<p>^He applied to Whitman, Grinnell and University of Redlands. Whitman required Profile and Grinnell had their own profile form. </p>
<p>In my D’s case, most of the privates to which she applied are lower out-of-pocket than are our state schools. We also live right next to our flagship university. She might commute for less than the privates, but it would be close. This is due to: Deans or better merit almost across the board, low EFC ($3300), and performing arts awards. </p>
<p>In many schools, the combination of these factors brought the privates ($38-53K) to $10-$12K or less.</p>
<p>I agree that it’s completely dependent upon several factors. For us, the private route makes more sense.</p>
<p>Another vote for checking out the specifics of your situation. In our experience, most private schools had more money to spend, but tended to be needs based. Merit money was competitive and limited. Don’t consider loans aid. That is a hidden trap to financial suicide. Many schools that say they cover 100% of need cover some of it with guaranteed loans.</p>
<p>Can you explain a loan aid and why they are so bad? </p>
<p>OP, you also have to check each SUNY. Stony Brook offers a nice amount of merit aid to high-stats applicants. Binghamton almost none to freshmen.</p>
<p>You have to pay back loans. You are just given more time to pay for what you owe, and you pay for that privilege with interest. The subsidized loans do not accrue interest while you are still a full time undergrad, but then they start racking up those charges too.</p>
<p>So, yes, grants are MUCH better. They are free money. Also, loans are put into the financial aid package, dollar for dollar as grants, even when the only difference between those Direct Loans you get with subsidized interest and those that most anyone even with no need can take is the interest subsidy. But they count the whole face amount as financial aid. Also, when you get those Direct Loans in your package, they are going towards your financial aid, and you can’t use them towards your EFC which those who don’t nave those loans in their packages and those who have no financial need can use them towards the Family EFC. Rather unfair, if you ask me.</p>
<p><a href=“http://usatoday30.usatoday.com/news/education/story/2012-06-24/college-debt-burdens-graduates/55784174/1”>http://usatoday30.usatoday.com/news/education/story/2012-06-24/college-debt-burdens-graduates/55784174/1</a></p>
<p>But are loans just a reality for the majority of college bound students? </p>
<p>I read somewhere that a student should not take out more in loans than what they expect to receive in salary during their first year after graduation. Is this still an accurate statement?</p>
<p>That depends. Most kids seem to think that $80K a year is a normal starting salary. I would hate to have anyone absorb that type of debt load just starting out in life…especially when 30K is much more likely.</p>
<p>I would target what the difference in avg starting salaries is between the school that you need to take loans against versus a cheaper alternative.</p>