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And mine got damn close to a free ride at a state school.
Reality is there are no universals here and claiming private schools are cheaper than public is just as wrong as the opposite.
I think the issue is that getting a free ride at a state school is far more unusual than getting one at a private school...no one said it doesn't happen but the reality is it's few and far between where the state schools give that kind of money vs the LAC's where most of the merit aid is automatic and they just have more to give. Granted, you are already getting a break via state subsidies at state schools because in most states close to half of the cost to attend those schools is covered through state funds but the net cost to the student is often a lot more.
I think the issue is that getting a free ride at a state school is far more unusual than getting one at a private school...no one said it doesn't happen but the reality is it's few and far between where the state schools give that kind of money vs the LAC's where most of the merit aid is automatic and they just have more to give. Granted, you are already getting a break via state subsidies at state schools because in most states close to half of the cost to attend those schools is covered through state funds but the net cost to the student is often a lot more.
Again it is a gross over generalization to claim that LAC is going to be cheaper.
Lets compare apples to apples
Rutgers, the number 25 public uni, gives more than 80% of its students financial aid.
Holy cross, the number 25 private LAC, claims to meet 100% of need, but gives NO merit aid.
So the point remains, there is so much variability in how much an individual will pay it is just plain old wrong to say that "most merit aid is automatic" at LACs or that "few and far between" is the status of aid in public universities.
The take home messages should ALWAYS be that kids should make no decision of whether to go to a public or private school until they get their financial aid package.
That is ridiculous. Who is taking on a $400/month car payment fresh out of college? Who is paying $1300/month on rent when making $40k?
This isn't a college loan issue, this is a basic personal finance issue. Singles, living alone should not pay more than 1/4 of their TAKE HOME pay on rent, that is about $800 a month.. They certainly should not be buying a brand new car on 40k a year. Live with in your means. The example above is a clear example of someone CHOOSING not to live within their means.
400 a month is a for a low line Kia....kid needed a car and Kia offered a 100K mile warranty so he bought a new car and commuted 45 miles each way to school.
1300 is for a dumpy duplex on a dirt road, that is what the zip code gets for rents for people with dogs.
This kid has a bare minimum existence, basic cell phone.....discretionary spending is less than $50 a week. Sadly he lives in an area that is expensive even on a simple living budget.
I think the issue is that getting a free ride at a state school is far more unusual than getting one at a private school...no one said it doesn't happen but the reality is it's few and far between where the state schools give that kind of money vs the LAC's where most of the merit aid is automatic and they just have more to give. Granted, you are already getting a break via state subsidies at state schools because in most states close to half of the cost to attend those schools is covered through state funds but the net cost to the student is often a lot more.
FL gives FREE TUITION to a state school to any kid (state resident) that gets a 3.0 or better......Bright Futures Scholarships paid for by the lottery. The program is good for 120 credits.....
And mine got damn close to a free ride at a state school.
Reality is there are no universals here and claiming private schools are cheaper than public is just as wrong as the opposite.
I think you get what you pay for, at least in terms of 'market cost' for a degree at that particular school. What you pay for is reflected in the 'education quality' you get in one way or another.
It's like buying a new car. You might get a good deal, but nobody is going to give you a new car for half price.
Nobody is getting half off to Swarthmore for just decent stats.
400 a month is a for a low line Kia....kid needed a car and Kia offered a 100K mile warranty so he bought a new car and commuted 45 miles each way to school.
1300 is for a dumpy duplex on a dirt road, that is what the zip code gets for rents for people with dogs.
This kid has a bare minimum existence, basic cell phone.....discretionary spending is less than $50 a week. Sadly he lives in an area that is expensive even on a simple living budget.
I live in one of the most expensive states to live in. Anyone who is spending $1300 a month for rent on 40K is overspending. That is not a bare minimum anything.
As for the car, get a used one or maybe get a bus pass.
If he or you or whoever wants to live beyond your means, go ahead, but it is not necessary, and on 40k a year he absolutely could live within his means and pay off his loans comfortably.
I think you get what you pay for, at least in terms of 'market cost' for a degree at that particular school. What you pay for is reflected in the 'education quality' you get in one way or another.
It's like buying a new car. You might get a good deal, but nobody is going to give you a new car for half price.
Nobody is getting half off to Swarthmore for just decent stats.
Swarthmore is a great school, no doubt but your point is what exactly with regards to public universities?
FYI, Rutgers is one of the top ranked oceanography programs in the world. Swarthmore doesn't have an oceanography program. So for my child, Swarthmore would have been a bad investment.
Sort of like buying a top of the line sports car when you need something with 4 wheel drive.
All this does is underscore the point I have stated over and over again in this thread. Generalities are meaningless.
There is a website that collects average student debt by college. Comparing private schools to public schools in my state (Texas), private schools in this state leave their students with more debt. Only one public school in Texas reported an average debt of $30,000 or more for its 2012 graduates. 14 private schools in Texas left their 2012 graduates with $30,000 or more in debt, on average.
I'm posting the link to the website so that anyone can do a comparison for his/her state instead of going off of anecdotal evidence. Project on Student Debt: State by State Data
I live in one of the most expensive states to live in. Anyone who is spending $1300 a month for rent on 40K is overspending. That is not a bare minimum anything.
As for the car, get a used one or maybe get a bus pass.
If he or you or whoever wants to live beyond your means, go ahead, but it is not necessary, and on 40k a year he absolutely could live within his means and pay off his loans comfortably.
Where I live it isn't possible to rent anything for much less. A 1bedroom apt in the worst part of town, I mean gangs and cockroaches, begins at above 1000. You might find a room to rent in a house for a little less, but not much.
However, I agree the car is way too much. I hate that old "a new car is a good investment" excuse for buying something fancy and new. I've heard it so many times, but it rings so hollow. A Gucci handbag for 2K is also an "investment," but it doesn't mean you can afford it. A bus may not be an option (not all places have reliable or even any public transportation), but there is really no excuse for splurging on a 25K-30K car when one is broke.
Where I live it isn't possible to rent anything for much less. A 1bedroom apt in the worst part of town, I mean gangs and cockroaches, begins at above 1000. You might find a room to rent in a house for a little less, but not much.
See this is where I get off the bus.
If you are truly "struggling" get a freaking roommate. If you absolutely must live alone, get a studio.
My sister lived in Manhattan with roommates for $500/m, got well less than 40K a year, had a nice, fun life and still was able to pay her loans.
Quote:
However, I agree the car is way too much. I hate that old "a new car is a good investment" excuse for buying something fancy and new. I've heard it so many times, but it rings so hollow. A Gucci handbag for 2K is also an "investment," but it doesn't mean you can afford it. A bus may not be an option (not all places have reliable or even any public transportation), but there is really no excuse for splurging on a 25K-30K car when one is broke.
People can buy whatever they like but when they are paying $1300 a month, and $400 on a NEW car payment and than crying "broke" when it comes to their students loans I am going to call BS.
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