9 answers
Daniella
Student
Calexico, California
1
Question
Asked
890 views
Debt until 40 ?
Why is college so expensive? Theres people that graduated college and university and their they are working their normal jobs and they still are in debt because their academics? What are we supposed to do?
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9 answers
Jerome Dees Jr.
Sales Professional and Networking Expert
607
Answers
San Francisco, California
Updated
Jerome’s Answer
It’s a tough situation for sure. I obtained my AA at a community college which saved a good amount of money. I tried to limit the loans I took out and worked part time jobs as I went to school.
Do all you can to keep your GPA high which could allow you to obtain scholarships and grants which you don’t have to pay back.
You are asking the right questions and being aware of the situation is important. Best you can do is make the best decision possible along the way.
Do all you can to keep your GPA high which could allow you to obtain scholarships and grants which you don’t have to pay back.
You are asking the right questions and being aware of the situation is important. Best you can do is make the best decision possible along the way.
John Wilson
Financial Planning and Analysis
1
Answer
DeBary, Florida
Updated
John’s Answer
The cost of education has been steadily increasing over time. This rise in cost can be attributed to various factors and there isn't a single solution that fits everyone. Schools, including colleges and universities, have to maintain a large amount of infrastructure, and these expenses are often transferred to the students. While we don't offer free higher education in our country, there are several affordable options available.
Consider the cost of education as an investment in your future. To share my personal experience, I had to rely on grants and loans to complete my undergraduate degree in Accounting at Hampton University. Each loan repayment felt like investing in myself. If I don't invest in myself, who else will? When it came to my master's degree, I used my company's tuition assistance program, which significantly reduced the cost.
Remember, your education is a valuable asset that no one can take away from you. If you're committed to achieving your educational goals, you should pursue them by any means necessary.
If you have made the decision to further your education make sure you understand the costs up front. This includes understanding the cost of tuition, room board, food etc.
Just like anything else in life shop around. Maybe you can try a community college that is affiliated with a major college or university. These community colleges have lower fees and the credits you earn may be used as you transfer to the affiliated college or university
How do you want to go to school? Do you want to attend on campus with live classes or would you prefer to attend an online college or university? The answer to this question will help in deciding the cost structure of your education
Apply for all scholarships and grants early in the season. These scholarships and grants will defray your costs but there is a limited amount of funding available so first come first served.
Consider the cost of education as an investment in your future. To share my personal experience, I had to rely on grants and loans to complete my undergraduate degree in Accounting at Hampton University. Each loan repayment felt like investing in myself. If I don't invest in myself, who else will? When it came to my master's degree, I used my company's tuition assistance program, which significantly reduced the cost.
Remember, your education is a valuable asset that no one can take away from you. If you're committed to achieving your educational goals, you should pursue them by any means necessary.
John recommends the following next steps:
Michelle M.
Entertainment Industry
1879
Answers
Updated
Michelle’s Answer
Hello, Daniella !
I am happy to contribute some thoughts about your concern of college debt. It is a valid concern, however you have a couple of choices. There are a couple of alternatives with some tips that you may be interested in to successfully proceed with a college path in the most frugal way without any debt.
One way is to choose a Loan Free College. The second is to start at a free community college in your state that only has a small enrollment fee. You can than transfer to a four year university for your Bachelors degree and refuse any loans offered and supplement any need with scholarships you would apply for in advanced.
I think you still have to be enrolled as a full time student to receive federal financial aid, so apply for financial aid and apply for and accept only the Grants and Work Study allotments of the aid. Apply for any scholarships that your community college offers and you can inquire about this at the college itself. If you are in high school right now, obtain employment part time and save as much as you can. Ask your parents if they have yet established a savings account for your college enrollment. Find out because if they haven't yet done so, this is a choice they can make. College savings accounts are in 4 types: a 529 plan, custodial account, savings account and through a Roth IRA. Your parents will have to explore this and yes, it may affect your first year's financial aid eligibility. But you need to know all possible ways you can be helped.
I also suggest that while you are at the four year college which can or may not have high tuition, take a small load such as four classes which should qualify as full time and meet the eligibility requirement for financial aid. This will be less expensive per unit/credit if they charge by the unit/credit. Go to summer school for one course too, to get some courses completed and to keep expenses down.
