I did not go overly in-depth in regards to my calculations, but the whole amount is likely to be close to that number.
Here are the costs (I did not qualify for financial aid, and I am out of state):
~55K for first-year costs
~25K for establishing Texas residency (purchase of property, is cheaper than spending 55K every year)
~27-30K for each of the next four years (I would like to study abroad, and at the engineering seminar they said that most engineering students graduate in 5 years, especially if they participate in a study abroad program)
On the low end, this comes out to about 188K. My dad is switching jobs this year (income will be much lower), so contribution will be minimal (25K for property, which is already a stretch, and probably somewhere around 10K in contribution to total schooling expenses).
For each consecutive year, the contribution will likely be around 15-25K. However, my family is not very willing to spend such a large amount of money, especially in the first year (and I can’t really blame them, it is a lot of money).
I know mechanical engineers make a good salary, but it certainly seems like a stretch to pay off that amount of debt. We would still need to pay at the UA, but the amount is minimal in comparison to Austin (probably less than 10K first year, and nearly free the next 3 years if I live at home).
A point my parents make (and it certainly makes sense) is that if I am so undecided between engineering and medicine, I should take the cheaper route should my interests change. The UA is inferior to UT Austin in engineering, but from what I hear from you guys, the UA is still a solid institution that would provide me with a bright future, should I choose engineering. My plan after engineering was to work for a few years, and then establish a start-up. At UT Austin I’d be in the hole, whereas coming out of the UA I could allocate the money I would have used to pay my debt into establishing a start-up.