Hi, just when we thought we were all set in our choice of Loyola Maryland, my daughter got a call from William and Mary, and she is accepted off the wait list. Scholarship at Loyola, out of state tuition and William and Mary. Is it worth the reach?
What is the difference in cost?
Also, what subjects is your daughter interested in studying?
If finances are a factor in your decision, my opinion is that taking on significant debt to attend college is never a good idea. Your daughter will have a wonderful experience at Loyola, and she will not bear the burden of such an expensive education when she graduates due to the scholarship that she received. If your daughter plans to attend graduate school, it would be in her best interest to graduate college with as little debt as possible. William and Mary and Loyola are both great schools, but I would not say that one is worth a higher price tag.
Since William and Mary is technically a state school, it is less $ to begin with, although we would be paying out of state tuition. The difference in price is about 15,000 dollars…so 60,000 over the course of 4 years. We will not get financial aid, but would be able to cover the cost (for now) without going into debt. I am hoping that my daughter could get a job as an RA to help defray the cost, thought that is no guarantee, and would not happen until sophomore, junior year. Yes, she does plan to go to graduate school.
If your D really prefers William and Mary, and if she wants to go to graduate school in a field where W&M is clearly stronger, I think it could be worth the difference. It probably wouldn’t be if it was just based on overall strength and reputation of school.
@ s42mahon - Which is cheaper? W&M or Loyola? Your post isn’t clear. $60,000 over four years is a decent chunk of change, and could go a fair way toward helping with grad school and/or life-after-college start-up costs.
If Loyola is less expensive right now because of the scholarship, what are the requirements for keeping that scholarship?
Worth a shot since they came to you perhaps express the financial difference and maybe they will throw some aid your way. Have to way whether the 60K would be better used to help her with grad school. Depends on her major - some majors it is easier to get money or TA jobs for grad school.
I would go to W and M if the cost does not cause you to divert retirement, emergency reserves or home equity. If all these are covered, you continue to save the same amount for your future and you are just tightening the belt - it’s w and m for me. Both are good schools so either would be a fine choice. I just like w and m campus location and reputation a bit more. Good luck!
All other things being equal (e.g. money), I would say William & Mary. But I won’t make a recommendation on $60K of your hard-earned money. Loyola is a good school and graduates have very good career outcomes from what I have seen, so it is a very good option. Good luck.
If humanities, arts, social science, W&M.
If business, Loyola.
For other subjects, it’s not as clear-cut.
What did you decide?
Bottom line cost: Loyola (with scholarship applied will be about $40,000. WMC will be 50,000 or 55,000 ( that’s if she takes the subsidized loan.) We went there this past weekend, and of course it was fabulous! Great vibe, sharp students, beautiful campus, fantastic research opportunities, overall great environment with strong ties to opportunities in the DC area. What’s a parent to do? My daughter wants to pack her bags and leave now!
That’s per year?
Yes, that is per year…so the difference between the 2 is about 10-15 K. I just hate leaving money of any kind on any
table any where…but some things are hard to quantify…
What is her possible intended major? That matters. 60K could be 2 years of graduate school and I’m of the mind that being debt-free gives you possible career choices you might otherwise not have, if you have to factor in ability to
pay back loans when deciding on career/jobs. imho
Is that money you have or money you’d borrow?
No… we would not need to borrow…but it’s hard earned money nonetheless
Go to William & Mary. It doesn’t look like it put you in hardship. No contest here. Big difference in quality worth it!