College selection vs cost

[sharbear]

My son and dil went to Michigan Tech. I can’t say enough great things about MTU. My husband went there also.

If you want a good engineering degree and be a working engineer, you can’t do better! They know how to get their students good co ops, internships and jobs.

My other kid went to a much higher ranked school for engineering. It’s a great school. But I feel that my kid at Michigan Tech had better support and a definitely better placement department. MTU’s reputation is very high among companies looking for engineering.

The great thing about Tech is that no one goes home on the weekends, they make lasting friendships, something that would be very different than commuting from home.

The first year was expensive, I will admit that. But my kid had good summer jobs and internships. He ended up making enough money to be able to pay his living costs and that helped us pay for school. Another thing is that once they move off campus, housing is pretty inexpensive. And he never had any trouble getting rides home at breaks. Even the one semester, he had a late test before spring break and got a ride home. There are always kids happy to have someone to share gas expenses with. He only had a car there senior year and that was because he had an internship the summer before.

My son and dil are material science majors, Michigan Tech has a lot of different engineering majors if he thinks he might want to go with something a little different.

Another thing to think of is that as a chem eng major, he could go a little higher with his debt but the most a student can borrow themselves is I think now $27,000. My kid had some debt (around $23,000) from undergrad but with payments around $300 and I could be wrong but starting salaries now are around $60,000 to $70,000, that sort of payment is doable.

We found after the first year that paying for college got easier with the kid having very well paid internships. As you are in the Detroit area, finding internships where he could live at home should also be doable

 

[cvjw]

Hi,
May 1st just passed and my son decided on the school that was the right fit and the right cost. His heart was set on a school that was 78k a year. He earned their highest merit scholarship, but would have needed to take a significant loan. We ran the numbers and gave him the info. He just couldn't stomach the amount he would be paying back. He researched and found a state school in GA. We visited it and he liked it as much as his first choice school. It was 1/3rd of the price with a great program. Anyway, what I would suggest is also visiting all the schools. It really helps with the decision process but I agree with having as little debt as possible also.

Good luck.

Which school in Georgia? If it is Georgia Tech, he will have employers lining up to hire him! And they have a great co-op system in place where you go to school 2 semesters and then work 1 to help pay tuition and get experience!

 

[bjscheel]

$60K is really a lot and even with an engineer salary can really hamper his lifestyle as an adult for years. For $60K you will have to co-sign and ultimately responsible if he fails to pay. I am not familiar with the schools or engineering, but I read a lot on College Confidential forums that as long as a school is ABET accredited, there is not a big difference to employers where the degree came from.

I recommend the College Confidential forums. There is a Parents Forum and an Engineering Major forum, etc. with lots of knowledgeable people.

 

[tiggerluver12]

When my DD was looking for schools in the Aerospace Engineering field we called the schools she was interested in and made appointments with the Deans of the Engineering Departments when we were on campus for a tour. We received indepth information in class information, up to date technology and behind the scenes information that just a regular tour would not have gotten us. She eventually settled on Embry Riddle Aeronautical University in Prescott, AZ. Top notch school. She landed an awesome internship with a new aerospace company and is making more $ than she ever dreamed of. So do your research, reach out to the higher ups in the department and apply for every school!

 

[tvguy]

$60K is really a lot and even with an engineer salary can really hamper his lifestyle as an adult for years. For $60K you will have to co-sign and ultimately responsible if he fails to pay. I am not familiar with the schools or engineering, but I read a lot on College Confidential forums that as long as a school is ABET accredited, there is not a big difference to employers where the degree came from..

I don't know if $60,000 is a lot or not. This is the foundation for a career that will span 40+ years. That's what a well equipped pickup costs these days, and people pay those car loans off in 5 years. A student loan can be paid back over 10 to 20 years.

 

[dolewhipdreams]

I don't know if $60,000 is a lot or not. This is the foundation for a career that will span 40+ years. That's what a well equipped pickup costs these days, and people pay those car loans off in 5 years. A student loan can be paid back over 10 to 20 years.

A college degree is certainly an investment but imagine having to pay off $60K in addition to your car payment, rent, moving expenses right after graduation, etc. If a recent grad is focused on paying off student debt then they aren't putting into retirement or saving up for a down payment on a home. Even with an engineer's salary it can be really difficult. Why deal with it if there's an option that incurs less debt but offers the same outcome?

