<p>This is kind of a theoretical question, as I am weighing the pros and cons of all the schools I have applied to, but I would love some input. So...</p>
<p>Would you rather go to a lesser-known school with average academics on a full ride scholarship, or attend a well-known, academically outstanding national university/LAC with limited merit aid? </p>
<p>Ultimately, which would be more useful in the long run? The lack of debt, or the degree from the highly ranked school?</p>
<p>Four factors:
<p>2) How much debt would I graduate with from the nationally known school? Btw, since the truly nationally known, non state flagship schools by and large don’t offer merit aid (excluding Vanderbilt and Duke) the school is probably more regional in prestige.</p>
<p>3) How much would my parents struggle to pay for the “national” school? If it would involve either one of my parents tapping into their retirements/getting a second job/ doing without essentials I’d go with the more regionally known school. </p>
<p>4) What would I do with the money I saved? If my parents wouldn’t allow me to spend some of the money I saved on college from the full ride school I’d be more tempted to go with the national one. If on the other hand they said, look we can give you some of the money we would have spent on college to for either grad school, travel, or taking some sort of interesting job, well suddenly that local school looks a LOT more tempting (plus getting work experience would probably help with getting hired in the field of my choice).</p>
<p>There was a meta-analysis done that showed that where a person got their undergrad degree tended not to matter in the long run, for all but a few professions. I’m not sure how accurate that is, but it’s worth considering.</p>
<p>What’s your financial situation looking like? Is money an issue? A school’s brand can go a long way and may not be able to be measured in dollars and sense. </p>
<p>whenhen makes some good points. I’d also look into the career centers of each school to see how you can benefit from their services.</p>
<p>Whenhen:</p>
<p>1) Yes, you would feel comfortable at either school. Definitely a residential school with average academics.
2) I was thinking more of private schools so…a good amount of debt. As for prestige, when I say national, I mean national universities; not nationally-known universities. So yes, regional prestige is a factor. I am also not talking about the Ivies or other extremely well known school, such as Harvard, Stanford, Princeton, Columbia, etc. Obviously a degree from one of these schools would often outweigh a lack of debt because of their national caliber. Think more of Notre Dame, Pomona College, Rice U, or any regionally prestigious school such as the University of (insert state name here).
3) Your parents would not necessarily struggle…it would mostly be you who is responsible for the debt.
4) The money you saved would most likely be put towards graduate school or getting a head start on other things like buying a house after college, buying a car, etc. </p>
<p>For some examples, think of </p>
<p>acceptance to Notre Dame vs. a full ride to University of St. Thomas in Minnesota
Acceptance to University of Washington vs. a full ride to Seattle Pacific University
Pomona College vs. University of Portland
Vanderbilt vs. Linfield College
Whitman College vs. Western Washington University
Carleton College vs. UMN Mankato</p>
<p>Based on your examples, go to the top rated schools. For a less obvious situation, consider state flagship honors college scholarships versus top ranked schools.</p>
<p>^Obviously someone who isn’t responsible for paying back those loans.</p>
<p>OP, you have one basic premise wrong:
YOU cannot borrow that much money. Your parents would have to borrow or cosign for the loans. As a student you are limited to $5.5-7.5K max yourself. </p>
<p>Studies have shown that success of college grads has more to do with the student than the college attended. Go with the full ride.</p>
<p>Don’t I wish that the above poster knew what he was talking about ! (Misery loves company.)</p>
<p>OP: The highest ranked colleges & universities typically have the largest endowments & offer the most generous financial aid packages. If you & your parents have to borrow all costs then you should be able to get some grant money.</p>
<p>Axelrod -</p>
<p>A package full of grants doesn’t mean that it is an affordable one. Even the “most generous” institutions can leave gaps that families can’t cover. There are many threads on that issue in the financial aid forum.</p>
<p>So ? I understand that. I’m just responding to OP’s original post in this thread & another poster’s comment.</p>
<p>Axelrod, you’re the one who doesn’t know what he’s talking about. The highest ranked colleges and universities are not the ones the OP is talking about. Look at his list of comparisons in post #4.</p>
<p>The real question comes down to how much need-based aid is available at the “top” school, because you have to compare the actual cost to attend. If the difference is $5000 per year, then yes the student is likely to be the one paying the difference. But if the family qualifies for little need-based aid, the parents will have to co-sign those loans, and will legally be responsible for the repayment of those loans.</p>
