My daughter was accepted to uni at buffalo, FIT, & St. Louis uni for aerospace engineering, buffalo is our state school st Louis gave the best pkg where it would cost 26,000, FIT pkg would cost 30,000, buffalo our state school 28,000, any opinions on which would b the better school, we’ll have to def take loans but that seems to b the norm these days if u want or need to go away, & also y do they add these “indirect” costs, something I plan on asking them… thank you
The school will be sending you a bill for billable costs to them. That includes tuition, fees, room and board…and health insurance if your kid needs to get their policy.
Indirect costs like books, personal expenses, and travel are not billed to you by the schools.
You should check things like housing options and meal plans to see if there are lower cost ones. This could save you some money if there are.
Are you planning to fully fund with loans $25,000 a year or more for college? If so, I am going to stick my neck out and say…this isn’t the “norm”. That’s going to be over $100,000 in undergrad debt.
Does your student have an affordable tuition option that is within commuting distance from your home? That could save you $10,000 a year in room and board costs. Most kids with significant financial constraints don’t attend and reside at residential colleges unless they receive sufficient aid to make this affordable for their families.
https://finaid.org/calculators/awardletteradvanced.phtml
Here is a handy calculator that you can use to run the numbers. Don’t forget to include travel costs at least twice each year to and from the various universities.
And if your child is out of state, potentially more often.
As someone who has a freshman out of state I would highly recommend looking at what airlines fly to and from school, preferably direct. Southwest is a great choice. They allow 2 free checked bags and have a great cancellation policy. You can book early and if plans change or prices drop you can cancel/rebook. There are no cancellation fees. They don’t refund your money but you receive a credit.
Loans around 25-35K total for four years with all costs included is the current norm for those graduating with debt (those not having debt are not factored in). If you are looking at loans for this amount, yes, it’s the norm for those needing financial help.
If you’re talking about trying to get loans for the whole amount, no, that isn’t normal. It also might not be possible as you (the parent) will need to get most of the loans. Your student can only get $5500 - $7500 per year from the feds. Even if banks or elsewhere approve you for the first year, once you have that debt on your credit report you might not qualify for other years. Be very wary. Look at what your payments will be for 10 years or so. Don’t forget to add interest.
Looking at your award letter, what is the NET COST for each?
How much can you afford each year from current income? From savings (take savings/college fund, divide in 4 if it’s for that child only)? Does your child have a part time job?
I would say that St Louis and UBuff are the best choices, both on cost and on ranking. They offer very different experiences. St. Louis is a medium sized, Catholic school, while U Buff is a large state school. Sounds like she did not get any aid from Buffalo? Are there any merit scholarships avaiable?
I would look at cost of housing. Many students move off campus in later years and costs may go down if housing is less costly. Also, are there differences in transportation costs? Can she take a bus or get a ride home from Buffalo, but have to fly from St. Louis. Make sure to check prices during peak travel times like Thanksgiving. The $2K difference may evaporate.
I would also look at what she wants to major in and what the other options are. Many kids change majors.
My friends daughter is at SLU for mech eng and loves it. While “catholic” its not churchy but expects students to do service work or volunteer. She plans on doing a semester in Spain which has eng courses so that was a huge plus. Major airport nearby, good public transportation.