So right now I am choosing between DePaul University in Chicago and University of Redlands in Redlands CA. My tuition to DePaul comes out to be 7k, but I would have to live at home and probably have to get a job to buy a car to drive to and from school. Tuition plus room and board at Redlands comes out to be around 20k after scholaships, although I plan to room in a triple which should lower it slightly. I would also have to pay for plane tickets to and from home, but there I would not need to buy a car and wouldnt get a job as I have a work study. I plan on double majoring in environmental studies and something else, and plan on joining Peace Corps after graduation, which would help with federal loans. Im very conflicted as I would like to go to Redlands but 20k a year is a ton of money to take out in loans, but I don’t want to live at home and go to DePaul. If anyone could offer some insight or advice that would be amazing!!!
How will you pay the 20k per year for Redlands? You can only borrow a certain amount as a student (I think around 6k but others on here can tell you the exact amount). Will your parents pay the other 14-15k? If not, they would have to cosign for any additional loans.
I understanding not wanting to live at home. However, the question is can you afford not to?
You can’t borrow $20k in loans (thankfully). That is too much…
YOU can only borrow $5500, and you probably already have that in your loan pkg.
If your parents can’t pay for Redlands, then you can’t go there.
I received 7k in loans from the school so what would be left for ,me and my family to cover would be 12.5-13k
Right, but how would you and your family pay that additional $13k???
My parents offered to cosign on loans to cover the rest but the idea doesnt sit right with me so i dont know
No. No. your parents cosigning means that $80k in debt is going to be in your name. You cannot graduate with that amount of debt. That’s a HUGE amount to pay back! If you default, your credit is ruined . . . and then, because they’re on the hook also, your parents’ credit is potentially ruined as well.
(And if, heaven forbid, anything were to happen to you, that cosigned debt would survive you . . . meaning your parents would still have to pay off the remaining debt!)
FWIW, just to give you some perspective . . . Redlands probably sounds pretty idyllic to a kid who was raised in Chicago, but I’d guess the reverse is also true, and most kids who grow up in Redlands, CA would probably give just about anything to have the chance to spend four years in Chicago!
My advice? Buy an inexpensive car, commute to DePaul, and save your money. You’ll have the chance to travel the world with the Peace Corps, and if you eventually want to settle in Northern California, you can do so later, when you’re paying your own way.
If you don’t want to live at home now, how do you think you’ll feel as a new college grad who can’t afford anything else because you’re carrying $80k+ in college loans? Do yourself and your family a huge favor and commute to DePaul.
Do you live in the suburbs? Can you not take public transit to DePaul?
DD was a Peace Corps volunteer. The only loans this helped were her Perkins Loans. A %age of those was cancelled for each of her years of service. But not the Direct Loan.
URedlands simply isn’t affordable.
DePaul is a very good university. See if they might reassess your financial aid package and increase the grants, if there’s public transportation, if you could live near campus 2nights a week…
DePaul is a good school. Go there.
Many good points have been made upthread.
One point that should not be overlooked is the fact that if you graduate with $80k of loans, that will likely limit where you can be employed and where you can live. If you have to live with your parents because you can’t otherwise afford the loan payments, then you can’t accept a job offer that isn’t close to mom and dad.
Also…who knows what your life will be like 4 years from you. You may be in a serious relationship and not want to live with mom and dad, so that you can pay off huge loans.
It is silly to BORROW money like this JUST for room and board for four years.
How much would you have to pay/borrow if you lived in a dorm at DePaul for just ONE year.
First - concerning the commuting to DePaul BY CAR That may not be ideal.
** I know UIC gives free CTA passes to all students. Does DePaul do the same? Find out.
DePaul is in a neighborhood that is really more pleasant to commute to, via public transit. OP should really be able to reach DePaul from most suburbs via commuter train, then the el or bus. It depends on where OP lives.
I would imagine parking at DePaul is either very limited, very costly, or both. OP should check into that. Really, a car for this could turn into a huge money pit.
However, if a route can be worked out via public transit - that will be so much better. It would, overall, be cheaper than buying a car and paying for insurance, gas, parking fees, etc.
I had a boyfriend, long ago, who lived in the collar suburbs and commuted to DePaul via transit (he owned a car but never drove it to DePaul) so i know it can be done.
Second - would the parents be willing to help pay for room and board at DePaul? Without loans?
The other option is finding people to room with in the city - doesn’t have to be right by DePaul - anywhere that is walking distance to an el or bus stop, and that’s safe and affordable.
Room and board at DePaul is around 10k, but I’m hesitant about dorming there because I feel like it’s a waste when I have a “free” room about 30-40 minutes from there, especially since it would be covered with loans
It’s not a waste for the first year. That’s when you create your community and learn independence - you don’t rely on mom&dad, you manage your own time. Be clear it’d only be for the first year.
However if you have to cover that in loans, then commuting is likely the best solution - provided you find out about public transportation options and whether DePaul subsidizes it for students (do call DePaul and ask about it).
The beauty of going to DePaul is you can dorm your first year and then commute later, or commute your first year and maybe dorm later. You have choices. Taking out what may end up being close to $100,000 is just not wise or affordable.
If you do dorm the first year and find that you are liking it, try and get work in anything related to residence life. Then try very hard to get an RA position. Generally, they pay, in part. free rooming. This might allow you to stay on campus in the future without cost (if you can work and save your board money over the summer while home).
My oldest did this. He has lessened the brunt of his loans by being an RA. It is not for everyone, but it can be an option if you need a job and housing. It was highly competitive to get the slot and he felt he had a leg up by taking a job (as a desk check in person) as a Freshman.
As another posted, DePaul will give you choices and is a good school. Run with it and avoid the massive commitment to loans your other choice will give you.
I have read and considered everyone’s advice, and submitted my deposit to DePaul last night. I thought about dorming but it would be completely covered by loans so I decided that the best financial option would be to live at home, at least for the time being. DePaul has the U-Pass which is basically a train/bus pass you pay $100 (im not sure if this number is completely accurate) and has unlimited rides the whole school year, so transportation should be easy. Thank you everyone for your advice, it made me really think critically about this decision.
Congratulations!