So we have all the information. This is another debt/return discussion, and I will apologize in advance for the length.
S has 4 choices on the table to study bass. Purchase, (in state public), Wm. Paterson, New School and NEC. He declined his spot/scholarship at Hartt a while ago, so they could make the offer to someone else before April 1. We aren’t factoring in Eastman, although he remains on the waitlist. (They are only taking 1 jazz bass this year, so the chances of getting off the list are slim.)
We discussed at the beginning of the process that if he got into any of the expensive schools without merit, that amounted to a rejection and would not be feasible financially. For a bit of background, we are poster children for the Great Recession; job loss followed by long term unemployment, savings wiped out to keep afloat and pay for a cross-country move for work, with a house we no longer lived in that wouldn’t sell in the housing crash and ended up foreclosed. We have landed on our feet, fortunately, but can’t afford to tap into what retirement we have managed to build back up, nor do we have home equity to tap as we have been renting since the foreclosure. We have a younger son graduating in '18.
We have been frugal, and did build up some savings over the past 5 years. Those savings, combined with current income/reduced spending makes us able to pay for Purchase or Wm. Paterson, (where he got the max talent scholarship, making it slightly less expensive than Purchase), for 4 years with minimal student loans, which we would help pay. Both schools are also within commuting distance should anything unforeseen change our circumstances, and both are an easy trip into NYC.
New School offered a 1/2 tuition scholarship. NEC less than that, but packaged in work study and additional Perkins loans. The direct costs minus aid for both come in at almost double that of Purchase/Paterson. He loves both schools. NEC would be his top choice if costs weren’t a factor, with New School being a close second. He would have to max out student loans, and we would have to take out PLUS loans to get him through the 4 years at either. We COULD. But don’t think maybe we should.
S has had lessons and visits with the teachers at Purchase and Paterson, and likes both very much. He is being incredibly mature and absolutely un-spoiled about the whole thing. I’m the one who is struggling with it. Would the higher level of playing, the rigor, the connections, the immersive experiences at NEC/NS make the risks acceptable? My head says no. My heart says what this kid has accomplished in the 2 1/2 years since he first touched a double bass is extraordinary and he should go wherever the opportunities are the greatest.
I spent half the day yesterday over on the Financial Aid/Scholarships forum, reading all the “you can’t afford this school” responses. I think I know what we have to do. But I thought I’d post this and maybe get some sympathy and/or reassurance. And maybe make some folks going through the same thing feel not alone. Thanks.