We are in that agonizing period where our son needs to make his decision once and for all and is looking to us his parents to help guide him with some big life changing decisions. He was accepted at Elon (private) and ECU (public). He was accepted at other places but has narrowed it down to these choices. He qualifies for work study at Elon but was close but not quite to qualifying for one at ECU. Elon gave him double the typical grant when they took other factors into consideration that FAFSA doesn’t consider. If he goes private, he understands that he must be more on top of things with applying for scholarships next year, which I think he could get if he’s timely and proactive. There are several pro and cons for both schools with regards to his preferences, learning style, and cost. He’s currently leaning toward Elon for smaller classes, closer contact with professors, experiential learning, etc., but would have to take on more debt to make it happen, and he is open to doing what ultimately we guide him to do–except we don’t know what’s best. We don’t want to interrupt his path but we don’t want to set him up for financial difficulties down the road. My rough calculations are that in the end, he’d most likely pay $45-50k more at the end of 4 years if he doesn’t get any further scholarships. ECU would be about $22k per year with instate tuition, and Elon would be about $35k per year with the grant and work study. I just need some perspective. Is it worth it in the end to take on more debt to be at his top pick, or should he just go to the less expensive school and make the most of it? I know no one can truly answer that question, but if anyone can speak to the current situation with school loans and job market, and what’s considered “saddled” with debt vs what’s reasonable, I would be so grateful.
In some cases, it matters a lot. IMO, it matters most when comparing a household name to other schools. In many cases, it doesn’t matter at all. Given the schools you mentioned I don’t think one is truly better than another. That said, having a good fit is really important. Whether it’s worth 45K is another question. If he decided to work full time every Summer ( even two jobs) he might be able to cut it to 20K and that’s doable. If not, and he doesn’t, have him calculate out how much that would be per month and his likely salary in 2019 dollars. How many hours per year will be spent on paying his loan? Is he willing to work more hours for a couple of years to pay it off? Take a second job? Kids often don’t consider how long it takes to pay back a loan and how much money it actually is.
Students can take out a total of $27,000 in loans (over 4 years). Your son can also work in the summer and make $3-4,000. That’s about what he can reasonably handle.
How much are you contributing? If there is a gap, how will the gap be met?
Parents have to co-sign and qualify for any loans in excess of the $27,000.
It also depends on his plans after graduation and what he is studying. Different careers have different earning potentials although none of us have a crystal ball. So being rather cautious I would pick the cheaper option if it meets his needs. Going to college and having some spending money makes for a more enjoyable experience. They want to go out with friends to get that cup of coffee, or go to that concert, or that weekend trip. Getting a scholarship down the road is a great unknown. What you don’t want is him having to transfer after freshman year for affordability.
@txstella, I don’t even know how much we are able to contribute. We are strapped now but things could loosen up down the road. He works in the summer as a lifeguard but might have to give that up in order to earn more. @scubadive, he plans to study engineering. @Happytimes2001, great idea to take expected salary and look at the monthly payments that way.
Since you are uncertain, go with the cheaper option as it wil be far less stressful. The bottom line is lifeguarding in the scheme of things is on par with the earning power of that age group.
Elon is likely a wonderful school but I think ECU is where your son should go if he wants to study engineering. Elon’s engineering program appears limited and isn’t ABET certified.
Pick the affordable option and don’t look back.
To help make your decision, call both schools and ask for their four and five year graduation rates for the specific department he would be in. My daughter had a similar choice between a private and a public school. The private was more money but had an excellent four year grad rate while the public looked like it was going to be five years. With tutition and living expenses, it became a push financially for her.
" I don’t even know how much we are able to contribute. We are strapped now but things could loosen up down the road."
Under those circumstances, Elon is not worth it.
This isn’t the way college funding works. The best aid comes from the schools and goes to freshmen. Outside grants are usually small and many colleges will reduce their aid by the amount of outside grants. Your son is highly unlikely to earn enough awards over the last 3 years of his education to cover a gap of tens of thousands of dollars.
He can only borrow ~$5500/year. He can’t take on more debt. You’d have to borrow anything over that. If you can’t contribute then his budget is the ~$5500 federal student loan, whatever grants he received, and ~$3k if he works in the summer. Does he have any affordable acceptances? If not, are there any schools he could commute to from home? If his stats are high he could take a gap year and apply to schools that offer merit and/or need based aid. If he won’t qualify for substantial merit and you don’t have affordable local options he may be better off starting at a community college.
Elon doesn’t offer a traditional engineering program. They partner with other universities.
Go to ECU!
@btween46 “If he goes private, he understands that he must be more on top of things with applying for scholarships next year, which I think he could get if he’s timely and proactive.”