It is a lot of information and I advise obtaining in person information about the things I've mentioned here. The first time that I saw Student Loans being offered as part of a Financial Aid package was for my Senior year in college (in California). Prior to that, loans were never part of the package but I guess people could take them from a bank if they wanted to. No one I knew did, however. Than in my senior year, I just accepted the very, very small loans offered to me through federal financial aid and was able to pay them back very easily because they were so small, but it was the first year loans were a thing it seemed. That was a long time ago, in a different century, LOL. I went to college in California for a Bachelors at a time when there was no tuition, only a small doable registration fee.
Do further exploring into everything I've mentioned so that you and your family can come up with the best way to not have to pay back any student loans and so that you can find colleges that have the lowest tuition and or registration fee.
I hope that this has helped and I wish you all the best. In the end, the college degree is definitely worth it. Best wishes in all you do !
ABOUT FREE COMMUNITY COLLEGES IN CA AND SOME COLLEGES https://collegefinance.com/community-college/free-community-college-in-california
NO LOAN COLLEGE https://www.lendingtree.com/student/colleges-no-student-loans-policy/
COLLEGE SAVINGS ACCOUNTS https://www.citizensbank.com/learning/types-of-college-savings-accounts.aspx
TUITION FREE COLLEGE IN CALIFORNIA https://edsource.org/2018/getting-free-college-tuition-in-california-a-quick-guide/599039
I am happy to contribute some thoughts about your concern of college debt. It is a valid concern, however you have a couple of choices. There are a couple of alternatives with some tips that you may be interested in to successfully proceed with a college path in the most frugal way without any debt.
One way is to choose a Loan Free College. The second is to start at a free community college in your state that only has a small enrollment fee. You can than transfer to a four year university for your Bachelors degree and refuse any loans offered and supplement any need with scholarships you would apply for in advanced.
I think you still have to be enrolled as a full time student to receive federal financial aid, so apply for financial aid and apply for and accept only the Grants and Work Study allotments of the aid. Apply for any scholarships that your community college offers and you can inquire about this at the college itself. If you are in high school right now, obtain employment part time and save as much as you can. Ask your parents if they have yet established a savings account for your college enrollment. Find out because if they haven't yet done so, this is a choice they can make. College savings accounts are in 4 types: a 529 plan, custodial account, savings account and through a Roth IRA. Your parents will have to explore this and yes, it may affect your first year's financial aid eligibility. But you need to know all possible ways you can be helped.
I also suggest that while you are at the four year college which can or may not have high tuition, take a small load such as four classes which should qualify as full time and meet the eligibility requirement for financial aid. This will be less expensive per unit/credit if they charge by the unit/credit. Go to summer school for one course too, to get some courses completed and to keep expenses down.
It is a lot of information and I advise obtaining in person information about the things I've mentioned here. The first time that I saw Student Loans being offered as part of a Financial Aid package was for my Senior year in college (in California). Prior to that, loans were never part of the package but I guess people could take them from a bank if they wanted to. No one I knew did, however. Than in my senior year, I just accepted the very, very small loans offered to me through federal financial aid and was able to pay them back very easily because they were so small, but it was the first year loans were a thing it seemed. That was a long time ago, in a different century, LOL. I went to college in California for a Bachelors at a time when there was no tuition, only a small doable registration fee.
Do further exploring into everything I've mentioned so that you and your family can come up with the best way to not have to pay back any student loans and so that you can find colleges that have the lowest tuition and or registration fee.
I hope that this has helped and I wish you all the best. In the end, the college degree is definitely worth it. Best wishes in all you do !
Michelle recommends the following next steps:
Emmanuel Henson, CFP®, EA
Financial Planner
18
Answers
Towson, Maryland
Updated
Emmanuel’s Answer
I can feel your frustration. There are tons of factors which have made college expense. Most important of which is, the lack of transparency, and saliency (easy of which you can spend money without seeing it). The sticker price for housing for instance, is pretty variable. People know to negotiate, and they aren't as surprised to see one price on one house substantially different for the same type of house in a different location. However, in college, with the lack of clear differences, people equate costs with value. Until we accept that a more costly education, is not a better education, people will continue to spend more on college than they should, and you will continue to feel college is too expensive. If you are ready to accept that your means should dictate the range of schools you look for, you will be free of what many of your predecessors have set themselves up for. College is expensive, if you only look for the big-brand name schools, and you don't challenge yourself with a declared major that provides you an opportunity in an high demand field.
