Looking back, do you wish your child attended the least expensive college?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:It's pretty cringy when people throw around Cost of Attendance to exaggerate costs. Unless you're super rich you're not paying $85,000 a year for UChicago, nor are middle class people taking out "six figures" of loans for their child's undergrad. Most financial aid students at flagship state schools leave with $30k or so in loans. That's frankly not a big deal -- unless your kid flunks out. I believe the starting median salary for a bachelor's is now around $60k (?), so an average kid can easily pay off $30k in loans living at home for a year after graduation. Or even faster if they get an engineering degree or any other path that leads to a six-figure starting salary ex. nursing, tech, finance, or consulting.

There are such things as Parent Plus and private loans that allow you to take out more than that, and plenty families do.

Define plenty. I don't think it's that common for parents to take out loans, is it? For undergrad. When schools and College Scorecard report median loan sums of graduates, wouldn't the Parent Plus loans be factored in that as well? So the median is still about $30k for public U, right?

Looking at it, parent plus loan averages are about 30k and fed sub and unsub for public is 30k. Now the PP loans are split between private and public I guess, but I would say loans coming from school are reasonably higher than 30k

For UNDERGRAD is zero chance there are just as many parent borrowers with $30k as students with $30k. Last I looked only a small % of parents borrow on their name for undergrad. Only a fraction of the student borrowers.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:It's pretty cringy when people throw around Cost of Attendance to exaggerate costs. Unless you're super rich you're not paying $85,000 a year for UChicago, nor are middle class people taking out "six figures" of loans for their child's undergrad. Most financial aid students at flagship state schools leave with $30k or so in loans. That's frankly not a big deal -- unless your kid flunks out. I believe the starting median salary for a bachelor's is now around $60k (?), so an average kid can easily pay off $30k in loans living at home for a year after graduation. Or even faster if they get an engineering degree or any other path that leads to a six-figure starting salary ex. nursing, tech, finance, or consulting.

There are such things as Parent Plus and private loans that allow you to take out more than that, and plenty families do.

Define plenty. I don't think it's that common for parents to take out loans, is it? For undergrad. When schools and College Scorecard report median loan sums of graduates, wouldn't the Parent Plus loans be factored in that as well? So the median is still about $30k for public U, right?

Looking at it, parent plus loan averages are about 30k and fed sub and unsub for public is 30k. Now the PP loans are split between private and public I guess, but I would say loans coming from school are reasonably higher than 30k

That's only federal data. Lots of parents borrow in other ways -- home equity loans, private student loans, borrowing from 401ks.

https://money.usnews.com/loans/student-loans/articles/parent-student-loan-borrowers-survey

Right. The actual cost of college is not just some 30k of student loans. PP scoffed at the idea of 100k in loans for public school. Students aren’t paying 60k in tuition and 20-30k in living expenses with 30k in student loans and their pt job at the dining hall.

+1 I was advising a student last year who got into VT. Very low income, qualified for Pell Grant. All he got in free aid was the Pell and the VA state grant, VT offered nothing else. He and his mom would have had to take out nearly $20k/year in loans, maybe a little less in later years if he could get cheaper off campus housing or work as an RA. I strongly advised that he not take on 100k in loans and consider CC first.

That is terrible advice. There is research showing poor kids who could go to VT tier university and instead go to CC tend to actually REGRESS and bomb out. I would have them call VT and explain the situation and of that fails, maybe drop down a rung to a university that offers more merit.

Taking out $50k or $80k in student loans as a low-income family is WAY riskier. Sorry.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:It's pretty cringy when people throw around Cost of Attendance to exaggerate costs. Unless you're super rich you're not paying $85,000 a year for UChicago, nor are middle class people taking out "six figures" of loans for their child's undergrad. Most financial aid students at flagship state schools leave with $30k or so in loans. That's frankly not a big deal -- unless your kid flunks out. I believe the starting median salary for a bachelor's is now around $60k (?), so an average kid can easily pay off $30k in loans living at home for a year after graduation. Or even faster if they get an engineering degree or any other path that leads to a six-figure starting salary ex. nursing, tech, finance, or consulting.

