Cold Feet /Buyers Remorse for expensive U?

Parents Forum
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<p>Despite the many recommendations from CC to not over spend and go into significant debt, I encouraged my DD to accept her preferred Jesuit/LAC given the decent merit/grant package she received. I do hope to be able to help her enough so that her debt is not over bearing and to help pay down the interest on any loans so they do not compound. If my calculations are correct, it is only going to be about 8,500 over our local state school, which was a good second choice. Even the state school is a lot of money to start with. We are hoping she gets an RA position next year to make up the difference, but I don't have confidence she will.</p>

<p>I am still hoping that we made the right choice and that she will make the most of this opportunity, but I must say, I can't help but have second thoughts. I am use to the feeling when buying a new car, but I figure you can always sell the car. I am relatively confidant we can get a loan to cover the gap, but what if we do not.</p>

<p>1st, how many of you have this feeling or have had it and what did you do?</p>

<p>2nd, is it too late...If we do change our minds, other than giving up the non refundable deposit, can she still get into the state school that also had a May 1st dead line but that also has rolling admissions? Or is the only fall back to go to Community College for a year. </p>

<p>Thanks for your advise or consolation...</p>

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<p>Private tuition/room/board seem to increase substantially more per year than in state public schools so take that into consideration. Also, understand that financial packages change from year to year with the freshman package usually being the best of the 4 years.</p>

<p>If you are having concerns regarding finances and you want the option to change your decision, call the state college ASAP and ask if it is possible to change your decision from “not attending” to “attending”. If you are seriously considering changing your plans, call them ASAP tomorrow and discuss it with them. If you do end up choosing the public (if still possible after speaking them), your only consequence from the private will be to lose your nonrefundable deposit. Of course, you would need to let the private know of your change of plans.</p>

<p>Don’t hold on to the thought of gaining an RA position to help decrease costs of the private school. Competition is tough as many other students have the same hope for reducing their bottom line cost.</p>

<p>A bit of advice for newbies: You must look at the 4 year financial picture and not just the first year. Too many people focus on getting through the first year finances without considering how they are going to make it through the following 3 years.</p>

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<p>Tough call. If it is a well known Jesuit school and depending on what field she will be studying, this may be worth it. The Jesuits stick together and have quite a network to help each other job wise. We considered quite a few Jesuit schools and ended up paying about the same for out of state tuition at public school. I think anytime you are considering spending any large sum of money, there is fear and second guessing. I was right where you are last week. I am calmer now, but could be back at that place any moment. We did get quite a few letters from schools we declined, letting us know they are holding our scholarships for one year, should we change our minds.</p>

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<p>It is best to bite off only what you can chew financially for 4 years. My Ds roommate had to leave her university after 3 semesters due to family finances. It is best to have continuity at one school. That way the student is more likely to graduate in 4 years.</p>

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<p>Your daughter also would have the option of taking a year off, and reapplying to a different list of colleges and universities that are likely to offer her better financial aid. If her grades and test scores are good, this often is a better option than the community college. Provided she doesn’t take any college-level coursework at all during her gap year, she will be considered a freshman applicant, and thus be eligible for the better aid packages that are offered to freshman students.</p>

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<p>^no need for the community college option if the OP’s daughter has been accepted into her in-state public (which is what I got from her first post). </p>

<p>OP–Are you talking about $8500 more at the private per year? </p>

<p>Sit down tonight and take a hard look at the idea of being able to cover the cost of ALL four years at the private college. Take into consideration the fact the likelihood of the financial packages may not be as good after the first year (meaning, package will include more loans than grants). Also take into consideration increases in tuition/room/board for each subsequent year.</p>

<p>If your daughter is OK with attending the in-state public and you feel more comfortable with the ability to swing the cost of the state college, call them up in the AM and discuss it with them. See if they will let your daughter change her status to “attending” and send in the deposit.</p>

<p>Please, don’t feel as though I’m telling you what to do. It’s a decision for you and your daughter to make. Think it through and make your final decision ASAP because spots and housing at colleges fill up in a blink of an eye.</p>

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<p>I may be late to this discussion, but you may also want to consider the 4 year graduation rate at both schools. I am not certain I buy this, but some say that the classes at some state schools fill up, and can result in an extra semester or two.</p>

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<p>^honestly, my older son had a much easier time getting into classes at his in-state public college than at the higher ranked private college he attended for his freshman year. The in-state public offered more sections as well as online and summer options.</p>

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<p>Our D went with her choice 5 years ago, it was 8-9K above our state school, 4 years later the tuition/room/board went up by 11-12K. WE knew it would go up, did not expect that much increase. Our state school went up less than 1500 in the same time.</p>