If you are a first generation college student, like myself, and not one cent is coming from someone else, do the following:
1. Figure out 2 or 3 job fields you want to be in, that are also in demand, and would make you gainfully employed, to your standard of living. Right out an imaginary budget for yourself 5 years for now (don't forget taxes).
2. Consider first year salaries for the jobs you want to have.
3. Find a university that will not saddle you with debt, in excess of your first year salary. In other words, if you are going to walk away with 80k in debt, the average 1st year salary, better earn you 80k. Don't assume your are a rocket start. Look at what the market rate is, or projected to me. You can use the government's Burea of Economic Analysis, for specific projections.
4. Apply for as many scholarships as possible. Consider your job if you are working. Many jobs are offering help for undergraduate degrees. The military is one of those routes for many.
5. Talk to your academic advisor and tell them you are interested in 2 or 3 paths. They will tell you which courses to take, (or clubs to join), which will give you exposure to those fields, while staying on time.
6. Learn everything you can. Have fun, but don't party to hard after sophomore year. Do a good job (I got a full academic ride by my sophmore year), network, get an internship, and stay out of trouble.
That's it. It's not magic. Plenty of people live in houses within their means, and dont treat people with different houses differently. This will happen in education eventually.
You would not look at mansions, without knowing your budget first. Do not look at colleges, before establishing a budget. If you follow this formula, you won't have to worry about your debt. It will be manageable.
If you are a first generation college student, like myself, and not one cent is coming from someone else, do the following:
1. Figure out 2 or 3 job fields you want to be in, that are also in demand, and would make you gainfully employed, to your standard of living. Right out an imaginary budget for yourself 5 years for now (don't forget taxes).
2. Consider first year salaries for the jobs you want to have.
3. Find a university that will not saddle you with debt, in excess of your first year salary. In other words, if you are going to walk away with 80k in debt, the average 1st year salary, better earn you 80k. Don't assume your are a rocket start. Look at what the market rate is, or projected to me. You can use the government's Burea of Economic Analysis, for specific projections.
4. Apply for as many scholarships as possible. Consider your job if you are working. Many jobs are offering help for undergraduate degrees. The military is one of those routes for many.
5. Talk to your academic advisor and tell them you are interested in 2 or 3 paths. They will tell you which courses to take, (or clubs to join), which will give you exposure to those fields, while staying on time.
6. Learn everything you can. Have fun, but don't party to hard after sophomore year. Do a good job (I got a full academic ride by my sophmore year), network, get an internship, and stay out of trouble.
That's it. It's not magic. Plenty of people live in houses within their means, and dont treat people with different houses differently. This will happen in education eventually.
You would not look at mansions, without knowing your budget first. Do not look at colleges, before establishing a budget. If you follow this formula, you won't have to worry about your debt. It will be manageable.
Jason White
Lead Product Manager- Network Security
68
Answers
Dallas, Texas
Updated
Jason’s Answer
Hello Daniella,
Great question! College expenses can indeed be daunting. The first step to navigate this is to understand the financial implications of your chosen major. Research the potential income you could earn post-graduation. This will provide a glimpse into your future earnings and help you decide if it will support your desired lifestyle.
Next, investigate the cost of your chosen college. This will help you gauge whether the potential income from your desired job will be enough to offset the cost of your education. Remember, the cost of attending certain colleges can significantly impact your potential student debt. You can mitigate this by exploring other colleges that offer your degree program at a lower cost.
Here are a few more tips to help you:
1. Maintain high grades: Good grades can help you secure institutional scholarships, reducing your financial stress. You can then focus on bridging any remaining financial gaps with private scholarships or part-time work.
2. Consider community colleges for general education courses: Community colleges are often more affordable than larger universities, helping you save a considerable amount.
3. Explore on-campus opportunities: I was lucky enough to work as a resident assistant in college, which not only provided a paycheck but also covered room and board. This significantly reduced my college expenses. There are also other on-campus jobs that offer various stipends, which can help cover costs.
