Is the debt worth it ? help me please

Fordham has been my dream school for a while. I was fortunate enough to be accepted, but (unsurprisingly) they offered very little aid. I know they’re not known for being generous when it comes to money.

If I were to attend the school, the total cost would be about $180k for undergrad. They offered only $31k in grants and scholarships per year. I’m by no means a genius and definitely shouldn’t be considered for merit awards or anything (I’m average w/ a 1360 SAT and 31 ACT). However, I have a single mom that’s past retirement age and an older sister currently enrolled in college as well. I’d get some help from my mom, but I know I can’t rely on her entirely.

I’m applying to lots of scholarships, but there’s no guarantee I’ll get any of them. I plan on majoring in international studies and communication & culture. I’m not really sure what I want to do and what I should major in truthfully. Can I minor in marketing at Fordham if I’m in Fordham College and not Gabelli?

I suppose what I really want to know is:

  • is the debt worth it? I know they have a good alumni network and being in NYC has its advantages, but I’m unsure if it’s worth the price.
  • is this an average amount of debt for a private city college?
  • I know wealthy students attend Fordham, so are others in the same boat as me?
  • will the COVID-19 situation affect the tuition cost, room, etc?

If not Fordham, I’m considering Pace honors college. It’s still over $100k, but tens of thousands of dollars cheaper. They gave me more money ($116k for 4 years) and I’m enrolled in their business school which I think has a decent reputation.

Did you apply to any SUNYs? If you and your family can not afford Fordham or Pace without resorting to big dollar loans, you don’t need that business degree to know that you are going down a slippery slope with a big Nasty pit at the bottom.

Where else have you been accepted? How much can you and your family pay each year for college before taking out loans?

So you are weighing the options between spending $100,000 for a Pace degree versus $180,000 for a Fordham degree? How much of this can your family afford? How much will you be personally responsible for? Will you be going to graduate school afterwards? How much does the research show you will earn after graduation? I recommend you look at it from a return on investment.

OP: You need more affordable options.

What’s your budget? How much would be paid in loans for Fordham or Pace? Did you apply to any SUNY?

Please let us know where else you have applied, it is not wise to take out six figure debt for undergrad.

Even if you wanted to take on that much debt, your mom would need to co-sign everything above the $27K total undergrad allowable student loan amount…and being retired your mom may not qualify to be a co-signer for that level of loans.

What was your FAFSA EFC?

Going into $180K worth of debt for an undergrad education is a really, really bad idea.

Neither of these colleges are affordable. If your parents are unable to afford these schools, $100,000 is an unreasonable amount of debt for a bachelors degree. That kind of debt would crush you. The federal loan maximum is $27,000. The rest would have to be co-signed by your parents, which, in my view, would be irresponsible. Have you applied to a state school?

I’ve gotten $8k in scholarships from Binghamton but that’d still be about $36k per year / $144k for 4 years.

Did you apply to Baruch? Excellent reputation among employers in the New York Metro region…

Instead of listing scholarships and general totals, can you calculate NET COST? For that, you need to calculate
(Tuition, fees, room, board) - (grants, scholarships) = …
Do not count any loan. Do not count books, transportation, or miscellaneous.
Can you list net cost for each option?
Then can you give us an idea of your mother’s budget for your college? (from income& savings, NOT loans, although right now savings may be use to survive and no longer be available…)

Sounds like you’re paying out of pocket. I suggest putting all these aside and begin at community college. That should cut the debt load significantly.

I am a current student at Fordham College and I can tell you that the price is NOT worth it. I would start out at community college and then go to university once you decide on a major. Obviously I didn’t take my own advice but I wish I did.
Fordham is full of rich students. I have been working part-time for the past 3 semesters and it is hard to find people who relate. Most of the time I just feel alone and regretful at Fordham.

@sch482516 Can you elaborate? I’m in a similar position as OP, but my parents are insistent on me attending because of it’s location (20 min train ride). I did not get a lot of aid (16k), so it will be a lot. I told my parents that I am willing to go to a SUNY (they refuse since they don’t want me living on my own?), or a CUNY and then transfer out after two years somewhere else. I don’t know what to do.

How are either of you students paying for college as you are teenager, likely earning far less than what Fordham is going to be costing you.? Where are you getting the money? Unless you pay Fordham, you are not going to get credit for any courses you take. May not even be able to register for them.

Your parents have to come up with the money. Perhaps they will have you sign for the loans along with them, but that’s only to hamstring you for repayment for the duration of the loan or your lifetime, and if you don’t pay, they’ll go after your parents’ credit, and even their assets.

Find an affordable school.

You need to find an affordable option. It appears to me that both Fordham and Pace are both not affordable. If you are in NYC have you looked at Baruch and other CUNY options? If you are elsewhere in NYS have you looked at SUNY options? Have you considered starting at a CC?

college is too damn expensive nowadays. it’s a shame. i have friends attending public state schools paying about the same amount i’d pay at Fordham (about $42k per year). i luckily got a little more money out of Fordham, and will ask for more since they gave me a deadline extension and my financial situation has changed. the whole covid situation has made college selection very difficult.

@catkinson20 , several of my kids had the Fordham vs State U choice. Two of them had most/all of tuition covered, one would have been full pay. The one who was full paid could have gone away to a SUNY for far less than what Fordham’s tuition Was. He chose to go to an OOS public university instead which cost about. What commuting to Fordham would have cost. Living expenses can be way up there at some schools these days. You can’t save a whole lot living off campus around Fordham but the student community near his college of choice had cheap digs and COL just generally less with good Part time work possibilities around campus which sweetened the deal somewhat.

All of these factors can come into play when assessing the full cost of schools.