I’m in a bit of a predicament. My dream school is the University of Michigan at the Ann Arbor campus. I love everything about this school except the price tag. At roughly $28,000 a year, I don’t see how I am going to avoid taking out student loans. Even with my credentials being a 4.00 GPA and a 32 on the ACT I do not see Michigan helping me fully cover the cost.
On the other hand, the University of Michigan-Dearborn has offered me a full ride and I will basically have to only pay for my books. This takes a lot of stress off my shoulders and allows me to start off my life after college debt free.
But which is the better option? Do I go to my dream school and deal with the debt, or settle for the school that will give me all the money I need to go there? Both are good schools but of course, the Ann Arbor campus is much more prestigious. I am looking to become some type of engineer and am currently leaning towards one that deals with computers.
Any advice will be greatly appreciated. Thank you!
I’ll be watching this thread. My DD is in the same predicament…UofM and M-State with debt or Grand Valley State Honors College with full tuition scholarship. That is if she’s accepted to UofM.
I would apply to both and check your NPC to determine what it actually will cost you. It may be less that you think. You will have additional opportunities in Ann Arbor, and your choice of engineering programs is going to be wider. That being said, the same professors (mostly) teach at both campuses. Ann Arbor has far more extensive help and support facilities available and better recruiting. Ann Arbor also has a more intense college experience, with lots of clubs and projects. Dearborn is mostly a commuter campus.
I would not be all that concerned about debt (given your field) if it is in a reasonable range. Your salary should be $60-80K starting, which would leave you about $15K/yr for debt repayment if you continue to live like a student. If you take the federal maximum loan (about $30K total) this is not an undue burden. On the other hand, if you have to borrow the entire amount ($120K) with a parent plus loan that debt will take a decade or more to retire and severely impact your life.
This is a question that every family has to answer based on their own unique circumstances, fiscal and otherwise. Everyone has different priorities, different tolerance for debt, and different plans and aspirations, post college.
I will say that going into deep debt for an undergraduate education is risky, and can be a millstone around your neck for 10-15 years post college.
@Weezer I was wondering if you could share how your DD qualified for full tuition at Grand Valley? That’s were my son wants to go for nursing after he visited this summer. Did she have to win a scholarship competition? Thank you.
@kaykay256 , this is a great question and it is a predicament that many are wrestling with - not necessarily for the exact same situation. Is the higher cost of a prestigious college worth it? Everyone needs to make this decision based on their particular circumstances and way of thinking. Having said that, here is my take for your specific predicament: I would try really hard to make Ann Arbor work. Because I think you will gain a lot from going to the AA campus compared to the Dearborn campus. Also, the value of a degree from AA will stay with you and potentially pay you back for years down the road. I realize this is easier said than done given the higher cost, but you could explore all possible financial aid/scholarship opportunities to minimize debt as much as possible. You may also find that even if there is limited aid initially, once you get in you could find ways to supplement it on campus. This will not be easy, but it may be worth the effort. Best of luck!
@Rollout She received an award of excellence scholarship with her acceptance letter and was invited to participate in their presidential scholarship competition. (which she hasn’t done yet) In the meantime, she applied and was accepted to their honors college. From what I am reading, all of the above make her qualified for a 1st generation scholarship, which is full tuition. Of course, qualified isn’t an automatic, so we are HOPING for this outcome. Fingers crossed!!
