I have made a huge mistake-cost of college

Paying for College
41

Yes, I regret withdrawing them so early, although only two of the ones I withdrew are even remotely affordable without cosigning. My parents told me last year ‘’$35k is fine" and I took their word and was a little clueless. Its a complicated situation because I don’t have a car and my parents are saying that if they buy me a car they will not pay any interest. There is no way I could have afforded Syracuse. I did not withdraw from the school I committed. Ironically they are really focused on a secure retirement but I have no idea what that means.

42

I question when I hear someone tell me to ‘‘go to your cheap local state school’’-there is no such thing here

43

You live in Pennsylvania?

44

Yes.

45

so, are you leaving the state and dorming?

46

IS there a Penn State regional campus near you? I would think you may be better going to CC for. year, I may say gap year but your family life seems somewhat stressful so maybe being out of the home more could be a good thing. Another idea is go ROTC, it is not for everyone but it is much better than 100k in debt, or go to the local jesuit school and work you but off to become a RA, again not a given but would save you room and board for 3 years. Rutgers for instance has a dorm where the kids do everything, they cook , clean and run it in exchange for free room and board, see if any schools near you may have something similar.

47

@Sunflower36 Did you apply to any of the PASSHE schools?

48

I agree with the general advice of most of the posters here.

However, it is not ok to disrespect your parents like this imho.

We have no idea of their story or what they’ve done for you to be such an accomplished young adult.

They may not realize the financial implications, the idea of you going away to college may be a dream for them.

You mentioned they did not attend college.

You are definately their personal focus and no one here should come in between that for you.

The concept of college and what it can do for you is many times a result of one’s perspective. They may or may not have ever had the opportunity. It may have been a lifelong regret or hinderance professionally.

Choose your college and the debt equation very carefully, as you are doing.

Take the financial advice from the posters. Leave the judgement and crass remarks alone.

Sit with them and have an honest conversation. Do not get emotional. Calmly review the cost per month of a 100k student loan after college and how heavy that would be for you. Understand they want what’s best for you and that’s what is motivating them. Be kind.

I like your choices. See if perhaps U Scranton would work for them as discussed.

Is there anything else behind your decision? Perhaps a boy or girl friend. Your friends. Something other than college in this decision.

1 Like
49

Unfortunately, Pennsylvania is one of the states with poor in-state public college affordability (both PASSHE and CSHE colleges). However, the average student loan debt of BA/BS graduates is $37k (still high compared to most other states), not $100k.

https://college-insight.org/explore/step3/?entity_ids=4219999999,4212210571,4212210669,4212210775,4212210809,4212211088,4211211158,4212210492,4212211273,4212211291,4212211352,4212215114,4211211361,4212211431,4212211440,4212211468,4212211556,4212211583,4211211608,4211211644,4212211024,4212211893,4212210739,4212211981,4212212009,4212212054,4212212106,4211212115,4212212133,4211212160,4212212197,4212480134,4212212577,4212212601,4212212656,4212212674,4212212771,4212212805,4212212832,4212446640,4212212911,4212212984,4212213011,4211213020,4212215099,4212213251,4212213303,4212213321,4211213349,4212213358,4212213367,4212213376,4212213385,4212213400,4212213507,4212213543,4211213598,4211213613,4212213668,4211213783,4212213826,4212213987,4212213996,4211214041,4212214069,4212214148,4212214157,4212214166,4212214175,4212214272,4212214883,4212214971,4212215053,4212442356,4211366252,4211214777,4211214801,4211214689,4211214698,4211214704,4211214731,4211214740,4211214591,4211214759,4211214786,4211214713,4211214768,4211214670,4211214795,4211214625,4211214810,4211214634,4211214643,4211214652,4211214829,4211479956,4212215415,4212215442,4212215655,4212215691,4212216047,4212215743,4212215770,4212215798,4212215947,4211216010,4211216038,4212216278,4212216287,4212216311,4211216339,4212215105,4212216357,4212216366,4212215062,4211215266,4211215275,4211215284,4211215293,4212215929,4212216542,4212215132,4212216524,4212216597,4212216667,4212216694,4211216764,4212216807,4212216852,4212216931,4212217013,4212217040,4212217059&years=2017&variables=fa_loans_debt_avg_d,fa_loans_debt_p,fa_loans_nfed_vol_p,coa_tuit_fees_d,coa_on_tcoa_d,en_fall_ug_tot_n,fa_grants_inst_nb_p,fa_sfa_pell_p&is_state=true&state=42

50

Agree with most comments. $100K debt is not a good idea. Maybe I missed it but what is your EFC?

Other than a gap year or community college, keep an eye out for the list of schools with open seats that comes out the first week of May (might change this year due to Covid). Some still offer aid. I can’t think of the name but someone might chime in.

We put together a spreadsheet with colleges and costs for each of the 4 years. Also included community college options including living at home just to see the differences. It was helpful to see the numbers.

We also live in Pa. The state higher ed system has really failed its kids.

Good luck

51

The list of schools that have open seats after May 1st is from NACAC. Last year’s thread.

http://talk.collegeconfidential.com/college-search-selection/2141851-2019-nacac-list.html

You can also share this with your parents.

http://talk.collegeconfidential.com/financial-aid-scholarships/2125175-the-psychological-effects-of-loan-debt.html#latest

52

OP Have you seen the article in the Washington Post about colleges starting to sweeten the deal in order to enroll their upcoming classes? Start negotiations with the Jesuit college and the rural college to see if they can bring down the price further. You need to make a cold and calculated decision.

https://www.washingtonpost.com/local/education/desperate-for-fall-enrollment-colleges-are-luring-students-with-campus-perks-and-cold-cash/2020/04/22/b6452686-84cd-11ea-a3eb-e9fc93160703_story.html

53

Thanks for sharing this link (and the note to click on the state not just hover over it!) - my D21 found it both fascinating and helpful!