<p>^collegemom3x, if her end goal is medical school, then that much debt is way too much to take on for undergrad, and then tack medical school expenses on top of it.</p>
<p>collegemomx3: If your daughter takes on that much debt she will be working for those loans as a doctor instead of working for love. In other words, she may only take and keep the most lucrative medical offers even though she might find that she really wants to work in a different area of medicine that isn’t as lucrative, but can’t because of her debt. I think if she doesn’t have the crazy level of debt she will have more flexibility in her work choices.</p>
<p>don’t do it… going from undergrad to being a doctor takes a looooooooong time I really wouldn’t bank on the fact she is going to medical school.</p>
<p>RE: GPA, if it’s a new college grad I’ll ask about GPA, otherwise it never comes up. </p>
<p>On the flip side I’ve been interviewed probably close to 100 times since I grauduated college in 1987 (for Engineering or Mgmnt positions), I’ve only been asked once what my GPA was (many years ago), and have never had to provide transcripts.</p>
<p>Re: post #142</p>
<p>I have a similar story. A relative and his wife both graduated from law school (around '90) with big debt, over $200k combined. After working in the field for a year or two they both hated being lawyers, but had to keep doing it because it was the only job they could get that paid enough to cover their student loans. They are both still lawyers today, but they had a really rough time for a while. One had a nervous breakdown over it. It took many years to pay off that debt and settle into jobs they now enjoy.</p>
<p>In response to the OP:
I could be in a similar situation next year as my family makes/saved quite a bit of money, but they most likely won’t be paying $50k a year. So I’ve pretty much decided that I’ll go to my state school (assuming I get in) instead of a more prestigious private college (also assuming I get in). I’m planning on majoring in Computer Science, so like engineering, you’re very likely to get a good job after college, but the process of getting the degree will be difficult. Idk too much about UC-Irvine but based on what some other people mentioned, I’m sure they have a great engineering program and it will challenge you as most engineering programs are that way. So my stand on it is that you should go to Irvine. There will be plenty of very smart kids in their engineering program who are like you in that they decided to go there instead of a better school.</p>
<p>Okay, this is my situation.</p>
<p>Go to Emory and have about $35,000 debt.</p>
<p>Or go to University of Florida (state school) almost free.</p>
<p>My view is that I only got one life, so I wanna go to a top college. I worked too hard in high school for this, too. There are many out there who get rejected by top 20 and get accepted by top state schools. I got into both, so why not go to Emory instead? Why should I put myself in the same boat as others who were relatively more lazy and/or just not smart enough? If I go to UF, I feel as though I’d actually WASTED my time in high school and should’ve RELAXED more.</p>
<p>$35K (for four years) total debt for Emory is towards the upper end of my comfort level, but still quite doable unless you’re majoring in art or dance or some other field where job prospects are really, really dismal. Big difference between $35K of debt and $60, 80, or 100K.</p>
<p>For my son to go to the private college of his choice…selective…COA 51,000
He would be looking at 7000 in loans a year…
I would have to pay 5000 a year…</p>
<p>State college…very selective…COA 19,000
3500 in loans a year…
about 2500 for me out of pocket a year…</p>
<p>Less selective private: 38,000
3500 in loans a year…
about 3000 put of pocket… </p>
<p>How much is too much to have your child have in loans at graduation?</p>
<p>Addressing OP:</p>
<p>I had circumstances which were very similar to yours many years ago. Got into a school like HMC and attended. It was not my dream school (parents would not let me go there - long story), but a fantastic place nonetheless. </p>
<p>Flash forward a few decades: Around the country, most folks don’t really care either way about a school like Harvey Mudd (or my alma mater). In fact, a lot of people have not heard of either one. People on CC are into college search as a hobby. Heck, parents whose kids have long ago gone through the admissions process still stick around here for fun. I’ll probably be one of them!</p>
<p>I would not take on all that debt, or put my parents through such financial stress, if I had to do it all over again. Of course, my alma mater was not my dream school. If there is some experiential thing you can only get there, maybe it is worth it. If you are looking for prestige, however, pass. It isn’t worth the extra money. As you described, you can quite nicely get to where you want to go without all of that extra cost.</p>
<p>GCMom: How much in debt is comfortable really depends on circumstances. An engineering major or nursing major can probably take on and handle more debt than can a general liberal arts major, who can handle more than can a typical art or music major. Nursing and teaching both offer job opportunities that forgive some amount of student loan debt with work in underserved locales, though teaching jobs are tougher to get. Pre-med (MD, Vet, Dental,…) students should avoid any debt they can avoid, because the professional schools are so very expensive and the student is likely to need the full debt limit just for the professional school. Students who are interested in pursuing a graduate degree in the humanities may also want to avoid much debt, whereas students in the sciences or engineering who want to pursue a PhD are likely to be pretty fully funded for grad school.</p>
<p>For me, I’m reasonably comfortable with a $45-50K debt max for engineering students, $35 debt max for regular undergrads, and I’m pretty leery of much debt at all for students in fields where employment is really, really tough.</p>
<p>^^^^^</p>
<p>Fair assessment</p>
<p>UCI.
