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Right. But I personally would err on not shelling out a fortune to go to a name school or a fun school or a schol with a good basketball team if I could save a lot of money going to a comparable, even if slightly less prestigious, school, and I would strongly consider staying at home rather than taking on tens of thousands of dollars to have a "college experience."
A few select fields aside, your starting salary is likely to be insufficient to effectively service a ton of debt.
It's obviously a personal decision and everyone's situation is different, but clearly a lot of young people are having buyers regret after taking on huge college debt.
If you are debating betwen going to Stanford and a far lesser school with an eye on becoming a CPA or engineer or something, yes, it makes more sense to bet on future earnings. But a lot of decent if not world beating schools have also become outrageously expensive. I would be mindful of that and if you can attend a somewhat similar school at a discount, that is what I would do, regardless of geography, social scene, etc.
You make some good points. I went to a highly ranked, state university as an out-of-state resident which was obviously more expensive. I didn't know what I wanted to do at the time, and a few years after college I went to grad school and switched my career path. I still feel kind of guilty that my parents paid a lot more than they could have if I just went to my state school. Luckily I graduated in the early 2000s, and the price I paid as an out-of-state resident is cheaper than what in-state residents pay now. So, I agree that it really only makes sense to go to a more expensive school (private, out-of-state) if it will pay off in the end and help you due to rank/reputation in a certain academic discipline.
Bella84 also makes a good point that the "college experience" is important. For the OP, DePaul may not give you that traditional experience, as she pointed out, due to the relatively high number of commuters. If Chicago is really a dream of yours, it could be worth it. I would probably still advise you to take some time to decide on the best fit for you, and remember you can always move to Chicago after you graduate or for grad school (if you go that route).
I see your point, and I really do agree that college has become too expensive and the debt too burdensome. While I don't necessarily agree that the following is the right thing for the economy of our country (we do give out too much loan money, in my opinion), it's working out well for me for the time being... You are correct that the low payment plans obviously add on more interest than if you were paying a higher monthly payment. However, most of them have a cut-off based on years of repayment. So, I basically just make the minimum payment based on my income for 25 years, and then I'm free of anything left on the tab after that. So, I'll never fully pay off my loans with all of their interest, but the slate will be wiped clean after 25 years regardless. And, in the meantime, I'm not hit with a ridiculously high payment that I could never afford.
I also agree with you that everyone is entitled to their opinion. We don't all have the same values, interests, or finances. That's why I think the OP has to trust his/her gut and do what makes sense for him/her. If he/she can get through college with no debt because the parents are able and willing to pay, why not go away to college? It will be a good life experience regardless of where he/she goes.
That is a relatively new program as far as I know, under Obama, and I would be cautious about putting too much faith in it. People had the same attitude toward defaulting on student loans years ago, until it became impossible to absolve federal student loans through bankruptcy.
Although it is likely that after 25 years your lender will have gotten their principal back and a lot more regardless.
In short, it is like a mercy rule...they have taken you for such a ride that they finally let you go.
Even if your monthly payment is only $200 you will have given them $60,000 that you could have put in a 401k. Just for illustrative purposes, that same $200 in a S&P index fund 401k would be approximately $300k.
Again, I am not telling anyone to do anything; everyone's circumstances are different. I am just saying be mindful and proceed with caution!
That is a relatively new program as far as I know, under Obama, and I would be cautious about putting too much faith in it. People had the same attitude toward defaulting on student loans years ago, until it became impossible to absolve federal student loans through bankruptcy.
Although it is likely that after 25 years your lender will have gotten their principal back and a lot more regardless.
In short, it is like a mercy rule...they have taken you for such a ride that they finally let you go.
Even if your monthly payment is only $200 you will have given them $60,000 that you could have put in a 401k. Just for illustrative purposes, that same $200 in a S&P index fund 401k would be approximately $300k.
Again, I am not telling anyone to do anything; everyone's circumstances are different. I am just saying be mindful and proceed with caution!
Good advice.
To be clear, my payment is currently less than that, and I probably won't be making payments for 25 years due to teacher/public service loan forgiveness programs anyway. I just like to keep the 25 year stipulation in mind in case I decide to get out of teaching before my loans are fully forgiven. I do see your point and agree with proceeding with caution, but I just couldn't imagine not going away to college and working in the field I wanted to work in (which doesn't pay well). I know I didn't make the wisest choice financially, but I live each day without regret knowing that I get to do what what I want to do for a career and that I had a great time when I went away to college. I might regret my lack of investments someday, when/if I make it to retirement, but for now, I prefer to be satisfied living in the moment.