There are such things as Parent Plus and private loans that allow you to take out more than that, and plenty families do.

Define plenty. I don't think it's that common for parents to take out loans, is it? For undergrad. When schools and College Scorecard report median loan sums of graduates, wouldn't the Parent Plus loans be factored in that as well? So the median is still about $30k for public U, right?

Looking at it, parent plus loan averages are about 30k and fed sub and unsub for public is 30k. Now the PP loans are split between private and public I guess, but I would say loans coming from school are reasonably higher than 30k

For UNDERGRAD is zero chance there are just as many parent borrowers with $30k as students with $30k. Last I looked only a small % of parents borrow on their name for undergrad. Only a fraction of the student borrowers.

Private loans are borrowed in student’s name with a co-signer.

[Anonymous]

It seems like someone with no interest in college or college admissions trolls every subject in this forum and just enjoys being an @ss to everyone regardless of the subject. He’s angry at everyone, especially people who have more than him and especially women. Weird sport, bro. There are better hobbies.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:It's pretty cringy when people throw around Cost of Attendance to exaggerate costs. Unless you're super rich you're not paying $85,000 a year for UChicago, nor are middle class people taking out "six figures" of loans for their child's undergrad. Most financial aid students at flagship state schools leave with $30k or so in loans. That's frankly not a big deal -- unless your kid flunks out. I believe the starting median salary for a bachelor's is now around $60k (?), so an average kid can easily pay off $30k in loans living at home for a year after graduation. Or even faster if they get an engineering degree or any other path that leads to a six-figure starting salary ex. nursing, tech, finance, or consulting.

There are such things as Parent Plus and private loans that allow you to take out more than that, and plenty families do.

Define plenty. I don't think it's that common for parents to take out loans, is it? For undergrad. When schools and College Scorecard report median loan sums of graduates, wouldn't the Parent Plus loans be factored in that as well? So the median is still about $30k for public U, right?

Looking at it, parent plus loan averages are about 30k and fed sub and unsub for public is 30k. Now the PP loans are split between private and public I guess, but I would say loans coming from school are reasonably higher than 30k

For UNDERGRAD is zero chance there are just as many parent borrowers with $30k as students with $30k. Last I looked only a small % of parents borrow on their name for undergrad. Only a fraction of the student borrowers.

Private loans are borrowed in student’s name with a co-signer.

Private loans are very rare for undergrad.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:It's pretty cringy when people throw around Cost of Attendance to exaggerate costs. Unless you're super rich you're not paying $85,000 a year for UChicago, nor are middle class people taking out "six figures" of loans for their child's undergrad. Most financial aid students at flagship state schools leave with $30k or so in loans. That's frankly not a big deal -- unless your kid flunks out. I believe the starting median salary for a bachelor's is now around $60k (?), so an average kid can easily pay off $30k in loans living at home for a year after graduation. Or even faster if they get an engineering degree or any other path that leads to a six-figure starting salary ex. nursing, tech, finance, or consulting.

There are such things as Parent Plus and private loans that allow you to take out more than that, and plenty families do.

Define plenty. I don't think it's that common for parents to take out loans, is it? For undergrad. When schools and College Scorecard report median loan sums of graduates, wouldn't the Parent Plus loans be factored in that as well? So the median is still about $30k for public U, right?

Looking at it, parent plus loan averages are about 30k and fed sub and unsub for public is 30k. Now the PP loans are split between private and public I guess, but I would say loans coming from school are reasonably higher than 30k

That's only federal data. Lots of parents borrow in other ways -- home equity loans, private student loans, borrowing from 401ks.

https://money.usnews.com/loans/student-loans/articles/parent-student-loan-borrowers-survey

Right. The actual cost of college is not just some 30k of student loans. PP scoffed at the idea of 100k in loans for public school. Students aren’t paying 60k in tuition and 20-30k in living expenses with 30k in student loans and their pt job at the dining hall.

