Hi all,
So as I am approaching the deadline for choosing a university, I’m finding myself in a bit of a dilemma. I was accepted to both of my top choice schools, TCU and Baylor. TCU offered me no scholarships or financial aid, and Baylor offered me a $15K per year scholarship. I really feel like TCU is the best fit for me and where I would be happiest, but I’m not sure if it is up to par with Baylor’s academics, and if it is worth paying the full tuition price tag for TCU, which is the more expensive school of the two. I was also not eligible for any federal financial aid, so I will be paying the full $66K a year if I choose TCU. If anyone has any advice or perspectives on which university is more prestigious and the better long-term investment, I’d love to hear your thoughts.
Thanks!
(I was also offered Spring Entry for SMU, but am not really considering it at this time).
@ag2018 I can sympathize with your situation. Our daughter got into both TCU and SMU, but neither of them have offered anything other than the “award” of the opportunity to take out crushing levels of debt. We have quite a bit saved for her, but nothing close to the full fare of either of those schools. She has gotten into two state flagships that will cost literally half of what going to what SMU would cost, and she could graduate without a penny of debt from either. As much as we like TCU, we simply can’t justify paying six figures more over four years than it would cost for the other two state schools. This is an inexact science to be sure, but in our judgment the value of a degree from TCU is simply not worth that much more money.
She has been accepted into a third state flagship, one that will likely cost about as much as Baylor would for you with your scholarship. That school has a roughly equivalent academic reputation to the other two state schools that cost $10k less per year. It is a tougher call, but there is still a chance she may get some additional money from them to close the gap. For us, paying full freight at TCU is not an option, your situation may vary. I find it hard to believe that a degree from TCU is really worth $60k more than Baylor, who has a similar academic reputation. While I realize that Ft. Worth may be a more fun place to spend four years than Waco, if you can get out on the other side with little or no debt that should be a huge consideration for you.
For a more “objective” analysis, you could try setting up a profile on collegefactual.com and they have a “Cost Cutter” tool that allows you to compare offers, putting in the total COA, scholarships offered, comparing it to the reputation of the school and the value of a degree from it, and then rating the “deal” you are getting there. FWIW, when I did this for D’s offers, TCU and SMU were at the bottom of her list in terms of value when you aren’t getting any scholarships from them.
Good luck to you.
I don’t want to sound like a party pooper 
It sounds like you really can’t afford either one. 15k is only a drop in the bucket for Baylor. If you don’t qualify for any additional financial aid, then there isn’t a way to pay for either of these schools on your own. The limit you can take out on a federal student loan is 27k total over 4 years. The only other option is for your parents to co-sign loans for you. That option is a very bad idea. I’ve seen students on CC forums come out of school with 100k in debt and get financially crushed within months. No degree is worth that kind of money unless it says M.D. next to it.
In order to have a healthy career, you need to be first set-up for success. First, debt can quite easily sabotage or even sink a career. Next, prestige is the single most overrated thing about college. 75% of the skilled jobs in the U.S. are from small to medium sized companies. For them, it’s more cost effective to hire locally and regionally. For instance, I met a graduate with a degree in Chemical Engineering at a large and prestigious flagship school, but after a year, he still couldn’t find a job. It turns out that the petrochemical industry is mainly in Texas and Louisiana and most of the companies already actively recruit their candidates from UT, Texas A&M, LSU, and other nearby schools.
If you’re going to be paying for school on your own dime, you’re much better off starting out at a community college. This would nearly eliminate debt for your first 2 years. It would also give you time to decide what you want to major in. Changing majors at a university is very expensive. After that, you can transfer to a university you can afford and finish your degree. It is less glamorous, but it’s still a bachelors degree.
@UTSquared Thank you for your response and advice. It certaintly is a dissapointing situation, as I wish schools like TCU would invest more in their students and less in their football program, but such is life. I will definitely look at the website you mentioned! Good luck to your daughter as well
@coolguy40 Thanks for your insights. I certainly have a lot to think about in making this decision, and you have made some very valid points. Thanks for taking time to respond to me, I appreciate it.
@ag2018 - While I understand your frustration, TCU does invest in students through many academic scholarships. Football is not their only priority. I know it is too late now, but it is important when searching for colleges to look and see where your stats rank with each college - the higher , the more merit aid available.
I completely agree with @coolguy40. Prestige is overrated. It is much more important to look for the major/program you want in a particular college and see what the students in that field go on to do after graduation. Pick a college that offers your major while reducing or even eliminating the need for student loans. In the end, you will be much better off as you start your career.
@momoftres Thank you for your input! I appreciate your response