How important is money when it comes to college?

[TheCowboy]

Hey everyone I need some life help here. I am in a dilemma. One of the things I wanted to do in life was to move to Texas. And going to college at the University of North Texas seems in order right now. However, the cost for one year with all the fees, grants and financial aid included is $25,000 for one full year. Times that for four years (only need a 4 year degree) leaves me at $100,000.

My second option that I am pondering right now is going to a local community college. For two years I could get my associates degree for about $6,500 in those two years. For the next two years after that I could transfer to a school such as Buffalo for around $25,000 for two years and get my bachelors. We have a total of $25,000 in the college savings fund.

My question to you guys is the importance of money when it comes to college. Is it better to be happy, but in debt when you graduate (yes about $75,000) or attain the same degree, not be too happy but at a much cheaper price?

I know most will say go for the college experience, but is the college experience worth the money and debt?

[danielofthesaints]

UNT is not worth being $100,000 in debt. If you can stay where you are and get in-state tuition, you will thank yourself later on.

[dexternjack]

In all honesty, if money is an issue, go get around 60 hours at a community college then transfer.

You can finish at a university in the last two years, that will save tons. For example, lets say you go to XXX Junior college and transfer to the University of Texas. When you graduate, your degree says a Bachelors in whatever from UT, it will not say "with some work from XXX college".

I would suggest not to get your associates, stop a couple classes away from that and transfer, especially if you plan to get a Bachelor's. Then really enjoy your two years of college life, join a Frat, whatever.

Future employers may or may not even ask where you first started college, mostly base the interview if you have a 4-year degree. Some don't even ask about your GPA, it all depends on what profession you are looking into.

Now, if you want to get an MD, Law School, etc, then things change a bit, grades are extremely important but that is a different topic.

In short, if you can save almost 50k on a college education, jump on it if you are financially strapped and can't get the proper amount in grants.

[CowboyMcCoy]

Originally Posted by dexternjack

In all honesty, if money is an issue, go get around 60 hours at a community college then transfer.

You can finish at a university in the last two years, that will save tons. For example, lets say you go to XXX Junior college and transfer to the University of Texas. When you graduate, your degree says a Bachelors in whatever from UT, it will not say "with some work from XXX college".

I would suggest not to get your associates, stop a couple classes away from that and transfer, especially if you plan to get a Bachelor's. Then really enjoy your two years of college life, join a Frat, whatever.

Future employers may or may not even ask where you first started college, mostly base the interview if you have a 4-year degree. Some don't even ask about your GPA, it all depends on what profession you are looking into.

[View Full Quote]Now, if you want to get an MD, Law School, etc, then things change a bit, grades are extremely important but that is a different topic.

In short, if you can save almost 50k on a college education, jump on it if you are financially strapped and can't get the proper amount in grants.

This is good advice.

[RastaRocket]

Definitely do not pay 100k to go to UNT. If you really want to move to Texas for college then find a community college and do the community college thing there until you establish residency to go to a Texas school. If you do that, then you could even transfer into a school like UT or A&M depending on your grades.

You could also just go to the school such as Buffalo and get your Bachelors there. Trust me, wherever you go in College you are going to have a good time. The last thing you need to worry about is "being unhappy" because you didn't go to Texas. UT and A&M are the only public schools worth paying out of state tuition for in Texas. Of course, there are private schools such as Rice that are expensive as is and very good.

I guarantee you will have fun wherever you go. Moving to Texas might sound fun now but you will change A TON in the next couple of years and quit worrying about that. Get your degree, then move wherever you want.

I'm currently a senior in college.

[Romo 2 Austin]

I live in NY as well and started at a community college.

Get your grades up after spending two year at your local CC, and then get into Binghamton and from there you are set.

Based on your 25k account, you'll graduate will maybe 20,000 in debt from a school that is far, FAR better then UNT. Binghamton is a top 50 business school. If you're going the science route look at Stony Brook, Albany is an option for the law/political route.. Buffalo isn't really an option for anything unless you are able to live at home by choosing it. Either way it's a win on all fronts. Texas has a booming economy, especially in IT. Just head down there after you graduate.

[TheCowboy]

Good advice guys thank you. It will be about $75,000 in debt and that doesn't include interest on the loans. I got a measly $1,000 a year in grants. It's funny how I really just thought about this. I needed to open my eyes a little more if you know what I mean.

Is 75K a huge college debt?

[Romo 2 Austin]

Originally Posted by TheCowboy

Good advice guys thank you. It will be about $75,000 in debt and that doesn't include interest on the loans. I got a measly $1,000 a year in grants. It's funny how I really just thought about this. I needed to open my eyes a little more if you know what I mean.

Is 75K a huge college debt?

