Also keep in mind Univerity of the South is no where near any jobs. Its isolated. While it is a reputable school, many people have never heard of it. Take away perceptions and choose the financially wise choice.
@MLeigh0407 jumping in to say that Kennesaw is nothing to be ashamed of. I’ve never heard of Sewanee, if I came across it on a resume (which I never have), I would have to google it. Kennesaw I’ve heard of and am fine with for my employees (not that I really judge where anyone goes). I would take the in-state tuition, especially if you have HOPE, and plan on saving the money for grad school. Now what would be a red flag for me on a background check is massive debt, which can be a factor depending on the industry.
@Mleigh0407 - just wanted to say, I know Sewanee, so I understand why you would want to go there. But I don’t think it’s worth the debt. I will also say-my parents were divorced, I went to a similar school and while I didn’t have loans, the financials were so stressful that in hindsight I might have made a different choice had I known. It’s very expensive to just BE on a campus like that-I found that everyone had a lot of $$ for things all the time and I was always broke! That was hard. I don’t know if you are totally done with the process, but have you looked at Sweet Briar College in VA? They have an arts management program, are located right next to a museum-their tuition is affordable for a private and if your stats are good, it might come into your range. I understand your disappointment. You’ve asked a few times what amount we’d allow our children to borrow-I’d say max 20K. Debt is really, really stressful. It really limits your options-you can’t quit a job that you hate, or move to a new state and start over because you’ve got payments.
My D thanks me at least once a month for insisting that she go to a state school with no loans, that I could afford to pay for her. Every so often, she will just text to say thank you - that yet another friend is moving home because they have too much student loan debt or that another friend can’t go out for dinner or go to a wedding because they have to make a loan payment.
Go to the school you can afford, so you can take the job you want in arts management after that.
As a parent I am not willing to go into debt for my children’s college expenses. They are all going to take the federal loans and we will try to help them pay as they go. They will have to get scholarships and or choose schools that are in our budget. Do your stats get you merit anywhere?
Having debt means that you have to pursue jobs that pay enough to service the debt. As you mentioned, you are considering being a flight attendant instead of a an event planner. So instead of working towards the job you want, you are planning to work for ten years in a job you don’t want. That is often the result of having massive debt. 100K+ is massive debt. Being debt free means you have more options. It means that your have more flexibility to take a lower paying job if you want because it would be a good career builder.
Personally, I would try to stop worrying about disappointing people or impressing them. If they give you a hard time just say you made the best decision for the life you want. It is your life after all.
Having no debt is basically the definition of freedom.
I doubt you will find many people that say man I am really happy I took on this debt. It wasn’t painful paying it back. I liked having to live with my parents for 3-4 years after graduation. I have people who work for me that are in that situation. Sure they will eventually be done, but it wasn’t worth it for them.
@MLeigh0407 You’re making the right decision. I was accepted to more expensive, well known schools, with scholarships but not as much as I hoped. One of the best decisions I ever made was to minimize loans and graduate with little debt. It has allowed me incredible freedom as an adult to have an enviable career in which I chose awesome-sounding assignments over a corporate job many times.
I also agree with those who point out you can transfer.
With foresight like you are showing and good judgment, there is surely a good future ahead of you. Good luck.
It is a family decision, but bear in mind that your parents (and you) are going to be very very tempted to go with the higher priced choice, price be danged! The issue here is whether it is really your parents should be doing–cosigning for you, in their financial situation. In many situations of such cosigns, they will be stuck with the loan if anything happened to you. Or if you just couldn’t make the money you are expecting to make out of school. $100K buys a lot, a house, in many parts of the country, and believe me, you are going to want the car and living situation that your classmates will be getting upon graduation. Those with a $100K mon(k)ey on their backs are at distinct disadvantage. More so than graduating from a state school.
It’s also not “just” $100K. College costs go up each year and schools also inherently expect upperclassmen to take on more of the cost. So your school costs will go up. Not to mention the interest that starts accruing the instant you take out the loan.
Frankly, unless you get some great deal in one of those conjoined loans, the Parent loan–PLUS is probably the way to go in that your parents won’t be stuck with it if you are out of the picture. Your credit will likely be adversely affected with such a huge outstanding loan balance so early in your life, that it could hamper your opportunities. Trust me in that you will likely need credit when you start out your career years.