The Parent PLUS Loan Shell Game

KKmama
Fri, 28 Jan 2011 10:59:15 +0000

I am very sorry for my “convoluted” writing.

As I stated - unclearly perhaps - my OLDER daughter is $40,000 in debt for her undergrad degree. My YOUNGER daughter will indeed be $100,000 in debt by the time she earns her masters degree. Tuition and fees for that program, which includes summers as well as the traditional school year, will be $70,000 a year. She will also have housing, food, and transportation expenses.

The cost of the graduate program at her private school is definitely higher than the cost of the one Pennsylvania state college that offers Physician Assistant program. She chose the more expensive college for three reasons:
The private college offered a very generous scholarship that made attending there for the first four years less expensive than the state school; and
The PA education is a 3+2 program. After 4 years the student earns a BS in health sciences. But during the fourth year, students start take graduate level courses and are in the professional stage for that year and an additional year. The private college guarantees a place in the graduate program for students entering the program in the freshman year and maintaining decent grades. The state college makes no promise, and accepts far more freshmen into their pre-PA program than the graduate program can accept. It is very difficult to be accepted into a graduate program after three years of undergrad preparation. Attending the state school and then being denied entry into the graduate program would not be beneficial; and
The private college’s Physician Assistant program has better reputation and a higher percentage of students passing the licensing exam than does the public school.

Which gets me back to the point of my “convoluted” post: When is borrowing considered irresponsible? Is it wiser to borrow a larger amount of money in order to be able to have the career you feel called to, or to not attend college and stay out of debt? Is it foolish to go to the more expensive school when that school gives you the best chance of success?