<p>It might or might not be a better fit, but that kind of potential debt…not worth it for any school in my opinion, unless you have the means to pay it back easily.</p>
<p>Be aware that you will have to start paying on the parent loans WHILE she is in school (parents, correct me if I’m wrong?)…look at what the payments will be. Look at what HER payments will be and how long she’ll have to pay.</p>
<p>My D considered both tiny and larger options and wound up at a large public. She said to me recently that she thinks ‘fit’ is overrated, if you have the right attitude. She LOVES her school but said she also thinks she would have been successful/happy at any of her options. </p>
<p>I guess what I’m saying is, be realistic about the debt, and the stress that will place on you and her, and factor that in. And also don’t put too much pressure on yourself that you/she have to make the “right” choice. If she’s got the right attitude, there are many “right” choices. </p>
<p>And while small LAC’s can be a great choice for many, my D has a friend who now somewhat regrets choosing such a small school, because she’s 24/7 with the same group of people and feels like 4 years of that is going to be a lot. On the other hand, my D at a large state U has found courses in her major to be small and intimate, something she did not expect (intro courses WERE large, but she’s done with most of them).</p>
<p>*Having said all that, the original question was bout debt, and that is partly a personal matter and whether you think a school is worth extra money. I would not recommend more than $20K over four years. But you might figure out the payments after graduation on the debt you are considering. *</p>
<p>Very true.</p>
<p>But the OP is the parent, not the student. So, unless the parent is going to paying back the debt, the parent can’t really decide whether a large amount of debt is “worth it” or not. </p>
<p>I agree that TOTAL debt of $20k is a reasonable amount. Debt of $27k total (the max federal Stafford loans) can still be manageable if the person is likely to have a high paying job after graduation. 27k in debt is about a $300 per month payment for 10 long years. That’s like making an extra car payment for 10 years (in addition to any real car payment, and of course, rent, utilities, food, cell phone, etc).</p>
<p>Yes, you can have all kinds of experiences at a large public and yes they are great in their own way.</p>
<p>I don’t think anyone was advocating a large public. Large publics are schools with about 15,000 students or more. I think the public that was being considerd has about 7,000 students. That’s not a large public…that’s small to medium in size.</p>
<p>My point holds about medium-sized publics/privates and smaller LACs. Different types of colleges that may be great for different types of students. I suppose “fit” – whatever that means – may not matter to some students but it does to others. Subjective experiences are just that. </p>
<p>I was responding in part to this type of comment: </p>
<p>“Frankly…I would NEVER advise my child to go to a school that small. Few course choices, few prof choices, and too much like high school. Those tiny colleges are often too cliquey and girls (especially) can find it too hard to fit in.” Earlham is the kind of place where “girls” are referred to as women and students have serious intellectual debates. It’s not like most high schools.</p>
<p>My daughter is at Earlham and loves it, but I would not have advised her to attend if it meant going more than $20,000 in debt. There is a monthly payment plan that makes things much easier. My paycheck goes in , and Earlham then gets most of it automatically. Oh right, Smith gets the same amount (other daughter). We are living lean.</p>
<p>Generally, a student’s loan debt should not exceed $25,000. Did she get accepted any where else? What were the financial aid package at each of the schools she got accepted to?</p>
<p>she has two other admissions but only one other financial letter so far and that’s the SUNY school. It comes down to about 5K per year less when all is accounted for… though incidentals will likely be less too.</p>
<p>Rachelfran, if you have an EFC of $1800, you should not be taking out $40K in loans for your daughter’s college. Nor should your daughter be taking on that burden on top of the government loans. Those are going to be tough enough for her to repay. Most of the time, any additional loans require a co signer, and if she finds herself unable to pay back those loans, they will go after the co signer. </p>
<p>Look at what kids right out of college are making. Not enough to pay back that kind of money. My two older ones are having a tough time making ends meet even without loans. One lives at home so that he can afford a car, his work clothes, and save for a bit of a cushion. The other lives hand to mouth in a cheap shared apartment. If either had student loans to repay, they would not be able to make those payments. The one kid literally has nothing in terms of money as it is. They may be in this shape for a few years. At least they don’t have student loans so that they have whatever income they get. The idea of even a $300 month payment which is what they would owe if they just took out the student signature only loans is absurd, in their situations. And though we are considered well to do, I would be hard put to be paying their loans. I try to give them a few bucks here and there and often cannot. </p>
<p>I doubt very much that going to Earlham or any school is going to make the difference of that loan payment for those years right out of college when they will have to be establishing their credit and paying back those loans. If they are deadbeats on it, they will be compromising job opportunities where credit checks are increasingly becoming common. The only time taking out loans makes sense is if you know the kid is going into a program where s/he will have a good income, and even that is very chancey because kids change their minds, the value of certain jobs change, If you cannot afford to subsidize that risk, they cannot afford to take it because the downside is too real.</p>