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Torn between schools

124

Replies to: Torn between schools

  • colorado_momcolorado_mom Registered User Posts: 8,893 Senior Member
    OP - Ideally you would have understood financial burden of Penn State earlier. Know that lots have families have gone down your path. Your thread will help parents of Juniors plan better.... set caveats.

    At this point, it is unfortunate that your D is set on a school that is unaffordable. You still need to make the fiscally sound decision. $80k is too much debt.
  • ucbalumnusucbalumnus Registered User Posts: 76,728 Senior Member
    One more factor - some state schools, depending on major and depending on whether one switches majors, can take more than 4 years to graduate due to course scheduling

    Not just state schools -- late graduation at any school is often due to changing major late, poor schedule planning, not taking full course loads, or failing courses and needing to repeat them or make up the credits.
  • tom1944tom1944 Registered User Posts: 6,018 Senior Member
    I am guessing NJ resident. Please be aware that the salary paid to police in NJ is not likely to be matched in other States.
  • kelsmomkelsmom Registered User Posts: 15,502 Senior Member
    We are hoping that he will go In state to Georgia tech or an OOS school that doesn't require him to take out a loan but at the end of the day he has to make that call himself.
    ******
    I do hope that the debt you allow him to take on is minimal. I think it is entirely appropriate for parents to counsel young people to avoid excessive debt, particularly when there are other options. Down the road, when he has to make decisions such as which car to buy (expensive or affordable?) or which home to buy (expensive or affordable?), he will have been "taught" to comparison shop ... that is, to shop with his head and not just his heart. It's a lesson more people (young and old) should learn.
  • feismom17feismom17 Registered User Posts: 23 New Member
    Wow- read the news about the level of indebtedness for college grads. If my child were getting a degree in engineering, math, computer engineering etc then 140K might be a worthwhile outlay. Criminal Justice ??????????? Get on the internet and look up those college loan calculators and run the numbers. You would be absolutely crazy to let her go to Penn State for that kind of money for criminal justice ! If she wants to do community college for 2 years and transfer, then it might be more affordable but I would not advise it. If she is destined for success, the college she attends will not make a difference.
    Then look up the average salary for criminal justice, history, psychology degrees ! And they are a Dime a dozen! Advise your daughter to study a math or science or health related career and if she still wants to do something in criminal justice after 4 years of college, no problem. She can walk into it without a degree in criminal justice !!
  • bethievtbethievt Registered User Posts: 6,759 Senior Member
    Do not take out $80,000 in loans for an undergrad degree in anything!
  • MichiganGeorgiaMichiganGeorgia Registered User Posts: 4,472 Senior Member
    Kelsmom - I agree with you, that's why we won't co-sign any loans. The colleges that he was thinking about were going to cost him a couple of thousand a year either in loans or a part-time job. I had both a full time job and ended up with $10,000 in student loans by the time I was done(it took me 10 years to pay it off) and that was a long time ago. So on the one hand I don't think that's too much for him to handle however I really don't want him to have any loans at all. Luckily he's a smart kid and seems to be coming around to the idea that those schools probably aren't worth the extra money.:)
  • MTnestMTnest Registered User Posts: 1,793 Senior Member
    bethievt: I totally agree with you! It is an undergrad degree and even at $80,000 that is way too much!!! Who knows what the economy will look like in 4 years and why would you want that debt hanging around your neck! I have friends who graduated with a teaching degree who are still paying off their loans and they have been working for over 10 years.
  • MichiganGeorgiaMichiganGeorgia Registered User Posts: 4,472 Senior Member
    Feismom - My son is planning on looking at engineering and I wouldn't take out $80,000.

    I don't think any degree is worth that loan cost... Plus it's the parent who is taking out the loan not the kid so even if they ended up with a great job paying $60,000 a year it doesn't mean they are going to help mom & dad pay off that $80,000...
  • PackMomPackMom Registered User Posts: 7,667 Senior Member
    Carly, there are other public schools in NC with Criminal Justice majors.
    East Carolina University
    UNC-Wilmington
    UNC-Charlotte
    Western Carolina University
    Appalachian State University
  • carly135carly135 Registered User Posts: 169 Junior Member
    Packmom,

    My D was accepted to UNC Charlotte but it was at the bottom of her list and it seemed like a commuter school to her. We visited the campus which I thought was very nice and football will be starting there Fall 2013. It is also a distance away as we live in the northeast. I'm not familiar with the other schools you mentioned but will look into those. Thanks for the information.
  • J'adoubeJ'adoube Registered User Posts: 2,133 Senior Member
    Our State Flagship sometimes allow OOS to pay in-state tuition in lieu of scholarship. Otherwise, how long do you have to live in Pennsylvania to qualify for in-state? Don't go into debt. We were in the same situation 4 years ago ($31/yr difference between State Flagship and private first choice). We swallowed hard, made the sacrifice, and went first choice because it was a much better school and he would be able to graduate w/o debt.
  • MTnestMTnest Registered User Posts: 1,793 Senior Member
    I believe you have to live in PA for at least a year before you can be considered for residency but there is a long list of requirements (and if your parents claim you on their taxes, then the parents have to prove PA residency).

    Residency Appeal - Office of the Bursar
  • cptofthehousecptofthehouse Registered User Posts: 28,105 Senior Member
    If it is a family hardship to pay the amount, then you need to sit down with your DD and explain that the school is not affordable. We set a limit for our kids and when the acceptances arrived, they just threw out anything over what was affordable to us. A couple of surprises in there in terms of some merit money so it isn't crazy to apply to some school where the sticker price is too high. The Penn State merit award is a nice sweetner, I'm sure, but if the total is still over the top, then you can't do it.

    We are doing $36K a year with DS throwing in about $6K with his summer job money and savings. We have about $12K that I go through palaptions each month when the scheduled amount becomes due. We are on a very strict budget as a result of our childrens' college expenses and we do have loans as well so we'll be paying until we are in our 70s before our youngest is paid up, based on the schedule we have set up. And that isn't even including the top cost colleges. It is so very expensive.
  • Icarus77Icarus77 Registered User Posts: 125 Junior Member
    Delineate who is responsible for the loans.If she is willing to share the OOS burden,definitively then PSU.If not then this will simmer and may become a very sore point.
This discussion has been closed.