Debt-wise, should I be concerned?

College Search & Selection
1

So I’m looking at USC, SDSU and UCSB as my final college choices. Obviously money plays a factor, but I can’t help but see that people on this board are concerned about college debts at the end of four years which will be much smaller than mine. For USC, I’m looking at about $27-30,000 per year for four years. At UCSB, I’m looking at $27,000 for the first year and then $33,000 for every year after. SDSU would consistently be $27,000 per year.

I was at the point of just accepting that this was how much college would cost me, even when my family’s EFC is $18,000, but now I’m starting to get a little concerned. Should I be worried?

2

As long as your parents can comfortably take out the loans or withdraw from bank accounts to fund that yearly price, then sure you have nothing to worry about, but you really shouldn’t be wallowing in debt like that (Also, I know you weren’t asking but seriously, go to USC…why pay the same price for an SDSU education? I could understand if it was cheaper but jeez…)

Did you apply to any safety schools? (Schools that you could receive good merit/FA at?)

3

@TheDidactic I applied to some safety schools, but the money situation didn’t work out there. We’re homeowners, which according to some financial aid officers at USC really messes us up.

My parents just keep telling me, “Well, that’s how much college costs now. It’s an investment.” But the thing is, we’re lower-middle class. I have two younger sisters who will be attending university after me. My parents will need to take out essentially pure private loans to finance this whole shebang, and it makes me feel a bit guilty.

Also, I actually am curious about your opinions with the schools I’m in at. I’m legitimately torn. USC means I may be stuck in an academic department I might not love because of a scholarship I received tied to that department, and I’m in at SDSU Honors and UCSB Honors. Both honors programs at the latter two schools sounded solid. What’s your opinion?

4

Your parents can’t afford that kind of debt…not at all…especially with younger siblings.

Who is supposed to pay back all these loans??? Have your parents said that THEY will pay back these loans??

What is your major? What is your intended career?

Your parents are naive when they say, “that’s what college costs these days” and that it’s an investment to borrow that much for college.

What is your least expensive school?

Do your parents have assets ?? Why did you not get more aid from USC???

Why will your parents be borrowing ALL of that? Why aren’t they paying for a good bit out of current income

If your parents can’t pay att least $12k per year out of current income, then it’s highly unlikely they’ll be able to afford to make the payments on these loans.

5

If your EFC is 18k, why do you need to borrow $27k or more? Do the schools not meet need?

6

Sounds like they have a lot of home equity?? or maybe other properties???


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So, I mentioned I don't know what I want to do with myself. I'm a mess. But, I applied to the School of Cinematic Arts on a whim, and found myself admitted to the best film school in the world (well, arguably, but still). I have an interest in screenwriting or producing or doing something within the industry, which is why I applied, but it was always with the idea that it's easier to start there and transfer out if I don't like it than it is to transfer in later on. At a visit day I was able to meet the people within the department and tour the facilities, and I was awestruck. I couldn't believe the personal attention which students within SCA get, and I felt as though they would help guide me there. And then I found out about a major within the school called Media Arts and Practice, which combines media and technology in a bunch of cool ways and also encourages double majoring and making it interdisciplinary, which I felt was a smart pick for the future.

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However, that didn’t change the fact that I couldn’t afford it. After talking with a couple people in the offices, they decided to try and help with my financial aid appeal. As it turned out, they managed to get the school to give me an SCA scholarship (guaranteed for 4 years!), and my appeal pulled through. I could attend USC for $25,000 to $30,000 per year, which put it on par with SDSU’s price! But then I realized this meant I could never transfer out of SCA, and would limit the flexibility of myself later on. Would I still be able to double major in whatever? Could I graduate in four years? I have no idea. I’ll talk to someone about this on Saturday, but this set-up worries me a little.


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Ok…this is a bad plan. Your net cost at USC is only based on you staying as a Film major. Your chances of making good money in that major anytime soon after graduation are small, especially since that isn’t your first love.

7

Why did you apply to USC SCA if you love the major?

8

At USC you can double major , or do a major in CSA and a minor in an entirely different area/ school. In fact, they have a program- the Renaissance Scholars program -
http://www.usc.edu/programs/ugprograms/renaissance/
which encourages students to study in 2 entirely different fields…

Plus, the school of CA offers about 40+ scholarships to continuing students, so you’ll have a good chance to get additional $$ .
take a look below!!

