<p>Would around $28000 be considered “crippling debt” for majors like political science, public policy, or communications at Michigan? Michigan is said to have an edge in these areas compared to Richmond, so is the extra money worth more opportunities (especially job opportunities after college) presented? I know these majors won’t bring in incredible income.</p>
<p>ARe you talking about your federal direct loans (not sure what $28,000 is)? If you are talking about your federal direct loans and you take the maximum amount over 4 years it will cost roughly the amount of a middle sized car payment for 10 years. Most people consider that manageable. If you are talking about $28,000 in private loans on top of the federal direct loans then you’re getting into an amount of debt that you might regret. Starting salaries for communication/marketing/political campaign/PR jobs will be lowish no matter where you go to school.</p>
<p>Yes, I’m talking about approximately $28,000 of federal loans rather than private loans. However, does anyone have any idea if, when tuition increases for juniors and seniors, the financial aid you are given increases as well?</p>
<p>Just to clarify, do you mean that the only financial difference between attending Richmond and Umich is the $28k in fed student loans?</p>
<p>My parents would have to pay anywhere from $15,000 to $20,000 more for Michigan. That’s my main concern. I think I could handle $28,000 in federal loans. This is the toughest decision of my life, whether or not I want that burden on my parents (and my younger sister), even though they’re supportive of whatever decision I make.</p>
<p>Per year, or overall?</p>
<p>If that’s per year, in addition to your own loan, even with your parents savings it would to my mind be too much for their income level.</p>
<p>However, if that would be their contribution over FOUR years, given their savings, AND they had planned to use those savings to help you with school, then it would be a reasonably manageable choice.</p>
<p>I really feel you need to more fully discuss the financial aspects with your parents so that all is clear. I have known OOS students at UMich who’ve ended up having to transfer to a state school in the middle of their degree due to financial strain on the family. It’s better to be certain up front you can handle it.</p>
<p>This is probably rude to say, but, while it is very nice of you to be considerate of your younger sister’s plans, I would argue allocating your parent’s money for you to go to U of M may be more worthwhile than for her to go to PSU. Why should you be the one to sacrifice a U of M education as compared to her going to PSU? Truly not trying to be obnoxious but as a parent with a senior and a freshman in high school, going through a similar situation, that is the first thing I thought of. My son (the senior) has decided on a smaller private school over U of M and it is the right fit for him-I am not going to make him go to U of M cause it’s cheaper and have him be miserable. My employment situation may have to change as a result but that’s just the way it is. He has worked his butt off for 4 years (more actually) and I want to see him happy.</p>
<p>^Did you happen to notice the part about his or her folks earning $40 k a year and that the $110 k they had in savings was all they had?</p>
<p>But you think it’s responsible to tell the student to follow his/her “dream” without any regard for his/her sibling and parental solvency? Really? Umich is awesome, but undergrad just isn’t worth the fiscal strain for a family in that income range with those assets – unless so doing would leave some fiscal cushion and sufficient funding for the second sibling.</p>
<p>While we’re all on this board because we have a deep interest in U of M, I must tell you that it is NOT a ticket to a high paying job, particularly in political science or social work. That should be obvious, but I think it needs repeating, no matter how much we all might love U of M, and no matter how great their programs are. </p>
<p>The mayor of my town went to U of M over twenty years ago (he is a friend of the family), and he’s making less money than I am, and I’m a 28 year old high school graduate who’s attending community college! And he wasn’t making that much more than me when he was a state representative. And his degree is not what got him elected to either office. Also, I know someone who graduated from U of M with a political science degree, and who isn’t much older than me, and his first job was back in his hometown, making minimum wage at a call center. He eventually found an emotionally rewarding position in social work, but it pays very little. </p>
<p>On the other hand, the most highly paid person in social work that I’ve met is my uncle who attended third tier colleges (Western Michigan and then Eastern Michigan for grad school). After working many years he was eventually hired as the head of the Youth and Family Services Bureau in Washington D.C. That opened a lot of doors for him and he now makes a lot of money working in the private sector. But that came after working for more than twenty, maybe thirty?, years in his field. </p>
<p>I’m not saying this to deter you from pursuing your passions, far from it. But if this is something you find yourself truly passionate about, you may want to consider spending extra money on internships, and perhaps investing in grad school. I guess I’d recommend thinking about how spending money now may affect your ability to afford future educational opportunities. </p>
<p>I don’t know anything about Richmond, but do they have a specialized college for social sciences? Do they have an honors college? The sort of opportunities and extra attention you can receive in an honors college might help fill the void when it comes to what you might miss out on by not being at U of M. (PS: My youngest brother picked MSU’s James Madison over U of M for political science, and he seems to love it.)</p>
<p>I appreciate all the advice, thank you so much</p>
<p>Yes, my parents would have to pay about $15k-20k more OVER four years if I go to Michigan.