It's astronomical, in order to be able to afford 75k with a 6.9% interest rate

http://www.finaid.org/calculators/loanpayments.phtml


This is all you will need to see - It is estimated that you will need an annual salary of at least $104,618.40 to be able to afford to repay this loan. This estimate assumes that 10% of your gross monthly income will be devoted to repaying your student loans. This corresponds to a debt-to-income ratio of 0.7. If you use 15% of your gross monthly income to repay the loan, you will need an annual salary of only $69,745.60, but you may experience some financial difficulty.This corresponds to a debt-to-income ratio of 1.1.

[ninja]

If you are planning to work in the government, it doesn't matter where you went to college. Same pay whether you went to Yale or some cheap state public college.

My advice: just get a 4-year degree from an accredited university at the lowest possible cost preferrably in a science field. After that, work hard and apply yourself.

4 year college degree + science field + low cost college + effort = probable path to moderate, successful career ($60-100K/year).

[DallasCowpoke]

You put up a thread not too long ago about wanting to become a "corrections officer".

Why would you want to pay the extra $$$ to move and go to an out-of-state school, for four years none the less, only to go into a job whose average starting pay is probably $20-$25k?

If you're planing on making this a career, why not stay in-state, get the minimum class-hours to get your foot in the door at a CC college under your belt...then continue your education in that field, while you're working in it?

Seems like you'd be getting the best of both worlds in that scenario. Work, AND education experience at the same time. Plus, it seems likely you'd be able to get some financial aid from your employer in many cases.

[5Stars]

Well, a 4 year College education used to be worth the money, however, that is not the case in today's world.

For example, in 1985 I graduated with a Bachelor's degree in Computer Science an got a great paying job starting out a $55,000 a year as a Computer Analysis/Design/programming with the Department of Defense. Before I retired at age 55 i was making close to $100,000 a year.

However, during the latter parts of my career, kids were getting hired coming out of a trade school in Computer Networking or programming and were making almost as much after 2 or 3 years as I did!

Another example from a CNN report stated the the Law schools in California were guaranteeing a job after graduation. Could you imagine how much that cost? But, what the schools really did was, after the student graduated, the school itself would hire them for a year or so and then release them for some reason or the other, and then the student/s could not find employment anywhere! And, they would not have the experience to go into private practice.

This economy is not right for students to pay huge amounts of money for a "4 year degree", when a trade school can do the same thing for you. That is, unless your are wanting to pursue a PhD.

A plumber can make upwards of $70.00 to $100.00 an hour, so can an Heating and Air Conditioning tech.

Just be sure to do your homework, be sensitive to the economy, and make sure that whatever you want to study can't be done somewhere else at a much cheaper price.

Did I really need to take classes in Philosophy, or study Literature, or have to write a 200 page research paper on some random subject just so I could go into IT?

What? I need to take Algebra I, II, III, when I had a Texas Instrument T1-36 Solar calculator?

So, my advice is to look at what you want to study to become, and look at all the different options out there to achieve your goals.



But, I'm proud that you are even thinking of getting more schooling...just do your homework, because spending tons of money for an education that you may or may not be able to use in today's market can actually put you in debt.

[DWelch1775]

A degree is a degree so I would rather go to a cheaper school and not be in debt the rest of my life. However I'm former military and my college was free and I still chose to go online rather than sit in a classroom. Online colleges offer much more flexibility and they are much cheaper. Good luck to you either way.

[TheCowboy]

Originally Posted by DallasCowpoke

You put up a thread not too long ago about wanting to become a "corrections officer".

Why would you want to pay the extra $$$ to move and go to an out-of-state school, for four years none the less, only to go into a job whose average starting pay is probably $20-$25k?

If you're planing on making this a career, why not stay in-state, get the minimum class-hours to get your foot in the door at a CC college under your belt...then continue your education in that field, while you're working in it?

Seems like you'd be getting the best of both worlds in that scenario. Work, AND education experience at the same time. Plus, it seems likely you'd be able to get some financial aid from your employer in many cases.

Before you say I change my mind a lot, I changed my major to Mechanical Engineering haha.

[RastaRocket]

Originally Posted by TheCowboy

Before you say I change my mind a lot, I changed my major to Mechanical Engineering haha.

Your going to change even more. It's typical for anybody coming out of high school. Hell, I'm still changing my mind constantly and I am about to graduate.

[TheCowboy]

Originally Posted by RastaRocket

Your going to change even more. It's typical for anybody coming out of high school. Hell, I'm still changing my mind constantly and I am about to graduate.

The worst part is that all the excitement that I built up that I was going to Texas and told everyone about now is nothing if I go to a community college. My wallet would be happy. Thank you guys for your help, it has really helped me!