Drake U | Clark U | UNT

College Search & Selection
1

<p>Can’t make a decision to save my life for where I want to attend college in 2014 (applied for 2013 year, likely deferring admission for a year). Narrowed down to three, and now I’m just sitting here, staring at my final choices I have, back and forth.</p>

<p>I'm looking to major in Finance.</p>

<p>Drake University, Clark University, University of North Texas. </p>

<p>I can get my master’s at Clark if I go there a fifth year. Oh and the fifth year I don’t pay any tuition. I would cost me around 25k/yr inclusive once I add in scholarships (no loans) etc. It's not in a great city for internships, but it's about an hour from Boston.</p>

<p>Meanwhile Drake is in Des Moines which is great for getting internships in the field that I want, from what I hear. It would be around 21k/yr inclusive.</p>

<p>And then UNT is 14k/yr, inclusive, after all my scholarships etc. So that’s 10k cheaper than the other two.</p>

<p>I really am having a hard time choosing. My parents can probably pay around 10k a year. I like all three schools. I really, really, hate debt, but the prospects of getting a good internship (Drake U) or getting my master's in a fifth year without having to pay any tuition (Clark U) makes me still consider all of these.</p>

<p>Halp.</p>

2

<p>Have you verified that each of these schools will hold your scholarship $$ during a gap year? Some schools don’t guarantee the same award.</p>

3

<p>I did actually find out that UNT won’t hold the scholarship during the gap year, but Clark and Drake will.</p>

<p>Financial aid is per year basis of course.</p>

<p>UNT if I am not granted a scholarship again after a gap year I would still consider, but it would be my lowest choice of the three since it would be about 21k as well if I get nothing for 2014 from there.</p>

4

<p>24 - 10 = 14</p>

<p>21 - 10 = 11</p>

<p>If there are no loans in your aid packages, you can borrow $5,500 for your freshman year in federal loans. You can’t borrow more than that without a co-signer. How much money do you have saved, and how much do you expect to earn in the summer and in the school year? My guess is that neither Clark nor Drake are affordable for you.</p>

<p>This leaves UNT as the only affordable option. Would you need to re-apply after the gap year? What is your aid package, exactly? Are those merit-based awards or is some of it need-based? Are the merit awards only available to students immediately out of high school, or would you be re-considered for those awards (if they still exist) next year?</p>

5

<p>Yes, I’m aware of the mathematics.
My parents plan to cosign. They -can- pay the full amount if they wanted to and they’ve told me this, but they would prefer I have to pay off the loans after graduating from college. So they’ll co-sign the loans as they -could- pay it off, but they want me to be the one with the main responsibility for them and have to worry about my credit being damaged. If (and I realize it’s a somewhat big if) I can land a job soon after graduating for annual earnings of 35k/yr,</p>

<p>After all the taxes and bankrupt social security decimate me (assuming I choose to live in the U.S., at least for a time)
27,090 left</p>

<p>Pay 6,000 a year in rent
3,120 in gasoline (volatile)
2,800 in groceries (might be over-estimating)
2,400 electric
600 water
480 internet
360 mobile
1,000 misc. random needs fund.</p>

<p>around 10,000 to use towards paying the loans.</p>

<p>For Drake,
11x4 = 44
44+(44 * 0.07) = (47,080)
47080 - 10,000 = (37,080) yr1
" = (39676)
" = (29676) yr2
" = (31753)
" = (21753) yr3
" = (23276)
" = (13276) yr4
" = (14205)
" = (4205) yr5
" = (4500)
" = 5500 yr6</p>

<p>Wouldn’t account for inflation, which shouldn’t have a huge effect over 6 years if it stays within 2-3%, although the federal reserve’s QEternity worries me a bit inflation-wise. Regardless of that, the single biggest thing to watch budget-wise would be gasoline.</p>

<p>That would be assuming I make 35,000 each year. Which again, assuming I’ll get a job quickly might be pushing it, but I don’t think that salary is over-estimated.</p>

<p>“Would you need to re-apply after the gap year? What is your aid package, exactly? Are those merit-based awards or is some of it need-based? Are the merit awards only available to students immediately out of high school, or would you be re-considered for those awards (if they still exist) next year?”</p>

<p>Yes I would.
Currently: $5,000 merit, $1,250 grant (need-based), $5,500 federal non plus loans.
I would be re-considered.
I was technically already ‘out of highschool’ when I applied to UNT this year, as I graduated a semester early from highschool so I could get a full time job to pay for study abroad this coming January through June. </p>

<p>(which is another thing to factor into financial aid; will a college consider writing off my income for ‘special circumstances’ since it was used towards study abroad or not, blah blah blah. That would only be a one time aberration if they didn’t however.)</p>

6

<p>“Meanwhile Drake is in Des Moines which is great for getting internships in the field…”</p>

<p>Not certain what this means. At least, I’ve heard of Drake and Clark. Apart from your analysis, any preference for where you’d rather be?</p>

