College Decision Thoughts
- YiLan Nelson
- May 29, 2020
- 4 min read
Updated: Apr 29, 2021
As I am about to embark on my final year of high school I have begun thinking more about college. Like what college I want to go to, whether or not I want to transfer, pros and cons between transferring, and so much more logistical matters.
For me, and many others, the financial aspect plays a big role in the university you pick. Especially in California, where many top tier universities cost tens of thousands of dollars. Heck even a cheaper university will still cost you at least $10k. Which I know for higher education, that may not seem like much. But ask any regular person if they would want to hand over $20k or above to an institution, then they would say your out of your mind. As a society we have come to accept this major debt as the new "normal", and say that going to college is worth all the money because it will help you achieve your goals in your career. Many careers require higher education, and if you want to make the big bucks, then you have to put in the big bucks first. It's like a down payment on your success in a way.
The career field I am planning to go into is finance, which many jobs only require a bachelors degree. What I found shocking at first while I was researching was that many companies that were looking for financial analysts, or other finance related jobs, required prior experience in the field. Which got me thinking as to why people put such an emphasis on the education aspect. I have had people tell me once you get through college, no one cares about what you did in high school, and once you have a job, no once cares what education you got, and so forth.
One thing that has been appealing about some of the more expensive universities have been that some require you to do an internship for at least a year. And while the tuition combined with room and board would cost me a kidney and a leg I do appreciate that the university puts more emphasis on experience than others.
But in the long term, do I believe spending tens of thousands of dollars is going to be worth? I mean if I go for the university that already has a reputable business school and is tens of thousands cheaper, then I wouldn't have to take out as much student loans, thus allowing me to advance into adulthood a lot faster. By going to the cheaper university, I would be able to shorten the amount of time I would have to live with my parents (since they would provide a FAR cheaper way of living), and I would be able to invest more.
Ultimately I have been leaning more towards spending 1 year at my community college after high school (since my high school allowed me to cut a year off of college) and then only spending two years at the cheaper university. While at first I thought the cheaper university meant that the quality of education was worse, I was shocked to find out that the business school was really good. My counselor had informed me that the university had a bad stigma around it since my school district had a high acceptance rate, and that people competition for those outside of the borders was very high. Nevertheless, this taught me that just because a university is cheaper than most, it does not mean the university is worse.
And since companies will not care that I transferred from a community school, then I am thinking of saving even more money by getting my undergraduate courses completed first. That way when I get to university, I can get into the higher education. This would also allow me to live on campus so I do not have to commute. And while the cost would still be the same as tuition as if I had gone for 4 years instead of two, I believe that being on campus allows for more networking and could save me countless hours in commuting. The university itself is only a 20 minute drive from my house, the traffic makes it about 2-3 hours. Since there is only one way to get onto campus, and the fact that its known as a commuter college, you end up spending more time sitting in your car each day than learning. Which I believe would be a waste of time.
What I am hoping to do is get a job for at least a year in the next two years, so that I can cover at least 1 years worth of tuition, and then take out a $6k loan for the second year. But even if I am unable to cover both years of tuition, I would only be taking out a $12k loan which is far lower than if I decide to go to a university where tuition is $30k a year. I mean a $12k loan vs $60k loan sounds way more appealing. A $60k loan is more than what some people make in a year, which just sounds crazy to me. Even if I only got a job that pays $23k or above, I would still be able to pay off my loan in two years. One year, if I only spend my income on paying off the loan. The fact of the matter is, is that when I graduate from university I am most likely going to land a job that pays $50k a year, and I feel I would be much happier with myself if I only have to worry about a $12k loan.
As I keep exploring options, one thing that I hope to keep in mind is that doing the "normal" way of higher education, doesn't necessarily mean the BEST way to get a higher education. I have learned that there are smarter and better ways to get the degree that you want without getting into massive student debt. But who knows what I may ultimately decide on?
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