Oberlin College vs. Truman State University

I just got my acceptance letter plus financial aid from Oberlin College a couple days ago and now I’m in the processing of deciding which college I should go to. My parents plan to pay for my room and board and the rest would be taken in loans. For Truman State University, with the merit scholarship I am receiving, I would have to get a loan of 2k (which isn’t bad at all). However for Oberlin College, I’d have to get somewhere around 20k for a loan (which is significantly larger).

I plan on double majoring in Economics and Spanish and going into the non-profit sector. I know that Oberlin College is very reputable for the amount of undergrads that go to graduate school as well as the amount of students who go on to work for non-profit organizations.

For Truman State University, they have a Peace Corps Preporatory Program (which I find very positive about the school).

The biggest dilemma I have is choosing between my dream school (Oberlin College) or the more affordable school (Truman State). I don’t intend to go to Oberlin for my graduate so it’d be out of the picture pretty much if I go to the latter. I’m having trouble with this decision because my parents are paying for my education and while they want me to go to a school I like, they also are concerned with the debt I’d be taking on. Personally, the debt is worth it as I have visited campus on their Multicultural Visit Program and I love the atmosphere.

I guess my biggest concern is all the things being said about Oberlin’s growing tuition and their loss of staff over the years. I know they recently hired a new president but I wanna make sure I’m not going into a school that’s gonna do me more harm that good (in terms after college prospects).

I would really appreciate any suggestions anyone might have to offer on this subject.

You cannot borrow 20k as a student. You can borrow only up to $5,500. Your parents have to borrow.

I hope more knowledgeable people will comment but I don’t think Oberlin will happen if your parents are not paying beyond room and board.

I apologise for not being more clear. My parents will be taking the loan but eventually I would be paying them off (if that makes sense). The current tuition for Oberling is 55k I believe and they’re offering me 42k in grants and with added expenses it would be about 20k per year.

Parent loans are usually not a good idea, since having to take them indicates that they do not really have the money.

Also, even with your promise to pay them back, will you be able to pay them back in any reasonable amount of time, especially given your career goals (non-profit sector, Peace Corps, etc.)?