7

<p>[Financial</a> sector is most powerful in Des Moines local economy - The Business Journals](<a href=“http://www.bizjournals.com/bizjournals/on-numbers/scott-thomas/2012/06/financial-sector-is-most-powerful-in.html]Financial”>http://www.bizjournals.com/bizjournals/on-numbers/scott-thomas/2012/06/financial-sector-is-most-powerful-in.html)</p>

<p>No, not really any preference unfortunately…that would make my life a lot easier. </p>

<p>I loved the feel of Clark while on campus, but Worcester kinda sucks, although then again I went in the winter.
I liked the feel of campus on Drake as well and Des Moines is a pretty good city.<br>
University of North Texas; Denton is a great town; I didn’t love the campus as much but the town makes up for it.</p>

8

<p>When your parents co-sign any loans, they are agreeing to pay them off if anything should happen to you. If you die or become disabled, your parents will still have to pay them off. If you go the co-signing route, make certain to take out sufficient life insurance on yourself to cover the amount(s) borrowed.</p>

<p>Student loans are not forgiven in bankruptcy. They will be on your credit report and on your parents’ credit report until they are paid off OR both you and the parent(s) who co-signed are dead. That you got some need-based aid from UNT is telling: your parents may not truly be in a position to pay down debt if you can’t, and they may face challenges in qualifying for loans in future years. You need a plan for all four years of college that includes the possibility that they won’t re-qualify sometime down the line.</p>

<p>Your parents may prefer to consider PLUS loans. Those are forgiven if the student or the parent who borrowed the loan dies (check the specific policies about disability). You candraw up a separate loan agreement between you and your parents defining your responsibility for re-paying those loans in advance of them taking the PLUS. Qualifying for the PLUS is much simpler than for other loans. Once you have filed the FAFSA, one of your parents can go online at home, complete the PLUS application, and find out immediately if they qualify. As long as they don’t have a bunch of overdue bills in their credit history, the PLUS system is all but certain to approve them.</p>

<p>In your budget analysis, you have not included car repair/maintenance/insurance, anything toward an emergency fund (I do like the things-happen category though!!), or a guesstimate of what you could put toward your own retirement. In many parts of the country, $500/month for rent wouldn’t even be possible if you are sharing an apartment. I’d adjust that figure up a bit too.</p>

<p>[FinAid</a>! Financial Aid, College Scholarships and Student Loans](<a href=“http://www.finaid.org%5DFinAid”>http://www.finaid.org) has a whole bunch of handy calculators that you might like to run. The loan re-payment calculator will help you see the income range you should aim for in order to have your debt-load be workable. The award-letter comparison calculator lets you view the numbers for three colleges/universities side-by-side. Go take a look at them, and see if they help you with your evaluation of your situation.</p>

<p>Since you plan on a Gap Year, you do have the option of choosing one university now, but reapplying elsewhere (unless your enrollment deferment agreement explicitly states otherwise). That could be your best option of all. During your Gap, you may find some better options for yourself.</p>

<p>Wishing you all the best!</p>

9

<p>I know they’re not forgiven in bankruptcy, I definitely don’t like student loans, but at the same time, some of our assets (Trust funds, a couple retail properties) are illiquid at this point, but within some time they can be liquidated/will be available for use and used towards my education if need be, but we can’t immediately liquidate so that’s the main reason why we’re considering loans at this point. Again, directly from the salaries we can put around 10k towards the education, but those assets are tied up right now (have to clear items out of the retail property, trust funds are restricted)</p>

<p>After the staffords PLUS are the only loans I plan on considering. I won’t take out private loans and I will sooner go to a community college than take out a private loan. The goal is to make money with a private loan…so it’s as predatory as a car loan, except without any collateral.</p>

<p>It does seem I under estimated the cost of an apartment. Places in the netherlands are a bit cheaper, although not as well equipped for sure.</p>

<p>Thanks for the links to the calculators, although do you know if they calculate the tax in those? I particularly like this calculator [FinAid</a> | Calculators | Student Loan Advisor - Undergraduate Students](<a href=“http://www.finaid.org/calculators/scripts/sloanadvisor.cgi]FinAid”>Your Guide for College Financial Aid - Finaid) , but again if it’s not after tax, well, so much for that. One other thing is that I’m probably going to double major in accounting and finance as a pure finance major would have a harder time doing anything accounting related. Also CPA would be a nice thing to have. So, I’m not sure if I should be putting financial administration, accounting, or actuarial sciences as my career. Frankly if I am lucky enough to get offered jobs in multiple fields, I’ll just take whichever is highest until I’m at no debt. Any idea here on which to put in the estimator?</p>

<p>I do plan to apply to other universities during my gap year, a couple in europe, reapply to UNT, also UTA since some of my friends will be going there, and I am thinking a couple reach schools in the U.S. since I didn’t really apply to any reach schools this year. I’ll probably aim for those to be dartmouth and maybe brown.</p>

10

<p>—drake —</p>