Should I make a last minute change and save money or go with the college I already committed to and burn my money but enjoy the college experience?

College Search & Selection
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41

How about a compromise?? Maybe you could live at home your first year at Kent State and then move off campus if you get a part time job? Or there is the possibility of doing it the other way and living on campus as a first year student and then moving back home. I know that wouldn’t be very exciting, but you could have that first year dorm experience to make friends and then once you have your social circle you could move off campus (back to mom n dad’s) to save money, but still hang out with your friends? Not ideal, but sure would save a lot of $$

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42

It is not actually 87k in debt… it really is around 60k maximum (at graduation). I may have been misleading with my wording, but we applied for a 14k loan but with my parental contribution along with my summer work the private loans would only be about 9k and less the subsequent years due to the increasing amount offered by the federal government. I also have enough (AP) credit to, according to my advisor, graduate a semester or two early which would cut the cost even more. Even so, 40/50k of debt is a lot and I’m likely going to contact Kent State and see if I even can still register for classes and enroll. I also have to apply for a housing exemption, which they aren’t guaranteed to approve. I also don’t have much room for error at Miami, if my GPA drops below 3.0 I lose my 13k scholarship and if I were to change majors or something I would just hemorrhage more money.

43

Maybe. But if I were to commute I’d likely just stick to commuting (enjoy the comfort of my own bed/home) and just get involved in clubs or something to get a social circle.

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44

Okay, are you receiving Pell grants?

45

Nope.

46

There are too many blank spaces and people are filling them in the best they can.

47

I can probably get the actual net prices when I get home from work but you guys do pretty much have the gist of it.

48

Well, what is this:

increasing amount of what?

49

Is it ever “worth it” to use loans to get a college education?

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50

I’m with you on this one. We all have different opinions and I agree with this one.

51

Increasing federal loan amount.

52

https://www.washingtonpost.com/education/2019/11/14/is-college-worth-it-georgetown-study-measures-return-investment-with-some-surprising-results/

53

Well, I certainly wasn’t saying that “the full college experience just means getting drunk every weekend.” I have no idea where that came from. Completely out of left field.

It only takes getting behind the wheel of a car one time while impaired to end a life. No need to “get drunk every weekend.” Unfortunately this happens far too often. In my circle, we’ve been reminded of this twice recently with college age kids involved in fatalities.

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54

Of course it’s worth it to use loans for a college education. It’s an investment. I did it for all 4 of my kids to attend private colleges and have no regrets.

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55

I like the idea of using your AP credits to graduate early at Miami…that is one of the many good things about that school.

I still don’t understand the loan situation. How much is your gap before loans at Miami Ohio? You should prioritize the Federal Direct Student Loans over any private loans…the federal loans will likely have a lower interest rate, and in some instances may be forgiven (teaching in rural areas, et al.).

So, if you max out the $27K student loans, then are you saying you would need to take out $33K in private loans? I also agree with the others who suggest you can live off campus at Miami Ohio for less than on-campus…that savings may be significant so you should do the analysis. Do note that the Miami rental market is somewhat competitive, and students typically sign leases nearly a year in advance (Oct/Nov of the year prior to Fall move-in).

56

So when you said:

…you were really referring to borrowing more money from the federal government? My math skills may not be the best, but that doesn’t change your total indebtedness; it just shifts a little bit more to the federal guaranteed student loan program.

57

The average student at an elite school always does better than the average student at a state school. This has been known for some time. It’s not however because the education is superior at the elite school. It’s because the student body is stronger. If you control for a student’s high school record, there is no advantage conferred by choosing an elite school over any other school, with one small caveat. First generation, low income students do get a small bump in upward mobility if they attend an elite school.

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58

I was talking about the money left over after maxing out the federal loan. So I’d be able to pay about 5k a year decreasing the amount I need to borrow. The rest (9k or less) would have to be paid for with private loans.

59

This needs clarification. How much debt? What if there are more cost effective alternatives? As an extreme example I don’t think you’d advise a $300,000 degree for Early Childhood Education or Studio Arts if a student and their family needed to leverage substantially to get it.

60

Before loans it costs about 19k. I get the 5500 federal loan, I have about 5500 in my 529, and me/my parents are chipping in 5000 a year.

Also as far as I know you have to live on campus the first two years, and thus the amount I’d save living off campus at Miami probably wouldn’t be a huge amount… Especially if I managed to graduate early.

Also, my AP credits go further it looks like at Kent which might ensure I graduate a year early. So right now I’m leaning towards seeing if I can still get into Kent.