<p>I posted this on other boards, but I need more feedback. Please help.</p>
<p>My cousin has a great dilemma. She was recently accepted as a transfer student to Tulane University (yay!), and she is thrilled. However, she received her financial aid package that is not so great; essentially meaning that if she were to have this fixed rate of aid each year, she would have $45k of debt when she graduates. Additionally, she aspires to attend one of the best law schools in the nation, which average indebtedness of law students is $80k. Collectively, that is at least $125k of debt--that's a mortgage. She is, though, a little discouraged to attend Tulane now given that she would have a "mortgage" to pay after all her schooling. I pity her because I'd love her to attend Tulane with me, but I also don't want her to struggle with debt. So tell me so that I may relay the message to her, does the benefit outweigh the cost? Or does the cost win this time?</p>
<p>Would she go to the local community college? That probably costs less than her current college, and they probably teach all the core courses she needs.</p>
<p>The real issue is what does she want from her educational experience. Might be worthwhile just trying to write that down - one way to do this is to start by just listing the plusses and minuses in two columns - that might help clarify the decision. Assuming the plusses outweigh the minuses (she obviously thinks Tulane has a number of these, or else she wouldn't have applied), then, what is she willing / able to pay for these?</p>
<p>depends how much she's willing to do for herself. she ought to get a job to help keep the debt in check. it's unreasonable to expect a convenient amount of debt.
if she wants a top-notch education, then she has to shoulder the costs. getting a job, maybe changing her standards (either what school she aims for or what amount of debt she aims for) would be a good solution. she could also take a year off after undergrad to work a fulltime job, then go to law school.</p>
<p>I always say the benefit outweighs the cost in terms of college. You only go to college once -- and if she really wants to go to Tulane (if it's the school for her -- it wasn't for me), then I say definitely go for it. </p>
<p>Also, she can call and try to get her finaid increased or low-interest loans (stafford and perkins) increased. That worked for me. Also, they often change your finaid package from year to year. I transferred out of Tulane, but I received an additional 2k for the year that would have been my sophomore year. GL</p>