<p>I am currently a junior at a private school in Arizona. A part of family lives in Portland, and I absolutely love everything about the city. When I visited Reed, I inevitably fell in love with school. The whole aura the school gives off just totally enthralls me. Unfortunately, they do not give merit aid. My family, being somewhat affluent, qualifies me for nominal financial aid. My parents are giving me $100,000 for college (very fortunate; I know). However, with their money, I am still left with a lot of debt, and I am almost 100% sure that I will attend graduate school. Of course I want to attend, but going to a private school AND graduate school may leave me in such deep debt, that it may "ruin" my financial life forever. I know that this will ultimately be my decision, but I am just wondering what the wonderful, smart people of CC think! ~thanks</p>
<p>Will you qualify for financial aid? If not, your parents’ budget constraint will limit your chances to attend an ‘elite’ private school.</p>
<p>No school is worth $100k in debt, in my opinion.</p>
<p>Go to state school, use rest of money for a down payment on a house. You have successfully achieved the goal of every college student in less the time and with little to no anxiety.</p>
<p>There seems to be some consensus that somewhere around $25,000 in college debt is manageable and worth it. This is usually considered in the undergrad context; is grad school worth more? I’d guess it depends on one’s profession.</p>
<p>I agree with all of the above (including myself; but that’s just what I would do). There isn’t a school out there worth 100k in debt unless the return on investment is exceedingly high. 25k and under is manageable regardless of the consensus – the monthly payments won’t be very high and it won’t take an entire lifetime to pay off. 100k means that most of your paycheck (depending on what kind of job you get) will go towards debt payments, and it will take considerably longer to pay off with the amount of interest that accrues. </p>
<p>Another factor is your goals, which you haven’t clearly described. I’m wary of people saying that they absolutely want to do something such as grad school because many factors can change that decision. Depending on your long-term goals, it’s possible that they can be achieved without grad school, and you may find yourself in such a situation somewhere down the line. Grad school means more money spent and is an important decision. </p>
<p>It’s also crucial not to be fooled by the status of “elite private school”. It seems many people capable of getting into the best schools are interested mainly because of that fact alone. Among private liberal arts schools, Reed is unique in many ways and it’s important that you choose it for those reasons (though your Why Reed? essay will show admissions that you are capable of making that distinction). If your goals involve Reed, then you’ve already made a big step in answering that question. But deciding what to do with 100,000 dollars is no easy task, and you wouldn’t want to regret anything. And in any educational setting, no matter what the subject, self-motivation and a good library will get you a long way.</p>
<p>It’s unfortunate, as with many of the problems in this country, that having money or a job oftentimes puts you in a more difficult situation. If you live on welfare, it makes it more difficult to feed yourself/family and pay bills and medical expenses once you find a job making minimum wage. As with college, it makes it considerably more expensive if you have any kind of money set aside. People in situations like yours need to think hard about what to do and how to spend their money. </p>
<p>I tried my best not to think of college as a business decision, but once you begin contemplating reality, it’s impossible to escape it.</p>
<p>I sure hope it is.</p>
<p>Thank you for the replies. It just stinks that I have worked so hard to get into one of my dream schools and then find out that I would not be able to attend because of money. These replies have definitely helped me out a lot!</p>
<p>Although the majority of selective and/or academically-rigorous liberal arts schools only offer need-based aid, there are some excellent exceptions. Grinnell is a very good liberal arts school in Iowa that provides generous merit aid (or so I hear). I had a hunch that Oberlin in Ohio does too, and looking it up, sure enough, it does provide merit aid (how much and to how many I have no idea).</p>
<p>Also, this school is a bit more unconventional, but I know for a fact that St. John’s College (which offers a very unique and very intellectual Great Books program; look it up if you haven’t heard of it) offers really solid merit-based financial aid. I was allured by their strong financial aid package (merit and need) and intellectual atmosphere, but ultimately decided against going that route.</p>