So, as you said, we all have different circumstances and priorities, and it seems like we've illustrated that very well here. OP, you have to decide what is the priority for you.
I went to a highly ranked, state university as an out-of-state resident which was obviously more expensive. I didn't know what I wanted to do at the time, and a few years after college I went to grad school and switched my career path. I still feel kind of guilty that my parents paid a lot more than they could have if I just went to my state school. Luckily I graduated in the early 2000s, and the price I paid as an out-of-state resident is cheaper than what in-state residents pay now. So, I agree that it really only makes sense to go to a more expensive school (private, out-of-state) if it will pay off in the end and help you due to rank/reputation in a certain academic discipline.
Funny. I could have written almost that exact same thing. Just replace "early 2000s" with "mid 2000s".
There's something to be said for the "college experience". Yes, graduating with student loan debt is unpleasant, but it doesn't sound like the OP has that to worry about. Plus, even if he/she did, there are currently a lot of repayment options, some of which keep your payments low if your income is low enough. I'm not sure that anyone can get the true "college experience" at an urban school, since there is so much more going on around the city than just one small private college. However, I think the going away to college helps to build independence and can lead to lifelong relationships that you wouldn't otherwise have if you lived at home with your parents and commuted. Sure, saving the money would be great, but that would be the only benefit.
I moved out of my parents' house when I went to undergrad, and I never returned for more than a two month stay, not even during summer vacations from college. I have student loan debt, and I'm not happy about it. However, looking back, I can say with certainty that I made the right decision (for me) in going away to college for undergrad and grad school and graduating in debt. I wish I had the extra money I'm paying in loans, but I wouldn't trade the experience I had or the friends I made just to be debt-free. That's just me...
OP, you should follow your gut. Be responsible and wise as you make your decisions, but, if going away is what you want to do, then do it. You may or may not get the "college experience" at DePaul, considering that there are so many commuters and the new freshman events are behind you. However, if you put yourself out there, you'll make friends in a large city like Chicago. They might not all be fellow DePaul students, but you'll definitely meet people. Of course, the same could be said if you wait to move to Chicago after you get your degree. If you truly want that "college experience", then you might be better off looking at a school in a college town, as opposed to a school in a large, urban city.
I don't need a true "college experience." Since I'm in community college, I don't even get that anyways. I just really want to live on my own. Honestly I would rather go to college in a big city than a small, college town. I want a lot of options of things to do. I think I would be bored in a small college town in the middle of nowhere, but it still would be better than my community college experience. I don't want to just party on the weekends, I want to explore and do fun things in the city. I'm not interested in joining a sorority at all.
I am really worried about the friends thing though. I haven't made any real friends at my community college here, seriously. It's hard. I'm even in a club, but people already have their groups and I'm not that outgoing. I mean what's the point of living in a big city and not having anyone to enjoy it with? I don't want to feel alone in a huge city. But I think I would live on-campus and have a roommate, so I could meet people that way.
Some other schools I'm considering are: University of San Francisco, University of Denver, ASU, University of Utah, University of Oregon, University of Nevada Las Vegas, and University of Arizona. Those privates are $6K more than DePaul and the out of state schools are still pretty pricey. University of Oregon is $30K per year just for tuition and UA is $28K.
^What do you guys think of those schools?
I could go to all these schools in Fall 2015 and Spring 2016, but for all UC's and cal-states I most likely couldn't go until Fall 2017 because you need at least 60 units of transferrable courses and it's so hard to get classes here. I'm not saying I don't want to go a California school, it just takes a lot of time to transfer there, and I don't know if I could even get into the schools I want. I guess I could always transfer to Santa Monica City college, or some college in San Diego or San Francisco if I wanted to experience living on my own in a more fun, happening part of California before going on to a four-year college. But the thing is I would have to pay rent and it's far from cheap there and one of the main reasons of community college is to save money.
Right. But I personally would err on not shelling out a fortune to go to a name school or a fun school or a schol with a good basketball team if I could save a lot of money going to a comparable, even if slightly less prestigious, school, and I would strongly consider staying at home rather than taking on tens of thousands of dollars to have a "college experience." . . .
. . . Again, I am not telling anyone to do anything; everyone's circumstances are different. I am just saying be mindful and proceed with caution!
That's fine and all, but that's a different proposition entirely from your prior, unqualified statement that "college is stupid."
