To clarify, I would end up having 57k loans plus interest to pay back. Are you saying that won’t severely cripple me in life?
No one here can make that determination but you and your parents. And your parents have to know to that they may have to pay on that $30k non-student debt.
Have you used those calculators I linked on the other thread? You need to do that and make student and parent loan assumptions using today’s interest rates (they are likely going up this summer too), and a 10 year term. What is that monthly payment?
Then use the calculator to figure out what salary you have to make to be able afford those loan payments. How much salary do you need?
Can that level of debt work out for people who get good jobs and/or live in a low cost of living area? Sure. But the film industry doesn’t pay all that well, which I know you know. Debt can also prohibit other things, like getting a mortgage, or taking a better job that might be lower paying, going to law school, etc.
Again, only you and your parents know all the details needed to make this decision. If you think you can achieve all your goals from Davidson (and you can) with no debt than that is an important factor too.
2 Likes
Check the provisions for each private loan your parents might be considering. All will start accruing interest the minute they are disbursed. But check to see when the payback starts. For some private loans, the payback starts immediately….sort of like a car loan or mortgage. They give you the money…and expect repayment very soon to start. Not all private loans for your education will do this…but you must ask.
2 Likes
$57k debt including $30 cosigned by parents seems like a bad idea, especially since:
- You are interested in subjects like film and performing arts where jobs and careers tend to be elite-or-bust and/or where entry-level jobs are low paid or unpaid internships. Indeed, even direct loans (the ones without cosigner) may be risky if you want to go into that kind of career direction.
- Your mother’s impending retirement means that they will be less able to pay off the cosigned loans if you are unable to.
1 Like
The OP said his mother’s net income would not be reduced when she retires.
1 Like
Apart from the low-hanging-fruit observation that Davidson is both the least expensive for you, and the strongest reputationally, I don’t feel like I have much insight into the specific pros and cons for you, among the LAC’s.
BU has this, which may be of high value to you: Study Abroad: Los Angeles
Regarding KU… have you looked at the other majors that are available just within the school of architecture and design? Because, there is a BFA in Visual Communication Design, which seems like something you could tilt toward your areas of interest.
3 Likes
Some of the other majors in the School of Architecture and Design are interesting to me somewhat, but I would lose my in-state tuition if I transferred out of the architecture program. Reciprocity is only for the 5-year M.Arch.
1 Like
This is from your other thread:
“ My state school is Mizzou, but I don’t want to go there.”
I have to ask…why didn’t you apply to your instate public option? Cost would have been under $25,000 a year and that is assuming you got no merit aid at all. It seems with the acceptances you received, you would have gotten merit aid there.
https://theatre.missouri.edu/undergrad
I understand it’s a little late…but wondering…since KU doesn’t get you even close to what you want to do with that major.
I still say…Davidson is a top LAC. If I’m getting to vote…that has my vote.
2 Likes
I just want to make sure I am understanding correctly. Your family is willing and able to pay $25k/year for your college. Anything beyond that would need to be loans. They are willing to cosign for loans exceeding the amount needed for federal loans. Is this correct?
If my understanding is correct I would say Davidson or DePauw. There’s no need for you to borrow 8k ($2k/year) for Lake Forest over your other options unless you find that Lake Forest will give you all the opportunitiesyou want and that neitherDePauw nor Davidson can provide them.
That would also lead me to say that your other options which are WAY higher than $25k shouldn’t even be considered. Others have pointed out the danger of loans and the long-term impacts they can have on your life.
Pick one of the 3 affordable choices.
3 Likes
Truman state is a really good school too, and super-affordable. They have a yearly film festival that showcases student work. You could even still apply, I think, but think the deadline may have passed for auto-merit.
Whoa, Nellie. There’s never much point in chasing rankings. Davidson may be a top LAC, but it’s limited in what he’s interested in. He has better options elsewhere.
Possibly. But I think Mizzou might have offered a decent option also.
The goal should be the most opportunities to be involved in the theater productions as possible. As I wrote earlier, Davidson has a state of the art theater. The thing to check is…how much can he be involved in the productions there. It could be a win/win for this student.
Yes, but his primary expressed interest is in film.
@7Steps_22 i think you have a few affordable choices in your acceptances. You need to check the majors and minors offered at these schools…and try to figure out where you can best achieve your current goals. Also keep in mind that you might change your mind…so try to find a place with other options too.
Good luck! You have good affordable options in your mix.
And checking for clarity…do you mean Depauw in Indiana….or Depaul in Illinois? I’m only asking because my auto correct keeps typing Depaul!
Davidson. This one is a no-brainer since it is clearly affordable. Congratulations on getting in to such an outstanding school!
When I started the application process, I had no idea what my interests were. I applied to KU, however, because I’m also interested in potentially pursuing Architecture. It’s still on my list, but that was going to be for another thread. I initially hoped to narrow down these LACs and make a final thread with all of my options. I’m so close to the deadline now, however, that I’m not sure if I’m going to be able to make an informed final decision.
Accepted to both, but DePaul is $60k a year. I’m referring to DePauw in this post.
Thank you. As noted above…Depauw has some of the things you are interested in pursuing.
Since the OP has a new thread, I am closing this one. Feel free to comment there.