<p>Connecticut is indeed a world away from Indiana and is an incredibly expensive place to live. Indiana is NOT about skiing. The above posters are correct.
Some of the other things you say about Indiana are undoubtedly true -- the great college town and sports. I'm a little worried about the fact that you haven't even visited Indiana, however, and that you have in many ways idealized or mythologized the place. NO school is perfect. You will have good days and bad days at Indiana. One problem with state schools is that they are overwhelmingly attended by in-state students (of course) and students from neighboring states. This MAY end up feeling weird to you.<br>
That said, I think it's great you want to spread your wings and experience another area of the country.<br>
Bottom line -- I don't think any school is worth a huge amount of debt when there are other options available. There are parents on this board that would disagree.<br>
It's funny -- there are kids all over this country who are dying to go to California schools and would kill to have that option.
What happened to U of Portland? Didn't they give you a lot of money?</p>
<p>SoCal,
Indiana is quite generous with merit scholarships for out of state students. The award comes with the letter of acceptance. </p>
<p>Last year my S#2--not a stellar student but a good student with good but not great scores--got an award from Indiana which made the cost of attendance about the same as if he had gone to Miami Ohio in- state. He ultimately chose to go to a smaller out of state private.But in the end he had a hard time making the decision between Indiana and the school he chose.</p>
<p>Even if you get the top OOS merit scholarship ($8000 per year), IU still ends up costing about $22,000 a year for tuition and room & board. I think you need to visit to decide for yourself, but as a parent, I'd say a $65K debt would NOT be worth it. I understand your wanting to go somewhere else for college. My S is the same way, and won't apply to any in-state schools even though it would much less expensive. There's more to the equation than the money, but overall I think taking on $65K in debt as a new grad will put a huge crimp in your lifestyle for a long time.</p>
<p>I don't know why the Connecticut distance is bothering so many people....let's just say IU is closer to Bristol, than California. And who cares if they make snow, it's still there, and plenty of people use it. I don't need to go to Aspen to have a good time snowboarding.</p>
<p>At IU ~40% are OOS students. At SDSU only ~5% are. So there is definitely more geographically diversity at IU.</p>
<p>And don't worry about if I get scholarships and tuition, I already figured out the costs of these, and I have came to the conclusion that I will most likely have 65k in loans. But I could probably take off 15k from that if I decide to get an on-campus job or something like that.</p>
<p>And I did get in UPortland -- and after my scholarship, financial aid, my parents, and my college account, the school should be very inexpensive. But I'm waiting to hear back from Pepperdine and LMU (which are great with financial aid), before I decide which private school I like the best.</p>
<p>Then I will compare UMiami, SDSU, Indiana, and Pepperdine/LMU/UPortland. But I'm assuming rejection from UMiami and Pepperdine, leaving me with SDSU, Indiana, LMU/Portland. Then I will decide from there....</p>
<p>Thanks for all of the opinions. I am truly worried about the debt, but I feel when you combine IU's business program (supposedly 98% of finance majors get jobs by graduation, and their $52k avg. starting salary -- which is 4k higher than the national average), Cost of living is cheaper in the Midwest and the Northeast, and even though CT is expensive, there isn't any state taxes.</p>
<p>But in the end, I'm planning to visit IU, and if it's everything I expected it to be....than I will know the loans are worth it.</p>
<p>Thanks</p>
<p>I'll offer an opinion based mostly on the financial scenario you presented. If you go to the significantly more expensive school, and graduate at about 25, and then finish paying off college debt at 50, what exactly about that tempts you? Good heavens, you'd expect to retire at 60 or 65, you want to pay school debt until you are 50? I feel that soon after you get a job, and then pay out that college debt every month you'd soon despise that debt. Even if it is true that graduating from the more expensive school would earn a higher starting salary, you'd end up losing due to paying out additional school debt and if you live in Conn, higher living costs.