4. Apply for as many scholarships as possible: Many institutions offer privately funded scholarships for specific majors, extracurricular activities, and more. If you're good at writing, consider applying for scholarships with essay requirements. Many students avoid these, so your chances of securing one could be higher.
Remember, every step you take towards reducing your college expenses today will make a significant difference in your financial stability tomorrow. Keep going, and good luck!
Review admissions criteria of your target school
Review cost of tuition at that school for 4 years of schooling
Assess whether community college has options that might be more cost effective
Great question! College expenses can indeed be daunting. The first step to navigate this is to understand the financial implications of your chosen major. Research the potential income you could earn post-graduation. This will provide a glimpse into your future earnings and help you decide if it will support your desired lifestyle.
Next, investigate the cost of your chosen college. This will help you gauge whether the potential income from your desired job will be enough to offset the cost of your education. Remember, the cost of attending certain colleges can significantly impact your potential student debt. You can mitigate this by exploring other colleges that offer your degree program at a lower cost.
Here are a few more tips to help you:
1. Maintain high grades: Good grades can help you secure institutional scholarships, reducing your financial stress. You can then focus on bridging any remaining financial gaps with private scholarships or part-time work.
2. Consider community colleges for general education courses: Community colleges are often more affordable than larger universities, helping you save a considerable amount.
3. Explore on-campus opportunities: I was lucky enough to work as a resident assistant in college, which not only provided a paycheck but also covered room and board. This significantly reduced my college expenses. There are also other on-campus jobs that offer various stipends, which can help cover costs.
4. Apply for as many scholarships as possible: Many institutions offer privately funded scholarships for specific majors, extracurricular activities, and more. If you're good at writing, consider applying for scholarships with essay requirements. Many students avoid these, so your chances of securing one could be higher.
Remember, every step you take towards reducing your college expenses today will make a significant difference in your financial stability tomorrow. Keep going, and good luck!
Jason recommends the following next steps:
deborah kania, bfa, mba
Marketing
65
Answers
New Bern, North Carolina
Updated
deborah’s Answer
Hello Daniella! I appreciate your question. A college degree is an investment in your future and future earnings.
In order to ensure a positive "return on investment" it is important to understand the cost (expenses) and the benefit (well-paying job that also is satisfying). Research on possible jobs - the pay, if the job/career is in demand or decline. Also, research colleges to see what their job placement is like. See link.
You can keep costs (debt) down by:
Starting a a junior college for two years. May have transfer partnership programs with universities
Going to a public university instead of a private university
Seek Financial aid and scholarships can help with college costs
Save up as much money with summer jobs. Try to focus on academics while in college, but if you can manage going to school and a part-time job that could help with expenses
Seek coop or apprentice programs if available and relevant to your career. Some companies offer this opportunity to work and go to school
I hope these ideas are helpful. Good luck!
https://www.bls.gov/ooh/
In order to ensure a positive "return on investment" it is important to understand the cost (expenses) and the benefit (well-paying job that also is satisfying). Research on possible jobs - the pay, if the job/career is in demand or decline. Also, research colleges to see what their job placement is like. See link.
You can keep costs (debt) down by:
Starting a a junior college for two years. May have transfer partnership programs with universities
Going to a public university instead of a private university
Seek Financial aid and scholarships can help with college costs
Save up as much money with summer jobs. Try to focus on academics while in college, but if you can manage going to school and a part-time job that could help with expenses
Seek coop or apprentice programs if available and relevant to your career. Some companies offer this opportunity to work and go to school
I hope these ideas are helpful. Good luck!
deborah recommends the following next steps:
Eric Liszt
AVP Product Management, Product Development, Customer Support
11
Answers
New Brunswick, New Jersey
Updated
Eric’s Answer
Hi Daniella,
A college degree can come at a LOT of different prices. Some come at very high cost, and some can be very affordable. It really depends on what career you want to go in to. For nearly ALL careers, where you go to school doesn't matter AT ALL after you've gotten your first job. As such, a very affordable way to get a college degree is to do you 1st two years at community college and then transfer into a university if that's what your career path requires.
