Cost Dilemma

<p>I have a dilemma. My top choice of college is Reed. I love it's culture and rigor, and I think it would be the perfect place to start my higher education. I want to study mathematics, and go on to graduate school to attain a masters and a doctorate in mathematics. And I think Reed would be the best place for me to start on that path, in terms of the excellence of their academic programs (I want to start at a liberal arts school to get a broader education as a foundation.)</p>

<p>However, the one issue holding me back is cost. Reed is very expensive compared to other colleges. Taking into account that I want to extend my education to graduate school, racking up a great amount of debt for an undergraduate degree doesn't seem smart. Economically, the better alternative seems to be going to a state college for undergraduate. It's not that I am looking for the most optimal path according to economics; I would much rather have an amazing education than have no debt. But I also don't want to end up in a nightmare of debt.</p>

<p>So the essential question is: will my experience at Reed justify the monetary cost of going there? Or will that only lead me to a unnecessary mountain of debt?</p>

<p>Reed meets 100% of need. However if your family is not able to pay the EFC, it still may not be affordable.</p>

<p>Families with assets in a business &/or rental properties/second homes, may appear to have assets that can be tapped for college expenses.</p>

<p>If your family is in that situation, a school that only uses FAFSA to determine need, like a state school, might be preferable.</p>

<p>There are also other good private LAC’s that offer merit scholarships. They might not be Reed, but if you would need merit aid they are worth considering in addition to state schools. It’s harder to find schools that will pay for the full cost though.</p>

<p>You (the student) can generally rack up only federal debt at Reed and elsewhere, about $25K total for the four years, but this will be the minimum at most schools, and is widely considered to be reasonable. Your parents might (if they want to and can qualify) take on more debt to cover their EFC.</p>

<p>Reed suggests using [College</a> Calculators - savings calculators - college costs, loans](<a href=“College Board - SAT, AP, College Search and Admission Tools”>Calculate Your Cost – BigFuture | College Board) to get a cost estimate.</p>

<p>@freethinker127: If you go into a PhD program, you are highly likely to have your expenses covered by fellowships and assistantships (research or teaching). This assumes you’re really good at math and that you get into one of the better-ranked math doctoral programs.</p>

<p>If, on the other hand, your graduate school study is at the level of a masters or professional (e.g., law, business, medicine) degree, then you’re very likely to need to take on more loans, since it’s pretty rare to get full financial assistance for this kind of program.</p>

<p>I recall telling my son that if he chose to go into a PhD program I wouldn’t support him at all, because if he was any good in his field he’d get a free ride (just as I did when I earned my PhD – after graduating from Reed). He decided for other reasons to stop his education with a BA. But I know from experience as a parent that professional schools (not doctoral programs) can cost a mint – and my daughter is now burdened with quite a lot of loans from an MBA program (though we helped with her costs in part), even though she got through her bachelors degree with no debt.</p>

<p>Sticker prices for private colleges in America have scant bearing on the actual cost of attendance; the elaborate financial aid system actually brings the situation closer to perfect price discrimination. </p>

<p>Apply for financial aid wherever you apply, wait until each school names a price, then consider cost.</p>

<p>Man, we are in the same dilemma, except that the mountain of debt won’t arise until grad school (if that arises). You could try Reed for a year, and see if it’s worth it to you- then transfer if not.</p>

<p>I think it’s wonderful you’re focusing on the liberal arts, of whihc math is, of couse, a central one!</p>

<p>Best wishes in your decision-making.</p>