<p>I began my undergraduate studies at an institution that was so small that it did not even appear on a list of 1,000 schools for voice that was printed in Classical Singer magazine. However, it was REALLY cheap. With scholarship, I only paid $1,600 for my first year. I transferred after my sophomore year to a school that was considered one of the top 10 conservatories. The difference in cost was around $17,000 over the course of four years. That doesn’t seem like a lot now, but over a decade ago it was, in fact the difference was more than all four years combined would have cost at the state school without scholarship. However, the training difference was ENORMOUS. Had I stayed at the state school I have no doubt that I would have never worked in music. In hindsight I realize that I was not getting what I needed to succeed and I would have left way more confident but only slightly better than when I graduated high school. That $17,000 (that I am still paying off), was worth it. When employers see my alma mater on my resume, they know that I have trained at an exceptional institution and that I bring that knowledge to my work.</p>
<p>School costs are way out of hand and unfortunately in many ways its the students’ fault. How? Because colleges survey students and track data on what they want and compare that to what their school does not have. If students say they want luxury style dorms with flat screen TVs and game rooms on the first floor, the university will build it. Then they will raise the price of room and board to cover it. When I went to school, room and board was around $4,000. You got a bunk bed and bad food, but you survived. Now its often $7,000-$10,000 or more and the facilities often rival mid to upper scale hotels. Today’s students want the best technology available, and rightfully so. But to offer that technology costs hundreds of thousands of dollars for smart board, projectors, servers, wi-fi service, and faculty computers and software along with training to use all of the above. The schools raise fees and tuition accordingly. Students frequently say that they want quality sports teams. So schools hire coaches and athletic directors with salaries that often exceed one million dollars a year. When ticket sales are not enough to cover the cost of the teams, tuition payments go up. At top level schools the teams may support themselves and even contribute to the budget, but at smaller schools trying to build a program, that is not usually the case. At the same time, faculty surveys show that wages are actually stagnant or have lagged behind inflation. Most beginning professors with doctorate degrees (outside of medical, business, and law) start at salaries in the low to mid forties, sometimes the same or less than equivalent high school teachers. To me that indicates that the tuition costs are not necessarily associated with improved teaching, but an improved experience. I think my current institution does a great job of holding tuition down and serving the students first, many others do to. But its not always the case.</p>
<p>When you are trying to figure out whether or not the difference in cost is worth it, students and parents need to ask themselves several questions. Is the tuition difference paying for higher quality education or higher quality experience? Is a luxury experience worth the luxury price tag? Is the difference between school A and school B worth the difference in terms of degree/school recognition? You then need to consider the student loan payments. If your student loan payment is going to cost more than a new car payment, you need to think twice. You cannot escape student loans. Period. They claim you can discharge them in bankruptcy under some cases but if you look at the news you will realize that almost never happens. Government loans have an option to pay a small percentage of your salary over the course of 20 years and it is a really good deal. If you qualify for $30,000 of government loans, you should not worry about paying them back, you will be fine. However, if you have to turn to private loans, there is cause to be worried. Private loans have no sympathy for the borrower. They want their money back and they will take you to court and garnish your wages to get it. They will not accept a percentage of your income and they will destroy your credit history if you default. Students should also realize that they can work during school and pay money towards any loans that they take out for room and board. If they were to pay off their room and board tab each semester with a part-time job, their loan balance upon graduation would be significantly less.</p>
<p>My point is that you have to think about the big picture and all of the intricacies of the situation. If you are trying to save $20,000 and the student ends up at a subpar university, it is possible you have thrown away a lot of money. At the same time if you pay $40,000 more to attend a big flashy school with new stadiums, new dorms, and new technology, you may not be paying for anything other than the status of going to that school. Do your research. Also remember that many of these schools are just as worried about enrolling enough students as you are about paying for school. If you have a better offer, call financial aid and ask them to match the other offer. They may not be able to do an exact match but they may come close. On their end its better to have one more student for half-price than no student and no income. If you have extenuating circumstance, bring it up. They do have some discretion to adjust awards. If you have bad credit, apply for a plus loan. If you get denied, your student will have access to government loans to cover tuition and room and board. </p>
<p>~VT</p>
</p>