Is happiness worth $80,000 in debt?

<p>small nit, pacheight: The College of William and Mary, who educated Thomas Jefferson, is a PUBLIC college. It maybe LAC-like in size, but it has all the same state bureaucracy as any other public educational institution. On the plus side, however, the Virginia schools do offer need-based aid to OOS students.</p>

<p>"Redbluegoldgreen, yes, I think it is a match for me. I have visited twice, and both times I felt so comfortable on campus, with the students, and with the interviewer. Your story is so inspiring, it makes it seem like it is still possible to achieve your dreams, even when money is an issue. My parents are urging me to really consider the options- they are actually supportive of me applying ED to W&M- provided I can find a way to finance it. "</p>

<p>Having to find a way of financing it is a big provision especially if they would like you finance it without crippling your future options.</p>

<p>"Northstarmom, W&M is a public school. I am applying to TCNJ, Mary Wash, and Dickinson as well, which are cheaper and may offer more aid. "</p>

<p>I know it’s public. Unfortunately for you, it’s an OOS public…</p>

<p>It is, though, one of the publics that is known for approximating a private LAC. </p>

<p>“I think it is a match for me. I have visited twice, and both times I felt so comfortable on campus, with the students, and with the interviewer.”</p>

<p>There probably are affordable colleges where you’d also feel as comfortable.</p>

<p>Skydancer017</p>

<p>You have 80k in a college fund, and your parents estimate right now that they can pay another 10k each year. This means you can pay full tuition and fees at any of the MD public colleges/universities, and graduate debt free. Pick out at least one of them to use as your back-up/safety plan, apply early, and get yourself in line for whatever goodies they have available such as priority residence choice, priority registration, and/or random un-advertized scholarships.</p>

<p>Have your parents work their way through the FAFSA formula using the <a href=“http://ifap.ed.gov/efcformulaguide/attachments/111609EFCFormulaGuide20102011.pdf[/url]”>http://ifap.ed.gov/efcformulaguide/attachments/111609EFCFormulaGuide20102011.pdf&lt;/a&gt; This will let them figure out if they can reduce your family EFC by making an adjustment somewhere in their finances. If they’d like more detailed help, have them create their own user name and make friends with the folks in the Financial Aid Forum. Chances are that your parents will find their FAFSA EFC to be shockingly high, relative to what they can actually pay. They need to know the truth though, and so do you.</p>

<p>It is entirely reasonable for you to apply to W&M, or to any other college/university that you feel like. Just be sure to include one or more that you know that you can indeed pay for with hard cold cash. By next spring, you may have a very different idea of what is affordable, and you may well have changed your mind about which institution is your “dream college”. Leave your options open until at least April 2011.</p>

<p>Wishing you all the best.</p>

<p>

No. I believe you will come to regret such a decision. Four years flies by, but lifestyle constraints resulting from that amount of debt will last decades. Imagine your senior year…the fun will soon be over and the payments will begin. How could you even enjoy yourself with that looming burden?</p>

<p>I would have trouble looking at myself in the mirror if I encouraged a 17 year-old to take on $60,000 debt. Just because some people aren’t burdened by this type of debt after four years of undergrad, most are. What is the OP going to do? Teach school. School teachers don’t make a lot of money and their salaries don’t rise a great deal over the years. The OP my get into another career field, but English majors are not known for getting big salaried jobs after graduation. </p>

<p>As for AROTC; if you are serious apply, but military ROTC scholarships are continuously getting harder to get and even harder for applicants who aren’t majoring in a technical or science related field.</p>

<p>I agree that you should apply, but be willing to let go of this dream to fulfill others if the financial situation doesn’t improve. Maybe if you think back to different phases in your life where you just had to have something because it was your dream and think how it all worked out. Do you still have long-term happiness from the fulfillment of that dream or was it short-lived, until the next dream came along? I teach college bound high school students and every year I see students who as juniors could only think about their “dream school.” Most of them ended up going to a different school when all factors were weighed in and you know what, I have never heard of a single one of them tell me that they lamented their final choice once they accepted it. Most of the time the students find out that where they went was the best choice for them. </p>

<p>Think about Garth Brook’s song, “Some of God’s greatest gifts are unanswered prayers.”</p>

<p>I say don’t do it man. Undergrad isn’t worth getting urself in that much debt.</p>

<p>

I don’t think you’re crazy, but your argumentation is poor. Regardless of size, if W&M is good that provides clear empirical refutation of the idea that a school is bad purely because it is funded by the state.</p>

<p>The debt seems like a really bad idea in this case, especially given that the “dream” is just based on a couple of visits.</p>

<p>i don’t think early decisions really improve your chances of getting in… especially if you have absolutely no chance of getting in regular decisions</p>

