It’s that time of year, when teens and their families agonize over which college they will pay thousands of dollars to – or borrow thousands of dollars for — over the next four years.
By now, acceptance letters and financial aid packages are in hand, so it’s just a matter of doing some side-by-side comparisons.
Having written about higher education and financial aid for the majority of my career, I’m here to tell you that the college decision should go beyond which one is “the best,” or which one will cost you the least.
Before you send in your commitment letter, here are some key things to think about as you compare your financial aid awards and choose a school.
There are worse things in life than giving up your first choice college
Had I gone to the top college that accepted me, it would have meant taking out $80,000 in student loans.
I chose door number two — the college that gave me a full ride.
If you’re facing a similar type of decision, you need to answer this question first above all others: Are you willing to give up an admissions offer from your top-choice school if it makes financial sense?
It might hurt initially, but the idea that you’ll regret turning down a more prestigious school is an outdated concept.
In my college days, there was this myth that if you attended Super Amazing U. Fortune 500 companies would automatically throw six figure offers at you.
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