I often see people thinking that $25k is too much debt for a college degree, yet that is the price of a new car. What’s more valuable over a lifetime?
Personally, I’d forgo the 25K in student debt, get my education, and treat myself to the car afterwards. Best of both worlds! 
“I often see people thinking that $25k is too much debt for a college degree, yet that is the price of a new car. What’s more valuable over a lifetime?”
You don’t get to pay it over a lifetime. If you default on a car loan, they take away the car. You can’t default on a college loan. Not even when declaring bankruptcy.
And brand new college grads, unless they have great jobs, usually don’t buy $25,000 cars.
If you plan on a finance career in Boston, New York etc, a degree from that area would probably be better. However, if you wish to pursue your career in the south, the Florida school would be fine. (Unfortunately some people view northern schools as being better). But best to talk to people who are already working in finance. They would give you great advice I am sure.
It is best though not to compare the schools as a whole, but look at their finance programs individually. I think you can find that on college board.
And to answer your question I took ten years to pay off my loans and it was very much worth it. We are now helping to pay off a daughter’s loans because it was an investment and has offered her opportunities she would not have had otherwise. It is a very tough to decide and is a very individual thing. Good luck with your decision.
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To clarify: BU’s FA package includes $8500 in loans (Perkins and stafford unsubsidized and subsidized) and would leave us paying $20k out of pocket. We would pay the extra 5k each year out of pocket and the debt would come from the loans.
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So, you’re talking about taking out full stafford loans, perkins loans, AND private or Plus loans??? That is a lot more debt than you’ve indicated.
You seem to be considering…
5500 stafford
3000 perkins
15000 private/plus
^^ and all of the above would be for frosh year only at BU??? If so, that is crazy.
That is over $23k of debt for frosh year alone! or what am I missing???
And how much debt TOTAL would be taken out for Frosh year at FSU (stafford, perkins, plus, private)???
I’m suspecting that neither school is affordable if you’re having to borrow a lot to pay instate rates at FSU. Instate rates at FSU are no picnic for a Pell family who is OOS.
What is your instate school? What are your less expensive and less debt choices???
No, I’m saying we would pay the full 20k out of pocket in comparison to the 15k of FSU. I didn’t word it well.
I attended both schools - undergrad at one and law school at the other. They are very different environments. If there is a possibility that grad school is in your future I would suggest FSU for undergrad and BU for grad school. FSU has more of a classic college campus complete with football games and other activities. BU has less of a campus feel, but more of a city feel. Off campus there is definitely more to do in Boston than Tallahassee, but I would give FSU the edge campus wise. I have worked in both Florida and Massachusetts, so I don’t think either location necessarily limits where you can get a job.
Maybe I am out of touch, but $25k of debt does not seem like a lot of money for a college degree.
@katiamom, the fact that you can’t default is irrelevant, when you sign up to borrow, you pay back, period, regardless of what it is for… Or don’t borrow in the first place. In my view, borrowing with the intent to pay it back “if you can” is immoral. You made a deal, live by your word. again, if you have doubts about bieing able to pay it back, then don’t borrow.
$25k car loans are paid off in 5 years by millions of Anericans…again, if the degree is from a reputable school, seems like a reasonable amount to borrow IMO, of course anyone is free to disagree, this is America. To each his own.