Is undergrad school worth a 6 figure debt if I'm set on grad school?

Paying for College
1

<p>If anyone can relate to my situation, please, ADVICE NEEDED!!!</p>

<p>Ok, here?s my dilemma. </p>

<p>First, the good news. </p>

<p>I am well regarded as an overachiever with a strong work ethic and a passion to live life to the fullest. After four diligent years of study throughout high school and countless hours devoted to college applications, I have gained acceptance to UMASS Amherst Commonwealth College ($14,000 per year), UVM Honors College ($38,000 per year), Brandeis University ($35,000 per year), and Tufts University ($38,000 per year). I?m very thankful to have accomplished what I have thus far. I feel honored and I truly do believe that a college experience at any one of these schools will ultimately boil down to what I make of it.<br>
Going into my undergraduate education, I really have not a clue what I kind of career I want to devote the majority of my life to. I do know that I have a true passion to explore the fields of Philosophy, Religion, Body/Mind?and a knack for Personal Finance (started and managed a large-scale neighborhood landscaping business for five years). Now, I do not know where these interests will lead me. These same interests led my dad to 8 years of study at college and provided him with an outstanding foundation to become a chiropractor. Chiropractic certainly interests me as a career, but I do not know if that is to be my fate. I am ever anxious to find out, to broaden my horizons, to stretch my mind in ways I never thought possible, to learn as much as I possibly can until I can pinpoint an area of study that clicks for me. If I end up delving into Philosophy for four years and deciding that I was meant to be a philosopher, that is perfectly fine by me. I would like to live a comfortable lifestyle, but I am not driven by wealth. In fact, at this stage of my life, I would decline a life of luxury, fame, and ease if it were offered to me.
If I could choose a college, I would be headed to Tufts for 4 years hands down. Every aspect of the school is an absolutely perfect match for me: location, size, atmosphere, academics, social life?
(I pretty much gained acceptance to Tufts by writing three philosophical essays, 1 of which detailed my passion to work alongside modern day renowned Philosopher Daniel Dennet, who is well known for collaborating with students and teaching classes for incoming freshmen.)
I yearn to go to Tufts. Every aspect is ideal, every aspect except for COST!!!</p>

<p>The bad news.</p>

<p>Unfortunately, I fall under that middle class category of families who earn too much to qualify for substantial financial aid and too little to actually contribute to their kid?s college education. Basically, about 80% of all college expenses are on me.</p>

<p>Realistically, 3 out of the 4 areas of study that I listed above do not lead anywhere near a profitable career; certainly a rich mind, but not a well-paying job. I also know that my studies will not end after undergraduate school. My goal is to find my one true passion, see where that leads in terms of a career, and then head off to graduate school. Nearly everyone who I encounter tells me that graduate school is the time to spend the big bucks, for it is graduate school that will prepare you for a life-long career. No one is a stronger proponent of this reasoning than my dad. He attended University of New York at Albany for 4 yrs, Harvard Divinity School for 2, and finally New York Chiropractic College for 2. When he stepped out of Harvard, debtors were immediately crawling down his back, writing threatening letters to pay up. It took him 15 years to pay off his loans (about $60,000 in the late 70s). Bottom line, he would like to send me to Tufts more than anything, but he knows that I?m just like him in terms of my study interests and doesn?t want me to have to experience the financial burden that he did. If I went to Tufts, I would be $150,000 deep before I even set foot on a graduate school campus. Graduate school would most likely tag on another $100,000-150,000. That?s a quarter of a million dollars deep before I even have a steady job.<br>
On the other hand, I have spoken with numerous trusted family friends who attended the UMASS Amherst Honors College program, had a great experience, and had no problems gaining admission to the graduate school of their choice. UMASS would leave me $60,000 out.</p>

