Is going to a private school really worth the extra debt?

Question

I've had my heart set on a certain private school. Long story short, even though I applied in March, I did not get my financial aid award until last Tuesday. Although the school gave me $15,000, I will still be $18,000 in debt just from my first year alone. The only people who live in my home are me and my mother and she has been unemployed since last June (jobs are hard to find right now). And I didn't work, so even though we are below the poverty line, I will still be very much in debt just after one year.

I live near a state school regional campus, and I am considering going there instead, and saving $18,000.

Is going to a private school worth the extra money? The private school has 1,600 students and the regional school has 2,400.

Thank you.

Answer 1

I just have a quick question for you before I begin answering your question: You said your mother has been unemployed since last year, and that you live close to or below the poverty line, but was this not recorded on your FASFA? I feel that if you'd recorded that in the (addendum) section of the FASFA, the school should've given you the total cost of attendance. I base this on the fact that the FASFA determines an Expected Family Contribution (EFC) based on the previous year's income, and if your mother was unemployed (and there was not a father in the picture, or your father was also employed), then your EFC would be either extremely low or $0.  Even if your father was working, he would still be supporting the entire family on his income, and (based on the income) the EFC should still be low.

I would submit what is called "A letter of extinuating circumstances" to the school and explain this to them. They should adjust your financial aid award based on this information (I did it at my school every year and was always given more money). Let them know that the EFC they left you with is higher than the EFC the FASFA says you can pay.

Ultimately, if this doesn't work, then I would choose public school. It's not always the school's reputation or classification, but how you utilize its resources and take advantage of educational opportunities. Going to a public university might prove to be a blessing in disguise, as you might be noticed and recognized more than if you were at a university where all the students were the cream of the crop and extremely competitive.

I chose where I went to school based on the financial aid each school I applied to gave me. There are some schools that are going to really want you to attend, and they will show you that by giving you a generous financial aid package (among other things). I honestly think you'll be much happier going to the public university and saving that money.

If you have any other questions, don't hesitate to ask!

Break A leg!

Answer 2

It depends on the specific schools and what you want to study. If you want to be a teacher, a nurse or even a doctor, it probably doesn't matter. If you want to go into business and the private ranks much higher, it may be worth it. Since the board is anonymous, just include the school names for good feedback.

Answer 3

the only reason you go to private school is that it gives you that extra opportunity. They will be teaching you the same stuff,it will be up to you to work much harder and utilize the extra money you are paying.

Answer 4

Depends on the field of study and the name of the school. For example, MIT (MA Institute of Technology) is one of the top schools in the country for engineering (especially computers), so to many people, it is worth the extra debt because of the extra opportunities that come with going to a top school in the field.

Same thing with the state regional school. If you go there, graduate and get job offers that start at $18,000 less (for example) than graduates from private universities, then maybe its better to pay more to get higher starting salary offers.

It would be nice if you said what schools you were thinking of and what your major is (if you know)