<p>SO I got into Fordham U and a state school in VA ... my first choice is fordham but they are offering me a lousy financial aid package and unlike most people that go there I'm def not loaded, not even close so I'll have to borrow $20 some thousand to pay for my schooling....or i could go to the state school for under $10g....fordham is my #1 and I would absolutely looove to go there....should I give up my dreaam of going to fordham and stick w/ state college or should i venture into nyc with some considerable amount of debt??? I'd love your advice....please.</p>
<p>You will need to borrow $20K per year or $20K for all four years?</p>
<p>I'd have to borrow $20k per year</p>
<p>Calculate how long it will take you to pay back $80,000 -- how many years and how much per month. Then think about what you could be doing with that money all those years (nice trips, cars, house). What is the Fordham name going to get you that the state college won't? Most people don't care where you go, unless you went to Harvard; that includes employers. Unless you are going to be earning buckets of money --unlikely unless you're a science or tech major, in which case you should just go to MIT or Cal Tech)--the investment just isn't worth it. Go to the state school. Get fantastic grades. Then go to a phenomenal graduate school with those grades.</p>
<p>And if it's NYC that attracts you, consider cheaper schools, such as CUNY!</p>
<p>Go to the state school and look for other opportunities to live & work in NY (such as summer internships). </p>
<p>College is only 4 years. After that, you have the rest of your life ahead of you, and you can live and work where you please.</p>
<p>What is the state school?</p>
<p>$80K would be outrageous for Harvard, though mildly understandable. For Fordham it's just plain outrageous.</p>
<p>Digmedia posted this under Student Debt....a reality check
(I don't know how to post a link so I am just pasting it here). This was his response if a student had to take out $100K in student loans, so your numbers will be lower.</p>
<hr>
<p>At 4%, a $100K loan paid off over 20 years means a monthly payment of over $600. Let's say that you are getting a Liberal Arts degree, where the average starting salary is $30,828. That works out to $2569 per month. Social security and Medicar takes $205 of that and state and Federal income taxes will take about $308. Health insurance and other benefits will take another $450 of that, leaving a take home pay of a little more that $1600. Subtract the $600 for your loan and you now need to live on $1000 per month.</p>
<p>A car payment will be (for a not-so-new used car - $10,000 @ 6% for 48 months) $235, insurance (under 25) will be approximately $125 per month, and gas and maintenance will be another $100 per month. Subtact these from the $1000 and you have $540 per month.</p>
<p>A one-bedroom apartment (depending on the area) might be $450 a month. That leave you $90 a month for food, utilities (including cell phone and high-speed internet). Which means you'll be using your credit cards and going deeper in debt.</p>
<p>Which really means you'll end up living at home, letting your parents feed and house you while animosities are building up between you and them. Which REALLY MEANS that you'll be miserable as hell.</p>
<p>AND THAT'S JUST THE FIRST YEAR (19 more to go).</p>
<p>There is another compromise/option you could consider as well--you could go to a local/state school & then transfer to your dream school after two years. You would not have spent as much money but your degree will still have the name of the school you love.
As others have suggested, there are LOTS of great schools in NY. Many of them are pretty reasonably priced too, so try to keep an open mind. $80,000 debt (assuming you graduate in only 4 years--many folks take longer--sometimes 6 or 7 years), takes quite a while to pay off & will really limit your options for grad school, buying a place of your own, getting a car & many other things you may want in your future. Seriously think about this & discuss this with your folks.</p>
<p>You mention that the Virginia school will cost a little under $10,000. Do you have that money in your pocket or guaranteed through financial aid, or would you need to take out a loan for that amount? </p>
<p>In other words, are we talking $80,000 debt versus no debt, or $80,000 debt versus $40,000 debt? </p>
<p>You may still be wise to avoid the larger debt, but I wanted to clarify what your options are.</p>
<p>make an good arguement on why you need more money and appeal your financial aid decision is you really want to go to fordham. Msot of my friends who applied ED/EA this year have gotten significantly more money if they appeal. It might be more than a few hours on the phone, but the worst that could happen is that your fin. aid package stays the same.</p>