Remember school costs are an investment(if you're paying your own way), what will bring you the best return? The school you choose should give you the opportunity to provide you with a higher standard of living- big school debt subtracts from that standard.</p>
<p>A payment of roughly $800/month would eliminate the debt in less than 10 years. And there are numerous financial tricks to decrease the capital at a much faster rate. And considering the average IU grad makes roughly $400/month more than the national average. And the average apartment in LA is at least $500/month more than an apartment in Bristol, CT. And compared to the Midwest the difference is even bigger. Also state taxes in California are much higher.</p>
<p>All of this makes me think that IU is worth the extra loans, but since I don't have a job, and have never payed a bill, my opinion may be a bit skewed.</p>
<p>What do you think?</p>
<p>And I just wanted to add that if I graduated in the regular four years...I would be 21 at graduation.</p>
<p>I think if you have to make payments of $800 a month after graduating, you are going to lose all flexibility in how you live. You are going to have to get a good paying job in a place you can afford. You are going to be under pressure.</p>
<p>If you don't have any loans, you will be free to take chances, have fun, live on a beach or close to a beach for a couple of years with friends, travel, choose jobs that are just fun, go to grad school, etc.</p>
<p>When you graduate, you will be young. Be free. Take chances. Try a variety of things. Don't be a wage slave.</p>
<p>If you want Indiana really bad, look into beng a RA. That will cut your costs, what, $25,000? Then you are down to $40,000 in loans. Work in the summers and or tutor during the school year. That could cut the loans to $20,000.</p>
<p>Doable. (Don't forget travel costs).</p>
<p>my niece attended Indiana at Bloomington a few years ago.
She is a washington resident, but as her dad ( my brother) lived in some little town upstate, she had free tuition. ( he is also a vet)
She liked it, but Indiana is much less diverse than her area of Wa, and it was a big change, she ultimately came back to graduate from a Wa school.</p>
<p>I would be sure and visit, especially if you are even considering taking out big loans</p>
<p>dstark - I really appreciate your comments.</p>
<p>"If you don't have any loans, you will be free to take chances, have fun, live on a beach or close to a beach for a couple of years with friends, travel, choose jobs that are just fun, go to grad school, etc."</p>
<p>That is why I'm still not sure. </p>
<p>But I know I could easily decrease my loans depending on numerous things. If I can get a paid internship in the summer or just have a summer job. Also I think I want to be a tour guide. But yeah there are plenty of opportunities to decrease that 65k. Also my parents may take out some PLUS loans so I don't graduate with too much debt.</p>
<p>So I guess time will tell. Thanks again...you guys have been really helpful.</p>
<p>the answer to this question is clearly to go to SDSU. Indiana is a fine university, but these is nothing special about it. You may think that you will love it, but right now, you simply love the idea of it. The quality of your experience at both will depend on any number of factor that you cannot predict with any confidence right now.</p>
<p>Save your money.</p>
<p>Actually I think IU is a pretty special university with extremely loyal alums in the Kelley school which is Top 10 for undergrad IMHO. It's one shot at having a great college experience which is not matched by 2 years at CC and 2 years at SDSU which is still basically a glorified commuter school. I think $60K is a lot of debt and you need to work your butt of year one to earn some additional aid which is always available to enrolled students who prove themselves worthy. Get that debt down to $30K total and it's definitely worth it.</p>
<p>IU is worth it. Try to get some more money out of them, especially after year 1.</p>
<p>barrons - I would go to SDSU for all four years, but I agree with you on the glorified commuter school thing.</p>
<p>And yeah IU is an amazing school...and I definitely hope it will be my future school...unless I happened to get into UMiami than that would make things a bit crazy.</p>
<p>But I'm just going to hope that IU gives me some good financial aid...I'm almost positive they won't, but I'm just going to hope for the best. And hopefully I'll be able to become a tourguide. And I hope my parents decide to take out PLUS loans for me too.</p>
<p>I really like hearing all of your guy's opinions and I hope they keep coming. If I do in fact have to decide between these two in 4 months....I'm going to come back and read each and every post...</p>
<p>thanks...</p>
<p>I just wanted to give you guys a breakdown of how I came up with the 60-65k in loans.</p>
<p>Well I have a $12,000 college account that is going to go towards personal and travel expenses. And my parents don't make a lot of money, and since my brother is enrolled in a college, my EFC is cut in half. I'm not sure, but I think it is only a few thousand. So pretty much that is going to cover books and supplies.</p>
