<p>Hello!
I have a bit of a problem here. I have $80,000 in my college fund and a dream school that would cost $45,000 a year out of state. Up until a few weeks ago, when I found out exactly how much was in my college fund, I had been planning on applying Early Decision- now I don't know what to do. I really love this school, but my parents say they can only contribute $30,000 a year for my undergrad education. Of course, if accepted, I would have to work, apply for scholarships, and likely graduate with a lot of debt.
Should I apply ED anyways, try it for a year, and transfer out if I decide its not worth the tremdous debt? Should I even apply at all? I don't qualify for aid, and I know I have no chance RD. Please help!</p>
<p>Depends on whether you want to go to grad school, own a new car, or own a house before you’re 35 years old (I guess it also depends on what your career will be). Look for online calculators of college debt. They clearly tell you what your monthly payments will be and how long they’ll last. Then deduct that from your expected monthly salary and see if that’s comfortable to live on.</p>
<p>The real question is can you be happy elsewhere? Probably yes, dontcha think?</p>
<p>Yes, I know I could be happy at other colleges. I know what the logical answer is- don’t apply. I can’t afford it. The real problem I’m having here is letting go of this dream. I guess you can’t have your cake and eat it too.</p>
<p>Skydancer,
How do you figure $80K? I got $60K from your facts (or $0 if your parents’ $30K is in addition to the $80K college fund).</p>
<p>Currently, I have $20K per year in my college fund, $30K per year is what my parents can pay if they really stretch ($30K is including the $20K per year…so my parents can add an additional $10K per year on top of my current $80K college fund.) If the current price of college remains the same, then you’re right, I’d only be in debt by $60K. If it goes up, however, I’m estimating about $80K. Either way, its just a whole lot of money.</p>
<p>You don’t qualify for aid yet your parents can only afford 10K per year? Something seems out of whack here. Don’t you really mean your parents will only agree to contribute 10K per year toward your undergrad education? That is their right, of course, but it seems unlikely that if colleges have told you that your family doesn’t qualify for aid that their EFC is around 10K.</p>
<p>In the first place, the chance of any lender giving YOU that kinda money is between slim and none. Thus, your parents would have to take out/co-sign for the loans beyond the federal Staffords ($27k).</p>
<p>And no, W&M not worth that kinda debt, when you could attend your instate school (Maryland) for half the cost.</p>
<p>hudsonvalley51, I am going only by what my parents told me they can afford to pay (in addition to my college fund). I don’t even know what our income is; they prefer not to tell me about our financial status. I don’t know our EFC, but I do know my dad’s buisness isn’t doing well. All I know is that with our income, we don’t qualify for much need based aid.
With so little information, and so little time to decide what to do, I’m just really confused.</p>
<p>It’s not an either or situation. There are thousands of schools in this country, and I am sure that there are many affordable ones where you could be happy. Happiness is a choice.</p>
<p>I know some people who took out high loans to go to their dream schools and who, a decade or so later, regretted their choices because their post college lives had been so constricted by the debt they were carrying.</p>
<p>The best advice I received 33 years ago when applying to colleges was “Get into the best college (reputation-wise) you can,” “and worry about paying for it (later) after you get in.” I did take out college loans after getting into an ivy, then went on to medical school on an Army scholarship. It worked out for me (not saying that’s the route you should take) and I didn’t end up burdening my parents or my future children. All debt paid off. I’d say that dreams are all we have…Obama’s message to school children today is “Dream big.” Hold fast to your dreams. Don’t be afraid to reach for that star, or I think you’ll regret it.</p>
<p>Are you sure you don’t qualify for aid? How do you know? Does the school offer any merit awards, not based on need? It might be worth filling out the FAFSA and the financial aid forms for this school and applying anyway, just to see if it might be affordable with just, say, 5K per year in loans for you. You might as well give it a try. But, in the meantime, you need to find some other more affordable schools where you can also be happy.</p>
<p>Redbluegoldgreen, thank you. I know I would regret it if I didn’t apply, and later an opportunity arose that would have allowed me to follow that dream. I am actually considering Army ROTC as a potential way to pay for college. However, it is an 8 year commitment. Was the Army a good experience for you?
Northstarmom, thank you as well. You bring up a situation that I would indeed likely face if I were to attend this school. I feel like I’m too young to be making a decision that will impact me for so many years to come. I know that there are other schools I could attend that would provide me with a good education at 1/3 the price.</p>
<p>Not to me, because I know I can be happy for a lot less.</p>
<p>Kierans, I’m pretty sure we don’t, but I’m not positive. I will definitley have my parents fill out the FAFSA, because you never really know what to expect. My mom is currently attempting to open a buisness, so that could (maybe…) provide some aid. I have a host of other schools that I could do well at, and pay for (with potential merit aid). This school offers only 5 merit scholarships, I know I don’t qualify. It is a reach school for me as is!</p>
<p>“I’d only be in debt by $60K”</p>
<p>Only? Make sure to also add into the cost: books, travel to and from, storage of stuff over the summer if it’s out of state, yearly increases in tuition/room/board, etc.</p>
<p>I wouldn’t do it. I also wouldn’t put my parents in a position of paying more money (and reducing their money available for retirement) for satisfying the imaginary idea of happiness at a dream school. If your stats are high enough to qualify for a decent merit scholarship, then apply. </p>
<p>There are so many college options. It’s silly to believe that you would only be happy at one dream school. Go visit some other schools. After visiting, I think you will realize that there are many other places where you can find happiness.</p>
<p>I do not advise you to apply ED to your dream school unless you can pay the full price.</p>
<p>redbluegoldgreen, I don’t think one can apply the same logic today. Many colleges today cost $45,000-upwards to $52,000 or more per year. You’re talking about 33 years ago.</p>
<p>The Army was a good experience for me. I received very good training, but it was peace time. Hopefully we will be entering into another such time period, but of course no one knows. Once you’re in, have the school help you find a way to pay for it that works for you. They’ll help you.</p>
<p>Nysmile: of course I can. The ivies were always costly. When I went to medical school, I attended the most expensive one in the country. Same logic applies. I attended the most costly universities and found a way to pay for it. I guess where there’s a will, there’s a way.</p>
<p>"When I went to medical school, I attended the most expensive one in the country…I guess where there’s a will, there’s a way. "</p>
<p>There’s a big difference between taking out huge debt to go to medical school and taking out large debt for undergrad. Doctors can make a lot of money and I’ve noticed that my doctor friends have lived what I consider luxury lifestyles while paying back high med school debt.</p>
<p>Taking out large debt for undergrad may not be possible to pay off without constricting one’s graduate and professional school choices as well as one’s job options, etc.</p>
<p>“I am actually considering Army ROTC as a potential way to pay for college. However, it is an 8 year commitment. Was the Army a good experience for you?”</p>
<p>Before signing up for ROTC consider how you would feel about not having a say in where you would live after college, and how you feel about being sent to a war zone. Would you mind having things like the length of your hair regulated?</p>
<p>For some it’s not about length of hair…it will always grow back. Rather, it’s about opportunity.</p>