<p>IF YOU HAVE READ THIS FAR, PERHAPS YOU CAN OFFER ME ANY INSIGHT ON THIS FINAL QUESTION.</p>

<p>I know that my dad is looking out for my best interests, but I do not know if repaying college loans will be as burdensome for me as he makes it out to be. I hear stories in the news about students fresh out of college with incredibly high debt scrambling to find that high-paying job to get them out of it. I have also spoken with people who tell me not to fear being in debt until I?m 40. Stretching loan repayments over a long time frame will allow you to live comfortably as long as you can dish out that $200 some odd payment every month. I really do not know what the true scene is today for students who walk out of graduate school seemingly financially crippled.</p>

<p>PLEASE, HELP!!!</p>

2

<p>So, here's the deal. You're a young person who says his parents make money, but not enough to pay for college. And you're talking about the ramifications of incurring so much debt in the next few years that you'd be paying it off until you were 40. If you plan on having children, then making that choice -- to incur that much debt -- is pretty much saying that you're going to end up being a parent who makes money, but not enough to pay for your children's education. You're going to perpetuate that cycle, because you'll go into adulthood and middle age already saddled with debt. (And I bet the people telling you not fear being in debt are the same kinds of people who agonize over how they're going to pay for their children's college educations..)</p>

3

<p>I would go to UMass. You can have a perfectly good social life there and get a perfectly good education. I don't think Tufts is worth the extra $60k</p>

<p>Just my humble opinion.</p>

4

<p>No No No...........</p>

5

<p>In a word "NO'! I agree with the prior posters. You will most likely be miserable saddled with this kind of debt. Go to the least expensive undergraduate option. Are you saying that you will be $60,000 in debt after 4 years at UMASS? IMO, that is 40,000 too much! Is this instate? Do you have any less expensive options? I will lay it on the table and tell you that if you were my child you would not go into debt for $60,000. We would try to find another solution, even if it meant a gap year, or community college first.</p>

<p>Congratulations on those acceptances. They are quite impressive, and you should be very proud of yourself!</p>

6

<p>My S has a choice between Univ of Pitt with full tuition scholarship (about 10,000 room board and fees) or Cornell which would mean loans and debt. They offered generous aid but still.... How to decide??? Is Cornell worth the money?? He plans on graduate school too! He likes both places equally and we have only a few weeks to decide. We are trying to go to cornell again but the weather has been awful.......HELP</p>

7

<p>Will the name of the institution issuing the degree really produce more financial gain then the additional cost? I know it can with some schools and degree fields...but this is really something that needs to be considered. If the more expense school will not provide additional salary considerations, why accept unnecessary debt?</p>

8

<p>Will the overall quality of experience at a private school as well as the opportunities for acceptance into astrong graduate program make that difference... I think it might be worth the extra cost...????</p>

9

<p>your saying you want to go to grad school right? do you realize how much 100k is. thats more than youll make in prob 2-3 yrs without expenses and taxes. People with solid jobs and families are afraid of that kind of debt. When you finish grad school youll be 26 or so right. you want to see the world, start a family, explore. you dont want to be stuck working long shifts with no life to pay off some great experience you had yrs ago. sure tufts is great but so are a lot of places without the pricetag. decide do you want 4 solid yrs or 4 great yrs with then a life of misery. plus grad school isnt exactly wher eyou rake it in</p>

10

<p>Is the overall quality of the experience really all that different between schools? A lifetime of severe debt to gain four years of forgettable experiences vs minimal debt and a lifetime creating and enjoying memories you will treasure forever (children, vacations, etc.)</p>

11

<p>Very tough decision. Our family has a similar dilemma. You haven't really said whether you would like going to UMASS. Suppose UMASS was the only school you got into, would you be happy going there? Do you know any one who is successful in a career they aspired to who graduated from UMASS? Any friends going there? Others you know who have gone there and enjoyed the experience? My opinion is that a good student can learn and succeed at any well-established university, and end up going on to great grad schools and careers. As for myself, I'd love to see my son go to his first choice but it also would set us back some big bucks. In my own case, I went to a state college, did very well academcially, and, even though the state school doesn't get the highest rankings on college web sites (like US NEWS, Princeton Review, etc.), I was offered full tuition scholarships along with teaching and/or research assistantships at several very decent grad schools. I went on to get my PH.D.. with little long term debt. So, if you truly can't afford Tufts, and really don't mind going to UMASS, my advice is enjoy four very meaningful and memorable years at UMASS.</p>

