<p>It seems at this point that it is coming down to my son's 1st choice Penn state and 2nd choice UNCW(wilmington). from what i can estimate we/he will come out of penn 90K in debt and UNCW 30K. Is Penn state really worth goin that much in debt for? He also may be able to be in the Honors program at UNCW (tho no merit $$). Have not heard from American or Tulane yet. Deferred at Elon, NC. excepted at SUNY Binghamton, but didn't like it after our visit. Can't wait til May 1st for this torture to be over!</p>
<p>$30,000 is too much debt to have at graduation for undergrad.
I’d wait for his other choices.</p>
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<p>Unless you have a big stash of money set aside for college, $30k is almost required debt in order to get a degree…</p>
<p>hops, not true. It’s only that way if you make the choice to go that far into debt. There are plenty of ways to avoid that much debt but people choose not to take those paths.</p>
<p>$90k is way way too much. $30k is too much but far more manageable.</p>
<p>Unless you have a big stash of money set aside for college, $30k is almost required debt in order to get a degree…</p>
<p>Not according to average debt re: many schools @ College Board.</p>
<p>Of course this is student debt & assumes parents can pay EFC from savings & income.</p>
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<p>Yeah I guess you could go get a full-time job and save money, right? Oh wait, full-time jobs require a bachelor’s degree! Many of them! Is it doable? Sure it is if you don’t go into a highly-demanding field in college and can work while you go to class… </p>
<p>But with even smaller public schools costing $10k+ a year and many more than that, $30k is a pretty low figure…</p>
<p>The question for now is, $30,000 debt at Wilmington or $90,000 debt at Penn State. It is hard to imagine that the earning potential will be so much better coming out of Penn State to make this the better choice. Even if it’s a more pleasant experience when it’s happening, somehow, you want to be able to like your whole life, not just your memories of college. That much debt is going to make it a lot harder to like one’s 20s and 30s, and maybe beyond. You are out of college a whole lot longer than you are in college.</p>
<p>Community college for 30 to 60 credits, and significantly less debt, is an option that can produce more overall long-term success and happiness for many people. (Although 12th graders may not realize that at first.)</p>
<p>You absolutely do not need a bachelors degree for a full time job. Or you can work multiple part time jobs. Or you go the cc route</p>
<p>Between the two options, UNCW seems like the only responsible choice.</p>
<p>The purpose of college, in the most general terms, is to prepare for a nicer adult life. Too much disgorged savings, too much debt, can have the opposite effect.</p>
<p>If it really is $90,000 in debt for Penn State vs. $30,000 for UNCW - then the answer is clearly UNCW. Taking out $90,000 in loans for undergraduate is insane! Having that much debt will impact his future choices - when he can marry - buy a home - start a family, etc. Don’t let him do it!</p>
<p>I agree with rockvillemom. You have to be pretty affluent to afford the debt service on 90K of student loans and ever pay them back. It is way too much money to allow a college student to borrow on his own. </p>
<p>Are you, as his parents, willing to go 90K in debt to enable him to go to Penn State? If not, why would you let him do it on his own?</p>
<p>$30k is too much (for the student - I’m leaving parents out of this.) Based on their studies, the U.S. government believes that the maximum a student should have is $23k, and that’s what they offer in subsidized Stafford Loans. That’s the max.</p>
<p>What people actually do is another thing entirely. And the we/he distinction is important. No parent is expected to pay for college out of current income, but either through past savings (assets) or future savings (in the form of loans, to be paid off in discounted dollars). </p>
<p>SO, if it were me, I’d calculate based on having him $23k in debt over four years, and then decide whether you can afford the rest (or chose to).</p>
<p>When you say “$30,000” are you saying that’s all you have left to pay off for attending UNCW? or $30,000 a year?</p>
<p>son’s 1st choice Penn state and 2nd choice UNCW(wilmington). from what i can estimate we/he will come out of penn 90K in debt and UNCW 30K. Is Penn state really worth goin that much in debt for? </p>
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<p>$90k is THREE TIMES the safe amount of debt…even for a top school like Harvard. </p>
<p>To accumulate big debt for an OOS flagship is crazy. PSU is a good school, but it’s still a state school and NOT WORTH THAT MUCH DEBT…no way, no how. </p>
<p>How much will you (the parents) be paying each year?</p>
<p>"Have not heard from American or Tulane yet. Deferred at Elon, NC. excepted at SUNY Binghamton, but didn’t like it after our visit. "</p>
<p>Well, once you find out if your son has been accepted at these schools and how much those will cost, you can make a decision.</p>
<p>It looks like your son doesn’t really have a safety school (a school that you know is affordable without significant debt). </p>
<p>Have you used the NPCs on the websites? What is your EFC?</p>
<p>By my count the Stafford limit is $27K which is just about the $30K mentioned. I certainly wouldn’t let my child take on $90K (a house worth) of debt.</p>
<p>Actually, I got it wrong: the subsidized Stafford limit (which is what I referred to) is $19k.</p>
<p>$3,500 first year
$4,500 second year
$5,500 in each of last two years</p>
<p>[Undergraduate</a> Stafford Loan < Information | StaffordLoan.com](<a href=“What is a Subsidized Student Loan? | Edvisors”>What is a Subsidized Student Loan? | Edvisors)</p>
<p>Either way, I think $30k is too much, given what graduates are earning these days (and the high unemployment rate.) But this is what the student will owe - the question really is what the parents can afford.</p>
<p>mini, the sub loan limit is $23k.</p>
<p>Aggregate Subsidized Stafford limits are $23K, total Aggregate Stafford limits are $31K.
[FinAid</a> | Loans | Student Loans](<a href=“Your Guide for College Financial Aid - Finaid”>Student Loans - Finaid)</p>
<p>Yup. You’re right. That’s what I wrote the first time. (post #13)</p>