Is Chicago worth it for my specific situation? (Lansing, Detroit: student loan, how much)

[bburk14]

Okay some background information first. I am currently in high school in Michigan and have been accepted into quite a few colleges. Two of which are in chicago(depaul and Uic), I really love chicago, but my main dilemma is affording to go to school there. So my question for you guys is it worth going to school in Chicago despite the high prices or should I attend school here in Michigan probably in metro detroit. Although I was accepted into western and gvsu. Thank you everyone for the assistance in this decision.

[chet everett]

Originally Posted by bburk14

Okay some background information first. I am currently in high school in Michigan and have been accepted into quite a few colleges. Two of which are in chicago(depaul and Uic), I really love chicago, but my main dilemma is affording to go to school there. So my question for you guys is it worth going to school in Chicago despite the high prices or should I attend school here in Michigan probably in metro detroit. Although I was accepted into western and gvsu. Thank you everyone for the assistance in this decision.

I know many people who have earned degrees from colleges in the metro Detroit area that now have good jobs in Chicago. If you can save money by staying in your home state and then have more to spend on an eventual move that makes a lot of sense.

[bburk14]

Yeah I thought about that. But I also wondered if establishing connections in the Chicago area would prove to be more beneficial in the long run.

[DrEarth]

I would definitely pass on DePaul, unless the school pays for most of it. It's way too expensive for what it is. UIC is much better, but you would still be paying out-of-state tuition, as well as living expenses.

I would advise you to calculate each scenario very carefully, including living expenses, transportation, scholarships, etc, as well as take into consideration of your proposed major and prospects of a job when you graduate. Then after you have a final number of proposed expenses for each scenario, go to a student loan calculator, and see what your monthly payments will be upon graduation. Then check to see how long it will take to pay off the loan, as well as how much interest you will pay.

Next ask yourself, "will a degree in _______ be worth $____ amount of debt?"

I have known many people who moved to Chicago for university, and when graduating have anywhere from $50k - $150k worth of debt from one of the many private universities. In my opinion, it is not worth it, but I'm not the one living with the debt either.

I just hate to see people make a bad choice that can have the possibility to cripple them financially for a significant portion of their life. So, it is a very important decision you should think carefully about. Only you can make the decision, and it is very good you are asking questions now.

[bburk14]

Thank you for the replies are appreciate it. And I'll look into all of the above costs! Thank you again

[jonnynonos]

I wouldn't do it. Those schools aren't prestigious enough where it's going to make a huge difference if you can save significantly staying in state. That being said, you have to research your financial aid package from each institution. U of I are especially DePaul are probably more prestigious than WMU and GVSU. It's really a cost benefit analysis question, which is impossible to make without knowing the financial aid departments are going to throw at you.

[bburk14]

Despite getting into debt chicago is very appealing to me. Is it all it's cracked up to be? Even on a very very tight budget? I will probably stay in Michigan but I would still like some more input. Thanks again!

[pidgeon92]

If it appeals to you now, it will likely appeal to you in four years. Don't go into debt for a location.

[chet everett]

There are almost certainly more options for things like live music in places East Lansing or Ann Arbor given the relative numbers of under 21 crowd in those towns compared to Chicago.

The real "plus" of Chicago is for folks that are going to be able to mix / meet in their post college years.

If you save your money it makes things easier down the road.

[bburk14]

Thanks so much. I will be staying in Michigan for school! Which is probably my best bet not only financially, but all of my family and friends live here too. Maybe some time down the road I'll give chicago a try. I appreciate all of the feedback and merry Christmas!