I was accepted to my dream school, but my financial aid package is a lot smaller than I was expecting. A year would cost me around $28,000. Which is a lot of money. I feel like I’m out of options. I really want to go to this school but is it too much to spend? Any advice? If I decide to attend, what would be a good plan of attack to take on those loans? Any advice would be seriously appreciated. I honestly don’ton’t know what to do.
Do you have any schools that are affordable?
I have one school that is affordable but it’s not as good of a college. I’m worried I won’t have as many opportunities there
A good plan for taking on over $100,000 in loans for your undergrad degree? Who will co-sign? Start there.
Does this college guarantee to meet full need for all accepted students? What led you to believe that it would be an affordable option?
What can your parents contribute annually? Do you have any acceptances with a net cost within that price point?
Opportunities? Like what?
My parents have agreed to co-sign. My original estimate was around $15,000 a year but I think my Dad’s salary messed with the numbers. He makes a lot of money now, but it’s a recent development and I have a lot of siblings also in college. He could only contribute a couple thousand dollars a year.
I have one college that would be less than $10,000 a year but that’s only because it’s nearby and only a step above a community college. I really wanted to go to a more prestigious university, but now I’m worried that’s just a byproduct of my immaturity. Does undergraduate college prestige really matter in the long run? I’m also worried my parents will be disappointed in me choosing a college that doesn’t have high rankings.
What’s the net cost of each school (tuition + room + board minus grants)? How much would you have to borrow for each of them?
@MLeigh0407 it’s very hard to give you decent advice comparing one college to another without knowing the colleges. There are some local public universities that are fine.
How are your siblings paying for college?
What major?
Like the college looking better on a resume for a job or masters program. My family is always talking about how important having good connections are. I think I would make better connections at the more expensive college. The expensive college also has really great study abroad programs that most colleges don’t have.
Like the college looking better on a resume for a job or masters program. My family is always talking about how important having good connections are. I think I would make better connections at the more expensive college. The expensive college also has really great study abroad programs that most colleges don’t have
There are study abroad programs at just about every college. What is so special about this particular program?
Keep in mind, your parents will need to be qualified co-signers for all four years of your college. Is that going to be possible…with others in college also?
Sewanee (The University of the South) is the school I want to go to and Kennesaw State University is the affordable option
I could do a semester at Cambridge if I have a high enough GPA with Sewanee. They also have a paid internship program that I think would help me with my degree. I think it would be be possible for my parenta to co-sign all four years, I’m the youngest so my other siblings will be through college soon.
Are those your only acceptances? I assume you are instate for GA.
I’ll let others comment…but I’m not sure this is worth over $100,000 in loans for your undergrad degree.
What other acceptances do you have?
Kennesaw State would be around $7,000 a year I think- I would live at home. Sewanee would be almost $30,000 and I would have to take out a loan for basically all of it.
Consider whether $100,000 in debt may be more limiting on your career and life choices than any advantage that Sewanee on your diploma may be over Kennesaw State.
Does anyone have a reasonable max that they would be willing to pay for an undergraduate degree?
Reasonably I know Kennesaw State is the wise answer but I’m really struggling to come to terms with it
What families can pay maximum is a family decision…based on the family finances. For some people, it’s $0. For others it’s full pay at a $70,000 a year private university.
If you are asking about how much in loans? I personally think the Direct Loan maximum is what students should aim for. That’s $27,000 total for the four years. Payback for 10 years is in the $350 a month range. That’s doable for many.
$100,000 in loan debt would be well over $1000 a month in payments for ten years. Remember, your loans will accrue interest too…so $100,000 in loans will be more than that when your repayment starts.
What profession are you anticipating? Will graduate school be required?
The $28,000 cost for Year 1 sounds like it’s need based and includes having one or more siblings in college at the same time. As they graduate, the amount you will be expected to pay will increase. Plus expect tuition, R & B to rise 2-5% each year. So you may be looking at a much higher cost than $120,000 or so.