My son’s dream school is Penn state he was accepted there but their financial package was not enough for us. After grants we need to pay $35,000. Our Efc can be max $15,000 the rest he will need to pay with student loans.
He was also accepted to the bap in Binghamton university where we will need to pay $10,000 out of pocket and be done.
But he really dislike Binghamton he has a friend going there and he visited and does not like it.
Lots of people say to take the loans because it is important for him to be happy and thrive but does it really worth the debt after graduating when he has other options?
Your son is out of state for Penn State. Costs are high.
TBH…he should have only applied to colleges that he was willing to attend if accepted.
Taking $35,000 a year in loans is extremely high…$140,000 plus interest when he graduates. That is staggering loan debt for a new grad…easily $1500 or $1600 a month for TEN years in repayment. You will either need to take these loans yourselves as parents…or cosigner for him.
To be honest…I wouldn’t do that. It’s just too much debt.
If he really doesn’t want to attend an affordable college on his list of acceptances…let him take a gap year…and apply to a different set of schools…which will ALL be affordable.
And if younhave a college budget…please let your kiddo know what it is BEFORE he applies next year. That way he will know that a school costing $35,000 a year is off the table.
In most cases you will find out of state public universities NOT to be not affordable.
It is not a choice between Penn State and Binghamton. Penn State is not affordable. It is a choice between Bing and what? Staying home? Community college? another SUNY? Gap year?
Paying $35k x 4 is a lot of pride.
I say he goes to Bing or he takes a gap year and applies to schools he likes next time. I never understand why students apply to schools and then say they don’t like them. Why apply?
Bing costs $26,000 a year.
I see…your OOP cost for Bing is $10,000 a year. Will,that all be loans? Or is this whT your $15,000 a year will cover?
He wants you to pay $$140,000 for four years…when you can pay $40,000?
That’s a LOT of pride.
ETA…there are a TON of SUNY schools…did he apply to any others? They all would be more affordable than Penn State whichnhas very high costs!
As part of the joint degree program, he is going to do his first two years taking classes at Broome with a guaranteed transfer to Bing after at least 1 year (2 years if he does engineering) if he meets the requirements.
the tuition starting out at Broome is $4400/year. Yes, you are a softymom as this would not be a discussion at my house because we cannot afford that kind of debt.
I think that he is very fortunate for the opportunity.
At this stage of your life can you afford to have $140k of debt hanging over your head?
If he goes to Broome/Bing, will he be commuting or will he live on campus?
Does your family make 100K or less?
If yes, he will be eligible for the excelsior scholarship that will give him free tuition. He borrows his 5.5 k and you pay the balance for fees/room and board.
Or if he is in a position to get free tuition through the excelsior and your budget is 15k, then he can still dorm and be debt free!!
If he does not like his options, he still has time to toss in a couple of other SUNY applications. He may not get the program that he wants but he can get a seat.
https://www.suny.edu/media/suny/content-assets/documents/summary-sheets/Admissions_qf_stateop.pdf
what is he interested in studying?
Our family can pay $15,000 towards the tuition he will need to borrow $20,000 a year.
But I guess it is still a lot and will be irresponsible to let him borrow.
they threw at him a token amount of scholarship (COA for OOS is 46k) to make him feel special and brag that he got a scholarship. Don’t fall for it!!!
He cannot borrow $20k/year unless you are being a fool with a pen and co-signing for it. The max that he can borrow as a freshman is $5500. You would have to be eligible to co-sign for it every year.
I cannot see 80K in school pride at the expense of hanging this kind of debt around his neck
$80,000 in debt (accruing interest as he goes along) is a staggering amount for a new grad to pay, especially when academically the difference between PSU and Bing is not worth anywhere near that amount. Most 18 year olds have no concept of the impact that level of debt will have on their futures. Adults need to protect them from themselves.
YOU will be borrowing that extra $20,000 a year…either as a cosigner or by taking the loans yourself. HE cannot borrow $20,000 a year. period.
U Albany is also a fun school, did he apply there?
Thank you everyone! You have been really helpful. I felt really bad before but I see all your comments and understand it makes no sense to borrow so much money. I actually disagree with my son and happen to think Binghamton is a great school with a great price tag.
Thank you again.
We’re NYS residents. Our son commutes to our local 4-year SUNY and loves it. He really enjoys all the stuff he has the time and money to do because he’s not working all the time to pay tuition. Binghamton is a good school. I’d encourage your son to go there.
As a NYS resident, he has a ton of choices. Loads of SUNYs, CUNYs, and others to choose from. If he doesn’t like Bing he can:
- Take a gap year and try to get a ton of merit money somewhere and apply to other publics.
- Do well in CC and see where else he can get in. CC would be essentially free? Would that mean you could pay $30K/year for 2 years?
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Lots of people say to take the loans because it is important for him to be happy and thrive but does it really worth the debt after graduating when he has other options?
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It’s very easy for people who are not risking anything themselves to say such silly things. You know better. You don’t want your child to be miserable drowning in debt for 10 years.
If he’s resistant to the debt argument, might want to run some big picture numbers with him. Figure monthly loan payments, potential net salary after graduation (don’t use high pie in the sky numbers for that) rent, general costs for utilities, food, car, cell, insurance, etc. And what’s left for “fun”. That might give him a better idea of what he’d be up against.
We have LOTS of kids around here who simply say “Well, it was awesome to be accepted at X and X schools (insert name drop) but in the end, X school was a better fit financially since I would rather enjoy my life after graduation instead of slaving away just to make loan payments.”
There are 3 choices here: The program at Binghamton, a gap year, or starting at a CC and then transferring to a different SUNY. FYI- Binghamton is a very good school.
“Lots of people say to take the loans because it is important for him to be happy and thrive but does it really worth the debt after graduating when he has other options?”
Two things. First, regardless of where he goes to college the 4 years in college is not living a dream. It is work. He will need to work hard no matter where he goes. Your son will decide whether or not he thrives not the school. Second, the debt will affect him in ways he won’t know yet and much likely longer than 10 years. Paying back that much money may mean he lives at home rather than by himself, he will have to give up all kinds of opportunities because a large chunk of his pay will be going to pay for those 4 years he was supposed to be happy and thriving. Each of those decisions will have an affect on future decisions. It will affect where he lives, who he meets, the opportunities he might have because he will be mortgaging so much of his future for a present that he mostly controls and has little bearing on which school he attends. Any opportunities he might find while attending Penn State he can find at Binghamton. The key is that he will need to find them. Best wishes.
Smart kids. With that attitude, they’re on the road to success wherever they go.
" be happy and thrive" is an attitude. Your payments plus loans would be like buying an 18 year old an expensive car, every year, for four years.
Then paying for that, ten years or longer, limiting all other choices and pleasures. My kids feel the impact of just the fed student loan amounts, much lower.