College Advice & Debt

[Owen]

Hello everyone! I wanted to ask here about a choice I need to make and was wondering if you guys had any advice. Basically, I applied for 3 schools and got accepted to all 3. Two in are in the state of Maine, the other is in New York. I'm enrolling for finance and minoring in computer science, they only problem is the school is New York is highly ranked but is a lot more expensive.

University of Maine - $24,000 a year (with tuition, room, fees, books, etc.)
Husson University - $25,000 a year (with tuition, room, fees, books, etc.)
Syracuse University - $59,000 (with tuition, room, fees, books, etc.)

I don't get a ton of financial aid since last year my parents made a lot more money, but either way I'm still going to be in a sheer amount of debt. If I go to Syracuse, I'll be $200,000 in debt but at UMO I'll be in half of that. For those that have gone to college and have had to pay substantial student debt, what would you recommend, especially for my choice in a degree?

Thanks

[Freelancier]

I'd recommend that if your parents aren't going to help that you find another path entirely. Look for scholarships that aren't "need" based. Taking on huge debt at this point is a terrible idea. If you have to, see what states you could move to and work for a year going to community college that would then qualify you for a lottery-funded scholarship.

[tallen]

You as the student can't take on $100,000 in debt by yourself, let alone $200,000! -- the federal direct student loan program limits you to about $27,000 over the course of 4 years (only $5500 in your first year). To go beyond that you would likely need your parents to co-sign a private loan, or for them to take on PLUS loans themselves.

Unless your family (parents, grandparents...) are willing to really step up, then I would say that Syracuse is likely off the table. My recollection is that you live near the SW corner of Maine, so living at home and commuting to Orono or Bangor is probably not an option either. Is your family willing to help at all?

[Owen]

You as the student can't take on $100,000 in debt by yourself, let alone $200,000! -- the federal direct student loan program limits you to about $27,000 over the course of 4 years (only $5500 in your first year). To go beyond that you would likely need your parents to co-sign a private loan, or for them to take on PLUS loans themselves.

Unless your family (parents, grandparents...) are willing to really step up, then I would say that Syracuse is likely off the table. My recollection is that you live near the SW corner of Maine, so living at home and commuting to Orono or Bangor is probably not an option either. Is your family willing to help at all?

Yes, they're willing to help. My parents already are well aware that they'll be in debt too and are surprisingly very open and committing to college. They're just not very financially committing to my businesses :)

I'm going to talk to them more about it, though. And yes, I live right on the border between Maine and Somersworth, I'm sure you've passed through my town before (berwick).

[Freelancier]

Ok, since your parents are committed to this, then the conversation needs to be one you have with them. I'd still start hunting for non-needs-based scholarships to help out, but the decision is likely going to be one you make with your parents regardless of our opinions.

[turboguy]

Well, just as one possibility I will make a suggestion. The first two years at college are mostly crap. Most of the courses are general and things like English, Music Appreciation, Psychology and the like. To save money you could attend a local Community college to get the first 60 credits and then transfer to one of the other colleges for the last two years. That might let you cut your student debt in half. You would need to check with the college you want to end up with to make sure they allow that, but my wife did exactly that and the 4 year schools she was looking at all were fine with that. Actually she was allowed to transfer up to 72 credits if I recall correctly.

[nealrm]

I agree with Turboguy. Start at a local school then transfer. If possible, work and save every penny. Then choice i middle priced school with a good reputation in your field of study.

[Owen]

I agree with Turboguy. Start at a local school then transfer. If possible, work and save every penny. Then choice i middle priced school with a good reputation in your field of study.

I was thinking about that but i'm not sure i want to do that, for multiple reasons but i also want to stick with one school and not worry about transferring.

[nealrm]

I was thinking about that but i'm not sure i want to do that, for multiple reasons but i also want to stick with one school and not worry about transferring.

For $20,000 I would be willing to do some worrying. In addition, that worry can be eliminated by simply asking the second University what credits will transfer.

I did a quick look at the ranking for Syracuse in computer science, they are not that highly ranked. Depending on the polls 67 or 104. If you are a New York resident, look at the State University of New York, they are actually ranked higher and are cheaper.

[Owen]

For $20,000 I would be willing to do some worrying. In addition, that worry can be eliminated by simply asking the second University what credits will transfer.

I did a quick look at the ranking for Syracuse in computer science, they are not that highly ranked. Depending on the polls 67 or 104. If you are a New York resident, look at the State University of New York, they are actually ranked higher and are cheaper.
As mentioned before, I live Maine

[nealrm]

One thing to consider. Find out the residency requirements for each University. It is possible that you could live in Somerworth for a year and then get New York resident rates.

[Owen]

One thing to consider. Find out the residency requirements for each University. It is possible that you could live in Somerworth for a year and then get New York resident rates.

Tuition is the same for both in state and out of state

[trunker]

Look into western governors university, it's about as cheap as you can get and be legit. They offer a flat rate per semester and you can take all the classes you want. I have never attended but have heard good things.

[Bobjob]

Unless you are smart and extremely focused on what you plan to do with college. I would say that you should go community college before university. I looked down on community college when I was your age, but I wish I had started there instead of going straight to University. Military is also a great choice.

University is like everything in life, you get out of it what you put into it. I don't believe you will have a greater education from Syracuse. If you care about the social side of life and care about social ladder climbing then maybe Syracuse might offer greater resources.