+1 I was advising a student last year who got into VT. Very low income, qualified for Pell Grant. All he got in free aid was the Pell and the VA state grant, VT offered nothing else. He and his mom would have had to take out nearly $20k/year in loans, maybe a little less in later years if he could get cheaper off campus housing or work as an RA. I strongly advised that he not take on 100k in loans and consider CC first.

Correction - $80k in loans (if he made it through in 4 years)

He might have been able to go to Alabama for free. SO much better in every way than CC.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:It's pretty cringy when people throw around Cost of Attendance to exaggerate costs. Unless you're super rich you're not paying $85,000 a year for UChicago, nor are middle class people taking out "six figures" of loans for their child's undergrad. Most financial aid students at flagship state schools leave with $30k or so in loans. That's frankly not a big deal -- unless your kid flunks out. I believe the starting median salary for a bachelor's is now around $60k (?), so an average kid can easily pay off $30k in loans living at home for a year after graduation. Or even faster if they get an engineering degree or any other path that leads to a six-figure starting salary ex. nursing, tech, finance, or consulting.

There are such things as Parent Plus and private loans that allow you to take out more than that, and plenty families do.

Define plenty. I don't think it's that common for parents to take out loans, is it? For undergrad. When schools and College Scorecard report median loan sums of graduates, wouldn't the Parent Plus loans be factored in that as well? So the median is still about $30k for public U, right?

Looking at it, parent plus loan averages are about 30k and fed sub and unsub for public is 30k. Now the PP loans are split between private and public I guess, but I would say loans coming from school are reasonably higher than 30k

For UNDERGRAD is zero chance there are just as many parent borrowers with $30k as students with $30k. Last I looked only a small % of parents borrow on their name for undergrad. Only a fraction of the student borrowers.

Private loans are borrowed in student’s name with a co-signer.

Private loans are very rare for undergrad.

According to a 2021 report by MeasureOne, about 88.7% of private student loan debt was held by undergraduate studies.

[Anonymous]

Anonymous wrote:Tuition has exploded. Someone has to foot the bill.

https://tcf.org/content/report/parent-plus-borrowers-the-hidden-casualties-of-the-student-debt-crisis/

Or you can choose to find an instate school or OOS private that offers your kid merit, so you don't need $40K+ in loans to get thru college.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:It's pretty cringy when people throw around Cost of Attendance to exaggerate costs. Unless you're super rich you're not paying $85,000 a year for UChicago, nor are middle class people taking out "six figures" of loans for their child's undergrad. Most financial aid students at flagship state schools leave with $30k or so in loans. That's frankly not a big deal -- unless your kid flunks out. I believe the starting median salary for a bachelor's is now around $60k (?), so an average kid can easily pay off $30k in loans living at home for a year after graduation. Or even faster if they get an engineering degree or any other path that leads to a six-figure starting salary ex. nursing, tech, finance, or consulting.

There are such things as Parent Plus and private loans that allow you to take out more than that, and plenty families do.

Define plenty. I don't think it's that common for parents to take out loans, is it? For undergrad. When schools and College Scorecard report median loan sums of graduates, wouldn't the Parent Plus loans be factored in that as well? So the median is still about $30k for public U, right?

Looking at it, parent plus loan averages are about 30k and fed sub and unsub for public is 30k. Now the PP loans are split between private and public I guess, but I would say loans coming from school are reasonably higher than 30k

That's only federal data. Lots of parents borrow in other ways -- home equity loans, private student loans, borrowing from 401ks.

https://money.usnews.com/loans/student-loans/articles/parent-student-loan-borrowers-survey

Right. The actual cost of college is not just some 30k of student loans. PP scoffed at the idea of 100k in loans for public school. Students aren’t paying 60k in tuition and 20-30k in living expenses with 30k in student loans and their pt job at the dining hall.

