need some honest opinions

[Only me]

DD has not been accepted to any of these schools yet but I'm 99% sure that she will. We are really having a difficult time choosing which way she should go.

 

#1-a fairly small (6,000 students) private school about 2 hours away. They have a great elementary ed program. She would live in a dorm, which is what she wants. She really wants to meet new friends and wants to have the whole college experience. This is really her dream school but it would cost around 30K including room and board. She can get a $6,000 academic scholarship and we could probably pay about 10K so the rest would have to be loans.

 

#2-Another small private college that is within commuting distance, which means she would save about 7K a year. It has a good reputation and small class size. It would cost about the same but she could get a 10K academic scholarship.

 

#3-A large state university. They have a good teaching program. She would commute since it is only 1/2 hour away. Classes would be big and the atmosphere isn't really what she is looking for. The campus is really spread out and it she would probably just attend classes and then come home so it would be more difficult for her to make friends. It would cost less but they don't have academic scholarships that aren't need based. The cost would be about 10K.

 

#4-attend community college for 2 years and then go to school #1. Of course she would save money this way but there are a few drawbacks. She would be attending school and then coming home (only a 5 minute commute). It would be more difficult for her to make friends. It might be difficult for her to start as a junior at school #1. It was difficult for her to transfer in as a sophomore at her private high school. Everyone had already formed their groups and friendships.

 

My husband feels that the most important thing is receiving a good education. He feels that choice #3 would be fine for that. Of course the education is the most important but I would also like her to be able to meet people and really enjoy her college experience. I waited a year after high school to attend college. Most of my friends had gone away to school and I was truly miserable. DD only has a few friends and they will be going away to school. If dd just commutes I really think it will be difficult for her to make friends. I also think that she would be happier at a smaller school and would feel lost in the crowd at a bigger school.

 

She is really having a difficult time deciding what to to. If she goes to the school that she really wants to then she will be in a lot of debt when she graduates. My husband and are will help as much as we can and would probably be willing to also take out a loan but next year we will have to pay for my other daughter to go to private high school. We will also eventually have to pay for all 3 kids to go to college.

 

I think that I'm also feeling guilty because we really waited too long to start college planning. My middle daughter has had a lot of medical problems this year and that has really taken up my time and concentration. DD didn't take the ACT until last summer (after her junior year). She only got a 25, which I guess is ok. She was sick at the time so I think that really affected her score. Then she was going to take it again this October but she got sick again. I rescheduled it again for this December but once again something else has come up and she won't be able to take it. I'm assuming that it would be too late for her to take it in February.

[Michelle in AL]

The only comment I can make is that student loans are very difficult to pay off when you're young and starting a family. My dh had $80,000 in loans after med school and made a good salary as a physician, but it was a big burden to pay off the loans. For 8 yrs we had to scrimp so that we could build a savings and live modestly.

 

As a teacher she'll be making a minimal salary in today's world. I would look at how long would she have to pay off the loans. Spreading it out over more than 10 yrs would make payments smaller and perhaps more doable.

 

Are there work options that she could do to contribute to dorm living either on or off campus?

 

I understand wanting to go off to college and think that experience is invaluable, I would have to weigh both options though (commuting vs private live in situation).

[Vicki]

My 3 older dc first attended our local community college for 2 years and then transferred to a local university. My oldest is now working on a double doctorate and living 300 miles away. His school is now paid for and he receives $24,000 a year to live on. I know it isn't east to make friends while living at home, but my kids did. They joined clubs and went to Bible studies offered on campus. My oldest ds was elected to student council and president of chemistry club. Our goal was for them to get a great education and not a lot of debt.

God bless,

Vicki

[Brenda in MA]

I would strongly urge her not to consider option #1. Living in the dorms is great, but having to borrow $15K/year for a student planning to be a teacher is not a good idea. Undergraduates can only qualify for a Stafford Loan ($5500/yr for freshman), so the rest of the loans would have to be in your name or have you or someone else as a cosigner.

 

I would encourage her to do either options #2 or #4. With option #2, if she gets the $10K/yr scholarship, you contribute $10K/yr, and she can get a summer/part time job and earn $3K/year, then she would not need to take out loans. I agree with one of the other posters who said that she could meet other kids if she joined some clubs, sports, etc. at the school.

 

Best wishes on a tough decision!

Brenda

[QueenCat]

Think about option 3. My son commutes, and finds ways to meet people on campus. He goes to a state school but did find a campus ministry to be involved with (Wesley Foundation). He is in two honors societies too, both of which do service projects on and near campus. He has to work 5 hours a week on campus as service for one of his academic scholarships. All of these have provided the means to meet people, and have friends to socialize with.

[Kareni]

I would also suggest that she look into possibilities that exist for teachers to teach in certain low income areas that can result in some/all loans being waived.

 

Regards,

Kareni

[MeanestMomInMidwest]

in my opinion, minimizing student loan debt should be the main goal.

Unless the main goal is the "college experience" and "making friends" then I think one must put a price on these items....is it worth $30,000 to be paid in installments for the next 15 years?

 

If she attends JC for two years, commutes, whatever, she will discover that she is not the only student in her situation. There are many opportunities to make friends.

