Hey all! I’m looking for some opinions to help me decide on where to go in the fall. I’m transfer student and I have until June first to submit my deposits! I am a second semester freshman transfer after my first college wasn’t the right fit so I took the spring semester off to work and travel. In college I got a 4.0 for some background info on my if that makes a difference in my decision.
I was admitted to my top choice school, Emerson College, in the media arts production major. I’ve always loved film and media and my dream is to write for tv. That being said, as someone who has always excelled academically, going into a risky career path such as film kinda freaks me out. But I still love Emerson and want to go except that they are notorious for not giving the best financial aid. Despite getting a grant (I didn’t qualify for any of their transfer scholarships) in total it is estimated that I will have to spend around $45,000 a year (including living off campus). My mom is very worried about this and me being in debt (I am too) especially because I’d be going into the film industry which is kinda hit or miss.
I haven’t heard back from the other school I applied to, Northeastern, so I’m not sure if I will be accepted or what their financial aid would be. But my other option would be my local community college. I’d save a lot of money by going there and I’d eventually transfer after getting an associates degree, which offers me more schools to transfer to and more financial aid opportunities. That being said, I’m not too thrilled about the idea of living st home for another year and a half (I live kinda in the middle of nowhere) and I’d feel like I’m missing out on the usual college experience.
Is it worth going to community college just to save money? Or is it better to go to a school I love even if it costs much more?
@Mwfan1921 I have some money left in a college savings account and then a couple thousand saved from working. Besides that it would loans, working off campus, and applying for scholarships!
I should add that Emerson offers scholarships for returning students if I do well but that’s obviously not a guaranteed
I’m in a similar situation to you right now actually.
I hate to recommend transferring twice to anyone because it is a tedious process. However, it is also hard to justify the cost of Emerson. If I was a media arts production major, I probably wouldn’t do it unless you want to throw work life balance at the window until you’re 30. How much would the community college cost all in? If you can live at home and spend <5k a semester, it may be worth another year there imo.
Can you defer your enrollment to Emerson or Northeastern?
If you can’t pay the $45K with your savings and the Direct Student Loan (frosh $5500/yr, soph $6,500 year…looks like you will get one semester this year of each (at 50%) as you are a second semester frosh?) then you can not afford Emerson.
Then, if that depletes your savings, how will you pay the remaining 2.5 years? Any loans beyond the $27K direct student loan limit would be on your parents and would not be advised for a film degree.
It is too late to earn scholarships that will make a meaningful dent in this $45K…further, most outside scholarships are not renewable, and must be reported to Emerson…who will likely reduce your grant by the amount of awarded outside scholarships.
@Ranothil For CC I’d just be paying for each credit and then gas of course. Defending enrollment might actually be a really good idea. I’m visiting Emerson soon so I will have to ask an admissions counselor about that.
I also hate the idea of transferring twice. However, the impact and ramifications of taking out large loans, involving your parents is a worse prospect. As an undergraduate, you aren’t likely to get more than the Direct Loans which means you need someone to co-sign to pay for a $45k gap. That’s way too much for a family who was not able to save enough to make a bigger dent in college costs.
Too many “ifs” in getting and keeping a job, cheap housing and other scholarships. Life tends to throw other “is” in there that COST money, not bring it in.
My kids close friend is in the same field that interest you. He’s making ends meet, now in his 30s but those student loans as well as the dent he made to his parents’ savings is a huge problem as his father lost his job and now has health issues impeding employment. Those loans the dad co-signed are relentless. He jokes that he wishes he just took the parent ones, the PLUS, because those get eliminated when he dies unlike the co-signed ones. He’s only sort of joking because it’s true.
Do have a talk with Emerson about costs. Even two years at $45k a year is too much, especially if you already have other loans. It’s not “just” $90k, with interest starting the instant you get those funds.
Sadly, there isn’t much out there in terms of transfer money at most schools. Emerson does not guarantee too meet full need anyways, and their priorities, as is with other schools, are on incoming freshmen.
If you can work for the next year and half, I suggest you pay your mother expenses for living at home and have her start a savings account for your future college expenses so you don’t get dinged the higher student assets assessment by FAFSA. I think you need to look at public state venues for transferring because money is a big issue here.