 

[tvguy]

A college degree is certainly an investment but imagine having to pay off $60K in addition to your car payment, rent, moving expenses right after graduation, etc. If a recent grad is focused on paying off student debt then they aren't putting into retirement or saving up for a down payment on a home. Even with an engineer's salary it can be really difficult. Why deal with it if there's an option that incurs less debt but offers the same outcome?

Well, that student loan is what got you the education that got you the job that will carry you for 40+ years. Sort of a "Goose that laid the golden egg" situation. Without the goose, you've got nothing. But as a very cheap person, I think I would put student debt higher on the list than a car loan. All perspective.

 

[dolewhipdreams]

Well, that student loan is what got you the education that got you the job that will carry you for 40+ years. Sort of a "Goose that laid the golden egg" situation. Without the goose, you've got nothing. But as a very cheap person, I think I would put student debt higher on the list than a car loan. All perspective.

I am totally with you on the value of college education. My point is more of a question on why should you go into debt if you can get the same education from a school that costs less/offers more aid? The name of the school doesn't matter so much as the fact that you earned the degree (and that the school has help for job placement). My tuition cost $40K, but because of scholarships and other financial aid (plus working two jobs during school), I graduated without any debt AND accepted an amazing job offer in November of my senior year and now work for a great company, do work that I enjoy, and make good money. Could I have gone to a higher ranked or more specialized school? Sure- but they didn't offer me as much aid. A valuable education that results in a good job and not going into student debt are not mutually exclusive.

 

[georgina]

School selection is about more than cost though. It has to be someplace the student feels comfortable and can succeed. Academic support available, professors who are interested in student success, how easy it is to take the required classes for the major in 4 years, are all important. These things are not always present in less expensive state schools. When I graduated in 1985 my starting salary was $27,000 and I had $5000 in student loan debt. That was extremely manageable and I could have handled quite a bit more. The average starting salary for a chem engineer is $78,000 now (or was in 2017), so $60,000 may be doable.

 

[kaddjr]

But as a very cheap person, I think I would put student debt higher on the list than a car loan. All perspective.

This is my DD! When she graduated hs, we gave her three choices for her graduation gift- disney vacation, cash equivalent, or my very gently used car. She chose my car. It’s in great shape and she maintains it well. She will be a junior in the fall. I mentioned to her last week that should she decide to get a newer car after she graduates I might be interested in buying it back from her. Her response was I probably won’t be interested in it because she plans to drive it until the wheels fall off it! She wants her student loans paid off first if at all possible.

School selection is about more than cost though. It has to be someplace the student feels comfortable and can succeed. Academic support available, professors who are interested in student success, how easy it is to take the required classes for the major in 4 years, are all important. These things are not always present in less expensive state schools. When I graduated in 1985 my starting salary was $27,000 and I had $5000 in student loan debt. That was extremely manageable and I could have handled quite a bit more. The average starting salary for a chem engineer is $78,000 now (or was in 2017), so $60,000 may be doable.

When DD was looking at schools, her main two choices were:

1. Attend a satellite school of one of our main state colleges. The pros were she could live at home to save money and tuition wasn’t too bad. She was eventually awarded some scholarships and surprise!, it would cost her just gas money and books. The cons were it was a 40 minute drive each way and the program she wanted to get into (nursing) had a limited number of slots based on the entrance exam test scores.

2. A small, private college that cost about $35,000 (with room and board)/year. She could only live at home and commute to save money (Christian college- I don’t agree with that, but that’s a different story). It is an hour away. The two biggest pros were they gave her a big scholarship and as long as she passed the entrance exam, she was in the program. They don’t have a limited number of slots. The biggest con was she would have to take out loans.

So, which school did she choose? To my dismay, she chose the private college! I thought she was crazy frankly and told her so. She explained to me that she felt very comfortable there, plus her bff (and now roommate) was going there. Both schools offered good programs, but she felt more “at home” on the private campus. She got into the program and is doing well. She gets all kinds of help and support from her instructors and staff there. The students in the program support each other- it’s not cut throat so to speak. She works a job at a nearby restaurant when at school and was even awarded a scholarship from corporate! On breaks, she works at the company DH works for making really good money (they have a great program for college kids). She has a good emergency fund set aside and doesn’t borrow more than what she needs.

DH and and I were thinking she would graduate with $30,000-$50,000 in student loans. Not great, but not terrible either. Imagine our surprise when DD told us she only owes $5,000 in loans at the end of this year! She set a budget and is sticking to it. She pays a certain amount each paycheck on her loans. She hopes to graduate in two years with less than $15,000 in student loan debt.


