Attending my Dream School - worries, doubts, and projections

<p>Hello CC Community, </p>

<p>So here's the scoop: I was just accepted to my dream school, and am anxiously awaiting their FAFSA information, and I am concerned that costs and an impending debt load from attending a private, Christian-based institution will be the one thing holding me back from making it a reality. I've recently been bombarded by family members who insist that upwards of about 88k in debt for a 4-year undergrad is a serious and very heavy burden. They suggest going to a tech school for the first two years and transferring, or choosing an in-state school. </p>

<p>However, I have both past experience with another private, christian school where I spent my first year of college, and later, spent time at a two-year local university as well when I was trying to narrow down a major. I noticed immediately, that there was a stark contrast between the two, from their communities, to my peers, and overall the experience as a whole. I was convinced that the tech-school/two-year institutions just weren't cutting it for me, despite the huge savings. </p>

<p>Now, with career goals paved and ready to be taken on, I have decided to double major in both Graphic Design & Business Administration. Fortunately, this is a possible option to select at the 4-year private university I hope to attend, but not without a painful stack of student loan debt to go with it. I'm at a cross-roads now after comment after comment referring roughly to 100k of debt and the question of "is it Really worth it?".</p>

<p>I dreamed of being able to flee the midwestern state I call home for the city of Seattle.
I prayed to God to give me signs and guidance.
I gained a sense of belonging from the close-knit community of my past Christian University, and since leaving, have missed it like nothing else. They were, to me, considered a second Family.<br>
The idea of returning to a tech college, or two-year university...I really don't know about that. All I know is how I felt when I first arrived on campus, and the months spent thereafter were difficult to trudge through and left me feeling quite let down, and I wasn't in the best of places. At 21 years of age, I feel like it is time to really grow on my own, and the idea of living out-of-state, so far away, will force me to do so in ways I may have otherwise never explored being a few hours drive from home while returning every weekend I had the chance. </p>

<p>What do I do? Is there a chance that, full-knowing I'll be staring down the barrel of a pretty hefty gun sooner than later if I were to choose SPU, that what I'm asking for could work out, or am I just asking for a world of hurt that really isn't worth it in the end? (in reference to the private school's future debt load.) </p>

<p>I think it's important to mention that I have some (very basic) ideas of what a debt load like that would mean, (with upwards of about 18 years before it's repaid and I'm able to say "I live debt free".) -I understand the crucial importance of being aware of every loan (rather than leaving college and turning the other cheek towards that 20k/year you borrowed) and to make more than that minimum on your monthly payments whenever possible. Looking at the degrees in which I plan to major in, could this work out without being considered living "just above the poverty line", or is that just wishful thinking? </p>

<p>ps- I am also engaged in courses from Dave Ramsey's FPU (Financial Peace University) Program, and am trying my best to gather as much as I can from it so far. I highly recommend it in addition to the books he's written that are designed to help you and others tackle your debt. (If only I came across his teachings sooner.)</p>

<p>updated typos. </p>

<p>I’m in the same boat as you are. I’ve been accepted to my dream school and have a chance at leaving the Midwest but in the end everything comes down to money. </p>

<p>At this point all I can suggest is applying to as many scholarships as possible and waiting for the FAFSA results. Also, taking into consideration how much money you can possibly make once you graduated from your dream skill. Will it be enough to pay most of the debt off?</p>

<p>Good point, Pippa.<br>
If, someway somehow, I was able to work part time (perhaps even on campus) and was able to achieve at the very least 25hrs 5 days a week for the 6-8 months spent in WA every school year, and tucked away the majority of those earnings, I would be able to make a small dent in my debt, I figure. (not enough to pay a majority of it off, unless I was able to find a higher paying job and work full time…which, I don’t consider a very viable option.) </p>

<p>Doing this would knock roughly 1 out of 4 years of the incurred debt off the books.</p>

<p>Throughout the time, I’d be spending money on things like textbooks through websites like Chegg, eating out with friends when you tire of cafe grub, some new clothes when needed…but a large majority of that savings would go straight into a no-touch “loan payback fund” of sorts. I’ve recently just started focusing, and I mean really focusing on the concept of saving money and spending it wisely rather than going on online shopping sprees as soon as my paycheck hit the bank.</p>

