How much did the cost matter to your college choice?

[Engineer]

Originally posted by: Fullmetal Chocobo
None. My fellow AT workers who are paying taxes are paying for college.

Corrected.

 

[Kirby]

Originally posted by: Chronoshock
I'm making 50-100% more than I would have made coming out of a lesser school

Just curious, how would you know?

 

[AstroManLuca]

I went to the University of Minnesota, with in-state tuition, partially because of the cost. One major factor was $10,000 in scholarship money I got for the first two years (that was almost half the total tuition). Thanks to my parents' very generous contributions once the scholarship ran out, I managed to get out without any debt at all.

The U of M is a good school - maybe not top-tier, but that's not what I was looking for. I wanted a good education and a good social experience, and I got both. I figure if I want to get a post-grad degree at some point, I can go to a nicer, more expensive school. But the U of M is just fine for undergrad.

People go a bit crazy over the school they want to go to. I knew a lot of people in high school who were obsessed with getting straight A's and would turn down full ride scholarships to great schools just so they could go to an even more prestigious one (and get $100,000 in debt just for an undergrad degree). That was never me.

 

[Fingolfin269]

I went to a state school and have a great job with no student loan debt. I could have gone to a fancy private school and paid 5x as much but I don't see how my situation would be any better. Other than being able to brag about how I went to a private school that is...

 

[Special K]

Originally posted by: ducci
Student loans (federal), are some of the best you can have. Granted, it's not better than no loans - aside from building up credit - but for 0% down, no interest accumulating until you graduate, an interest rate generally on par with inflation (~3-5%), and a payment plan spanning 10-30 years, it's tough to argue against it.

They aren't as good of a deal as they used to be. Only the subsidized loans accrue no interest while you graduate, and although the interest rates are fairly low now, they will jump back up to 6.8% in 2012:

Stafford Loan Interest Rates

The rates are as follows:

2009-2010: 5.6%
2010-2011: 4.5%
2011-2012: 3.4%
2012-2013+: 6.8%

from 2006-2009 they were at a 6.8% fixed rate.

Also Stafford loans for all graduate students are fixed at 6.8%.

 

[Special K]

Also here is another article claiming that college costs may be the next bubble to burst:

link

The cost of colleges has risen at double the rate of inflation for years now. Can this trend really continue indefinitely?

 

[erub]

Undergrad: I chose a top 20 engineering school, but didn't see any point in paying more for out-of-state when Texas A&M and UT were both in-state. Had scholarship offers for both, A&M's offer was better, plus I liked it better. Got paid to go to school.

Grad 1 (MSEE at GaTech): Applied to the two top 10 programs in major cities in the south - UT and Georgia Tech. Received great fellowship offer from UT, turned it down for teaching assistantship that paid half as much. Both schools covered tuition. So cost not a huge factor.

Grad 2 (possibly): MS in Information Systems at UNLV. Mainly picking it because I want to move to Las Vegas, not an outstanding school. Will only attend if I can at least get instate tution. Cost is huge factor here, it would be foolish for me to pay big money for that degree.

 

[sjwaste]

Originally posted by: erub
Undergrad: I chose a top 20 engineering school, but didn't see any point in paying more for out-of-state when Texas A&M and UT were both in-state. Had scholarship offers for both, A&M's offer was better, plus I liked it better. Got paid to go to school.

Grad 1 (MSEE at GaTech): Applied to the two top 10 programs in major cities in the south - UT and Georgia Tech. Received great fellowship offer from UT, turned it down for teaching assistantship that paid half as much. Both schools covered tuition. So cost not a huge factor.

Grad 2 (possibly): MS in Information Systems at UNLV. Mainly picking it because I want to move to Las Vegas, not an outstanding school. Will only attend if I can at least get instate tution. Cost is huge factor here, it would be foolish for me to pay big money for that degree.

Ever planning to actually work?

I don't mean that in any condescending manner, either. I'd go to school for the rest of my life if I could.

 

[bobsmith1492]

Did cost matter? Only to the degree that if they paid for everything I would consider it, otherwise not! I thought about a couple of more expensive schools but didn't see any benefit.

 

[miketheidiot]

Originally posted by: AstroManLuca
I went to the University of Minnesota, with in-state tuition, partially because of the cost. One major factor was $10,000 in scholarship money I got for the first two years (that was almost half the total tuition). Thanks to my parents' very generous contributions once the scholarship ran out, I managed to get out without any debt at all.

The U of M is a good school - maybe not top-tier, but that's not what I was looking for. I wanted a good education and a good social experience, and I got both. I figure if I want to get a post-grad degree at some point, I can go to a nicer, more expensive school. But the U of M is just fine for undergrad.