12

<p>Thanks for all of your advice. Most people I speak with tell me the same thing...do well at UMASS and go to a really good grad school...and it really does make sense financially. It's just difficult to accept.</p>

<p>I have already visited all three schools in the past but I am attending Open Houses for UMASS Honors College, Brandeis, and Tufts and sleeping over both Brandeis and Tufts this week. Hopefully, it will give me a better sense of the benefits of the Honors College and the Amherst Five College Consortium. I've spoken with at least 20 graduates from UMASS Honors College and they all say good things. The sleepovers will be fun whether or not I end up attending.</p>

<p>Might anybody be able to tell me how realistic of an option it is admissions wise to transfer to to say Tufts as a Sophomore/Junior? I applied to 10 schools and got into 4, Tufts being my greatest hurrah. Transferring for a year or two may work out financially, but I would think the admissions process for transfer students would be even more competitive, no? Does it make it easier to transfer to a school like Tufts if you were accepted as a freshman but didn't go?</p>

13

<p>I don't know about that but, remember, after two years at UMASS, you may have made so many new friends and be settled in nicely and not really want to transfer. With two years left at that point, you may be better off thinking about some great grad school to finish off your education. Just a thought.</p>

14

<p>Don't take on that kind of debt. It WILL be crippling. And, student loans are actually a different category of "debt" - I could be wrong, but, I'm pretty certain that student loans cannot be discharged, say, in bankruptcy, etc. Defaulting on them is probably as bad as a tax lien. Not to mention what it will do to your credit, even if you make your payments on time, when you try to buy a house or a car after college. Prospective mortgage lenders etc. will see the student loan debt on your credit report, etc., and come away with an unfavorable risk calculation on your income to debt ratio.</p>

<p>Go to UMass. It's a very, very nice school - my daughter considered it very seriously and it ended up being her second choice (coach in her sport is a six-time olympic medalist). </p>

<p>Re Tufts, a friend of mine just completed her master's at Tufts, fully funded, she had a wonderful experience. So perhaps keep that option in mind for grad school?</p>

15

<p>As I understand things, student loans are really hard to get rid of in bankruptcy. I'm an attorney and I regularly get calls from people who racked up a lot of student loans and can't pay them. They are constantly hounded by collection agencies; their credit gets messed up; etc. There's usually nothing I can do for these people.</p>

16

<p>Some help here will help too.</p>

<p>I have basically two choices University of Michigan (oos) and UCONN instate.</p>

<p>My parents cannot afford anything. UCONN will cost me 11,000 a year because of Room and Board. UMICH will cost me 35,000 a year. Is it worth the loan? All my family members and family friends (adults) are telling me the loan is worth it. and I will be able to pay it off in no time. I want to go into Finance.</p>

17

<p>tushar707, Let me make sure that I understand. Your family and family's friends are advising you to go into debt for 35,000x 4 years=140,000! If this is the case, and they say that you can pay that off in no time, they are not being realistic in my opinion. Go to UCONN. Their business school has a very good reputation!</p>

18

<p>I will major in economics and statistics. Not finance. but enter the field of finance later. Starting salary from MICH will be about 55,000. I dont know. I really want to go to UMICH. A lot of people are advising me to take the loan instead of going to UCONN.</p>

19

<p>Honestly, that is just a huge amount of debt. If you were my child, I would recommend UCONN. I just would not let my kid go into that kind of debt for any school (and I mean any school, and any possible major or potential starting salary). Frankly, 44,000 at UCONN is double the amount of debt that I would be comfortable with a student taking on.</p>

20

<p>The problem is that my dad cannot afford anything. I even got a 6500 scholarship at UCONN per year. So UCONN was my only safety since I am instate. If my dad was paying, I would have only 60K debt at UMICH. but he cannot afford it so I respect that. I am still considering both. this is really tough decision for me.</p>