<p>Thankfully, following Ramsey’s program, I have officially tucked away almost $1k in an emergency fund, strictly for crisis situations, such as having to take an unexpected flight home, or running into issues with a new (but used) vehicle in the future etc. Now it’s just back to building up that account to afford basic school expenses. The cycle never ends!</p>

<p>I understand your desire to escape your home town and spread you wings. However with 100K of debt, there is a high chance you will be force to return home because you can not afford to live on your own. The choice seems to be to borrow heavily to escape for a few years (hopefully getting a good education) and then return for many years until you are financially well off to pay your debt. The second choice is getting the best education you can reasonably afford then relocating to where you want to spend the next 60 years. The first choice will be pleasant for the next few years and then difficult for the following ten plus years. The second could be difficult for a few years but then the world is open to you. </p>

<p>That level of debt has far reaching implications. It will impact almost every major decision until it is paid off. It will impact the type of work (forget jobs that are low paying but rewarding), where you live (forget high cost of living areas like Seattle unless the pay is great.), when you can afford to start a family and if you even afford to leave home.</p>

<p>One last thought, who will co-sign foe these loans? Will they be willing and able to co-sign and be approved every year? What happens if they/you cannot borrow in future years? Can you earn enough to pay back the loan without a degree?</p>

<p>You make a very valid point.</p>

<p>This weekend I am headed up to one of the only tech school’s in our state to offer on-campus housing and dorm rooms in addition to meal plans. Hopefully I’ll find more than a few things to like about this school, and enough to give it some serious consideration for two years.</p>

<p>I’ll update you guys on how that goes / what the campus was like etc.</p>

<p>Spending two years there would equal less than half the cost of one year at my first-choice university (with aid).
Choosing that however, would give me a much better chance at moving to, and staying in, Seattle or the state of Washington after graduation. (I’d also have a chance at boosting my GPA for a higher merit scholarship when I transfer to Seattle Pacific.)</p>

<p>As noname87 indicated, you can’t borrow that much on your own. Whoever cosigns with you is then on the hook if you don’t repay. And it sounds like you have already spent 3 years in college – I honestly wouldn’t cosign for you if I were a relation… I would say suck it up and take the cheaper option even if it is not as cozy on a personal level for you.</p>

<p>I’ve completed 1 year of college.<br>
My parents would co-sign for what the FAFSA remainder (ie. future loan amount) is.</p>

<p>I may have to go to this in-state community college for 2 years (10k/each for a total of 20k for an AA) and unfortunately transfer to an in-state university such as La Crosse to complete my degree(s). Either way I’ll be coming out of school with debt, considering I have nothing to put towards tuition/housing costs, and my parents are no longer paying for college…yet I need to go and get those degrees.</p>

<p>So achieving this in the more fiscally-responsible manner (with the only other cheaper way of going about it would be through living at home and taking on-line courses or something like that…which is not available to me right now), I’d be looking at between 30-40k debt. </p>

<p>So in the end, this is what I came up with concerning debt amounts (including FAFSA) / various situations:</p>

<p>1) Attending SPU for 4 years: Total Debt (not including interest) = $96,000
2) Attending Western Tech College for 2 years: Debt = 20,754 | Transferring to SPU for 2 year completion: Debt = $48,000 for a Total Debt (not including interest) of $68,754
3) Attending UW-La Crosse for 4 years: Total Debt (not including interest) = $56,800
4) Attending Western Tech College for 2 years: Debt = 20,754 | Transferring to UW-La Crosse for 2 year completion: Debt = $28,400 for a Total Debt (not including interest) of $48,754</p>

<p>Option 4, although my least favorite, is the most rewardable route to take. I could also look into other in-state schools like Madison or Whitewater which wouldn’t tip the scale much further than where it stands at it’s lowest balance. And at that point, consider re-locating to a more desirable State. </p>

<p>I am glad you are looking at your options. You might consider posting on the FA board. That board has some great posters who could give feedback on your options. You might also find some that are familiar with your state system.</p>