My family’s income will most likely increase to $50k or maybe even $55k for this next year; on the other hand, the annual cost for Michigan (as well as Richmond) would increase as well. I did e-mail Michigan and was told that their estimates predict that I’d lose just my $3400 Pell grant, although I’m not positive if that would affect my federal loans as well.</p>
<p>I know that future salary is an important factor, but when you say that the “rewarding work” with a political science degree pays very little, about how much do you mean? Maybe I’m being too optimistic, but my family of four has lived on about $35k a year for many years and we’ve been more than comfortable; there’s no excessive vacations unless you count three-day weekends down the shore but hey, we consider ourselves more than happy :)</p>
<p>Oh, and no, Richmond does not have a honors college. It has honors programs, I believe, such as the Richmond Scholars, but I wasn’t accepted. If I attend Michigan, I’d be in the Residential College program. Actually, if the RC wasn’t an option for me at Michigan, I wouldn’t even be considering it. I want that smaller, liberal arts, community feel.</p>
<p>Is the 100,000 in savings your parent’s entire savings, or do they have retirement funds, perhaps pension plans, etc? Were these savings specifically for education or is this just their savings?</p>
<p>There are retirement funds, about $45-50k I think is what my dad said.</p>
<p>Okay, if your parents are truly comfortable spending the differential and it’s a TOTAL of 20k for ALL four years, and they have savings intended for that and would not be removing money from a retirement fund (because that shows up as income and will wipe out your pell for the very next year) and you’re comfortable with the national average of student debt (which will cost you about 300 a month for 10 years when you’re done) then follow your heart.</p>
<p>But for that to be the case, Michigan and the Feds must have given you at least $30,000 a year in grants (not loans) and scholarships if you’re out of state, in which case you’re very fortunate.
Make sure your numbers are correct, because the whole set of numbers
sounds more like an in-state COA, and there’s at least a 25k differential between an instate and OOS cost of attendance.</p>
<p>If what you meant is that it will cost them 20k a year for a total of 80k, which syncs up with your numbers more, then I would seriously consider doing undergrad at Richmond instead, because while umich is. Great school, it’s not worth wiping out your family’s savings – too risky.</p>
<p>Yes, I estimated that over four years, my parents would shell out about $80k for Michigan. This would be about $20k more than Richmond. I’d also have about $29k in federal student loans if I go to Michigan, although I believe I could get scholarships and grants to cut this amount down.</p>
<p>I visited Richmond this past weekend. I like it more on paper than I did in person. The more I look at the situation though, the more risky taking the leap for Michigan seems.</p>
<p>Upper division LSA costs more than lower division LSA. Hope you took that into account.</p>
<p>“Yes, I estimated that over four years, my parents would shell out about $80k for Michigan. This would be about $20k more than Richmond.”</p>
<p>So Richmond will cost your parents 60K and Michigan approx. 80K after four years? Am I understanding that correctly?</p>
<p>I did take that into account.</p>
<p>That’s correct</p>
<p>I just couldn’t see having my parents spend 60K out of their pockets for a school I didn’t care much for. If you don’t feel strongly about Richmond after your visit, then it’s time to consider either a cheaper school, if one is still available to you, or Michigan. I know Michigan is approx. 5K more/year, but your overall happiness is worth it when spending that much money in the first place.</p>
<p>I’m inclined to agree with the idea of paying $60k for a school you don’t love as being a little tough to swallow. No parent in their earning range would want to see those hard-earning savings being spent to give their child a “so-so” gift.</p>
<p>Do you have any more affordable options you could explore, or would you perhaps consider a gap year to work and save some $ and apply to schools that will MEET NEED - I mean, your family has a low EFC and neither Richmond or UMich appear to be coming anywhere close to meeting it.</p>