Should I take out a loan?
I need some advice here.
Is it worth it to take out a huge loan and go into debt to attend a well-known university? Especially when I've been offered a full scholarship at a lesser known, but equally beneficial university?
I'm not asking for specific financial advice, only opinions. Comments from people in college right now or those paying off their student loans would be much appreciated.
Is it worth it to take out a huge loan and go into debt to attend a well-known university? Especially when I've been offered a full scholarship at a lesser known, but equally beneficial university?
I'm not asking for specific financial advice, only opinions. Comments from people in college right now or those paying off their student loans would be much appreciated.
Comments
Originally posted by job
I need some advice here.
Is it worth it to take out a huge loan and go into debt to attend a well-known university? Especially when I've been offered a full scholarship at a lesser known, but equally beneficial university?
I'm not asking for specific financial advice, only opinions. Comments from people in college right now or those paying off their student loans would be much appreciated.
If it's your undergraduate, I agree with Scott. If it is an advanced degree, there are other considerations.
The lesser known college is Denison University. The scholarship is worth nearly $30,000.
All of them are 4-year private universities.
Originally posted by job
The well known schools in consideration are Harvard, Dartmouth, and the University of Chicago.
The lesser known college is Denison University. The scholarship is worth nearly $30,000.
All of them are 4-year private universities.
Denison is a fine school. Go there. Although the U of Chicago would be mighty nice!
Originally posted by job
The well known schools in consideration are Harvard, Dartmouth, and the University of Chicago.
The lesser known college is Denison University. The scholarship is worth nearly $30,000.
All of them are 4-year private universities.
I have a friend who got her law degree but then decided she didn't want to be a lawyer. She went to Harvard and got her doctorate in education. She took out a lot of loans to do so.
Since then she has been chronically under-employed compared to the income she needs for those loans.
Debt sucks, take the money and run.
Nick
Starting off without debt is a huge boon. I left grad with no debt. Worked in university depts, and outside. If I had been more diligent and gotten some of the scholarships that were within reach, I would have saved myself a mountain of stress. But hindsight is 20-20 while a beer in hand is worth two in the bush.
I assume the 30,000 covers tuition. How much will you need for food, logging and books? Either way it's a great head start.
Originally posted by Matsu
I assume the 30,000 covers tuition. How much will you need for food, logging and books? Either way it's a great head start.
If my family and I split it, I would have to pay around 2900 every year.
The only problem here is that my mother has dug in her heels and is trying to convince me that Harvard is the only option. She's told me that Harvard is to Denison as the Olympics are to High School Track and Field.
I'd love to go to any of these schools if money wasn't an issue, but it is. None of the other schools came through with any significant need-based financial aid, since my family apparently does not qualify.
Does she know what she's talking about? (i.e. - experience at Denison?)
Have her listen to Pink Floyd's "Mother"
Originally posted by job
If my family and I split it, I would have to pay around 2900 every year.
The only problem here is that my mother has dug in her heels and is trying to convince me that Harvard is the only option. She's told me that Harvard is to Denison as the Olympics are to High School Track and Field.
I'd love to go to any of these schools if money wasn't an issue, but it is. None of the other schools came through with any significant need-based financial aid, since my family apparently does not qualify.
Put the ball in her court. Ask her to find out the earnings difference between a Denison grad in your field of study and a Harvard grad in your field of study.
Tell her you can cough up the $2900 and she can make up the difference. (If she can't then oh well, you don't go then since life isn't free)
Finally consider the fact that you are an adult, and while we wish to honor our parents wishes, you are likely already doing so by going to college. I mean you already got into these schools. Is your brain suddenly going to stop working at Denison now?
Last and most important part, it sounds like Denison can meet your needs and even if she considers it a "small pond" sometimes it helps your growth to be the big fish in the small pond instead of a guppy swimming in the ocean. At Harvard, even if you were as supposedly brilliant as everyone else supposedly is, you are going to have to take loans and work. At Denison, you get to study harder, get more out of your actual education, actually enjoy your free time with less work, and still get to network/meet people who might help you in your field.
Rememeber the only true knowledge is that which you can apply. If you come out brilliant but broke, what good does that do you. I'm speaking from your mom's pespective of course. I know you would get a good quality education from both universities.
Nick
Originally posted by groverat
Does she know what she's talking about? (i.e. - experience at Denison?)
Sadly, yes. She went there for her undergrad as well and she met my dad there(!)
What does your dad think of Denison?
Originally posted by trumptman
Put the ball in her court. Ask her to find out the earnings difference between a Denison grad in your field of study and a Harvard grad in your field of study.
That's the kicker. I want to go to the State Department after getting a graduate degree. My mom claims the best way to start a career like that is by going to Harvard merely for the name brand value alone. She isn't saying that an education at Denison would be wasted, merely that a Harvard degree would be more beneficial in my line of work. I planning on either dual or triple majoring (<-an opportunity I would have at Denison only!) in economics, poltitical science, or international studies. Nothing special, so it would practically be the same at any university. The only difference would be the 'name brand.'
At Denison, you get to study harder, get more out of your actual education, actually enjoy your free time with less work, and still get to network/meet people who might help you in your field.
Rememeber the only true knowledge is that which you can apply. If you come out brilliant but broke, what good does that do you. I'm speaking from your mom's pespective of course. I know you would get a good quality education from both universities.
Nick
Thanks for the comments. Many of the things you mentioned I've been considering myself.
Originally posted by groverat
What does your dad think of Denison?