at $110k in student loans, you will not be able to make interest payments even with a “good” salary.</p>
<p>Go to Irvine, especially if you are planning on grad school. You’ll definitely thank yourself later. I know plenty of people who were hindered by their debt - everything from no being able to take on cool unpaid internships to not being able to buy a house many years later because of still unpaid college debt.</p>
<p>Blackrose, I really have to commend you for having such a good head on your shoulders and taking the time to work so extensively with Harvey Mudd’s financial department and to run the numbers, even to figure out the compounding of interest along the way. Also, I am impressed by the way you apparently are able to hold your own in rational discussions with your mom.</p>
<p>I also agree with your take in post #72 that $40K should be the absolute maximum of debt you should take on. I think even that is pretty high. </p>
<p>I also agree with the poster who suggested that you ask your mom to take on a PLUS loan - you can always make a private agreement with her that you will take over the PLUS loan payments after you graduate and find a job. </p>
<p>You posted that your mom told you she now has about $100K in debt, not including the mortgage, and that the family has a lavish lifestyle. Please don’t say this to your mom – but if your mom didn’t have that $100K debt, then she’d be in a position to afford to borrow for your education. The reason you don’t qualify for financial aid is that your parents income is high enough that they ought to be able to finance Harvey Mudd with a combination of direct payments and PLUS loans, if they so choose. One reason they can’t is because your mom took on too much debt.</p>
<p>I am saying this to point out the consequences of a cycle of debt. That is, even though your parents are well off – the debt your mom now has means they can’t afford a private college. If you take on too much debt now, it will not only impact your own lifestyle, it will put limits on what you can provide for your own kids.</p>
<p>And I have other news – you won’t be earning $80K when you graduate. Take a look at this chart – starting salaries for engineering graduates are in the $48-$62K range:
[Gender</a>, Change, and Starting Salaries of College Graduates Sociological Images](<a href=“http://contexts.org/socimages/2010/02/23/gender-change-and-starting-salaries-of-college-graduates/]Gender”>Gender, Change, and Starting Salaries of College Graduates - Sociological Images)
The only ones earning $80K to start are petroleum engineers. </p>
<p>Also check this chart:
[Engineering</a> Pay Gap? Glassdoor Reveals Many Women Engineers Earn Less than Men | Glassdoor.com Blog](<a href=“http://www.glassdoor.com/blog/engineering-pay-gap-glassdoor-reveals-many-women-engineers-earn-less-than-men/]Engineering”>http://www.glassdoor.com/blog/engineering-pay-gap-glassdoor-reveals-many-women-engineers-earn-less-than-men/)</p>
<p>I think you are facing a tough situation but you are doing a good job of making a rational (and wise) decision. I think the reason your mom has now started to push for Harvey Mudd is probably because she feels guilty about seeing you turn down your dream school – we moms hate to see our kids hurt in any way, we want to do everything to protect them from disappointment. But the problem is that unless she can come forward now to help with the financing – the money situation doesn’t change. </p>
<p>The final remark I would make is simply that there is no such thing as a perfect college. I think Harvey Mudd is a wonderful school, but I guarantee you that if you do attend, after a couple of months you will feel like an expert on all that is wrong with Harvey Mudd. That would be true of any college. Of course there is plenty of good stuff too – and we can’t predict what the bad stuff will be. But I can promise that reality will set in and carrying massive debt isn’t going to help things. </p>
<p>It’s tough to let go of a dream – but that is all it is, a dream. IF by any chance you decide to take on the debt to go to Harvey Mudd – then please, apply a rational analysis – and make the decision based on objective factors, not on the emotional angst you feel at the thought of letting your dream college go. </p>
<p>The fact that you will be taking on so much more debt than classmates could also hamper the quality of your education – they may be able to take advantage of unpaid or low-paid research or internship opportunities that you will have to pass up in favor of maximizing your earning.</p>
<p>UCI is a top tier school… all the UCs except merced are. The UC system is internationally recognized, any UC has a good name to it, and UCI is certainly no exception and has really climbed in the rankings in the last 20 years, and probably will continue to.</p>
<p>hmc is…
at the top of the top tiered schools.</p>
<p>usually you DO get a decent discount if you go to a school your parents work at.
if you go to UCI, you might be able to get away with NOT working. You can dedicate all your time to studying. Knock out a 4.0 at UCI and establish yourself as the perfect candidate and you very well could be into a top grad school.</p>
<p>you seem to already know your decision, you just want people to affirm it. I’m very very debt adverse so, I’m not the best to ask. I wish you luck either way.</p>
<p>here is another alternative, I don’t know how possible it is but…</p>
<p>work your ass off at UCI, then transfer to HMC. If you do everything right, you’ll end up with FAR, FAR FAR less debt. FAR LESS. You’ll also earn the same degree.</p>
<p>The last suggestion is definitely something to consider – 2 years of debt instead of 4 will make a significant difference. You obviously are a sharp, thoughtful individual, and most likely will get good grades at UCI. Look into transfer requirements at HM and start planning.</p>
<p>On transferring to HMC: <a href=“http://talk.collegeconfidential.com/harvey-mudd-college/264815-transfer-chances.html[/url]”>http://talk.collegeconfidential.com/harvey-mudd-college/264815-transfer-chances.html</a></p>
<p>
</p>
<p>Emory. You really want to go there and I’m with the posters who say $40,000 is about the most debt you should take on to attend a school.</p>
<p>
</p>
<p>You don’t even have to falsh forward a few decades to see this. No one cares where you’re going to school even when you are there. But do you care? Does a person have a sense that Harvey Mudd or Emory is the right place for them to be and can they swing it without accumulating too much debt? Some people really benefit from being at a school like Harvey Mudd or Emory.</p>
<p>UCI is a top tier school as xelink noted below. There is no difference between an excellent performance at HM and UCI. We hire engineers from schools across the board from Stanford to SJ State … I can tell you that we look at what the student did during his college career, his course work, how he interviews, will he be a fit, his attitude etc. Unless you want to go into Investment Banking, Venture Capital, Management Consulting, or Industries where the degree is part of the “advertising” of the capabilities of the firm or the network is important, you should go to UCI, do well and save the $. BTW, HM will not get you in the front door of those industries either if that is your goal. Once you are hired it doesn’t matter where you are from … it is how you perform.</p>