This discussion was created from comments split from: 184,000 in student debt???.
My eldest son wants to go to Pace University as an athlete. Pace is his number 1 choice and he really likes it, for many reasons. I agree in that it would be a great fit for him. I am just making ends meet as it is with him and his two younger siblings, however. After a little help from athletics and merit scholarship and some other help, his COA is still $26K/year. Does $26K/year seem unreasonable?
I won’t be able to cosign for him even if I wanted to. We appealed for more aid but it was denied. Aside from the Stafford Loans and such, he would still need to borrow about $17K/year. Since he really doesn’t have credit history, would he even qualify for a loan? I’m sure others know the disappointment a parent feels when they can’t make something happen for their child.
Looking at other schools like Adelphi, Rider, Drew and WCU. WCU is West Chester University of Pennsylvania and for a state school(we live in PA), it’s still expensive. My son would still have to come up with $20K/year. Maybe I’m living too much in the past but racking up that kind od debt doesn’t seem wise. Thanks in advance for any suggestions.
He can borrow $5500 in his name for freshman year…and that is it.
If you can’t borrow, or co-sign, where is the rest of his money going to come from? He needs at least $15,000 in additional money for these schools. Pace…he would need even more.
Did he apply anywhere within commuting distance? That would reduce the room/board costs. Is there an option for a community college with transfer to a four year to finish?
After he takes athletic aid, the schools are very limited in what they can give as need based aid from the school.
For WCU, does the $20k he’d need include the $5500 or any athletic aid? That might be his best option.
I replied on the other thread. Basically, state school tuition other than at the flagships in PA runs about $9500. WSU has that price tag. Can’t really expect to get your living expenses paid, and that is what is driving up the costs for the in state smaller schools. Likely the family can swing the tuition costs just fine with Direct Loans for the student, working a bit, tightening the belt and maybe federal and state grants (Pell? PA State grant?) Pace is private and has sky high tuition in addition to the living expenses that have to be paid for student to go there.
But if he got an athletic scholarship at Pace, he might get one at WCU; both are division 2 schools.
If the total costs at WCU is $20k, there is the $5500 loan and then any state grants, then perhaps the athletic scholarship. He might be getting close to being able to work for the remaining $5000 or so.
Doing the math the same way for Pace, he’s starting at $60k, less the merit and athletic aid, and OP says that still leaves $26k per year.
You’re not living in the past. That’s way toooo much debt.
Did your son neglect to run the Net Price Calculators on schools’ websites when he was coming up with his app list?
It appears that he didn’t apply to any financial safeties. Why is that? Certainly he was aware of your limitations to be able to contribute to college, correct?
He can’t (thankfully) borrow that much and you’re smart to not consider co-signing even if you could.
Are you saying that he has no affordable options? Did he apply to any schools that he could commute to? What are his stats? What is his career goal?
WCU is about $10,500 for tuition and fees. ($7,700 tuition and $2,800 fees).
Room and board estimate is $13,500
https://www.wcupa.edu/_admissions/sch_adm/tuition.aspx
That’s $24,000
If student gets full Pell and state grant of about $3,500, plus $5,500 loan, then there is still $8,800 left to pay.
I think WCU still has a traditional dorm option, other than suite style. That might save a bit of money.
Report: Pennsylvania one of the least affordable states for college.
https://www.phillyvoice.com/university-of-pennsylvania-tuition-affordability/
@mommdc Yes, choosing traditional dorms at WCU will save at least $3350 per year (traditional double vs. least expensive double in affiliated housing).
Just some WCU Fun Facts…
WCU with no aid is about the same as PACE with aid. I don’t know whether PACE as Direct Loans and other things in their package that would be available at WCU. THe killer at WCU is the room and board. Really to get the cost down low, the student should be looking at schools to which he can commute. Room and board is $14k at a lot of the PA schools.
@cptofthehouse At least WCU still has the older “traditional” dorms, which are much less expensive than “affiliated” (newer, privately owned ones). Total room and board in traditional housing is about $8500 for the year ($5500 room, $3000 board). Off campus housing costs (after freshman year) can also be less, due to not having to buy a meal plan. However, many (most?) of the PASSHE schools tore down their older dorms to build new suite-style dorms, which, as you said, can be pricey.
Can you really get the $8500 dorms at WCU? Others are saying more like $14K. No telling what future costs are either. No idea what the student housing picture is in the town of Westchester, but I have a cousin who lives near there and she says realestate and rentals are high. She is a WCU grad from many years ago and never left the area. Her son was considering doing a masters program there, and he would have lived at home after years away at school had he done so to keep down costs. He went away to school and has to the loans to prove it, so any future education came down to going back to mama.
As an instate student he might qualify for a state grant at WCU, he won’t get that if he goes to Pace.
That could be a $3,500 difference.
since the OP is near the end of the process, there should be some firm numbers to compare. IMO, from the original post, first choice is not a good idea. That 's a lot of money to have to scrape up and borrowing it would be a horrible burden for a lifetime. With other kids yet to go to college, Pace looks like it’s unaffordable.
No idea what the financial aid packages and any merit money awards are for WCU and other schools that are on the table. But WCU still has room and board expenses as it is not within commuting distance. It is possible if the costs are way to high at any of the schools, that the OP’s son should look at options near enough to home to commute for at least the first two years. The question is how much can the OP pay towards college costs? THe student is only going to be able to borrow about $5500 in Direct loans and a bit more MAYBE if in his fin aid package on his own. Any other loans will involve the parent. No idea if PA state grants awards or federal ones like Pell.
@cptofthehouse Yes, it isn’t difficult for WCU freshmen to get traditional housing. My daughter had no trouble at all last year. I don’t know if there is ample traditional housing for upperclassmen. A majority of students move off campus after freshman year. My daughter and 3 roommates are currently sharing a 2-bedroom townhouse which rents for $1860 per month ($465 each), plus utilities (probably $50-100 month additional each). So about $6500-7000 a year (12 month lease). Food costs will vary. My daughter has cut way back on meals out and eats very little meat, so her food costs are pretty low. My daughter receives the maximum Pell grant and a state (PHEAA) grant. Together, they cover tuition/fees, and she received a small refund to use toward housing costs. PHEAA has higher income cutoffs than Pell.