Is it worth 15-20k of debt to go to the school you want to?

Colleges and Universities A-Z Oberlin College
1

Hi everyone, I’m a freshman at UW-Madison majoring in economics with a certificate in East Asian Studies. Last year, I was faced with the incredibly hard decision of choosing between UW-Madison (large public university where I was awarded a full tuition scholarship with a $400/semester book stipend) and Oberlin (awarded enough aid to graduate with around 25k worth of debt, 10k that I would be able to pay off during school to leave me with 15k after graduation). I chose Madison primarily based on financial reasons.
Now that I’m at Madison, however, I’m starting to reconsider. It feels like an extension of high school: I see at least one person from my high school every day, the same types of ‘cliques’ and student groups are here, large emphasis on partying/sororities/fraternities/football. I haven’t found any of the types of people that I would find at Oberlin; the quirky, intellectual, ‘hipster’ people. Also, to sound like a pretentious snob, I feel like anyone could get into Madison; I know people here who got in with a 22 on their ACT (I know, I know, I am the biggest snob ever). At Oberlin, a top 25 liberal arts school, I would feel like I was with a ‘smarter’ group of people. The only thing that got me through high school was knowing that I could go to a school far, far away from the people at my high school, but now I feel like I’ve fallen back on my promise to myself. I am very, VERY worried about money, as I plan on going to grad school to get a masters in international studies after college, which I know will cost $$, and I also hope to do internships which might not be paid. If it was your decision, would you transfer to Oberlin and take on that 15k (if they give me the same financial aid package; they flew me over for a multicultural overnight weekend visit and even extended my financial aid offer past the may 1st deadline when i was having second guesses), or would you stay at Madison and hope for the best?

P.S. I know I have been at school for a little over a month, and things will undoubtedly change over time. Please answer this question as if I was writing it in March and I still felt this way, when the transfer application is due

2

UW-madison is a big school and as such, you should be able to find students with similar interests. My oldest son decided on UM instead of oberlin and initially felt much the same as you. Over time he’s come to like UM. The top 10-30% of kids at UW are going to have better grades/scores than the avg oberlin student, the top 5% are probably on par with an ivy. Have you applied to the honors program? My son found students more engaged in these classes. My son also found students with common interests through ECs. For him it was poetry, community service, creative writing and student govt.

I will say that after his first semester, he looked at transferring to 2-3 schools at year’s end and there wasn’t really a prospect of fin aid as a transfer student, even at schools that had offered it in the first go-round. By the end of the year, he wanted to stay at UM.

My advice is give it more time, actively look to find your community and if you are thinking about transferring, try to get a 4.0 your first two semesters. A 4.0 will help make the finaid argument and give you the broadest set of options should you decided to transfer.

3

$15,000 in student loan debt is not a large amount in the realm of life. According the Wall Street Journal, the average student loan debt is $35,000, and you would be well below that. You will be able to pay it off over a period of years. You will probably have automobile loans higher than that, and if you want to buy a home in a decent neighborhood, you are looking at a $100,000 mortgage.

Earlier this year, I exchanged emails with you about your concerns, and sure enough your concerns proved to be true. Is it worth $15,000 to be in an intellectual (and enjoyable) environment, where you meet bright, amiable students and faculty from around the world, who enjoy learning and discussing the topics of day, are exposed to world class music, and are thinking of ways to help the human condition? I would say yes. There are no sororities and fraternities there, football is not a religion, and people do not party and drink constantly.