I guess my point is this- yes DD will have some debt, however, she loves it there, feels supported there, is already networking for post graduation, is making some good friends, and is thriving. I see now that the cost is not everything- important, yes, but not everything. If a child isn’t happy where they are at, they may not feel compelled to do as well and this is a major stepping stone for the rest of their life. Everyone’s different and every situation is different. Explore all avenues, cut costs wherever you can, and do what is best for you and your child.

 

[TCRAIG]

Apply all places - see who accepts him and what they offer and then visit before accepting...I’m a firm believer that you need to be sure the school is the right fit and I never recommend a student live at home...college is not ‘High School Part II’.

 

[afan]

Apply all places - see who accepts him and what they offer and then visit before accepting...I’m a firm believer that you need to be sure the school is the right fit and I never recommend a student live at home...college is not ‘High School Part II’.

My neighbor was a hs math teacher and had raised 6 kids plus a foster along with many friends that would be over. I was the last of everyone to go to school and would talk with him about it. The thing he told me that I remember 22 years later is that even if I went to a school that I could commute to I needed to move out and live on campus. He felt it was important to move out and have the experience. I ended up a 12 hour drive away so I did move but after taking a class at a community college at home the summer's after my fresh and soph years I can understand some of why he told me. I was in class with kids my age but it was like being in hs all over again and it wasn't because I knew anyone it was the behavior etc. Now maybe that was partly because it was summer but I ended up taking a summer class at my college the summer after junior year and it was like my other classes and nothing like the cc classes.

I also think it's good because it puts you into a new environment where you can meet new people and grow as a person. Social media makes it easier to keep in touch than when I graduated and not everyone had email yet. But being away at school brought more situations and opportunities that I wouldn't have had at home simply because people were always around in the dorms.

 

[tvguy]

This is my DD! When she graduated hs, we gave her three choices for her graduation gift- disney vacation, cash equivalent, or my very gently used car. She chose my car. It’s in great shape and she maintains it well. She will be a junior in the fall. I mentioned to her last week that should she decide to get a newer car after she graduates I might be interested in buying it back from her. Her response was I probably won’t be interested in it because she plans to drive it until the wheels fall off it! She wants her student loans paid off first if at all possible.

We gave DD a new Apple Macbook Pro laptop to replace her 4 year old Apple Macbook Pro lap when she graduated in 2015. A year later, she got fed up with Apple and built her own desktop PC. Cost a third of the Mac, does four times as much. She's 28 now and saving to buy a house. She has little credit history, so she bought a car last year on credit. She gave back the car my wife and I bought her 10 years before, a 1 year old Taurus from Hertz. As it had less than 90,000 miles on it, and my car had 160,000 on it, I'm in the odd position of having my kid give back a car!

 

[star72232]

Have you considered a Canadian college? They're cheaper.

This isn't necessarily true, simply because if you aren't Canadian you have to pay the international student rate, which is 5-10X higher than the Canadian student rate (example - University of Toronto, engineering program. Canadian student rate - $15000, international student rate - $55000).

 

[pixiedustedme]

This isn't necessarily true, simply because if you aren't Canadian you have to pay the international student rate, which is 5-10X higher than the Canadian student rate (example - University of Toronto, engineering program. Canadian student rate - $15000, international student rate - $55000).

The rates of many Canadian colleges still tend to be cheaper for Americans than U.S. colleges even factoring that in. Canadian schools are a valuable consideration if budgeting is an issue.

 

[Pea-n-Me]

I have two who are finishing up their junior years in college. They are really starting to appreciate now the value of their not starting their lives with college loans hanging over their heads, and are so thankful they took that path, even though they had to make some sacrifices such as commuting (the horror!), brown bagging it, holding part time jobs, etc.

$60K is a LOT of money to owe in this day and age of very high COL. I agree with a pp that having to pay school loans can delay other things, as well.

I guess in many cases you have to weigh costs of having an idyllic college experience with having the ability to start post college life with, as a pp put it, a type of freedom you don't have when you have loans hanging over your head for the next decade or so. It's all about choices. Especially when you wind up with the same degree either way.

I work in a field where graduates come from all different types of colleges and I have personally trained many of them over the past thirty years. IME it's much less about where someone went to school than the type of person and worker they are. I've seen good and bad from everywhere. I've seen so many people who struggled through school because they were single parents or had recently immigrated from another country, etc. They may not always have gone to the "best" schools, but they know the value of hard work and sacrifice, and it shows in their work ethic. Personally, I really like someone like that.