People go a bit crazy over the school they want to go to. I knew a lot of people in high school who were obsessed with getting straight A's and would turn down full ride scholarships to great schools just so they could go to an even more prestigious one (and get $100,000 in debt just for an undergrad degree). That was never me.

uofm is a top tier school bro

 

[xboxist]

It matters a shit ton to me considering I basically live check to check while going to school. I had no choice but to weigh cost heavily in my decision. Student loan debt is for the birds.

 

[miketheidiot]

Originally posted by: Special K
Also here is another article claiming that college costs may be the next bubble to burst:

link

The cost of colleges has risen at double the rate of inflation for years now. Can this trend really continue indefinitely?

i'm sure they can find more administrative costs to tack on (which is where most of the recent increase in tuition has gone)

since i started school they added a new oracle software system to run billing and register for classes etc, and i pay 200 a semester for the privilege of using it.

 

[bobsmith1492]

Originally posted by: miketheidiot

Originally posted by: AstroManLuca
I went to the University of Minnesota, with in-state tuition, partially because of the cost. One major factor was $10,000 in scholarship money I got for the first two years (that was almost half the total tuition). Thanks to my parents' very generous contributions once the scholarship ran out, I managed to get out without any debt at all.

The U of M is a good school - maybe not top-tier, but that's not what I was looking for. I wanted a good education and a good social experience, and I got both. I figure if I want to get a post-grad degree at some point, I can go to a nicer, more expensive school. But the U of M is just fine for undergrad.

People go a bit crazy over the school they want to go to. I knew a lot of people in high school who were obsessed with getting straight A's and would turn down full ride scholarships to great schools just so they could go to an even more prestigious one (and get $100,000 in debt just for an undergrad degree). That was never me.

uofm is a top tier school bro

He said U of Minnesota - usually when you think U of M you think Michigan, which is top-notch. I don't know anything about Minnesota, just clarifying.

 

[Special K]

Originally posted by: miketheidiot

Originally posted by: Special K
Also here is another article claiming that college costs may be the next bubble to burst:

link

The cost of colleges has risen at double the rate of inflation for years now. Can this trend really continue indefinitely?

i'm sure they can find more administrative costs to tack on (which is where most of the recent increase in tuition has gone)

since i started school they added a new oracle software system to run billing and register for classes etc, and i pay 200 a semester for the privilege of using it.

They can keep adding fees on, but eventually a lot of people won't be able or willing to pay for it. The costs have been covered by increasing amounts of loans for many students, but are lenders really going to let the amounts they loan to students keep growing at this rate?

 

[vi edit]

Originally posted by: Special K
Also here is another article claiming that college costs may be the next bubble to burst:

link

The cost of colleges has risen at double the rate of inflation for years now. Can this trend really continue indefinitely?

That's something I thought would have to happen at some point in the future. College tuition simply can not sustain it's inflation levels. Between a stagnation in salaries and the drying up of loans people simply will not be able to afford the debt that 4 years at a school will require.

Even state tuitions are getting crazy. Here in IL, UofI is costing my cousin almost $27,000 a year to attend the school of engineering.

 

[Steve]

I picked my college based on who would give me full tuition scholarship, which came down to two and I chose one. I still pay off student loans though, as I used those toward room and board.

 

[Pegun]

Undergrad was worth the 6k a year, but nothing more. I wish I had taken cost less into account and went to do my undergrad at RIT. Scholarships help a good amount with my graduate education.

 

[sjwaste]

Originally posted by: Special K

Originally posted by: miketheidiot

Originally posted by: Special K
Also here is another article claiming that college costs may be the next bubble to burst:

link

The cost of colleges has risen at double the rate of inflation for years now. Can this trend really continue indefinitely?

i'm sure they can find more administrative costs to tack on (which is where most of the recent increase in tuition has gone)

since i started school they added a new oracle software system to run billing and register for classes etc, and i pay 200 a semester for the privilege of using it.

They can keep adding fees on, but eventually a lot of people won't be able or willing to pay for it. The costs have been covered by increasing amounts of loans for many students, but are lenders really going to let the amounts they loan to students keep growing at this rate?

Yes, because student loans basically get creditor preference over just about everything else. They're not dischargeable in bankruptcy, even. So basically, if you loan up to the hilt, realize you made a bad choice, those loans are staying with you until the day you die.

I think there are some limited exceptions for forgiveness, like any balance carried past 25 years, but I think that's contingent on being current at the 25 yr mark.

For the lenders, it's a total party. The interest rates are pretty favorable, can no longer be consolidated downward, and virtually no loan discharge. Of course they'll keep lending, I just want to know how to get into that business.