College Prep Results

Dream School + Debt = Nightmare


cap w dollar questions

Should students go to the best school they were accepted to,

even if they will graduate with more debt?

What is the “best college”?  I emphasize “fit” when counseling students and families on college choice.  The best college for you may be different than the best college for me because our interests, majors, learning styles, families, personal and social goals are different.

I do not believe rankings determine which school is best, but I’m afraid this may be what the question is asking.  Rankings evaluate criteria which may not be significant to you.  (To learn more about how rankings are calculated: http://collegeprepllc.com/can-you-trust-college-rankings/)  Believing a higher ranked school is best often results in disappointment.

Putting the discussion of ranking aside, is it worth it to attend a higher ranked, better-known, or more prestigious school?  Not if it means graduating with a pile of debt.

Attending a prestigious university does not guarantee you a job—in today’s competitive market, you are more likely to find employment via your internships and networking efforts. Having a well-recognized name on your diploma will not get you a better starting salary or more offers of admission for graduate school. (Ask all the unemployed Ivy League graduates.)

My undergraduate degree is from Rice University, which consistently ranks in the top 20 nationwide.  It is nice to have that name recognition and prestige, but I was fortunate and my parents were able to pay for it (my two public school teacher parents).  I can’t say the education I got from Rice would be worth 20 years of student loan payments, equivalent to a home mortgage.

Nationally, student loan debt now dwarfs credit card debt. Countless news reports feature stories about graduates struggling to repay college loans, and these graduates agree that their dream educations turned into financial nightmares. I simply cannot advise students to borrow huge sums of money for their undergraduate education.

Your “best” school should be a matter of fit rather than ranking, and it should be a school you can actually afford.

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One comment on “Dream School + Debt = Nightmare

[…] Unless your parents are made of money, the cost of college will be part of your final decision.  Add up the numbers and compare.  Which college gave you a better offer?  Is your first choice school the best deal?  If not, are they willing to offer a more competitive financial package?  Eliminate colleges that you can’t afford. […]

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