+1 I was advising a student last year who got into VT. Very low income, qualified for Pell Grant. All he got in free aid was the Pell and the VA state grant, VT offered nothing else. He and his mom would have had to take out nearly $20k/year in loans, maybe a little less in later years if he could get cheaper off campus housing or work as an RA. I strongly advised that he not take on 100k in loans and consider CC first.

That is terrible advice. There is research showing poor kids who could go to VT tier university and instead go to CC tend to actually REGRESS and bomb out. I would have them call VT and explain the situation and of that fails, maybe drop down a rung to a university that offers more merit.

Taking out $50k or $80k in student loans as a low-income family is WAY riskier. Sorry.

Are you the PP? What do you mean by "advisor"? You are a family friend or colleague or in a professional capacity and you had access to this family's FAFSA application? Maybe they have more income or assets than you think or maybe VT would have offered more if they explained the situation. Either way, there are a lot of good universities between VT and bottom of the bottom CC. I really doubt you'd send your own child to a CC if they could get into VT.

Where did the young man end up going?

[Anonymous]

Anonymous wrote:

Anonymous wrote:Tuition has exploded. Someone has to foot the bill.

https://tcf.org/content/report/parent-plus-borrowers-the-hidden-casualties-of-the-student-debt-crisis/

Or you can choose to find an instate school or OOS private that offers your kid merit, so you don't need $40K+ in loans to get thru college.

OOS public universities offer great merit awards as well if you have stellar stats. ex. Alabama, Auburn, Clemson, Georgia, Indiana

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:It's pretty cringy when people throw around Cost of Attendance to exaggerate costs. Unless you're super rich you're not paying $85,000 a year for UChicago, nor are middle class people taking out "six figures" of loans for their child's undergrad. Most financial aid students at flagship state schools leave with $30k or so in loans. That's frankly not a big deal -- unless your kid flunks out. I believe the starting median salary for a bachelor's is now around $60k (?), so an average kid can easily pay off $30k in loans living at home for a year after graduation. Or even faster if they get an engineering degree or any other path that leads to a six-figure starting salary ex. nursing, tech, finance, or consulting.

There are such things as Parent Plus and private loans that allow you to take out more than that, and plenty families do.

Define plenty. I don't think it's that common for parents to take out loans, is it? For undergrad. When schools and College Scorecard report median loan sums of graduates, wouldn't the Parent Plus loans be factored in that as well? So the median is still about $30k for public U, right?

Looking at it, parent plus loan averages are about 30k and fed sub and unsub for public is 30k. Now the PP loans are split between private and public I guess, but I would say loans coming from school are reasonably higher than 30k

That's only federal data. Lots of parents borrow in other ways -- home equity loans, private student loans, borrowing from 401ks.

https://money.usnews.com/loans/student-loans/articles/parent-student-loan-borrowers-survey

Right. The actual cost of college is not just some 30k of student loans. PP scoffed at the idea of 100k in loans for public school. Students aren’t paying 60k in tuition and 20-30k in living expenses with 30k in student loans and their pt job at the dining hall.

+1 I was advising a student last year who got into VT. Very low income, qualified for Pell Grant. All he got in free aid was the Pell and the VA state grant, VT offered nothing else. He and his mom would have had to take out nearly $20k/year in loans, maybe a little less in later years if he could get cheaper off campus housing or work as an RA. I strongly advised that he not take on 100k in loans and consider CC first.

That is terrible advice. There is research showing poor kids who could go to VT tier university and instead go to CC tend to actually REGRESS and bomb out. I would have them call VT and explain the situation and of that fails, maybe drop down a rung to a university that offers more merit.

Cite?