<p>So if your heart is set on a small school with very strong academics, you still have options.</p>
<p>Hello, I understand the conflict between the allure of Reed and other elite liberal art schools and the cost of forever indebtedness. I myself am faced with this decision, and will have to choose my path by May 1st. However, I am a staunch advocate for individualized education that tailors to your mindset and would recommend the path towards grad school and not a balanced checkbook. Most other people find this attitude deplorable, but they are not me. A college that is very similar to Reed, while being much more affordable(the out of state cost is a total of $38,668 instead of $60,000), is New College of Florida.This school has just as rigorous an academic program with a required thesis to graduate, is reveered in the academic circle and by graduate schools, does not have numerical grades but rather professor evaluations (meaning there is less of a competitive atmosphere between peers), every january classes cease to provide time for ISP’s (Independent study projects) these can range from studying abroad to writing a screen play, has an alternative/green social scene, and is populated by interesting knowledge seeking youth. Also the school does award hefty merit aid yearly. I recieved a $15,000 scholarship that is renewable for all four years! There are alternatives to Reed that are just as wonderful, if not better, and I urge you to apply to such institutions. Sorry for my rant, I am just torn between these two schools. I hope this helps!</p>
<p>I’m from Arizona too! Anyways, one factor you haven’t discussed (unless I was just lazy and missed it… quite possible) is your career plans. i.e. if you were to become a neurosurgeon you wouldn’t have to worry about debt because you’d be making more than enough to pay it off with relative ease and speed (once actually starting the job). On the other hand, a high school would probably die trying to pay off that kind of debt. What do you want to major in / do? Any ideas ? :)</p>
<p>Damn now I’m really regretting not applying to New College of Florida 
I looked at it a bit and I think childishly dismissed it because I vaguely recalled my mother mentioning the school in a conversation ages ago and we were in a fight as she had recently disowned me for my tongue piercing. Sad day, it sounds amazing.</p>
<p>I think you should wait until next year and see if A) You get accepted to Reed and B) How much financial aid money they actually offer before worrying about this too much. Your college priorities/preferences might change, your parents’ job/financial situation might change, you might decide to forgo college altogether, who knows?</p>
<p>But in general, I agree with the others and would not recommend going into massive amounts of debt for undergraduate education or “dream schools”. My rule of thumb is to run- fast- once private loans enter the picture (i.e. beyond the standard federal loan package). The thing with crushing student loan debt is you are no longer able to do what you WANT to do, but what you HAVE to do to keep up on loan payments. </p>
<p>Have you done this? Get your parents to help you fill it out. <a href=“https://bigfuture.collegeboard.org/pay-for-college/paying-your-share/expected-family-contribution-calculator[/url]”>https://bigfuture.collegeboard.org/pay-for-college/paying-your-share/expected-family-contribution-calculator</a>
Take Reed’s total cost and subtract the EFC amount calculated above; the remainder is approx. how much you can anticipate for a financial aid package from Reed (which could include grants, federal loans, and work study). Of course, it’s just an estimate…
Multiply the EFC by 4. Is it more than $125,000? If so, perhaps find a few other options to apply to that aren’t quite as expensive, like state schools or private colleges with good merit aid. But you should still apply to Reed anyway, just to see A and B (above).</p>
<p>I agree with SHolmies. It’s true that Reed doesn’t offer merit aid, but that’s part of the educational philosophy here–intellectual and academic merit is the reason why students are accepted to Reed in the first place, so it would be senseless to offer merit aid because every single student would qualify. The hope is that those who truly need financial aid are the ones who receive it, the ones who really need financial support.</p>
<p>Definitely check out that calculator, but also know that the average financial aid package at Reed is about $35,000 per year (as a Reed grant) in addition to whatever Federal grants you might receive. Don’t rule Reed out quite yet.</p>
<p>
I agree … with a capital “NO SCHOOL”</p>