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<p>The historical trend for cost increases has been in the range of 5% to 7% pretty much across the board. Ask both universities specifically about their increases. Some have tuition/fee guarantees that lock prices in for four years.</p>

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<p>You know, the package your DD got for the private school is probably one that she would only get as a direct admit from high school, so this is about as good as it gets for her to go to a school like that. So give it a go. If it is too much to handle that first term, start looking at the state options and maybe get a transfer app in there. My friend did that with her son at Holy Cross. He transferred to Geneseo, a NY state school, when it was pretty clear that paying $60K a year was not going to happen. Family business did not pick up and other things happened where it became very clear that it was too much money for them On paper, even, it was daunting, doing it was going to put the family in more debt than they would be able to repay unless they won the lottery or business really started to boom. My friend did take a part time job, but the taxes, hours, needs of the job just didn’t bring in the extra she had hoped, and her son could not earn what was scheduled for him to make and contribute towards the cost either. So he applied to some local schools as a commuter, which would have brought down costs considerably even if they were just as expensive, and he applied to some state school with COAs that were much less. But they gave it a go.</p>

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<p>As for state vs private in terms of getting classes and options, YMMV. I am very unhappy with the large state school my son picked. He did not get into the program he wanted which he could have gotten as a direct admit at certain privates where he was accepted, but he took that chance, and it did not work out. So he is taking courses during the summer to supplement as his college jealously locks up just about all business courses from arts and sciences students. </p>

<p>But there are kids who go to highly rated LACs and privates and find that certain programs and specific courses are unattainable too.</p>

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<p>If she wants to change her mind, call the admissions office at the state school. It can’t hurt to ask.</p>

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<p>I’ve known many who have changed over at various times. One of my friends had a terrible tiff with the local school where her DD got a nice award. It was still barely doable. When the young woman got a very nice, high paying part time job for the summer with assurance that she could work flexibly during the school year, she decided to commute instead, an option that was discussed anyways. it made everything very doable. Except the college, then pulled most of the awards. Couldn’t get them to budge. So, my friend called up State U and, yes, in the middle of the summer was able to get a spot there for her DD. She did lose an award that was offered initially there, but the cost was still less, a lot less than going to Local PRivate U would be. I think there was a lot of buyer’s remorse bundled in all of that, not to mention the fact that they looked too much at the award instead of what was left to pay, which is the important number.</p>

<p>These days with privates costing over $60K in some cases, with a state U coming in at around $20k, there is a lot of room between the two to be covered.</p>

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<p>FWIW… When I look at in state tuition (with room and board) coming in at about 92k for four years (not factoring tuition increases) even that amount seems ridiculous for a degree. When I look at the additional $ we’ve committed to spending for our choice, it is really not that much more in the long run. It’s really hard to make a perfect decision sometimes. There are many intangeable factors which affect the fit of any school, which might make it worthwhile. Only time will tell, if the choice works out. Leap of faith sometimes…like lots of things in life. But if you really are pushing your resources, it makes it scarier.</p>

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<p>Thanks everyone for your feed back and advice.</p>

<p>Our final two choices were between St. Joe’s U and West Chester U which I had already received a lot of good comments regarding both, so I did not want to go over that again, however it is still a big part of the equation. </p>

<p>As best I can figure, with the merit and grants from SJU it will cost about 8,500 more for the first year. As has been pointed out, that could go up, (or down but unlikley) compared to WCU. The WCU FA latter was a little confusing as they came up with 25,678 ETC but that includes the 2X price suite style room and other personal expenses. If I presume that books and personal expenses are about the same for both and compare tuition, room, board, fees, scholarships and grants I come up with the ~8,500. So if that stays constant for 4 years it going to be 73K for WCU vs 107K for SJU, both are a lot and yes 33K more is not insignificant. </p>

<p>I will try to find out about the likely increase in SJU coasts but I don’t think I will be able to get any estimates for WCU anyways. The scholarship and grant money are indicated to remain the same for 4 years from SJU and the 4 year graduation rate was one of the factors that pushed me towards favoring SJU, 71% vs 43%. </p>

<p>I will also see if We qualify for the necessary loans. I’ve considered refinancing the mortgage as the rates are down to ~2.5% and borrowing extra to cover her cost but my SO is not on the same page. Even a home equity loan seams like a much better deal than 6-7% student loans, but SO wants DD to take on the obligation. I’m sure we will be on the hook anyway, so I’m thinking that really does not make sense. Her federal loans will be in her name.</p>