I don't need a true "college experience." Since I'm in community college, I don't even get that anyways. I just really want to live on my own. Honestly I would rather go to college in a big city than a small, college town. I want a lot of options of things to do. I think I would be bored in a small college town in the middle of nowhere, but it still would be better than my community college experience. I don't want to just party on the weekends, I want to explore and do fun things in the city. I'm not interested in joining a sorority at all.
I am really worried about the friends thing though. I haven't made any real friends at my community college here, seriously. It's hard. I'm even in a club, but people already have their groups and I'm not that outgoing. I mean what's the point of living in a big city and not having anyone to enjoy it with? I don't want to feel alone in a huge city. But I think I would live on-campus and have a roommate, so I could meet people that way.
Some other schools I'm considering are: University of San Francisco, University of Denver, ASU, University of Utah, University of Oregon, University of Nevada Las Vegas, and University of Arizona. Those privates are $6K more than DePaul and the out of state schools are still pretty pricey. University of Oregon is $30K per year just for tuition and UA is $28K.
^What do you guys think of those schools?
I could go to all these schools in Fall 2015 and Spring 2016, but for all UC's and cal-states I most likely couldn't go until Fall 2017 because you need at least 60 units of transferrable courses and it's so hard to get classes here. I'm not saying I don't want to go a California school, it just takes a lot of time to transfer there, and I don't know if I could even get into the schools I want. I guess I could always transfer to Santa Monica City college, or some college in San Diego or San Francisco if I wanted to experience living on my own in a more fun, happening part of California before going on to a four-year college. But the thing is I would have to pay rent and it's far from cheap there and one of the main reasons of community college is to save money.
I don't know anything about any of the other schools you mentioned, so I'm no help there.
You will make friends in Chicago. It's a city with people who are generally open to meeting new people. Even people in established groups are usually open-minded enough to bring in new people to the group. You wouldn't even have to live in university housing to make friends. If you want a roommate, you can search postings on Zillow or other websites (In the past I would have recommended Craigslist, but, these days, who knows how safe that is...), or there is probably a way to advertise through DePaul that you want a roommate for an apartment instead of a dorm. If your only concern is making friends, don't let that stop you.
That's fine and all, but that's a different proposition entirely from your prior, unqualified statement that "college is stupid."
"You just paid $110,000 for an education you could have got at a public library for $1.10 in overdue fees."
--Goodwill Hunting
My personal hope and feeling is that an innovator like Google will eventually be able to quantify and accredit all the knowledge that is already out there.
Or as Cuban wrote in his blog about what he believes is the coming collapse of higher ed: "It can't happen soon enough."
It is stupid. Our tax code is stupid. Nevertheless, you have to abide by both, currently.
I don't know anything about any of the other schools you mentioned, so I'm no help there.
You will make friends in Chicago. It's a city with people who are generally open to meeting new people. Even people in established groups are usually open-minded enough to bring in new people to the group. You wouldn't even have to live in university housing to make friends. If you want a roommate, you can search postings on Zillow or other websites (In the past I would have recommended Craigslist, but, these days, who knows how safe that is...), or there is probably a way to advertise through DePaul that you want a roommate for an apartment instead of a dorm. If your only concern is making friends, don't let that stop you.
Ok, that's good to hear. Would you recommend a dorm or an apartment in the area? I would prefer to live on campus for at least my first year. Unless only freshmen live on-campus, I need to more research about housing options.
Ok, that's good to hear. Would you recommend a dorm or an apartment in the area? I would prefer to live on campus for at least my first year. Unless only freshmen live on-campus, I need to more research about housing options.
I don't know for sure if only freshmen live on campus (meaning in the dorms), but I can say with certainty that many students live in apartments in the surrounding area. The Lincoln Park campus of DePaul is surrounded by residential areas with loads of young people living in the apartments nearby. Obviously not all of the young people are going to be DePaul students, but many of them are. You'll likely make friends with fellow students as well as other young people who are living and working in Chicago or living and going to a different school in Chicago. Lincoln Park is generally thought of as one of the most popular neighborhoods for young people in their early 20's, whether new to Chicago or not. If you find some sort of student organization to get involved in at DePaul, you'll increase your chances of meeting fellow DePaul students. Regardless, whether they are fellow DePaul students or not, you will meet fellow young people who are hungry for new friends. I'm sure you can find people around your age who are looking for roommates to share an apartment with if you do some research online.
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