Additionally, feel free to shop around by price. Just as you can find extremely expensive shoes with certain brands, you can find great shoes at a fraction of the cost if you aren't wound up about the brand names. A college degree has this to some amount as well.
There are also lots of opportunities for scholarships and financial aid. For example, my daughter has had about half of the cost of her education covered by scholarships. Also in our state there are special tuition breaks available for people who may not have the money otherwise.
If you are still in High School, work with your counselor and be open about your desire to "get the paper" but at a reasonable cost. They should be able to help.
A college degree can come at a LOT of different prices. Some come at very high cost, and some can be very affordable. It really depends on what career you want to go in to. For nearly ALL careers, where you go to school doesn't matter AT ALL after you've gotten your first job. As such, a very affordable way to get a college degree is to do you 1st two years at community college and then transfer into a university if that's what your career path requires.
Additionally, feel free to shop around by price. Just as you can find extremely expensive shoes with certain brands, you can find great shoes at a fraction of the cost if you aren't wound up about the brand names. A college degree has this to some amount as well.
There are also lots of opportunities for scholarships and financial aid. For example, my daughter has had about half of the cost of her education covered by scholarships. Also in our state there are special tuition breaks available for people who may not have the money otherwise.
If you are still in High School, work with your counselor and be open about your desire to "get the paper" but at a reasonable cost. They should be able to help.
Patrick Meyer
Executive - Data Analytics and AI
750
Answers
Naperville, Illinois
Updated
Patrick’s Answer
Daniella, I want to first thank you for reaching out and asking your questions regarding the impact the cost of college is having on people. Daniella, you raise a pertinent and complex issue that many individuals, particularly those who have pursued higher education in the United States, grapple with. I hope the information that I have below provides you some insight and/or help.
The trend of individuals remaining in debt well into their middle age or later, post-college, is largely due to the skyrocketing cost of higher education and the necessity to secure student loans with steep interest rates. Over recent decades, college tuition and related expenses have soared, outstripping inflation and income growth. While colleges and universities attribute this to rising operational costs and insufficient funds for faculty salaries, many professors haven't seen pay increases commensurate with the tuition hike. Consequently, students often resort to hefty student loans to finance their education. The obligation to repay these loans can linger for years after graduation, impacting their financial security and postponing significant life events like buying a home or starting a family.
In my quest to gather information for my two elder sons, I discovered that several elements contribute to the mounting cost of college. These include increased administrative costs, investment in campus infrastructure, and the escalating demand for cutting-edge technology. Additionally, reduced state funding for public universities has transferred a larger financial responsibility onto students.
To curb this issue in the United States, a thorough reform is imperative. Policymakers should consider ways to make higher education more affordable, including augmenting public funding for universities, introducing tuition-free or discounted tuition programs, and tackling the intricacies of student loan policies. I also advocate for states to cease diverting funds allocated for educational institutions for non-academic purposes. I've noticed that many states tap into budgets earmarked for colleges and universities to finance unrelated expenditures, which doesn't necessarily benefit the state's residents.
On a personal level, Daniella, I would advise you and others to prioritize financial planning before and during your college years, a practice I strongly recommended to my sons. This involves seeking out scholarship opportunities. Our research revealed that over 100,000 scholarships remain unclaimed due to lack of applications or awareness. So, thorough research is essential. Consider options like community colleges or vocational training programs as cost-effective alternatives and be mindful about student loans. I urged my sons to borrow only what was absolutely necessary for tuition and board, as we discovered that many students borrow more than required, unaware of the future repercussions.
Moreover, cultivating financial literacy and fostering early understanding of the potential long-term effects of student debt can enable students to make educated decisions about their education. Advocacy for policy changes at both institutional and governmental levels is key to ensuring that higher education remains within reach and doesn't impose a debilitating financial strain on graduates in the United States.
The trend of individuals remaining in debt well into their middle age or later, post-college, is largely due to the skyrocketing cost of higher education and the necessity to secure student loans with steep interest rates. Over recent decades, college tuition and related expenses have soared, outstripping inflation and income growth. While colleges and universities attribute this to rising operational costs and insufficient funds for faculty salaries, many professors haven't seen pay increases commensurate with the tuition hike. Consequently, students often resort to hefty student loans to finance their education. The obligation to repay these loans can linger for years after graduation, impacting their financial security and postponing significant life events like buying a home or starting a family.
