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Parents are taking out bigger loans to pay for their children's college education

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Replies to: Parents are taking out bigger loans to pay for their children's college education

  • momo2x2018momo2x2018 Registered User Posts: 324 Member
    I see a number of posters here with 'boggled minds' - what boggles my mind is the cost of higher education in-general! In many parts of the developed world, a student can achieve a 3 or 4 year university education for less than the price of a one year in this country - for example: One year at UCLA for OOS incl tuition and board = $63,669 for this current academic year - Oxford University incl tuition and board APPROX $24,000 per year.
  • ucbalumnusucbalumnus Registered User Posts: 72,246 Senior Member
    edited December 5
    Oxford does cost more for non-resident (i.e. international non-EU) students, something like $33k tuition per year (varies by major), plus around $15k per year living expenses, for a total of $48k. Still less expensive than many US universities.

    But then many other countries subsidize their universities more, with fewer added student services besides the core educational services. In the US, states have been defunding their universities over time, in order to pay for other state government priorities, such as prisons (criminals from the crime wave era may be still in prison or otherwise under criminal justice supervision, even though current crime levels are much lower than a few decades ago).
  • TomSrOfBostonTomSrOfBoston Registered User Posts: 14,298 Senior Member
    @momo2x2018
    : One year at UCLA for OOS incl tuition and board = $63,669 for this current academic year

    No one from out of state needs to go to UCLA. The student and parents choose to undertake that expense. UCLA is actually quite cheap for most Californians after financial aid.
  • Mom2aphysicsgeekMom2aphysicsgeek Registered User Posts: 4,311 Senior Member
    @momo2x2018 Kids absolutely do not need to attend schools that cost anywhere near as much as UCLA OOS. That is a want, not a need.
  • Twoin18Twoin18 Registered User Posts: 878 Member
    edited December 5
    Oxford is very comparable in cost for a domestic UK student to UCLA for an in-state Californian student. The UK fees are GBP9250 ($11800) vs $13700 for UCLA. The estimated cost of food and accommodation at Oxford is GBP7500-10000 ($9500-$12700) vs $15800 for UCLA residence halls per the COA (though in fact the cheapest UCLA triple is $12900 including meal plan). However, the international premium for Oxford (varies by course but GBP18000 = $23000 is typical) is generally somewhat less than the OOS premium for UCLA ($29000). Also worth noting that the exchange rate is currently the most favorable it has been in the last several decades - for most of that time you would add 15%-25% (or more) to the dollar figures above when converting from pounds.

    The main differences are that most UK degrees are three years instead of four, and the accommodation is mostly single rooms not triples. On the other hand aid for low income families is better in California. When you also take into account that graduate salaries are much higher in the US than the UK, UCLA is probably more affordable for most Californians than Oxford is for most Brits.
  • ucbalumnusucbalumnus Registered User Posts: 72,246 Senior Member
    JBSeattle wrote:
    Plus in many foreign countries the kids do no live on a campus which can also add to the cost. This "college experience" is a large part of the cost.

    College students have to live somewhere, and most US college students live off-campus. Probably most live with parents, or wherever they were living before in the case of non-traditional students. But perhaps the US expectation of "going away to college" for those aiming for more selective/desired universities differs from many other countries, some of which have population patterns that put more people within commuting range of the more selective/desired universities.
  • HeartofDixieHeartofDixie Registered User Posts: 110 Junior Member
    @mom2collegekids
    He has decided that he wants to go into nursing, ultimate goal being nurse anesthetist. Yes, UNA is fine, but I think it would be better if he can get enough scholarships to live on campus. I fear that the drive back and forth every day will get old in a hurry, but then again there are plenty of people in our town that drive that far everyday to a job.

    I checked out Wake Forest, but it doesn't have nursing. Some of the most generous schools don't have nursing programs, and some that do(Vanderbilt, Penn, etc.) are probably out of reach with his stats.
  • mom2collegekidsmom2collegekids Forum Champion Financial Aid, Forum Champion Alabama Posts: 84,235 Forum Champion
    edited December 6
    Yes, UNA is fine, but I think it would be better if he can get enough scholarships to live on campus


    https://www.una.edu/financial-aid/scholarships-excellence.html

    With a Pell Grant and a UNA award, how much is left uncovered?

