I think as people are looking at their acceptances for Mt & deciding between schools, a huge consideration should be financial. But it seems to me like so many people blow this off. They are so concerned with a school that is better “name wise “ or w/ the prestige and are willing to break the bank or go into debt to send the kid there when , to confront the elephant in the room… MT does not have a great job record or a great return on investment. And we all know it.
When my D decided between her
acceptances we discussed the fact with her that we were not going to be taking out parent loans. That if there was a gap between what we could pay toward her college & what it cost that she would need to take out a student loan. But we also advised her of the consequence this has upon graduation. And that the payment is due in 6 months . And she may not have a job to pay it…or she will be able to pay it but do nothing else which would affect her auditioning and relocating , rent deposits etc.
Luckily she chose a school she was comfortable with MT program wise & was affordable for us and she will graduate with no student debt to speak of. Now she did change majors so if she needs to go extra semester then that may entail a very small loan but it will be little .
I really think everyone deciding on schools needs to really sit down with their kid and discuss the financial aspect. Esp if student loans are in the picture. Kids who are 17 and 18 are clueless about money for the most part. Some don’t even understand the concept of credit and the possibility of ruining credit down the road with unpaid loans .