may change. </p>

<p>madbean, I understand what you’re saying about loan payment. thank you for the information. I’m hoping I won’t have as much as $70k in loans but I see that I could end up with that much. My parents aren’t very educated about this process so I’ve mainly looked to my GC and a close family friend for advice. Most people say not to worry about it but people on CC are resourceful and knowledgeable about FA so I decided to come here. </p>

<p>thank you all for your responses. I’m sorry for my earlier frustration. It wasn’t necessarily at you but more at the situation.</p>

9

<p>I really think you need to speak to a financial aid person or perhaps a family friend that has a financial background if this is feasible.
For the career path you have chosen I am not sure it is wise to take on so much debt…</p>

<p>How much would your state university cost?</p>

<p>One other thing to keep in mind is that outside scholarships are usually for only one year. Then you have to find and apply for other scholarships each year after. </p>

<p>Good luck to you I know it can be confusing and frustrating. In the end the goal is to get the best education for the least amount of out of pocket money…</p>

10

<p>The two colleges which cost $20,000 per year *after applying loans and work study<a href=“i.e.%20the%20expected%20student%20contribution”>/i</a> are not affordable if your parents can only put up $10,000 per year (and your father pulling it from a retirement account implies that he really cannot afford even that).</p>

11

<p>The option of going to CC then transfer is not going to work either. You wouldn’t be able to save enough in those 2 years to make a dent, and as a transfer student it would be harder to get FA.</p>

12

<p>If you are going to take on the debt go to Emerson. By far the best school/opportunity.</p>

13

<p>Why is Ithaca out? What were their numbers? I have to agree with other’s, you just don’t have a financially affordable school on your list. Community college isn’t going to be less expensive because you lose the merit money you have. You need to get solid numbers from your parents as to what they can help with and then figure out a way to come up with the rest. It’s great you have applied for outside scholarships and I hope you get some but you can’t count on those.</p>

<p>What is the total cost of attendance at each of these schools? How much is your total aid package at each? From my calculations these schools are all in the $50,000 range. Did you apply to any schools that you could afford without aid?</p>

14

<p>I personally think you have too many “ifs” to make a sound decision at this stage of the game… if you get certain scholarships, if your grandparents help, if your mom can contribute “some” amount. Seems like you need to sit down with everyone who is offering to help and find out some more concrete numbers before you make a definite decision. You also need to make sure you have all that scholarship money IN HAND before you count on that money, and Rushedmom is right that I’m guessing most of those outside scholarships are for 1 year only, and then where will you stand? There are just too many variables and it doesn’t seem smart to jump in with $20,000’ish a year that you think you will probably be able to pay with a wing and a prayer… it’s wonderful to have a dream and a dream school, but I think you are potentially looking at it turning into a nightmare if you don’t have a more definite plan for your finances.</p>

15

<p>None of those options sound affordable. However, the cost of Fitchburg appears to be a good $10,000 a year (possibly more) less than the cost of Emerson, and with your major, I’d want to keep my debt as low as possible, so Fitchburg would be my choice of the options you have, but it doesn’t seem feasible unless you get additional scholarships/grant money from them. Don’t rely on outside scholarships that are only for one year in making your decision, because that could leave you in a situation where you can’t continue in subsequent years (especially since costs tend to go up each year). Since your ability to take out loans is limited, do you have a co-signer for loans in excess of the federal limits? If not, you won’t be able to get the loans. Does your dad have adequate retirement savings? If not, I would be very reluctant to let him take money from his retirement accounts to pay for college. Do you have any state schools within commuting distance? Does the scholarship at Fitchburg pay only tuition and not the fee (which is where the cost really is)?</p>

16

<p>The problem with outside scholarships is that they’re generally for one year only. So even if you manage to pay for your freshman year, you’re going to be up a creek when it comes time to pay for the following three years. (And, no, you will likely not be able to find any more good scholarships once you’re already in school.)</p>

<p>

</p>

<p>Those people are, quite simply, wrong.</p>

17

<p>OP, I know that the responses you have received are not what you were hoping for. But there’s a reason why parents are cautioning you against assuming too much debt. We know from experience how debilitating debt can be, and even though we don’t know you, we want the best for you.</p>

<p>You are very intelligent, so please take some time to think this through critically. Also keep in mind that many students switch majors in college, so you may end up studying something different. You might want to choose a college that offers a wide variety of majors.</p>

<p>I wish you the best of luck as you make your decision. ((hugs))</p>

18

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</p>

<p>Really? And how exactly is the OP going to be able to borrow an additional $20k/year? Are YOU going to lend it to her???</p>

19

<p>dodgersmom–I’m going to disagree with you on both counts, yes, some outside scholarships are only for one year but many are renewable annually. As for not finding other scholarships sophomore year and beyond, again, not true. Many schools, foundations, etc. open up scholarships for sophomores and beyond, to those that have declared majors.</p>

20

<p>These numbers frighten me. I’m not as hard core as most on CC about loan debt but I don’t think your financials are doable. I don’t think you’ll be able to pay for a year two of school, for instance, when scholarships run out. And, living in Boston is expensive. As someone who has worked in publishing for 25 years (started in books and moved to magazine and web many years ago), I can tell you that post graduation you’ll most likely be interning. I have smart, smart kids working for me with masters degrees from NYU and Columbia who intern for a year or two before being given the chance to freelance for $15/hr or start at an entry level job of $30K. And do you know how expensive it is to live in NYC? It’s an extremely competitive industry and I don’t know how these kids do it without parental support.</p>

<p>The other thing to note is that just as there are “feeder” high schools that supply kids to the top colleges, there are “feeder” schools that supply publishing with their new recruits. They are usually schools with alumni networks filled with publishing types. I’m less connected with book publishing, which used to be supplied by the Ivies, but for magazine and web publishing in NYC, those schools are:

  • NYU
  • Columbia
  • Syracuse
  • Harvard/Yale/Wesleyan/Tufts/Vassar
  • Fordham and some of the CUNYs</p>

<p>Let me be clear: People come from every college. There isn’t just one. But, the schools with strong alumni connections in publishing are at a huge advantage and schools that have publishing programs that are being reinvented continuously to meet the demands of the evolving publishing landscape, which is now also about info architecture and big data, are the ones I’d be considering.</p>

<p>I would not go to Lesley.</p>