I also think it's valuable to teach young people how to network - and not just at their schools, but among friends and family. I know a young person who was working to find a co-op recently and it was amazing how, once he started talking to people, how many options came out of the woodwork! But they have to be go-getters - things aren't going to just fall into their laps, they generally have to go after them. This is true no matter where you go to school. Employers love these types of people because that's how they'll be on the job, too. Somehow we've lost a little bit of that today. DS just landed a summer job that will be perfect as a stepping stone for his career choice. He was referred from a friend he knew who worked for the same company. He still had to apply and pass all the testing and such (and there was a lot!) but he'll be making good money and getting great experience under his belt.

 

[tiggerluver12]

A college degree is certainly an investment but imagine having to pay off $60K in addition to your car payment, rent, moving expenses right after graduation, etc. If a recent grad is focused on paying off student debt then they aren't putting into retirement or saving up for a down payment on a home. Even with an engineer's salary it can be really difficult. Why deal with it if there's an option that incurs less debt but offers the same outcome?

In the engineering field - most companies - pay your moving expenses. If the student/new employee is savy enough, take that $ and move yourself. Helps pay for other expenses.

 

[Novakm]

Mine are all thru college now, finished grad school and well into raising families.

When they were shopping for schools, my advice was to first find schools with good programs in your specific interest. You may be surprised what you find. One of mine put in the effort and found that the best respected program for her field was offered by a small state college 50 miles from home. The cheapest option was the best, even if you didn’t consider price. She graduated with no debt and a great job.

The second piece of advice was to save your money for later years of school. If you got your PHD from Harvard, no one cares where you did your undergrad work. Or if you did your first year at community college.

The third thing was if you are paying extra for a “name”, make sure it’s a name worth paying for. Very few schools are really worth more than the state university where you live.

 

[*WDW*Groupie*]

When my DD was looking for schools in the Aerospace Engineering field we called the schools she was interested in and made appointments with the Deans of the Engineering Departments when we were on campus for a tour. We received indepth information in class information, up to date technology and behind the scenes information that just a regular tour would not have gotten us. She eventually settled on Embry Riddle Aeronautical University in Prescott, AZ. Top notch school. She landed an awesome internship with a new aerospace company and is making more $ than she ever dreamed of. So do your research, reach out to the higher ups in the department and apply for every school!

My dd is finishing up her junior year in HS and wants to pursue aerospace engineering also.

Do you have any recommendations? She has told me she wants to get out of FL to go to school and thinks CA is too far west. She won't commit to much else. Would love to hear another perspective!

Her top choice (University of Toronto) is extremely difficult to get into for engineering, so I've discounted it a bit since the odds are stacked against her here. We have toured here and she has done a summer engineering program here as well (last summer for 4 weeks).

 

[tfiga]

My son and dil went to Michigan Tech. I can’t say enough great things about MTU. My husband went there also.

If you want a good engineering degree and be a working engineer, you can’t do better! They know how to get their students good co ops, internships and jobs.

My other kid went to a much higher ranked school for engineering. It’s a great school. But I feel that my kid at Michigan Tech had better support and a definitely better placement department. MTU’s reputation is very high among companies looking for engineering.

The great thing about Tech is that no one goes home on the weekends, they make lasting friendships, something that would be very different than commuting from home.

The first year was expensive, I will admit that. But my kid had good summer jobs and internships. He ended up making enough money to be able to pay his living costs and that helped us pay for school. Another thing is that once they move off campus, housing is pretty inexpensive. And he never had any trouble getting rides home at breaks. Even the one semester, he had a late test before spring break and got a ride home. There are always kids happy to have someone to share gas expenses with. He only had a car there senior year and that was because he had an internship the summer before.

My son and dil are material science majors, Michigan Tech has a lot of different engineering majors if he thinks he might want to go with something a little different.

Another thing to think of is that as a chem eng major, he could go a little higher with his debt but the most a student can borrow themselves is I think now $27,000. My kid had some debt (around $23,000) from undergrad but with payments around $300 and I could be wrong but starting salaries now are around $60,000 to $70,000, that sort of payment is doable.

We found after the first year that paying for college got easier with the kid having very well paid internships. As you are in the Detroit area, finding internships where he could live at home should also be doable

Thank you that is great information.