<p>I'm trying to choose between an out-of-state public school in Colorado (Colorado School of Mines) that I LOVE and end up with +$100,000 debt from student loans, or an in-state Texas school that is probably "better" (UT Austin if I'm accepted, pretty sure I will but A&M if I'm not) where I'll have basically no debt after graduation. I know I would be SO happy in Colorado, and I would be "content" at a Texas school. </p>
<p>I'm pretty sure I'll choose the in-state school since both UT Austin and A&M are just as good, if not better, academically... And I want to go to graduate school after so +$100,000 in debt PLUS graduate school debt is a little scary</p>
<p>Anyone else thinking of choosing their school because it means less debt later? Or anyone throwing their inhibitions to wind and going to the school they love, despite how much debt they'll have after graduation?</p>
<p>This is a concern with many students (and parents) and is constantly discussed on these boards. Do a Search on this forum or the Parents forum and you’ll find many past discussions.</p>
<p>I would be very concerned as well, unless you’re going to end up with a MD/PharmD or other high paying, very high placement degree. Check out the loan payment calculator at finaid.org, Here are some links to other people sharing their real stories about student loan debt:</p>
<p>AND if you are going to end up with a MD/PharmD you will incur grad school debt before you are done. And by the time you graduate our health care system might change drastically. No matter what, I would never let one of my kids incur 100K of debt for ANY undergrad degree.</p>
<p>Debt of any kind doesn’t seem like such a big deal when it’s the only thing standing between us and something we really really want. Then we have years (and years and years…) of writing checks to ponder whether it was worth it. Personally, I’ve developed an allergy to debt. I’ve learned the hard way that when I owe money, I’m an indentured servant. I do all the work, someone else gets the money. Not a good way to spend the first 20 years of your adult life.</p>
<p>You are right to be a little scared of $100K; in fact, you should be terrified. Since your Texas schools offer a good education, and you’d be reasonably content, I’d advise going that route. You can always move to Colorado after graduation, debt-free.</p>
<p>Consider the impact on your life of paying back $100,000 at 7% interest:
$1161/mo for 10 years -OR- $900/mo for 15 years</p>
<p>If grad school is involved it gets higher and you could be 40 years old before the loans are paid - if all goes well. Consider your happiness for the rest of your life vs. being SO happy for 4 years at CSM. If someone paid you $100,000 to create your own happiness at UT or TAMU would you take the job? In your case that’s the offer the state of Texas is making.</p>
<p>Let’s say you don’t go to grad school, and all the debt you will have is the $100,000 costing $900/mo for 15 years. That is $11,000/yr. Assuming you make $30,000/yr when you graduate, you will end up with $25,000/yr after taxes (social security, state, federal, etc.). After paying $11,000/yr for debt, you will have $14,000/yr to live on. Let’s say an apartment costs you $1,000/mo, that leaves you with $2,000/yr for food, and fun.</p>
<p>You will have to live in poverty for 15 years in order to enjoy 4 years in Colorado. Think about it.</p>
<p>I think the OP is doing the financially prudent thing, going to an instate school, and just wants to find out what others are thinking as they make these tough decisions this year.</p>
<p>We have most offers or at least solid estimates in. Ruled several schools our for purely financial reasons. Now we’re left with a choice between a no-loan public and several privates with $10-15K loans or out of pocket costs per year. I know which I would prefer as the parent, but am letting my D make her decision based on everything she knows, including the strength of the program and her gut instinct. She’s level headed and has earned that right. At graduation, she will definitely be $75K in debt or more, but with a professional level degree (PharmD). It’s probably average but it’s still scary.</p>
<p>for me it always was… but I come from low income family and my parents didn’t have money to pay for my college… my selection of degree and university was all an ROI calculation. I stayed in-state but got into better ones out of state.</p>
<p>To get back to your original question, the thought of such debt stops most people from attending their dream college. Actually, I don’t think most even consider taking on significant debt in the first place for an undergraduate education.</p>