My dad thinks Denison is fine. In fact, he said he really doesn't care which one I choose because they are all fine institutions.
However, he has told me the dollar amount he can afford. The only way I would be able to pay for anything but Denison would be through a loan.
Okay, accept the Denison scholarship for four years, and take a class during summer session every summer at Harvard (if they have summer classes). Then you'll get to know professors and fellow students in your field.
Or, get your BA/BS from Denison and go to Harvard for grad school.
I agree that you will be able to concentrate on your studies and will be able to learn more if you don't have to have a part-time job.
Is Harvard like $48,000 a year? Geez. Maybe you could go to Denison, and then try to get an internship at the State Dept. An internship would give you an "in", by virtue of simply meeting some of the 'right' people.
You know what? Maybe you could go to the State Dept. website and see if there's anyone you could contact for the purpose of asking your question. It's worth a try. Maybe no one will answer; but maybe someone will.
Call the Personnel Office at the State Dept., if there is such an office. Tell the person who answers that you need five minutes of someone's time to ask one State Dept. career type question.
I know I'm naive, but I would try all these things. You never know when something might work.
Call the Harvard School of Govt. (is that the name?) with the same question. Ask the secretary if there's anyone with whom you might speak for five minutes. If she says no one is available, then ask 'her' your question. Call on Weds. at 10:30 A.M. - middle of the week. People have had their coffee and are awake/not grouchy. Urgent stuff has been taken care of on Monday and Tuesday. It's too early for them to be thinking about lunch yet. heh. Gotta think of all the angles when you are the supplicant with a question. If people are in a patient, non-stressed frame of mind, the likelihood of their answering your question will be increased.
If all else fails, find a teacher you might know who could make the calls for you. If a teacher says on the phone that he's trying to find out information for a discussion/unit on govt. careers for a class he's teaching, people are often more disposed to take the trouble of giving an answer. Kinda nice, really.
And finally, your mom seems to feel strongly about her desire for you to go to Harvard. The 'networking' thing is SO true. No matter how good your education at Denison, frequently it's the people you know who will pave the way for you down the road. The contacts you would make at Harvard could be invaluable in the future. It's not necessarily fair that the world works this way, but it does in many instances. So a $200,000 debt might be worth it in the long run - especially if you could take forever to pay it off. Whaddaya think?
Edit: a career in State is one based on knowledge, inter-personal skills, and ability to communicate. Right? The 'contacts' you would make at Harvard (people who would become your friends) would be *highly* valuable in such a career. Your mom understands this. Women are more wily than men.
Now, you must realize that college is more than big price tags and big names. It's all about the experience you get there. I would almost suggest that you make the decision based upon the environment of each school, and where you feel the most comfortable.
If you will hate Denison, but could go there for free, I don't know that it would be the best option. I turned down a full ride scholarship because I just didn't feel at home at the school. It didn't feel right.
Secondly, if you are planning on moving on to Grad school, it further nullifies the "brand name effect" of your undergrad experience. And, you'll probably be paying even more then.
Thirdly, debt sucks. It really does. Don't start yourself off deeper than you need to be.
Take the scholarship and run, man!
Oh yeah, and have fun - you only get to do it once.
Save the potential debt for graduate school, if in fact you still want to go there after 4 years of undergrad.
EDIT - very important - look for any and all internship opportunities - probably the best professional shortcuts you can get. Real-world experience trumps the best academics, every time.
Check out Dennison if you can in as many visits as possible - see who you meet, and whether you could feel at home there.
Lastly, a full scholarship to Dennison, as opposed to "just a degree" from Harvard et. al., will look better on your resumé.
Originally posted by Carol A
Or, get your BA/BS from Denison and go to Harvard for grad school.
That's exactly what I was thinking. There is no question in my mind that I want to go to grad school. I think a graduate degree from Harvard would be far better than an undergrad degree.
Edit: a career in State is one based on knowledge, inter-personal skills, and ability to communicate. Right? The 'contacts' you would make at Harvard (people who would become your friends) would be *highly* valuable in such a career. Your mom understands this. Women are more wily than men.
Yeah, Harvard is almost 48K a year.
Re Networking: Senator Luger graduated from Denison and selects 5 Denison students every summer to intern for him in DC. He also has a specific PoliSci/International Relations program at Denison that I am very seriously considering given my desired career choice.
http://www.denison.edu/polysci/lugar.html
I am already accepted in the Denison Honors Program so I would be even more eligible for the program and the internship in DC.
Originally posted by bauman
If you will hate Denison, but could go there for free, I don't know that it would be the best option. I turned down a full ride scholarship because I just didn't feel at home at the school. It didn't feel right.
I'm visiting all of the schools first before I decide. Thankfully I've been able to talk to the athletic offices and they are paying for my airfare and the majority of my trip.
I've visted Denison and like it a lot. They built a brand new indoor track and field facility. I've also lived in major urban centers for a lot of my life (Houston, TX, London, England, Hamburg, Germany) and wouldn't mind living in the countryside for a few years.
I still have to visit Dartmouth and Harvard though, so we'll see what they are like. I was able to eliminate Georgetown from my list of prospective schools after visiting. Something just didn't click.
Originally posted by FormerLurker
EDIT - very important - look for any and all internship opportunities - probably the best professional shortcuts you can get. Real-world experience trumps the best academics, every time.
See above mentioned Lugar Program.
Originally posted by FormerLurker
Oh yeah, and have fun - you only get to do it once.
Lies. I'm finishing my MBA in June and starting over on a new undergrad degree in the fall.