10 colleges that will bust your budget
These schools feature some of the highest out-of-pocket costs of any in the country.
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One of the problems I've seen with student loans is that a lot of people will take out the maximum they qualify for, even if they don't really need it. When I applied they told me I could have $16,500.00/year for two years, then $18,500.00 for the next two years. I was shocked that they would offer me so much considering I was getting financial aide. I chose not to take the full amount that I qualified for and after working my way through college and having the financial aide and student loan I came away with only $6,100.00 in student loan debt. While I was setting up my payment plan the loan officer commented that she was very surprised at how small my loan was, that she had never seen someone come away with such little debt.
My sister-in-law takes the maximum and goes part time. She is currently $145,000+ in debt and has at least another year left before she finishes. When she is done she will have a degree in Fashion Design, we think. That is a difficult industry to be successful in, good luck to her.
If you don't have a solid family financier behind you, I'd recommend foregoing these expensive schools if it's all going to be based on college loans. Once out of school, you are crippled by the amount of debt, which lives forever and has to be paid. For that reason, creditors for your car, apartment, home, credit cards won't give you much, if anything. It's really hard to make enough money to live on, plus pay back thousands in relentless college loans. On the other hand, if you have a white knight, it's manageable.
A lot of times, one has to weigh more then just the yearly tuition cost, with the degree one's going for (different schools have different programs in different majors that stack up against one differently, so that one of the best schools for one degree program isn't best for another, etc), to what one will need.
I'm looking to return to school at a certain point, and given the classes I have taken, and the degree I'm looking at, Drexel has one of the best fits. I looked around, looking at the cost, but the simple fact of the matter is, that a lot of other programs, with a lot cheaper tuition costs, would leave with me with fewer transfer credits, which could apply over. If one's having to go 4-5 years at a lower cost per year, vs 2 years at the higher rate, it isn't a given that down the road, one will be paying more. Drexel also has a means on the undergraduate end, to take the classes at Burlington Community College, as their professors commute, teach the classes, and one gets the degree from Drexel at about $10,000 to $12,000 a year less then on the main campus.
And some of the other schools, the program doesn't exactly "fit" where I'm wanting to go, from the degree I already have. It can be a very individual thing, for which what transfers, what you're wanting to do, how easily one's prior course credit can fit into another program can all effect the bottom line. But this is something that many also don't consider, but is very possible for a cost savings as well. College transfers. One can take the freshman and sophomore years at a college with a lower tuition cost, then transfer in (if the course credits work out right), to a school that would give one of the top degrees for what one's wanting to do. In the end, the name on their diploma will be whatever, the higher level classes will be from that program, but the first couple years one could have saved a bundle. The planning doesn't all have to take into account, attending one school only, as transfers are always possible...
In my case, starting all over, without transfer credits seems a potentially higher cost, without the benefit, vs having a program that is a better fit wrt what credits I already have, where I'm wanting to go in live, and being able to complete it in less time, as I won't have to take as many classes overall (due to transfer credits) to get the newer degree...
It's not tuition that hurts. Tuition can be covered by Grants and Scholarships. It is Room and Board plus the other miscellaneous expenses that will put you in debt of $10,000 to $20,000 per year at higher education instituition.(College).
Most people can expect to be $40k to $60k in debt after 4 years of college unless they live at home or from a wealthy family subsidizing costs. No matter..... going to college is not cheap. It's still for the wealthy or those Athletic kids getting free rides with athletic scholarships.
In fact those kids that want to be in Pro Sports ... develop a training camp and skip the regular learning cycle about obtaining a degree
and make them pay their way too.
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