In my quest to gather information for my two elder sons, I discovered that several elements contribute to the mounting cost of college. These include increased administrative costs, investment in campus infrastructure, and the escalating demand for cutting-edge technology. Additionally, reduced state funding for public universities has transferred a larger financial responsibility onto students.
To curb this issue in the United States, a thorough reform is imperative. Policymakers should consider ways to make higher education more affordable, including augmenting public funding for universities, introducing tuition-free or discounted tuition programs, and tackling the intricacies of student loan policies. I also advocate for states to cease diverting funds allocated for educational institutions for non-academic purposes. I've noticed that many states tap into budgets earmarked for colleges and universities to finance unrelated expenditures, which doesn't necessarily benefit the state's residents.
On a personal level, Daniella, I would advise you and others to prioritize financial planning before and during your college years, a practice I strongly recommended to my sons. This involves seeking out scholarship opportunities. Our research revealed that over 100,000 scholarships remain unclaimed due to lack of applications or awareness. So, thorough research is essential. Consider options like community colleges or vocational training programs as cost-effective alternatives and be mindful about student loans. I urged my sons to borrow only what was absolutely necessary for tuition and board, as we discovered that many students borrow more than required, unaware of the future repercussions.
Moreover, cultivating financial literacy and fostering early understanding of the potential long-term effects of student debt can enable students to make educated decisions about their education. Advocacy for policy changes at both institutional and governmental levels is key to ensuring that higher education remains within reach and doesn't impose a debilitating financial strain on graduates in the United States.
Faith Rojas-Taylor
Consultant
5
Answers
Baltimore, Maryland
Updated
Faith’s Answer
Hello Daniella,
Great question! Unfortunately, from my own experiences, I can tell you the financial aid system is flawed. As the cost of maintaining everyday life increases, the cost of education rises as well. A lot has changed within our society when it comes to a college degree. Nowadays, a college degree is standard, and unless you're going into a highly specialized field, you don't need to focus so much on the name of the school. When you're researching schools, look at how their program ranks amongst other schools and how their graduates fair upon receiving their degree and entering the real word.
I love the school I went to, but if I could go back and do it again, I'd go to an in-state school that was a fraction of the cost of my out out-of-state tuition at the time. Why? Because my degree and the professions I could've went into with my degree, didn't require me to go to a school with an extremely high pedigree. Don't get me wrong, if you're able to get into the Harvards, Browns, Yales, Princeton, MIT's, etc. of the world, and you can afford it, by all means move forward with that great accomplishment. But depending on your profession, there are several qualified state schools that can provide you with the education you need to be competitive within your field.
I'd encourage you to think about where you see yourself professionally, and if you're unsure of that, maybe you should start out at a smaller/more affordable school until you figure out what path you'd like to take. It may not be the quickest route, but you can also transfer schools if you find yourself wanting to pursue a profession that requires you to enroll in a better program in order to be competitive after graduating college. You can research what individuals in your respective fields are targeted to make and with the help of your parents figure out if the tuition cost translates to a payoff period that's manageable and doesn't leave you in debt indefinitely. How much can your parents, family members contribute? Are you willing to work while in school? Because of the cost of my tuition and the difference between my scholarship and full-tuition, I had to work while in school to help support myself.
There are several students who were RA's and applied for grants to supplement income. Explore all of your options and use the financial aid website to see what's available to you. The site also has loan and financial aid calculators that will allow you to plug in the cost of your perspective school and factor in any aid you're expecting.
Like others have mentioned, getting high grades and receiving scholarships can put you at the school of your dreams regardless of cost. My best friend went to school on a free ride and was only responsible for housing, food, personal expenses. There are thousands of scholarships you can apply for to supplement the income.
Many states in recent years have also made state schools extremely affordable, if not free for residents. Staying in state can have huge potential to leave you nearly if not debt free upon graduation. And staying in state doesn't mean you have to stay close to home. Thousands of kids at my school came from the other side of the state and a few hours from home allowed them to grow as individuals but still be close enough to go home on weekends or have the close support of their family when needed.
