<p>In your opinion, how big of a role does scholarship money play in choosing a school? </p>
<p>Example: lets use Northwestern for the sake of argument. You get offered a $7,500 merit talent award (their supposed highest dollar amount) and you get offered a near full ride somewhere else (cheaper school/school with more money), though it's much less reputable. Or equally as reputable but not your first choice.</p>
<p>Would the fact that you received NU's highest award be a selling point? Would you take the cheaper school to avoid debt? Would you take out $40,000 per year in loans to go to NU? </p>
<p>I'm not saying by any means this will happen to me...i'm just curious... =] And I'm torn on what I would do. $160,000 (assuming no federal help) in debt is a little crazy as a music major....or is it...</p>
<p>Personally, $160k for undergraduate debt IMO is a ridiculous amount for any major. There are certain career paths that could easily absorb that burden financially. In theory, with the best of luck, the proper breaks, proper alignment of the stars, whim of the gods, a performing arts career MIGHT be one of them.</p>
<p>Chances are an ice cube's in hell. 1 in 1000? No way. My guess is more like one in 1 in 100,000. Probably far more. </p>
<p>Then there's grad school. Add that on top. Another $40, $60, $80k? </p>
<p>If you could swing it without loans, sure. It's your money, or your parents. That's a personal financial judgement based on the resources at hand or available. Depends how you want to spend what you have.</p>
<p>Personally, I would limit undergrad debt to the max a student is eligible for under federal Stafford aid, roughly $20-$25k for a four year degree.</p>
<p>I was in that position last year, not Northwestern, but another conservatory of equal or higher standing. A state school offered me a much bigger scholarship. If I went to that particular conservatory, I would have been $80,000-$100,000 in debt by the time I gaduated. I couldn't justify it. I went to the state school, and for the most part I am fairly happy. Do I sometimes wish I could have afforded the other school? Yes, especially for the ensemble experience, but I also know that I would not enjoy life after college trying to pay off all of those loans.</p>