Hello,
I am entering the class of 2024 as a Psychology major. I need help choosing between Vanderbilt University, Rhodes College, and University of Miami! Vanderbilt has always been my dream school, and the only reason I’m even considering the other 2 is because of cost.
Here’s the situation:
- Vanderbilt: has always been my dream school, but I would be taking out 40k in student loans after 4 years
- Rhodes College: Take out NO student loans but going here doesn't really excite me but it's still a good school for sure
3: UMiami: Take out NO student loans but would cost 7k more than Rhodes out of pocket. I Like UMiami but it is kinda far from home.
I love Vandy because of its prestige, student life, and closeness to home. But, is it worth to attend Vandy with that amount of student loans? Also, no matter where I go, I intend on going to graduate school for another 2 years after undergrad to either be an Occupational/Physical Therapist, School Psychologist or I/O Psychologist. I project to make at lest 70k as a starting salary.
I appreciate any help or advice!!
I’d rule Vandy out. That kind of debt is not worth taking on for a school name. That leaves Rhodes and UMiami. Normally I’d say go with the higher-ranked/more prestigious one, which would obviously be UMiami. But you’re looking at fields where prestige of undergraduate name overall doesn’t matter a lot - although individual programs’ prestige within the field may matter. What is your intended major for undergrad?
Personally I’d go with Rhodes, very solid liberal arts college in a great city. But more information about your major/career choice could change that answer.
You said UMiami would cost 7k more - is that per year or over four years? Would you pay or your parents?
Thanks for your opinion. I’m majoring in Psychology with plans to either be an Occupational Therapist or School Psychologist. I would also probably consider getting a Psy D. to be a clinical Psychologist. But how much in loans exactly is too much? Because I thought 40k is about average for a college student?or no?
I can’t answer that question for you. But keep in mind the fields you’re talking about are not high-paying fields, and you need at least two more years if not more of grad school. I’d be very wary of taking on any undergrad loans if I could help it.
You cannot do a doctorate in psychology in two years, so I think your calculations are WAY off.
I never said you could lol…you can be a school or i/o psychologist with just a masters
You probably need the Attend Rhodes since there will be no debt. Actually you can work and get licensed as school psychologist with a masters. If you are doing research or academia, then a PhD is needed
Since grad school is on the horizon, most of that funding will be in the form of loans
Congratulations on your acceptances. This is a difficult choice.
For Federal Direct Student Loans undergrads can only take out $27K in total over the 4 years ($5.5K the first year, then $6.5/$7.5/$7.5). Some schools do offer institutional loans above that. After that, your parents would need to take out the loans, or co-sign private loans for you…those payments would be on them.
Run some financial scenarios here: https://mappingyourfuture.org/paying/standardcalculator.cfm
$40K in loans at 5% would be $424/month in payments for 10 years. Probably not life altering, but not insignificant. Then add in your expected master’s degree debt (how much do you estimate?), and things might look less rosy.
Play around with salary numbers required to service that debt here: https://mappingyourfuture.org/paying/debtwizard/
I am not sure $70K is a reasonable starting salary for a school psychologist with a master’s degree. Check placement results for each of the schools, and email the career centers if necessary to gain more clarity. That $70K might only be an achievable starting salary in a high cost of living area (e.g., NYC, San Fran), whereas $50K or $60K in a more moderate COL area might actually be preferable.
Consider going to Rhodes or Miami for undergrad, then Vandy (or similar) for grad school. Also consider working during the school year and summers to lessen the debt burden.
Fundamentally, only you and your parents can determine how much debt is tolerable, but the lower the better, especially heading into a period of economic uncertainty in this country.
Be careful about seeing $70K dollars dancing in your eyes. As @Mwfan1921 pointed out, a newly minted grad w/ no experience may not be getting that salary right out of the gate- unless it is in a super-high COL location.
Getting into your dream school is a great achievement! But now it is time to gut-check your dream(s). The dream school is only ever a stop along the way- a way to get to the next goal or dream. You have the satisfaction of knowing you did it. What is the best path to your next dream?
