I never worried about paying for college before since my parents would always brush the issue off and assure me that the education was worth it. But now that college is approaching, I am noticing many students who’ve had to turn down their dream schools for cheaper options. I am also altering my list to only include colleges my parents are willing to pay for.
My dilemma is that even though my parents say they are fine with paying, they would have to take on debt. We don’t qualify for any financial aid, which is fine. But they also don’t have any savings.
I was planning on attending one of my top state schools (UVA/Tech), which all cost about $30,000/yr. (I’m considering a few LACs, but merit awards are too unreliable for me to consider in this post atm.) My parents can pay $10,000/yr out of pocket, and are willing to take out up to $20,000/yr in loans. I also know I can take out $5500/yr in loans and make $2000/yr by working a modest amount (I would like to be focusing on school and hopefully volunteering/interning when I don’t work).
I subtracted my parents’ $10,000 and my contributions, so the leftover cost would be about $12,500/yr. This would lead to my parents incurring about $50,000 in debt for all four years (plus my $22,000). Is this a reasonable amount to pay for my education? Is it crazy? I’m looking for context to compare my debt to besides my cousins (who are currently paying full price for state schools but have much wealthier parents and are becoming doctors).
The other options I’ve thought of so far include going to a lower ranked school or a CC. While the previous colleges were ranked top 50 (at least for engineering), most of these lower options are in the top 200. I have a few colleges in this ranking that I may attend if I earn any scholarship money.
And my safety is just out of the top 200. I already ran the merit aid calc and would get full tuition covered, plus it is only 2 mi from my house so I can walk there. I could also go to my CC for 2 years and transfer to a state school after saving some money on general classes (however, my parents believe I shouldn’t go anywhere less than my state schools and hate the stigma associated with CC. I do understand their sentiments, but the money…).
As for my major, I want to do civil or environmental engineering (growing more certain abt this…). The average starting salary is between $50,000-60,000 for graduates of my state schools, and my safety is $48,000. But the rate of employment out of Tech is around 90% while my safety is probably much lower…
Anyways, are the connections and quality of education worth the amount of debt my family would have if I go to a top 50 school? I have 2 siblings as well, one of which would need to go to college 2 years later. I don’t want to ruin their futures just because I “had” to go to the more expensive option.
Also atm I’m not concerned with fit. I’m willing to “suck it up” and go to a school that I may not like because I need to find schools that won’t leave me in excessive debt…
I’ve talked to my parents abt what I’ve gathered so far. They really wanted me to go to a top state school before but are a little more open to the lower ranked schools now that I’ve showed them some numbers. I’m still really confused and naive about debt and the concept that college is too expensive (haha… I’m such a sheltered kid…), but any help would be appreciated.