<p>If you assume that a family that has to borrow to pay COA will be eligible for aid, think again. A family can be very well off, and still have significant cash flow issues - strange as it sounds, there are families earning $200,000 per year who don’t have $20,000 stashed away to pay the tuition bill. They spend that $200,000 a year on mortgage and car payments, and other bills. I’m assuming the OP has done his homework, and he’s already taking any need-based aid into consideration.</p>
<p>@CTScoutmom: You misunderstand my statement. It was in reference to Erin’s Dad’s mistaken assumption directed at me. And, yes, I do understand that financial aid packages vary.</p>
<p>P.S. I disagree with almost everything in your post. How a family spends their money is not my concern. If the $200,000 plus earners aren’t saving for college, then that is their choice which will have consequences.</p>
<p>Axelrod - you are in dangerous territory making judgements on people that you know nothing about. It’s very possible for a family to be making $200k, be paying a mortgage in a higher cost of living area (thus the higher salary), have at least one car payment, only one parent able to work because the other has significant health issues, and be digging out of tens of thousands of uncovered medical bills for that parent. OR one parent is home caring for a younger sibling with significant medical needs and the ongoing bills are related to the sibling. The working parent may have a salary of $200k NOW so they do not qualify for aid, but they may have been unemployed the previous two years in their profession due to corporate downsizing, working hourly wage jobs at local stores just to keep food on the table. College savings were tapped to cover bills hourly wage jobs could not pay. </p>
<p>You have NO idea why any family is in the financial situation they are. You would do well to learn now never to judge what you do not understand intimately.</p>
<p>I think that you’re the one making judgments. Regardless, you support my original point about financial aid.</p>
<p>P.S. I’m surprised at how emotional some of the parent posters are. I understand everything that you wrote & I understood it before you replied, but my comment still stands. My intention was not to upset you.</p>
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<p>How does this show any understanding that families at higher salaries might have specific life events beyond their control that might prevent their saving and/or being able to cut a $20k check for college each year?</p>
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<p>How much debt?</p>
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</p>
<p>In terms of college, the student in a high income family that is unable to unwilling to contribute much will be limited to big merit or low list price schools.</p>
<p>*For some examples, think of </p>
<p>acceptance to Notre Dame vs. a full ride to University of St. Thomas in Minnesota
Acceptance to University of Washington vs. a full ride to Seattle Pacific University
Pomona College vs. University of Portland
Vanderbilt vs. Linfield College
Whitman College vs. Western Washington University
Carleton College vs. UMN Mankato*</p>
<p>I think that some of your examples are a little wacky. ;)</p>
<p>For someone who can get into Carleton, Vandy, and ND, it generally means that they have the stats to get HUGE scholarships at BETTER schools than the ones you’ve listed. </p>
<p>And the choice shouldn’t only be Pricey Full Pay Univ vs Full Ride. That’s too black and white.</p>
<p>You should also be considering choices where you may not get a “full ride”, but you’d get enough merit and grants, that your remaining costs could be covered with a SMALL fed student loan and maybe some summer earnings, etc. </p>
<p>As mentioned above, YOU cannot borrow much. YOU will be limited to borrowing the following amounts:</p>
<p>frosh 5500
soph 6500
jr 7500
sr 7500</p>
<p>to borrrow more than that would require QUALIFIED and WILLING co-signers. and they would have to get RE-QUALIFED each year (which is often a problem because each year their credit takes a big hit from the debt that they just co-signed). Most parents are NOT willing to co-sign loans because THEY are obligated to pay them back if their child can’t, won’t, dies, becomes disabled, is serious ill, etc.</p>
<p>I agree with mom2college kids that the comparisons are a bit unusual. Plus, thanks for the “hard” info. on loan limits.</p>
<p>@blueiguana: Relax. life isn’t about being right or wrong on matters of opinion. But, you’ll be pleased to know that I now pity families earning $200,000 or more.</p>
<p>My point, which I believe most people understood, is no matter what a families income, if they are unable to pay out of pocket for college that does not always mean they made the ‘choice’ to use the money on luxury items and were irresponsible.</p>