<p>So if you combine the $22,316 tuition with the $6,676 room and board...a total of $28,992 emerges. On average IU meets 66% of need, and 47% of that in grants/scholarships. So statistically speaking they would cover $8,993. So then the total decreases to $20,000. I figured I could make around $3,500 over the summer with a job or a paid internship. So that decreases to $16,500, and I think my parents could take that down to about $15,000/year....thus resulting in $60,000 in loans.</p>
<p>I don't want to become an RA, because I plan to rush and maybe join a fraternity, so that isn't an option. But I think I would really like to become a tour guide. So hopefully that should cut down the total a bit.</p>
<p>I'm also looking into cancer scholarships as both my mother and brother have had cancer, but I can't seem to find any.</p>
<p>IU didn't offer me any merit-based scholarships, but maybe they will surprise me and give me some other award.</p>
<p>Thanks...</p>
<p>Why not UP? If you can't hack the weather in Portland, Indiana will suck for sure. </p>
<p>I do not think under ANY circumstances, Indiana is worth the extra money over SDSU. If you want a small college experience, UP offers that and didn't they offer you a very attractive scholarship? Indiana is an excellent state school but is IS a state school. You'd be far better off at even a mid-tier UC.</p>
<p>I don't know...I'm thinking I want to go to a big school. At least I don't have to decide until May 1st.</p>
<p>But I did the calculations for the expected loans for all 7 of my schools. Below is the monthly payment for 10 years.</p>
<ol>
<li>University of Portland ($138)</li>
<li>San Diego State ($272)</li>
<li>Florida State ($667)</li>
<li>Pepperdine ($715)</li>
<li>UMiami ($765)</li>
<li>Indiana ($815)</li>
<li>LMU ($865)</li>
</ol>
<p>Of course these are just estimates, but it gives me an idea of how much each school is going to cost. And to lower these figures I could get an on-campus job or maybe find some outside scholarships...or convince my parents that PLUS loans are great.</p>
<p>What do you think?</p>
<p>So now you tell us Indy grads on average earn $100 wk more than the other school, yet you want to take on debt of 800 month for 10 yrs? Somehow that sounds good to you? Assuming your figures are correct, and assuming that for all 10 yrs you actually do pay $800 month(no hardships slow you down), do you realize that for the first 10 years of your career you'll be bringing home LESS than you would have by going to lesser priced school? Factor in your other losses, what housing? what car? what leisure activities can you not afford that first 10 yrs on so much less money. Plus, as a finance major, you can figure the real cost of that loss- in the sense that the money spent on loans is money not in any account earning extra money. That costs you even more. If you want Indy for the location, or for the student bodies, etc., that is an emotional issue, and my advice is financial. Financially speaking you'll put a big damper on your life for AT LEAST 10 yrs, and I believe after 2 or 3 yrs of netting less money than from the cheaper school you'll be regretting your decision- but will still have at least 7 yrs payments still to go!
Think of it another way- if you had extra $400 month discretionary income first 10 yrs after school, what pleasure that could bring you. More investment, more savings, nicer car, nicer housing, fancier dates, or whatever you chose to do. If you have some reason other than financial for being so interested in pricier school that ok, but come clean with us please.</p>
<p>"If you have some reason other than financial for being so interested in pricier school that ok, but come clean with us please."</p>
<p>I said this earlier..."So to sum it all up....Indiana is the perfect school, and that is why I would go into debt for it. My gut is telling me that I am meant to be a Hoosier."</p>
<p>I thought I made it clear that I truly want to go to IU.</p>
<p>Maybe I'm not understanding what you are asking...</p>
<p>You need to spend a week in winter at IU. Just made a 500 mile (one way, an all day drive) trip to SE Indiana, and have lived in Indy eons ago- you need to experience the small town in the middle of nowhere with ice, slippery, near freezing conditions every day-need to travel to a big city to get to an airport to either coast... CT is a 2 day drive, don't see any connection to anywhere in the Midwest (Think- to us San Francisco and San Diego are really close, like an hour apart, right?). I might understand if you were crazy about basketball, but of all the Big Ten schools I can't see why you would get hung up on IU for other sports. You have lousy reasons for going into such debt, there are many schools that can give you a good education in business- there is always grad school. If IU comes through with scholarship money it can be an excellent option, presuming you still love southern Indiana after spending time there in its worst season (also remember midwesterners always say it's the humidity, not the heat, that makes the weather miserable in summer).</p>
<p>Your gut is immature. No school is perfect. You only know the school from the media- get a reality check. PS, if you really want to be a Hoosier, go live in Indiana for awhile- be prepared for some culture shock.</p>