[Anonymous]

I don’t mind setting a price for college. The thing that seems a little unfair with op story is to spring this on the kid when all is said and done - you need to go to x school bc cheapest - if that wasn’t the expectation going into the process


Also, I wouldn’t overstate that where you go to undergrad matters not at all. Many leverage elite undergrad educations for decades. Not saying that should be deciding factor but dismissing out of hand seems a bit much

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Tuition has exploded. Someone has to foot the bill.

https://tcf.org/content/report/parent-plus-borrowers-the-hidden-casualties-of-the-student-debt-crisis/

Or you can choose to find an instate school or OOS private that offers your kid merit, so you don't need $40K+ in loans to get thru college.

OOS public universities offer great merit awards as well if you have stellar stats. ex. Alabama, Auburn, Clemson, Georgia, Indiana

I think you are about 10 years late. "Stellar stats" are sometimes not even enough to get into UGA, let alone get a "great merit award" that brings COA down to less than $10k/year.

Even Bama, which people tout for its merit...their highest OOS scholarship, for 3.5+ GPA and 32-36 ACT, is $28k/year. With their OOS COA being $50k...you're still on the hook for $72k over four years...

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:It's pretty cringy when people throw around Cost of Attendance to exaggerate costs. Unless you're super rich you're not paying $85,000 a year for UChicago, nor are middle class people taking out "six figures" of loans for their child's undergrad. Most financial aid students at flagship state schools leave with $30k or so in loans. That's frankly not a big deal -- unless your kid flunks out. I believe the starting median salary for a bachelor's is now around $60k (?), so an average kid can easily pay off $30k in loans living at home for a year after graduation. Or even faster if they get an engineering degree or any other path that leads to a six-figure starting salary ex. nursing, tech, finance, or consulting.

There are such things as Parent Plus and private loans that allow you to take out more than that, and plenty families do.

Define plenty. I don't think it's that common for parents to take out loans, is it? For undergrad. When schools and College Scorecard report median loan sums of graduates, wouldn't the Parent Plus loans be factored in that as well? So the median is still about $30k for public U, right?

Looking at it, parent plus loan averages are about 30k and fed sub and unsub for public is 30k. Now the PP loans are split between private and public I guess, but I would say loans coming from school are reasonably higher than 30k

For UNDERGRAD is zero chance there are just as many parent borrowers with $30k as students with $30k. Last I looked only a small % of parents borrow on their name for undergrad. Only a fraction of the student borrowers.

How does 30k in student loans pay for 90k worth of tuition and living expenses?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:It's pretty cringy when people throw around Cost of Attendance to exaggerate costs. Unless you're super rich you're not paying $85,000 a year for UChicago, nor are middle class people taking out "six figures" of loans for their child's undergrad. Most financial aid students at flagship state schools leave with $30k or so in loans. That's frankly not a big deal -- unless your kid flunks out. I believe the starting median salary for a bachelor's is now around $60k (?), so an average kid can easily pay off $30k in loans living at home for a year after graduation. Or even faster if they get an engineering degree or any other path that leads to a six-figure starting salary ex. nursing, tech, finance, or consulting.

There are such things as Parent Plus and private loans that allow you to take out more than that, and plenty families do.

Define plenty. I don't think it's that common for parents to take out loans, is it? For undergrad. When schools and College Scorecard report median loan sums of graduates, wouldn't the Parent Plus loans be factored in that as well? So the median is still about $30k for public U, right?

Looking at it, parent plus loan averages are about 30k and fed sub and unsub for public is 30k. Now the PP loans are split between private and public I guess, but I would say loans coming from school are reasonably higher than 30k

For UNDERGRAD is zero chance there are just as many parent borrowers with $30k as students with $30k. Last I looked only a small % of parents borrow on their name for undergrad. Only a fraction of the student borrowers.

How does 30k in student loans pay for 90k worth of tuition and living expenses?

Okay, $90k - $30k is $60k.

Does a parent contribute literally $0 towards that $60k? Does the kid contribute literally $0 of that $60k? A low impact work study gig alone is $5K each school year, so we're down to $40k. A college educated kid can make easily $5k freshman summer and $10k plus each summer after. If the kid is a CS or engineering major, internships can be more like $20k to $30k each summer.