I am from a small town in Utah and am trying to determine what to do for school next year. My top choice has been Georgetown University in DC, but my parents are not helping me with school and with financial aid I would still need to pay 20K per year. I have a great scholarship (tuition and housing covered) to the U. Is Georgetown worth the debt when I have an in-state school I could attend for free? I do not know what I want to major in yet, though my top choices are currently bio-chem and finance, and I am planning on law school.
Does your financial aid include federal loans? If yes, you are actually paying more than $20k. You will unlikely be able to borrow more than the federal loan by yourself.
I included $3500 in federal loans and $3000 in work-study in the $20K. That leaves me with $13,500 to still come up with. My financial aid adviser said I could take another $2500 in federal loans, and I have some savings, but it would be close. I might be able to get my parents to cosign a loan. And that’s just the first year. Yikes.
If I’m doing the math right, that’s about $60k in debt by graduation. That’s a lot, which you obviously realize.
What do you intend to major in? What is it about Georgetown that particularly draws you? Do you see grad school down the line? Grad school could obviously add even more student loans to your portfolio, but if it’s for a high wage occupation can be worth it.
I think most folks on CC would say go for the free public and then consider more well known, brand name schools for grad school. Employers will pay more attention to your grad school than undergrad.
If the allure is DC, I’m guessing Utah has an exchange program with one of the DC schools or a “semester in DC” program. You could do that for a year, plus go to DC for a summer internship.
It’s good to see you considering this issue carefully and not just jumping into debt w/o careful consideration.
Keep us posted on your decison.
Since you are planning on attending law school & since you have no particular reason for attending Georgetown, take the full ride scholarship to the University of Utah & attend Georgetown for law school.
I would read this thread. http://talk.qa.collegeconfidential.com/financial-aid-scholarships/2127831-how-long-to-pay-off-30-000-loan.html#latest
Since you would be $60k in debt, double all of the payment amounts.
Sorry – I just saw you did share your career interests in your post. That’s what happens when I respond b4 coffee! My advice is same, though.
Just wondering if you would be part of an Honors program at the U? If so, that could make it more attractive?
Do well there, take advantage of all they offer, and you will be an attractive candidate to East Coast law schools or other grad programs if that’s still your interest.
Thank you all for the advice! I am definitely leaning more towards the U. Will keep you posted 