Just wondering if anyone who may not have gotten a decent financial aid award thought that Smith is worth the high cost? I understand that success will come mostly from drive and work ethic, but has anyone graduated with high debt from Smith and found it to be worth it?
The federal maximum is 27k for a 4 year degree. If your degree costs you any more than that, you have to take out private loans. There is not a single rational argument that makes taking out a dump truck load of private debt for a bachelors degree worth it.
Two different issues. I believe it is worth the high cost but I do not believe it is worth high debt. Full disclosure, one daughter at Smith and one at a UC. Yes, I think the educational experience at Smith is noticeably better. However, if we had to take out one dime of debt, they would both be at a UC.
@Collegedad74 Student loan debt is a personal/family decision. People on these discussion pages are typically not helpful in their responses and tend to give knee-jerk answer based on their own personal values, as you can see above.
The rule of thumb that I find more helpful is to think about the anticipated starting salary after college as a total amount that is reasonable to borrow. Smith students have an excellent track record for finding work in their field. So for example, if your student is planning attend Smith and become an elementary school teacher, the $27K in federally-subsidized loans may be a good benchmark number. If your student is planning to major in computer science or engineering, a higher number may be quite reasonable – but probably not $100K. If your student plans to attend grad school and will need to take out loans, that complicates the equation quite a bit.
To answer your first question, we found Smith’s financial aid offer to be reasonable and at or a little below our FAFSA EFC. We are paying about what we expected to pay for Smith, and less than what we saw on the NPC.
Forecasting an anticipated starting salary (as well as a major and a career) for the “typical” liberal arts student seems to me to be an exercise in fantasy. Engineering students become artists. Future teachers become lawyers. Lawyers become under-employed baristas. And heaven help you should they become interested in 17th century poetry or some other esoteric field. Will you force them to major in a field you think is worth the debt?
You cannot be certain of economic outcomes but you can be certain of cost. Personal decision, of course. We are full pay at Smith. Think the world of the education my 3rd year Smithie is experiencing. Still would not go into debt for it.
@BearHouse If you are full pay at Smith, why are you answering questions about student loans? You obviously haven’t had to evaluate that yourself. That’s like telling someone in Massachusetts that they shouldn’t spend money on a winter coat, because you happen to live in Florida.
@pauler80020 Interesting analogy as we did drop a small fortune on a new wardrobe (coat included) as my D’s California clothes weren’t warm enough. They need to include winter clothes in the cost of attendance! However, I am answering the OP for the same reason you are. I am trying to be helpful. I am not saying someone shouldn’t take out a loan for Smith. I am just saying I wouldn’t. And I certainly wouldn’t encourage “high debt.” But, as you said above, that is a personal/family decision.
For what it is worth, just because we are full pay at Smith doesn’t mean I don’t understand the advantages and disadvantages of student loans. I have my own student loans that I am still repaying.
@BearHouse LOL yeah, we had to buy better winter gear for D when she moved to Smith, and we’re from Colorado! Massachusetts in February is just bleak.
I had a lot of student loans and I would have zero degrees without them. I also paid them off by the time I was about 35. That debt was absolutely worth it! I just feel like the “no education is worth a dime of debt” advice is a bit of a privileged trope. Most families are simply not in a position to send their kids to college with cash, even if the ticket price is lower than Smith. I wish I had used my student loans to go to a better school, honestly.
I hope the OP’s kid gets enough aid (from Smith or elsewhere) that the price is manageable, loans or no.
Thanks everyone for your valuable perspective. She applied ED, and guess we’ll find out today if she get’s in. If she does, and we get a decent financial package, then at least she’ll have enough clothes, we’re from NH where it’s a bit colder!
Good luck @CollegeDad74!
@BearHouse Having had a child at UC, I’d say that it isn’t even worth the cost of in-state tuition. I frankly am appalled at the inability of students to get into courses they need to graduate and the number of “impacted” majors seems to grow all the time. It’s a case of value for money.
Yes, good luck @CollegeDad74. Smith is a great school. I hope the admission and financials work!
She just got her admittance letter Friday, she’s very excited. I was surprised at the financial award, it was very close to what the NPC predicted. Does anyone know if the grants that are awarded by the college are consistent from year to year, assuming income stays the same? I would assume we’ll need to apply for aid each year, but I’m concerned about the bait and switch routine, give them a high offer their first year, then nothing the remaining years? Or am I just being too cynical?
@collegedad74 That would be a good question for the Smith Families FB group. They’d give you the unvarnished truth about that. (I haven’t heard of any bait and switch.)
I don’t think Smith has any reputation for bait & switching.
@CollegeDad74 Our Smithie is a sophomore receiving grant and scholarship aid at Smith. Her second-year offer ended up costing us $1000 less than the first, meaning that they increased her grant to cover the tuition increase for the second year. I would assume that you can lose aid if you show a substantial increase in income or assets, and there are some parents to don’t love the Smith Financial Services department, but I have not heard about any “bait and switch” experiences.
If you have not done so already, you should join the Smith Parent group on FB. CC won’t let me post the link – there are two Smith Parents and Families groups, so you want to join the one with >1,000 members. It’s a very active group.
@CollegeDad74 Yes, you apply for FA every year. Year 2 award was similar to year 1 for us. Not sure what year 3 will bring as we will have 2 in college! But I’ve been very impressed with the continued generosity of Smith.