Right now I have two deposits in at two different schools (late to the game- but I am taking a gap year).
I visited and loved Tulane and immediately deposited after the tour. However, if I would go there I would accumulate between $40,000-70,000 in debt. I have siblings in college at the same time as me, as well.
The other option is closer, much bigger (scared about big class sizes), higher ranked not that that means much, and will cost less than $20,000 a year. I won’t be in any debt and my family will not face the financial burden that they would with Tulane. To maintain my privacy I won’t mention which school this is, but I did deposit there as well.
I tell people that I will be attending the cheaper school as opposed to Tulane, and I’ve accepted that decision. But part of me still wonders if I should go with that gut-feeling of loving Tulane. The other part of me thinks that for an undergraduate degree I should avoid as much debt as possible since I know that I will want to continue my studies after graduation. Tulane is a great school and I don’t mean to bash on its reputation or credibility-- but I don’t know if it would be worth all the debt. I also think that I will be happy either place I go. I guess this isn’t as much of a question as it just my need for others’ agreement in my decision.
Has anyone debated between a cheaper school and a drastically more expensive school? Which did you end up choosing and why?
I am not in the category of your last questions, but being fiscally responsible is not “bashing” anyone. You are smart to come out of undergrad with no debt, and to my mind $40,000+ in debt is too much. Most likely it would end up in the higher end of your range, it usually does. If grad school or professional school is in your future, you can reconsider Tulane then.
Tulane is very generous with financial aid, so just be sure you have exhausted all of your financial aid options before you make your final cost comparison. Also investigate whether the financial aid package can be increased in subsequent years based on superior academic performance or other criteria. If you prefer Tulane, it would be a shame to not go there on the basis of cost without exploring all avenues of financial assistance.
They were generous with their aid but I would still graduate with a significant amount of debt. This year Tulane stopped any financial aid negotiations. As my siblings will have graduated my final two years in college, my aid package is likely to decrease.
@ctangel
Presumably that would also free up more of your parents’ earnings for those years to contribute to your education. Whether those would exactly offset the decrease in FA is anyone’s guess, but I suspect not.
It is obvious to say the less debt the better, but that is too simple. Some debt can be a good idea if it indeed helps you attend a school that is much more suited to your needs and wants, and of course it is a great thing if it helps you attend college at all. But there is a limit as to how much debt is reasonable to take on, and when on the other hand it is likely to be a bigger burden than it was worth. To me the upper limit for undergrad is around $30K. For most people that get reasonable jobs that pay in the $50K range, which is I think fairly average these days coming out of undergrad, that amount of debt represents a payment that is manageable, assuming one is level-headed about other costs. Of course there are so many variables it is hard to fixate on that number. Maybe you are for sure going to be an engineer, in which case the salary is likely to be much higher, or you are going to teach in which case it is likely to be lower starting out. Living in NYC or Omaha are very different cost scenarios. Too many things are unknown to say anything with certainty, which is of course mainly why the less debt the better.
In the end, the $40K-$70K number would give me great pause, especially that upper end. It just doesn’t seem worth having that cloud over you in 5 years or whenever when you can get a good education elsewhere with little to no debt. You have the rest of your life to explore new experiences. It isn’t the same as being an undergrad somewhere for 4 years I know, but that can only be worth so much. And btw, if you aren’t paying off a student loan every month you can put that money in a very nice vacation fund.
You seem to have a good head on your shoulders and are considerate of your parents’ finances. The ability to weigh competing alternatives, assess strengths and weaknesses while taking into account your values and being considerate of others, will all lead to success in your career and in life irrespective of where you go to school. Best of luck to you going forward.
Thank you @NJDad68 and @fallenchemist ! I will only be deferring my admission to the other school but I really appreciate both of your help as it has validated my decision.