Thank you to everyone’s advice!
I did more research and I realize that 70k is not feasible for a starting school Psychologist and has made me want to scrap that option all together no matter where I go. Even if I got a Psy D. to go the clinical route, I’m not sure the cost and amount of school is worth the salary. I failed to mention I’m considering double majoring (along with Psych) in Biology or NeuroScience. This allows for higher paying career salaries such as being a PT/OT or even an Optometrist which all in intrigue me. I feel that if I’m going to pursue grad school I need to make sure I’m pursuing a career that makes alot of money (unlike a school psychologist). I feel those careers would for sure put me at making at least 70k-80k starting out.
Would a guaranteed higher salary such as those make Vanderbilt anymore feasible? I do understand though that my family are the only ones to ultimately measure that decision.
Also, I am absolutely willing to work in the summers to help lessen my student loans. Say if I plan to accumulate 20k in the summers over 4 years, cutting my debt in half, I believe that would make my situation more comfortable.
I used the websites from @Mwfan1921 and they helped a lot. Inputting the salaries of an optometrist and PT put me in a comfortable spot of being able to handle my loans.
How much will your parents be paying if you go to Vanderbilt? Are you saying that they will pay most and the remaining amount for you is $10,000/year after accounting for books, spending money etc.? Are they planning on loaning you some of that $10,000/year since you can’t take that much in student loans?
Depending on your parents’ expectations, one idea is that you could get a campus job and plan to make $1000/semester, then earn $3000/summer and then take $5000 in loans per year. That seems doable and would only leave you with a total of $20,000 in loans. That still may not be the best choice given your other options. However, it seems a lot more manageable and maybe you could work for a few years before grad school in order to pay down those loans. What are your parents saying about what they think you should do?
OP, this is a tough decision but you’re right, it’s ultimately down to you and your family whether you take on the debt. This board leans heavily anti-debt, so that’s the prevailing answer you’re going to get here. I will say this: I’ve seen a fair number of optometrists in my life and a number of PTs. I’ve never once asked where they went undergrad. If you choose Vandy, it may be worith it for the experience/personal enrichment; it might not do much to advance your prospective career choices.
Like the people above said, taking out loans for undergrad might not be a good idea if u r going to grad school. I would suggest U of Miami. It has better prestige/name brand recognition. It doesn’t seem like it would cost that much more and it seems your parents are paying the extra cost.
All of these schools are fine.
It’s too bad Curmudegeon doesn’t post here anymore. His DD took the full ride merit award she got to Rhodes. Lots of opportunities to shine there. She went on to Yale for medical school.
OT, PT, Optometry…all will require a bunch of years of schooling after undergrad, and all will be on your dime. These programs seldom provide any significant financial aid of any kind. Save your money.
Optometry school will cost you another $45-55K/year for tuition alone x 4 years. Plus 4 years of living expenses since professional students cannot work during school.
Optometry grads come out of school with around $180K (on average) in student debt not including undergraduate debt.
https://optometriceducation.org/be-smart-about-student-loans/
Then new optometry grad will have business costs in either setting up a new practice or buying the practice of retiring optometrist.
For DPT (Doctorate in Physical Therapy) the average indebtedness for their professional education is between $90K and $180K.
http://www.apta.org/PTinMotion/2017/2/Feature/FinancialLiteracy/
For occupation therapists, the average debt at graduation is $70K (entry level Masters only); higher for OTD.
When making your calculation about paying of your debt, don’t forget to add the cost of you professional education into the mix.
OT/PT are saturated in certain areas and do not pay $70k out of school so definitely reevaluate what your prospects are. Their programs are expensive and most are 3 years - even the master’s of OT can be spread over 3 years at some schools. If you have the option to get your undergrad on the very affordable then please strongly consider it. Where you do your undergrad doesn’t factor in at all except for some schools that give a boost to their undergrads. Prestige isn’t thought of. They care about your GPA, GRE, shadowing hours and having your prerequisites finished.