<p>I would have a hard time wrapping my head around $80,000 of debt for most schools. However all of my kids did take on debt (about half of what you are considering) and it really depends on what you are considering doing post graduation. If you are not entering a high paying profession than that is way to much debt. You don’t want the debt to prevent you from choices such as leaving the state you live in to take a job. Many kids have so much debt they are stuck in a difficult position that may mean living at home with their parents just so they could pay off the loans. My son graduated in May and will have his loans paid off by Dec or Jan. He has poured everything into getting these paid off so he could move on to grad school debt free. He was fortunate to land a good paying job right after graduating. You need to be realistic about what it will cost you monthly to pay this off. Is William and Mary worth that monthly payment?</p>

<p>Leave yourself some choices. DO NOT APPLY ED!!!</p>

<p>Unlike UVA, it looks like W&M only meets need for in-state students

</p>

<p>Do you live in the D.C. suburbs? Would your parents like to move to the Virginia side while you take a gap year to establish residency? :)</p>

<p>So the total money your parents can contribute is 20k+10k a year? And 45k is not including room and board? Well, it’s a tough decision. You’ll be 60k in debt which is a pretty bad thing. And that’s without interest. Assuming you work 260 days a year (which is 5 days a week for 52 weeks without break) for 4 hours a day for minimum wage ($7.25), you can make another $7500 per year, meaning 30k over 4 years. I think a lot of that would go to food and other basic needs. That still leaves a lot of money that you’d owe.
Judging from these circumstances, it’s fair that say that I don’t think you’d want to go to this college. After all, the “dream school” is largely an illusion; the college experience doesn’t differ tremendously between schools (except that line between plain party schools and the normal ones).
EDIT: If you can find out somehow if you can get financial aid, that’d be very helpful.</p>

<p>On the plus side, however, the Virginia schools do offer need-based aid to OOS students. >></p>

<p>No, UVA does and I am pretty sure it is the only VA school that does. There is a program for in-state students however.</p>

<p>I don’t understand - applying to a <em>state</em> school ED? No matter how big or small, state is still state. Governed by state bureaucracy, state quality classes, state quality everything. TJ may have graduated from W&M, but that was 200 years ago.</p>

<p>Is W&M in the Academic Common Market loop?</p>

<p>I agree - I could never recommend to a 17 yo that they should take on $60K in debt. Or $80. You’re not even getting close to an Ivy degree for that…and it’s only your bachelor’s. No one cares about that. They care about where the Master’s is from.</p>

<p>i’m assuming of the “state” schools W&M is better than the others, if this is true than sky, go for it.</p>

<p>50,000 students out here in California are now paying thirty thousand a year to go to 2 of our state schools. for many of those 50,000 it is their dream school, and for many it is their back-up because they didn’t get accepted to HYPS, but they are still paying a lot! </p>

<p>your choices of schools are on a different scale, but no less valid of a dream for you.</p>

<p>I personally wouldn’t do it, because I’ve seen the aftermath of school debt in my family when my brother went to SCAD. </p>

<p>Have you ever considered going to school in-state and transferring for your grad? You won’t be in as much debt and you can also raise more money on your own during your undergrad studies.</p>

<p>Look, simply don’t do it. Seriously. Do you know what debt does to families? Look at the foreclosures and everything that’s going on in America right now- THAT’S what debt does to families. Are you really willing to put the next 20 years on hold just so you can have 4 years of your <em>dream</em> school (which may or may not be all it’s cracked up to be)? If you are, then you, quite bluntly, are selfish and definitely not thinking about the future. </p>

<p>This will hinder you from getting a car, a house, etc. Think about your future spouse, kids, pets, etc. THEY will all feel the effects of YOUR debt as well. YOUR decisions don’t ONLY affect you.</p>

<p>I believe this is a moot point anyway. I highly doubt anyone is going to let huge sums of loans be taken out right now anyway. My mum is a banker and she knows how hard it is to get any kind of loan right now, let alone a giant loan for education, unless your parents are willing to co-sign for you and your parents have very good credit. </p>

<p>Either way- it’s not worth it. </p>

<p>I didn’t go to my dream school because it was too expensive (Oberlin). Now I am at a state university close to home and I absolutely love it. I am having the time of my life. I always swore I would get the hell outta Michigan if it was the last thing I did, but here I am, at MSU, having a blast. AND I’m graduating with two majors that I love, internship experience, TWO different study abroad experiences under my belt, and I will have less than $20k in debt. </p>

<p>You WILL find another dream school that you will fall in love with and you will graduate with far less debt. Therefore you will have an awesome future.</p>

<p>Which would you regret more? Not reaching for your dream or the $80k debt?</p>