Dream school vs. affordable local school

[Nala]

Hi all, I know there are numerous threads on this but I wanted to start a general thread. So I recently found out I got admitted to a local school. I didn't think it would affect me so much, but this has truly become the most difficult decision of my life... After making some calculations, I saw that including living costs and interest, the difference would be about $75,000. That is SO much money. I'm having a really, really difficult time letting go of my dream school, especially because I am maybe thinking of getting my phd... But I know that isn't a guarantee, it's just something Im considering right now. I truly don't know what to do.

Anyone else in this predicament? What are you guys thinking/your reasoning?

Also, are there maybe some first year grad students reading this? I saw some of you have posted some really helpful advice, and I wanted to know how confident students are of their choices/their regrets/ etc. Thanks in advance!!!

[SLPlovin]

Hey yes I'm in the same predicament. Deciding between going to MGH or Rush which both have my dream programs and location, vs. saving tonsss of money and going to a decent local program. I've heard many different opinions from people, with some saying that I'll end up making the same amount of money so go cheap, and others saying I might end up making the same amount, but if I want to get a job in medical SLP in a big city (like Chicago, which I do), then the people need something to differentiate the applicants from each other. Also, it's kind of a shame to get in to these amazing places and settle for a just ok program. I am so stressed, no idea what to do. I'm going to MGH and Rush's open house, so at least I can compare those places with my other options to get a feel at how large the difference really is, and if I feel it would be worth it. All we can do is try and get as much info, and possibly wait for scholarship offers (because I spoke with someone through Rush and they said a few more offers will be sent when we approach the April 15th deadline). 

[sayjo]

Hey yes I'm in the same predicament. Deciding between going to MGH or Rush which both have my dream programs and location, vs. saving tonsss of money and going to a decent local program. I've heard many different opinions from people, with some saying that I'll end up making the same amount of money so go cheap, and others saying I might end up making the same amount, but if I want to get a job in medical SLP in a big city (like Chicago, which I do), then the people need something to differentiate the applicants from each other. Also, it's kind of a shame to get in to these amazing places and settle for a just ok program. I am so stressed, no idea what to do. I'm going to MGH and Rush's open house, so at least I can compare those places with my other options to get a feel at how large the difference really is, and if I feel it would be worth it. All we can do is try and get as much info, and possibly wait for scholarship offers (because I spoke with someone through Rush and they said a few more offers will be sent when we approach the April 15th deadline). 

 

If you're wanting to work in a medical setting in Chicago when you're done with grad school, I definitely think Rush would be worth it.  Chicago has a ton of SLPs and many want to work in the medical setting.  People know Rush's name around here, and it's very highly regarded.  In fact, your future interviewers may be Rush alumni themselves! Just something to think about...

[larat1sl]

I'm having the same dilemma! I got into one of my dream schools (purdue) but also got into a few more affordable options. I am not planning on going into the medical aspect of being an SLP and would like to work in the school systems instead. I would just go to the cheaper school but I'm hearing that having a degree from a place like Purdue might help me get into a phd program later. I am so grateful to have to make these decisions but they sure are tough!

[Nala]

Hey yes I'm in the same predicament. Deciding between going to MGH or Rush which both have my dream programs and location, vs. saving tonsss of money and going to a decent local program. I've heard many different opinions from people, with some saying that I'll end up making the same amount of money so go cheap, and others saying I might end up making the same amount, but if I want to get a job in medical SLP in a big city (like Chicago, which I do), then the people need something to differentiate the applicants from each other. Also, it's kind of a shame to get in to these amazing places and settle for a just ok program. I am so stressed, no idea what to do. I'm going to MGH and Rush's open house, so at least I can compare those places with my other options to get a feel at how large the difference really is, and if I feel it would be worth it. All we can do is try and get as much info, and possibly wait for scholarship offers (because I spoke with someone through Rush and they said a few more offers will be sent when we approach the April 15th deadline). 

 

I am so stressed too and I completely know how you feel. I think what Sayjo said is really valid- my friend also goes there for another program (not speech) and she said that it has a great reputation in Chicago... It really could open many more doors for you. I hope the open houses bring clarity! And I'm about 90% sure I'm going to turn down my 11k scholarship to Rush by the end of this week, so I really hope they redistribute it quickly  

 

 

I'm having the same dilemma! I got into one of my dream schools (purdue) but also got into a few more affordable options. I am not planning on going into the medical aspect of being an SLP and would like to work in the school systems instead. I would just go to the cheaper school but I'm hearing that having a degree from a place like Purdue might help me get into a phd program later. I am so grateful to have to make these decisions but they sure are tough!

 

They really are! I'm pretty sure I am going to do a master's thesis since I want to keep the door open to getting a PhD.  I would recommend contacting the more affordable schools and see how much support they would give in doing a thesis, and maybe ask if there have been students who have been successfully admitted to PhD programs.  I haven't made my decision yet, but I want to be as informed as possible...

[PsycD]

You are def not alone. I'm having the Dream School vs Dream Funding dilemma right now.

I honestly don't know what I'm going to do. I'm trying to weigh Funding, Fit, Reputation, Program Structure, And Geographic Location, but funding is such a major factor. My dream school meets all of my criteria except for the funding.

[selbstverteidigung]

Easy. Local school. Although, you could always find a job in public service and qualify for loan forgiveness after 10 years. But I think it's wisest to put your Wanderlust on hold and attend the more affordable option. You will always have plenty of time to fulfill a dream. Patience pays off!

[Sunny1234]

In my opinion, affordable school is the better choice. I'm accepted in my dream school as well; the location is amazing and its clinics have a lot of specialties that I'd be interested in; but I know it would mean I'd be paying around $60,000 more on tuition alone than another school I was accepted in. I haven't seen my financial package yet, so unless it's a substantial package, I'll be attending a different school.

[LuxAurorae]

I'm having the same dilemma! The local program is well respected, but it is focused on children and I want to do medical SLP. There aren't that many options for medical clinical placements here, but I may be able to do an externship at a hospital placement because I volunteered there. