<p>So, right now, we have 3 options. #1 A State U, we could pay cash for all 4 years, but it is in a rural location with not much around it for jobs and no job opportunities on campus. Internships, etc, would definitely require a car, which D does not have. Not a stellar school, but fine. Option #2 A private U with good rep, in the heart of everything, great location, lots of public trans, excellent opportunities. We could pay cash for year 1 and then have to borrow a little for each of the other 3 years, but manageable if not financially ideal. Option #3 also in a city, OK rep, but not as good as option 2, they offered less aid but I am going to try to see if they can give more, so it would be the mid priced option (right now it is the most expensive). Option 1 could lead to more expenses for a car, insurance, car repairs, etc, travel to internships, and not as many available opportunities overall. D is headed toward a career where it helps to have lots of early exposure in the field, and I don’t think option 1 can offer as much as the other 2 options, or it will take a lot more work to make those opportunities happen. Do we go with money only, or consider everything all together? I am confused…and keep waffling back and forth!</p>
<p>“Borrow a little” can mean different things to different people. Depending on your financial circumstances, total college debt of under $30K for undergraduate could be pretty workable – but for some families that might be the equivalent of another car payment that they just can’t swing.</p>
<p>It sounds like Option 2 might be the best fit if you can work it financially.</p>
<p>Which school does D want to go to most?
Of course, cost may be a deciding factor, but if they were all equal, which would she choose?</p>
<p>Option 2–not trying to talk you out of it, just remember to factor in increases in costs over the years, too; depending on what city it is in, renting off-campus may be cheaper or the costs for apartments may be sky high, so consider that too (assuming she’ll only live on campus 1-2 years?)</p>
<p>Overall, if you’re not talking debt that feels excessive to you (ie, you know you can qualify for the loans, and paying them back won’t be a hardship)–then option 2 sounds the best, esp if it is where D wants to be.</p>
<p>another point–is the career she’s headed for something that requires grad school? If so, the State U may be better in the long run, so that you can maybe help her out w/ grad school a bit?</p>
<p>Perhaps Option 1 would have the opportunities and internships – have you looked into it again? Because the cost of a car, ins, gas ,might wind up being less expensive than borrowing for Option 2 for three years. Call Option 1’s dept and check; and remember that kids change their minds about what they want to study. Your daughter might also be able to find internships etc in the summer closer to your home and save on housing as well as gaining experience. </p>
<p>Option 2 depends on your finances and how comfortable you are with debt for education. Verify what your actual cost and loans would be for four years. Figure out if this is reasonable for you to assume.</p>
<p>Thanks. Your feedback is helpful. I am trying to keep emotions out of this. D’s choice is option 2, but still telling her we need to look into all of them and stay open at this point.</p>
<p>You may intend to shoulder all debt–I am not sure. But with our D, we had said we could afford the cost of instate, and anything above that would be her debt to pay (or hers to work off through summer jobs, etc). </p>
<p>I made a comprehensive list of each of 5 ‘finalist’ schools cost of attendance–tuition, R&B, travel costs, and then added spending money and books to each of those; multiplied by 4 years, and then subtracted the COA of the state school to get the difference. (I figured we could pick up the tuition increases ourselves).</p>
<p>Then I had an amount of what she would need to earn/borrow to attend each school. One, a well-known OOS flagship, came off the list immediately when she saw it would entail earning/borrowing 25-30k over the 4 years, maybe less if she got a parttime job during the school year. </p>
<p>She was lucky to have 2 options that required no borrowing at all, picked one, and is very happy there.</p>
<p>*I also took the net expected loan amount for each option and calculated monthly payments.</p>
<p>Teachandmom, option 1 could have on campus jobs and for internships, your D may go to other locations. My friend’s D went to a college in the middle of nowhere but has gone abroad for a year, and a semester away. Depending on the cost differential, there may be a lot of flex in what you can afford for opportunities for you D going to a more affordable schools. It’s not as though there are internships abound at any college just begging for students to come and get paid. Many internships and opportunities COST money. You are fooling yourself if you think otherwise. And many of them are off locale and during the summer or require a term off. Even many of the kids who go to NYU take opportunities that are NOT in NYC, believe it or not. Your D is going to college for the classes, not for job and internship opportunities on site. Unless the school is Northeastern or one like it with non traditional programs that distinguish it sharply from other schools, it is not a good criteria to use other than in an “all things equal” dealbreaker.</p>
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<p>I would suggest in this case, that D be required to have some investment if this is her choice; and not be just choosing to spend mom’s money.</p>
<p>I suggest she be required to contribute a defined amount of cash to her education every year, and maybe even have her take out the available Direct Loans (or a portion of them).</p>