As someone who was several hours away from my home and didn't see my parents very often during school and several years after graduation, having your family close can be a huge benefit that you may not treasure now, but will as you get older and go out into the world on your own. I also worked when I was in high school, but never put away money or savings for college as I was first generation and my parents didn't know much about the financial aid process or the costs related to sending their kids to a university. If you're able to, start putting away money now so you can enjoy school and enjoy life after graduation.
The best advice I can give you is, it's your decision. If you take out loans, your parents/family members may co-sign, but ultimately the weight of your decision and the actual debt will be your responsibility first and foremost. Write a list of pros and cons and figure out what's most important to you. Will you be happy working to pays off bills and debt indefinitely for four years of schooling that could be life changing and amazing but will be short period of time in your life. Is a smaller school able to give you those same life changing moments and development, yes! It's all about what you value and what you feel you can manage after graduation. School will be fun while you're there, but the financial responsibility starts immediately after graduation and you should feel prepared for it.
Best of luck!
Great question! Unfortunately, from my own experiences, I can tell you the financial aid system is flawed. As the cost of maintaining everyday life increases, the cost of education rises as well. A lot has changed within our society when it comes to a college degree. Nowadays, a college degree is standard, and unless you're going into a highly specialized field, you don't need to focus so much on the name of the school. When you're researching schools, look at how their program ranks amongst other schools and how their graduates fair upon receiving their degree and entering the real word.
I love the school I went to, but if I could go back and do it again, I'd go to an in-state school that was a fraction of the cost of my out out-of-state tuition at the time. Why? Because my degree and the professions I could've went into with my degree, didn't require me to go to a school with an extremely high pedigree. Don't get me wrong, if you're able to get into the Harvards, Browns, Yales, Princeton, MIT's, etc. of the world, and you can afford it, by all means move forward with that great accomplishment. But depending on your profession, there are several qualified state schools that can provide you with the education you need to be competitive within your field.
I'd encourage you to think about where you see yourself professionally, and if you're unsure of that, maybe you should start out at a smaller/more affordable school until you figure out what path you'd like to take. It may not be the quickest route, but you can also transfer schools if you find yourself wanting to pursue a profession that requires you to enroll in a better program in order to be competitive after graduating college. You can research what individuals in your respective fields are targeted to make and with the help of your parents figure out if the tuition cost translates to a payoff period that's manageable and doesn't leave you in debt indefinitely. How much can your parents, family members contribute? Are you willing to work while in school? Because of the cost of my tuition and the difference between my scholarship and full-tuition, I had to work while in school to help support myself.
There are several students who were RA's and applied for grants to supplement income. Explore all of your options and use the financial aid website to see what's available to you. The site also has loan and financial aid calculators that will allow you to plug in the cost of your perspective school and factor in any aid you're expecting.
Like others have mentioned, getting high grades and receiving scholarships can put you at the school of your dreams regardless of cost. My best friend went to school on a free ride and was only responsible for housing, food, personal expenses. There are thousands of scholarships you can apply for to supplement the income.
Many states in recent years have also made state schools extremely affordable, if not free for residents. Staying in state can have huge potential to leave you nearly if not debt free upon graduation. And staying in state doesn't mean you have to stay close to home. Thousands of kids at my school came from the other side of the state and a few hours from home allowed them to grow as individuals but still be close enough to go home on weekends or have the close support of their family when needed.
As someone who was several hours away from my home and didn't see my parents very often during school and several years after graduation, having your family close can be a huge benefit that you may not treasure now, but will as you get older and go out into the world on your own. I also worked when I was in high school, but never put away money or savings for college as I was first generation and my parents didn't know much about the financial aid process or the costs related to sending their kids to a university. If you're able to, start putting away money now so you can enjoy school and enjoy life after graduation.
The best advice I can give you is, it's your decision. If you take out loans, your parents/family members may co-sign, but ultimately the weight of your decision and the actual debt will be your responsibility first and foremost. Write a list of pros and cons and figure out what's most important to you. Will you be happy working to pays off bills and debt indefinitely for four years of schooling that could be life changing and amazing but will be short period of time in your life. Is a smaller school able to give you those same life changing moments and development, yes! It's all about what you value and what you feel you can manage after graduation. School will be fun while you're there, but the financial responsibility starts immediately after graduation and you should feel prepared for it.
Best of luck!