First option is a big 10 school, pretty highly regarded programs all across the board. However, if I went to this school I’d be looking at ~70k in student loans! And that is with my family helping pay some of the cost. I don’t expect to get very much in financial aid, and haven’t been given any scholarships. Despite all of this I really love the school. It’s in a great city, nice campus, lots to do, ideal size, and diverse. If it were cheaper I would go there in a heartbeat.
The second school is pretty much the exact opposite in every way. It’s not nationally ranked, but has a few good programs and respected within the community/state. I’ve been given a big scholarship there, so I’d have a max of 25k in loans. I haven’t been super impressed from visiting. Not sure if I will enjoy my time there, fit in, etc. However, in terms of what I can afford it’s about as good as it gets.
I guess I’m just wondering if any school is worth getting 70k in debt for! My family thinks it is and I’m not sure so I would like to get an outside perspective.
Unfortunately, it’s not worth getting into debt for. Basically the ultimate cry you hear around here is “No debt!” I don’t know what career field you’re looking into, but if you definitely know your path and you want to go on to grad school, my vote goes for the second school.
You can’t borrow 70k on your own. Your parents would have to borrow PLUS loans or you would have to get a co-signer to borrow private loans to make up the difference between 70k and the total of 27k you can borrow as federal student loans ($5,500 freshman year, $6,500 sophomore year, $7,500 junior year, and $7,500 senior year). 70k of debt for an undergrad degree is just plain crazy.
If these two places truly are your only options, take the big scholarship and don’t look back.
You’re talking about a difference of $45000 over 4 years. What’s your intended major and likely career path? For some majors first job opportunities are much enhanced by your degree and $45000 is a sum that can be quickly recovered in terms of starting salary and long term career prospects. In practice first job and first year post college salary has a significant impact on your lifelong earnings.
The extra debt will be taken on by your family. From your post they are in agreement with you regarding the choice of college and they are willing to step up to the extra debt. I’m not sure why you are second guessing that agreement. Perhaps there are extenuating circumstances that you have not shared with us in your post.
OP: You ask if any undergraduate program is worth $70K in debt? No one knows, and you haven’t provided some key information, including:
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Your family’s ability – and willingness – to incur that sort of financial obligation (for some families, a $70K debt would be inconsequential, for others it would be near-catastrophic).
What are your REALISTIC post Bachelor’s job prospects – I know it’s very hard to estimate now – and what sort of compensation do they suggest ($70K is huge for a public school teacher, but probably less then half the annual bonus for a first-year, neophyte iBanker).
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You, and your family, really need to resolve issues such as these before you (or anyone else) can answer the basic question.
To put this in to perspective, 70k is equivalent to two modest new cars, roughly 1/4 of the cost of a modest home, or 1 year’s salary for an entry/mid-level engineer. I don’t understand why some people wouldn’t bat an eye at purchasing these things but find it unfathomable to spend that money on a college education.
An education lasts a lifetime, and has many benefits, not the least of which is the potential for significantly higher earnings throughout one’s life. In some cases these benefits may greatly outweigh the $70k loan cost.
I agree with toptier, though, in that the desired career path, and family finances, will make all the difference in $70k being affordable or not affordable. You could easily pay that loan off in less than 10 years if you have family assistance and a good paying job.
@fractalmstr - You seem to have missed the OP’s statement that this potential $70k in loans would be on top of what the family is able to pay. The discussion is not about whether an education is worth $70k, but whether it is worth whatever the amount is that the family can come up with already PLUS $70k in combined debt.
$70K worth of loans works out to be (roughly) $700 in loan payments each month for ten years. This is like making two extra car loan payments each month, or (depending on where you live) making an extra rent payment each month. It is nothing to sneer at.
Yes, some families can commit to this kind of debt. But many can’t. And even those that believe that they can at the beginning of college, often find out that they can’t for year 2, 3, or 4 forcing students to drop out or transfer to a less expensive place.
Did you apply to only two colleges?
Is there no middle road for you?
College 1 is too expensive. Unless you get a scholarship or a state grant (is it your instate flagship?) it’s not affordable.
College 2: how big is the difference between your stats and the “typical” student at this college? (If they don’t post an admitted student profile, use “college data” + the name of the college). Were you admitted to the Honors College?