"The School of Cinematic Arts offers numerous scholarships to Cinematic Arts majors who have completed at least one semester in their degree program. - See more at: https://cinema.usc.edu/scholarships/#sthash.J8keYsfE.dpuf

USC School of Cinematic Arts Endowed Scholarships

Below is a listing of many of the scholarships offered by the School of Cinematic Arts. In addition to these awards, additional scholarships may be available in any given year. Please refer to the information above for information on being considered for these scholarships.

Gene Autry Fund for Student Support
Need-based award available to all Cinematic Arts students

Sandra and Malcolm Berman Family Endowment Fund for the Support of Producing
Awarded to an undergraduate student who has demonstrated the skills and qualifications to excel as a creative producer.

Thomas B. Bush Memorial Scholarship
Awarded to undergraduate or graduate Production students for excellence in cinematography

Johnny Carson Endowed Student Support Fund
Awarded for academic merit to students in the Division of Film and Television Production, with primary consideration given to students who originate from the greater Los Angeles metropolitan area or the communities surrounding the University of Southern California.

Cinema Circulus Scholarship
Available to all Cinematic Arts students for academic excellence

Gary Cooper Endowed Fund for Student Support
Awarded to students from under-represented ethnic backgrounds with primary consideration given to American Indian students

Pierre Cossette Endowed Fund for Student Support
Need-based award available to all undergraduate Cinematic Arts students

Arthur Cruickshank Memorial Scholarship
Awarded to Production cinematography students studying special photographic effects

Frank Daniel Endowment Fund
Available to students in the Division of Writing for Screen & Television

Electronic Arts/William J. Byron Endowed Fund for Student Support
Available to current students from diverse ethnic and gender backgrounds who are enrolled in Interactive Media with an emphasis in games

Louis J. Favara Scholarship for Cinematography
Awarded to Production cinematography students for academic excellence

Robert S. Fergueson Marketing Award
Awarded to students in the Peter Stark Producing Program

Samuel and Lorenza Gary Memorial Award
Awarded to students in Production who are studying to become directors.

C. Stephen Gentry Memorial Scholarship
Available to all Cinematic Arts students for academic excellence and financial need

Bud Greenspan Endowed Fund for Student Support
These funds will be used to support, encourage and educate new voices in the area of documentary filmmaking

Rock Hudson Memorial Scholarship
Available to all Cinematic Arts students for academic excellence and financial need

John Huston Scholarship
Awarded for excellence in directing to senior undergraduate or graduate students in Production.

In2TV/Freddie Prinze Endowed Fund for Student Support
Diversity award for students furthering the interests of Hispanic minorities in the areas of writing, producing or directing for television.

Jeffrey Jones Scholarship
Awarded to undergraduate or graduate Production students for writing excellence

Bernard Kantor Scholarship
Available to all Cinematic Arts students for academic excellence

Irvin Kershner Fund for Documentary Filmmaking
Awarded to undergraduate or graduate students for documentary projects that inspire audiences to create a healthier, more just, more peaceful world, with priority consideration given to students working on projects that raise awareness of environmental challenges facing humanity.

Charles Lang Endowed Scholarship
Awarded to a Production student whose concentration is in cinematography and who shows outstanding artistic and academic abilities

Sol Lesser Scholarship
Available to all Cinematic Arts students for merit and financial need

Burton Lewis Endowed Fund
General scholarship awarded to students in the School of Cinematic Arts

Harold C. Lloyd Foundation Scholarship
Available to Cinematic Arts students for excellence in the study of the motion picture industry

E. Russell McGregor Memorial Scholarship
General scholarship awarded to students in the School of Cinematic Arts

William Mechanic Endowed Fund for Student Support
Available to all Cinematic Arts students for merit and financial need

George Moody Endowed Fund for Student Support
Awarded to assist School of Cinematic Arts Students from the state of Illinois.

Jack Oakie Comedy Scholarship
Awarded to undergraduate or graduate students for excellence in writing or directing comedy

Mary Pickford Endowed Scholarship
Distinguished scholar award available for all undergraduate and graduate cinematic arts students

Sandy Roberts Memorial Scholarship for Motion Picture Editing
Awarded to an undergraduate Production student entering their third year who demonstrates a positive, fun-loving spirit and a desire to pursue a career as a professional editor.