[kokotg]

What about attending the state university but then working (before school starts and then part time while she goes) so that she can live on campus? I went to a big state school, and my experience was that the "atmosphere" was whatever I made it. It was big enough that I had no trouble finding friends with common interests, even though there were also plenty of people who I didn't fit in with. I also graduated with no debt, and I'm reminded to be grateful for that over and over again when I hear about friends my age struggling to make ends meet (even when they make far more money than we do) because of student loan debt. I went straight from grad school to having kids; not going to back to work wouldn't have been an option for me if I were trying to pay off loans. But at the same time, I do think there's a lot to be said for living away from home for college, at least if that's what you want.

[hsmamainva]

My oldest is at the community college. She took a few dual enrollment classes her junior and senior years of homeschool, but now she's going full-time.

 

She has TONS of friends! She's attending a fairly large cc campus and they have a student lounge in the main building, and she started going in there during her class breaks.

 

The campus is a good 45-60 minutes away from us, each way, so it's easier for her to load 4 or 5 classes into 2 or 3 days per week than to drive there every day. Therefore, she often has over an hour between classes. She hangs out in the student lounge and has met many, many students there and she hangs out with them on the weekends, too.

 

For instance, this semester, she leaves for school on Mondays and Wednesdays at 7:30 in the morning and her last class ends at 4:00. She has a two-hour break between 12 and 2 and she has lunch in the lounge.

 

So don't assume that she won't make friends at the community college! :)

 

My dd is 3 semesters away from her AA degree and, with her 3.0 gpa, she has guaranteed admission into the state college of her choice, where she'll be granted Junior status. We're paying around $5000 per year for the community college (and that includes books). The state college she plans to transfer to would / will run us $15,000 a year (tuition, room, board, and books).

 

So we'll save $20,000 doing it this way, at least.

[Jane in NC]

Are you quite sure that all of these financial details are written in stone? Most colleges have not yet determined who is being admitted, let alone financial aid packages. Private colleges often have generous scholarship programs.

 

Jane (who is feeling a bit confused)

[Only me]

For two of the colleges I checked on the website. One has a place where you can input the grades and ACT score and it will tell you what scholarship you are eligible for. The other one had a list and said that you could get that merit scholarship but also had to qualify for a "need" scholarship. I was quoted another one on the phone, but it wasn't "set in stone".

[LibrarianMom]

I agree that your experience at a large state university is what you make it. You can join the party crowd or you can participate in other clubs, Bible studies, etc. Also a state university does not mean you will have only all lecture hall courses. During my four years, I only had four large lecture hall classes yet even in those courses the professors recognized me and spoke to me in the hall years later. I also had a class of three students. Most of my courses had 20-40 students.

[Mary in GA]

I really feel like in this economy (or any time really) minimizing debt is the most important consideration. I have 2 nieces who graduated with what I call "crushing" debt in student loans $40-60 K. They chose majors where the income potential did not off set the debt they incurred. They are still struggling and paying over 10 yrs after graduation. Debt can really effect quality of life long after college is done. I'm just a hard core pragmatist! Those dreams of the "college experience" have to be tempered by "cold reality." Are there opportunities for co-op jobs or other work at the private schools to help with costs? Just a thought. Good luck with tough decisions.

 

Mary

[lmrich]

Since you are asking - option 1 is what I did. I had loans that were paid off by working in a title one school district (I didn't have to work in a title one school, just the district). I had everything paid off in five years. Then I started a family. I also worked through college - library, dorm advisor, teacher's aide etc... I worked all summer long too and paid for all of my expenses myself.

 

If she really wants option 1; she can do it and not pay for it forever. I will go ahead and say this too. When you are young and just starting out - it is ok to live in a tiny apartment and drive an old car and eat noodles every other night. If she can live within a budget and pay off her loans - go for the amazing experience.

[Gwen in VA]

Before making any decisions concerning money --

 

Figure out what your child's total debt would be at college graduation. Then work out how much the monthly payments would be assuming 5-year and 10-year payback plans. Then try to approximate a postgraduation budget. What might her salary be? How much for food and housing?

 

Even if the numbers are really really approximate, she will be able to get a feeling for the impact college debt will have on her lifestyle.

[Garga]

What if the current economic situation doesn't improve? And what if things start costing more, of it's hard to get decent paying jobs? The last statistic I heard is that there are 6 people for every available job. What if it doesn't get any better? What if she gets married after college, has a baby and wants to stay home and homeschool the kids? What if she wants to buy a house? What if she wants to travel?

 

If she has tens of thousands of dollars in debt, she won't be able to do much except for work.

 

Being debt-free (or close to it) should be a very serious consideration for all of us right now, especially someone with no job and who will be at the lowest end of the pay scale once she starts her job. (being fresh out of school.)

 

There are ways to make friends. In the future, there may not be ways for her to homeschool her kids or buy a house or save money if she's saddled with debt.

[mcconnellboys]

Just from what you've said, it seems to me that option number two offers something of most of the things all of you are looking for. Would that be a good compromise? I know that there will still be some debt, but it will be less than with school number one....