<p>I was offered about 22k in grant, merit and work study to attend Rose-Hulman institute of technology which from what I hear, is not too far from the average. This is an incredible school and it is where I want to attend. But this leaves about 26k in loans/year that I am going to have to take out to attend. My debt after graduating will be around 110k. Well what I want to know is, if the average financial package is 26k, then how is the average indebtedness after graduation only 35-40k? I am baffled by this. These statistics appear on many different websites. I would love to attend this school but that's a lot of debt to start off life with. Does anyone know how this discrepancy is accounted for? Thank you very much.</p>
<p>Those statistics don’t include debt take by parents if the parents don’t have the savings to make up the difference.</p>
<p>Probably because a lot of parents either pay the difference or take out Parent Plus loans - which is not the student’s debt.</p>
<p>So what do you think? is it worth going there? My parents will not be able to help me out but I did receive a scholarship that will pay about 25k towards my final debt. So I’d be looking at around a 75k debt, plus grad school. Or go to Ohio State University which is in state for me and end up with around 40k in debt?</p>
<p>My S got a similar package from RHIT (his balance due would be $23 grand).</p>
<p>We just can’t do it, so sadly he won’t be going to Rose.</p>
<p>He hasn’t received all of his acceptances/fa packages yet, but he does have a couple instate options which ARE doable.</p>
<p>That seems like a lot of debt for Ohio State - are you sure you would be 40K in debt going there?</p>
<p>IMHO, $75000 in debt for undergrad is way too much, no matter the school. Then grad school?? Do NOT do it. We received our financial aid package from RH recently, too, and there is no way we would take on that much debt or ask our son to do so. RH “offered” $17000 in loans for us (parents), and $5500 in loans for our son. Granted, we would not have to borrow the entire 17000, but we are not willing to go into debt for college at all. Our goal is to get our kids through college with no debt on their part or ours. We are thankful to have a good in-state option for engineering (Michigan).</p>
<p>Yes, I believe so, the in state total estimate is about 25k/year. I haven’t gotten financial aid back yet but I assumed around 9k/year based on their averages.</p>
<p>Yes I see what you mean, my parents do not have the ability to pay anything at all towards my debt so I’m on my own. I’ve just heard so many good things about Rose and it having such high statistics on salary plus I like that it’s such a small school. My dad got his PhD from osu so that’s where he’s pushing, much less debt. But the school is a city in itself and I don’t know if that’s right for me. Plus your son and I would be arch rivals so I’m not sure it would work out haha.</p>
<p>I believe the most you as a student would be able to borrow each year is $5500. Do you have a way to secure the remaining needed funds?</p>
<p>Do you mean like a co-signer? Yes, my parents have good credit and are willing to co-sign any loans, but that is a lot of debt to start out life with. It’s just so hard for me to decide, I really want the personalized education but not that much in debt.</p>