This doesn’t happen 99.9999% of the time. Don’t make it part of your plan at all or you will be setting yourself up for a financial failure; if anything shows up via that method treat it like a lottery ticket that fell from the sky. There are some schools that have scholarships for upperclassmen but those payouts are rare and they are very small amounts; they may only give one or two such awards for say $600 or so per year. The vast majority of merit based aid is intended to get the student in the door freshman year. If you don’t already have a contract from them saying they’re going to give you money back (a scholarship) on your intended purchase of an education, then you have absolutely no basis for making a plan that expects one to materialize. It’s not just wishful thinking, it’s putting the child’s completion of a college education at risk.
Think of it like buying a car. What does it take to get you into this car today? Then once you’ve signed the contract, what leverage do you have to renegotiate the price later? None. But this is actually a worse case than that, since the annual price keeps going up by 3 to 5 % annually and you can’t renegotiate that down.
In other posts you indicated you were looking for an engineering program. ECU’s a state school with the core engineering programs - electrical, mechanical, industrial, and the offshoots like biomedical and environmental. It’s affiliated with the UNC system I believe. Rated around 80 nationwide, and I’m sure if he ever needed to take a specialized course at NCSU or UNCCH the registrars know each other.
Elon does not have a comprehensive engineering program that compares - I think their real offering in this space is their 5 year program so you have to look at paying them for 5 years instead of 4. Elon has an engineering BS but its real value in an engineering program is the 3+2 program. This is a program found in a number of LACs - have the student complete 3 years at the liberal arts college so they do math, physics, and liberal arts works there, then do 2 years at an affiliated high caliber engineering school. In Elon’s case, that’s VT, PSU, WUSTL, NCAT, GT, ND, Clemson, SC. You end up with the BS in one discipline from Elon and the engineering degree from the other school, two BS’s in 5 years. That’s really cool if money’s no object, and certainly valuable as a learning experience particularly for kids who are LAC type of engineers. Financially, a better investment would be to max out on AP credits, go to the engineering school, take electives in liberal arts (in place of the classes you AP’d out of) and get a minor in something you’re passionate about along with your BS in four years, then TA to cover your masters the following year.
The question is not private vs public, the question is which school offers the program of interest. He is interested in engineering, which is not offered at Elon. That makes the decision easy - ECU all the way. As others have said, your son cannot end up $45K in debt. You would be responsible for the difference between the student loans and the cost of attendance. He may not be able to earn more than a couple of thousand dollars over the summer and minmal spending money during the school year. It is not worth taking on debt for Elon, especially as it doesn’t have the program of interest.
Good luck to you son!
It sounds like you cannot afford private right now.
Thank you so much for all the great advice. I’m learning a tremendous amount of info and have such a huge learning curve. Elon has a 3-2 engineering program and just launched their own 4 year engineering program. They have new 4 year biomedical program he’s interested in. It’s up for ABET accreditation review in 2020. Maybe it’s a gamble to go there? Maybe all will be fine. The school and everyone we’ve talked to have been positive and encouraging. Maybe I’m naive. Appreciate all the advice.
3-2 engineering programs are great for kids whose parents can afford that 5th year without a struggle.
What interests your son about Elon’s biomedical program that he can’t get somewhere else??? My guess is- branding and marketing. He still needs to take physics and calculus and life sciences and genetics and organic chemistry; even if these courses aren’t packaged and tied with a shiny bow at a more affordable option, if biomedical is his interest- he can do that at any research university with lab facilities.
So…you aren’t sure you can afford college costs…and you think a five year program at Elon will be better than a four year program at ECU? Who is paying for the fifth year?
Are your parents willing to co-sign loans for your son? Or take loans yourself? If you are strapped financially, I would think twice about assuming more debt.
Plus…while your kid may be very interested in engineering now, they could change.
And Elon is not yet ABET accredited.
I’m having trouble understanding why ECU isn’t the top choice. It’s more affordable, has an ABET accredited program in your kid’s current area of interest.
Oh…and don’t count on big scholarships in subsequent years.
The draw was the experiential, hands on learning, january term, smaller classes and program Elon offers. I don’t think we have the luxury of going with that choice those as I read all the great advice.
@blossom, I meant to tag you in my reply ?
Every engineering program is hands on learning. That’s how engineers are trained. Part of the work is theoretical (the math piece, understanding how blood is pumped through the body without bursting through a vein) and the rest is the figuring stuff out/tinkering/making things work.
They may not CALL it hands on learning. It may be called a lab, a project, a required seminar on innovation, or a co-op working for a big company on new product development. Dig a little deeper and see if you can get your son more excited about the affordable option…