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.

 

[Tabascocat]

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]

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.

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.

 

[Cowboy Brian]

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?

 

[Cowboy Brian]

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.

 

[TwoCentPlain]

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]

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]

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]

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!

 

[5Stars]

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.

When I first enrolled in College, I wanted to be a Music Major. After talking to counselors about where I was heading, they told me unless I had the talent of a Paul McCartney or a Bob Dylan or a Paul Simon or who ever else, Jimmy Hendrix, all I would get out my education would be maybe a music teacher at a local high school making maybe $18,000 year...if that!

:laugh2:

 

[FiveRings]

I live in NY too. I had an interesting conversation with my physical trainer the other day, and in so many words he said he was working at his alma mater (Stony Brook) and the advisers told him "not to even look at the school the kid went to, only the grades,GPA, etc.) so that basically reinforced my opinion that a college education, for the most part, is a college education.

That being said, I'm also a firm believer in that you should concentrate your energy on post-grad before dropping a ton on under-grad, and to accomplish this, a lot of SUNY schools are great for this (Oswego,Geneso Marritime etc.) then you could focus on moving to a Texas school for post-grad.

Just a thought, good luck in your decision making process man.

 

[DFWJC]

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.

That's cool that you got your degree.

But no way is a "degree is a degree". Sometimes yes.

I do agree that in the long term, IF a person gets the opportunity, the creme will rise to the top.

Trade school stuff is different though...I'm not referring to that.
In fact, if someone has an interest in learning a trade (mechanic, computer tech, whatever) that is really solid path to earning a living.

But it's very clear that both average hiring rates and starting salaries differ radically between some schools.

 

[DallasCowpoke]

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

Got'cha, and probably a wise decision.

Please don't take offense to this...but with a last name like yours, PRISON, no matter which side of the bars you're on, seems like a place you do NOT wanna be!

 

[Hoov]

My recommendation is to apply to several schools that are noted for the field of study you are pursuing. Then compare the packages that you receive.

Private schools often give more money in grants and scholarships than state schools do. You will be suprised at the difference in fiancial aid two schools will offer the same applicant.

And it will be a completely different experience for you if you go away to a big university than if you go to community college.

I have some friends/family who have gone to schools like UConn, Yale and some other well know colleges had wonderful experiences and they say it was worth the money and the debt.

I did not have that experience. I decided to put off college for a few years then I went to a community college and then transferred to a small state school. I was working two jobs and already had the responsibility of a family when i was in college so my options were somewhat limited.

Its true that when i finished college i got my first opportunity in my field after an internship and it didnt seem to make a big difference at that time who went to school where as far as ability to gain employment - at least for my field...and i didnt have college loans to worry about.

However, after learning of the experiences that my friends had I did regret that i didnt focus more in high school and then go away to a university and get the whole college experience.

My daughter did the opposite - she did very well in higschool and was motivated to have the whole college experience lincluding moving away to live on her own. She was also very sure about what she wanted to do.

Some family memebres tried hard to convince her to go to a community college to save money and she started to feel sad because she had worked real hard and wanted to have a certain type of experience. When they started to pressure her a little I told her pick any school you wnat and we'll figure it out.

So she applied to several schools and picked one that she liked and is finishing her freshman year. She was able to get some aid and im helping as i can and the rest will be loans. She decided that for her the experience would be worth the loans and I agree. Now having said that, I know my daughter and i know what she can handle and that she is pretty disciplined so i know she will be allright.

But i know several people who have met their spouse at the university they attended and they have a very good marriage (which i find to be rare these days) and you cant put a price tag on that; or on the lifelong friends and connections that you may make.

There is nothing wrong with deciding either way between if you want to save money and go to community college or if you want to take the loans and go live on campus and get the full college experience. But you have to know yourself and realize that with either choice your giving up something to get something else - so only you can decide where the better value lies for you.