<p>I do understand about the one time offer for the scholarships and that was also a big part of the decision. She can always transfer, if it isn’t working out, but I think that could have serious social complications, as often your circle of friends starts with freshman year and expands. I would really prefer she have the opportunity to stay at one school for the 4 years. I had not considered a gap year. I think it could help as she would get out on her own and develop her maturity but there is always the risque that she decides not to attend, and then latter regrets that decision too. </p>

<p>I guess one final thought I had on WCU, is that if even that cost became too challenging to cover, she could commute to save money and stay at the same school. I do not think that would be a reasonable option for SJU as it too far and too much traffic. Probably just wishful thinking anyway.</p>

<p>@Kitty56 thanks for the PM as I can’t respond as a new member, yet.</p>

<p>Thanks again for consoling my fears and giving me ideas about what to do.</p>

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<p>Tuition and fees at WCU are $4310 for 12-18 units per semester, so $8620 per year. If she commutes the first year or two and then lives off campus she could then save a substantial amount of money.</p>

<p><a href=“http://www.wcupa.edu/_information/afa/fiscal/bursar/tuition.asp#UndergraduateInState[/url]”>http://www.wcupa.edu/_information/afa/fiscal/bursar/tuition.asp#UndergraduateInState&lt;/a&gt;&lt;/p&gt;

<p>Does WCU offer the majors she was interested in? How far off was WCU from being her first choice, was it close?</p>

<p>What was your EFC?</p>

<p>Has she visited both schools since she was accepted? Looking at them as an accepted student can change the view.</p>

<p>How much would you have to borrow in total for each school? How much would she be on the hook for? Is she expected to work during school and during the summers?</p>

<p>Does she have plans for graduate school?</p>

<p>Kat</p>

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<p><a href=“http://www.sju.edu/int/studentlife/studentresources/careers/pdfs/gradreports/2012%20Career%20Destinations%20Report.pdf[/url]”>http://www.sju.edu/int/studentlife/studentresources/careers/pdfs/gradreports/2012%20Career%20Destinations%20Report.pdf&lt;/a&gt;&lt;/p&gt;

<p>This was interesting from St. Joseph’s. </p>

<p>The grad schools they list for graduating seniors list 1 law school and 1 DO, no MD schools listed.</p>

<p>Kat
and I have looked and can’t find the tuition/fees for St. Joes. Must be blind this afternoon, not enough sweet tea!</p>

<p>Kat</p>

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<p>Also, to answer other replies…</p>

<p>I don’t think DD is concerned and I have not yet made my concerns hers yet. She was very stresses out over the decision as well, and I don’t want her to agonize further unless I conclude that I was wrong in believing we could make SJU work. DD and SO </p>

<p>The how much offered was a strong temptation, as the other schools she was considering, Albright, Susquehanna, Rosemont, and Elizabethtown College all offered her 20K vs 26K from SJU. She had applied EA at SJU so maybe that had some impact on the offer. She may not have convinced the others that they would have been her top choice if the aid was sufficient. It’s hard to turn down what seems like a good deal but now I am worrying about the “whats left to pay”. It would have been nice if she applied earlier to WCU and had gotten a scholarship there. That would have made the decision easy too, but at the time it was not near the top of her list, but her other safety schools ended up being less desirable.</p>

<p>DD is initially intending to pursue Criminal Justice, but that may just be a seed that was plated and not necessarily her own calling, so it’s hard to say where she may wind up. I was hopping that SJU would be a good place for her to find her way, easier than at the 2X larger state U. Back again to is it worth the difference…?</p>

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<p>From looking at the types of majors St. Joe’s offers it looks more pragmatic vs. academic. And the criminal justice major within our state schools (NC publics) begin at our local community colleges. So a criminal justice major could start out at the CC and transfer after to 2 years or start at the 4 year, both graduate with the EXACT same degree, the only difference is the cost.</p>

<p>So our local community college charges $50 per unit. So a semester of criminal justice will run $900 (in-state) for 18 units. East Carolina University will run $5800 (in-state) for the year. Many start at the community college since the class sizes limit no more than 25 vs. ECU capping some in the hundreds. Since many with that major are being recruited by DEA, FBI, Homeland their GPA is extremely important for internships and then employment. Easier to bump the GPA at the CC.</p>

<p>[Tuition</a> Comparison](<a href=“http://www.ecu.edu/cs-bus/TuitionComparison.cfm]Tuition”>http://www.ecu.edu/cs-bus/TuitionComparison.cfm)</p>

<p>tuition comparisons^^^</p>

<p>The amount they are giving your daughter is really immaterial, what is important is what is your out-of-pocket cost?</p>

<p>Is the debt manageable or even acceptable?</p>

<p>What is the bottom line for the two schools? How much debt for WCU and how much St. Joe’s? How much cash out each year?</p>

<p>Kat</p>