Anna and Ray Romano Family Endowed Fund for Student Support
Available to all Cinematic Arts students for merit and financial need

Jay Roach Endowed Fund for Student Support
Awarded to writing students who demonstrate a commitment to encouraging humanistic values, self awareness and generosity of spirit while successfully entertaining their audience

Marguerite Roberts Screenwriting Award
Awarded to a female student of either junior or senior standing inWwriting who demonstrates integrity, generosity and intellect

John Sandifer Memorial Award
Awarded to undergraduate Writing students for excellence in writing

Frank Sinatra Fund for Student Support
Academic merit and need-based award available to all cinematic arts students

Edward Small Memorial Award - Directing
Awarded to undergraduate and graduate Production students for excellence in directing

Edward Small Memorial Award - Writing
Awarded to undergraduate and graduate Writing students for excellence in writing

The Barney Rosenzweig Endowment Fund for Student Support
Available to all Cinematic Arts students for academic excellence, with primary consideration given to female students with financial need.

Edward Thomas Troutner Endowed Student Fund
Academic merit and need-based award available to all cinematic arts students

USC Associates Scholarships
Academic merit and need based award available to all cinematic arts students

Frank Volpe Endowed Scholarship
Available to all Cinematic Arts students for academic excellence and financial need

https://cinema.usc.edu/scholarships/

9

@mom2collegekids My least expensive school is SDSU. We live in CA, which throws us off. I mean, we have some home equity, but nothing we can actually cash out on. We bought at the top of the housing bubble, unfortunately. Our family doesn’t have an explicit “college fund,” but they’re willing to make monthly payments. For the most part, they’ll be the ones paying off a good amount of loans. Grad school’s on me. We were told we didn’t get much aid from USC because we’re “in a bad income bracket” at about $103,000 per year for five people. After an appeal they moved some gift aid into my package, but not much more. We do not have assets.

@DrGoogle @mom2collegekids I applied to SCA because I don’t really know what I want to do, and after a lot of research it was the first thing to really captivate me. I love television, I love screenwriting, it’s something I could see myself doing. I would love to work within that sort of industry, but I’m afraid for my future. The idea I worked out with my mom was that I would try starting there since I liked it so much, and move somewhere else if it seemed to not work out for me. At this point, I think a good compromise would be moving into the Media Arts and Practice major within SCA, which seems great for tech and is highly held by faculty, and double majoring in something like environmental sciences or international economies (which international relations does interest me). I think I might be getting cold feet about the idea, because when I went to the Open House a couple weeks back, I was so set on it.

10

If you determine from day one to do double major you can easily graduate within 4 years.

11

"I think a good compromise would be moving into the Media Arts and Practice major within SCA, which seems great for tech and is highly held by faculty, and double majoring in something like environmental sciences or international economies (which international relations does interest me). "
And that would be no problem, in fact USC encourages students to study completely different areas[. see my post above]

12

@menloparkmom Thank you so much for this amount of info! I’ve actually seen this list, and read over it a few times. I could actually qualify for a lot of them, but the problem is that they’re open only for continuing students. The first year still might be a hurdle (or not, since my mom seems so set on, “We already knew you wouldn’t be getting help places; we knew this was how much it would cost.”).

@DrGoogle Thanks. I was going to talk to an adviser about this on Saturday to hopefully work it out and make sure “exploration” of another major is doable.

13

That’s a lot of money for your parents to borrow and it may hamstring your siblings.

14

@TempeMom But if that’s how much it seems it would cost everywhere for me, would it just be more fiscally responsible for me to attend a local community college?

15

Go to USC. Take advantage of the amazing opportunity offered by your acceptance at CA ! You will be able to get more FA/ scholarships- USC wants you to succeed.
AND - it says the scholarships are open to CA who have completed at least ONE semester in their degree program. You could apply for additional scholarships as early as Jan of 2016.

16

@menloparkmom This is true, and something I will hopefully be able to investigate more fully this Saturday at Admitted Students Day!

17

Also what’s not clear is that this scholarship requires you to do a major in SCA but what about minor in SCA, do you get to keep scholarship?

18

@DrGoogle That’s what I’m going to investigate, too. SCA helped me out big time, and even though I’m a little scared now, I know that they will help me out a lot, too. They’ve already done so much for me within the last month.

19

Good idea to seek out some current students in the SCA and talk to them about double majors. It is definitely do-able and may give you the best of both worlds. My DD was nominated by a faculty member for a scholarship junior year and senior year which is not unusual at USC for top students.

20

http://www.finaid.org/calculators/loanpayments.phtml

Have them insert the amount you plan to borrow over four years and see what the payment will be for ten years. If they can’t pay $1,000 a month now out of their earnings how will they pay it when you graduate?