    It looks like UNA also has some housing awards and some other scholarships.

    How much can he earn/save over summers? How much can he earn during the school year?

    Does his father live closer to UNA? Could he commute from there?
  • CupCakeMuffinsCupCakeMuffins Registered User Posts: 632 Member
    edited December 6
    Its difficult to say no when your kid works hard and gets accepted into uber selective school of his dream which can provide a great experience and boost his future. Believe me, it breaks a parent's heart, some crumble and opt for breaking the bank instead because only reason kid is not getting aid is parent's financial situation. Show some compassion dear critics.
  • twoinanddonetwoinanddone Registered User Posts: 19,584 Senior Member
    In the case of the two governors, the parents could certainly have taken higher paying jobs and been able to pay OOP. They chose a lifestyle and their kids have to live within that income too. If they don't want to say no to their kids, they should choose a different job.

    It is one thing to borrow $10k extra which the parent knows can be paid back quickly, entirely another to borrow $300k and intend to keep borrowing for more kids with no change in income. The issue could be tamed with limiting the amount of a PLUS loan or limiting the amount the government will guarantee for a private loan.
  • HeartofDixieHeartofDixie Registered User Posts: 110 Junior Member
    He currently has the $3,500 scholarship at UNA, a 26 on his ACT Saturday would bump it up to $6,500. Tuition and fees will be a little over $10,000 so the current scholarship and pell grant will almost cover tuition and fees. He is applying for the leadership scholarships, we will just have to wait and see how that turns out. Also, working on essay for honors college application, which would open up some more scholarship opportunities as well as honors housing which is the cheapest on campus. There are also endowed scholarships to apply for, but the application isn't up for that yet. There is also project OPEN which is for disadvantaged students who have declared a nursing major, the application doesn't open until February 1st. The award for those selected covers tuition and fees for 9 credit hours Freshman and Sophomore year and 15 hours Junior and Senior year.


    There are definitely scholarships available, but only the $3,500 is certain right now.
  • mom2collegekidsmom2collegekids Forum Champion Financial Aid, Forum Champion Alabama Posts: 84,235 Forum Champion
    ^
    Good luck on the ACT!

    BTW....did he take the SAT? If not, why not?
  • mom2collegekidsmom2collegekids Forum Champion Financial Aid, Forum Champion Alabama Posts: 84,235 Forum Champion
    Believe me, it breaks a parent's heart, some crumble and opt for breaking the bank instead because only reason kid is not getting aid is parent's financial situation. Show some compassion dear critics.


    Absolutely not true.

    You’re assuming that all of these parents who are taking out these loans have children attending schools that “meet need.” Absolutely not the case, and more likely, not the case in most instances.

    Most schools don’t meet need. Most schools gap, particularly state schools, mid/low level private schools and OOS public schools.

    There are many families with EFCs that are between 0 and $20k who’ve been given lousy aid pkgs with $30k-60k gaps.

    All one has to do is watch threads on College Confidential or in Facebook parents groups. There are plenty of low/modest parents borrowing huge amounts so that their child can go to their “dream school.”

    Do you know how many threads we’ve seen in the past where a low/modest income parent takes on huge Plus loans so that their child can go to NYU???

    Personally, I know a modest income single mom with 2 kids attending an OOS flagship. The only FA they’re getting are Pell Grants and federal loans. She’s taken out Plus loans for both kids. It makes me sad and physically ill that, so far, she has over $150k in Plus loans and her second child is only a freshman! She will easily end up with over $200k in debt. She is “opting to break the bank” even though her kids aren’t getting aid EVEN THOUGH her EFC is low enough to qualify.

  • HeartofDixieHeartofDixie Registered User Posts: 110 Junior Member
    Yes, he has taken the SAT twice, 1170 first time and 1200 last time. His reading was 590 both times but math went from 580 to 610. He took ACT for first time in June after 10th grade and scored 24, another 24, then a 23. Some areas went up while others went down but there has been very little variance in his scores across 3 ACT and 2 SAT so far.
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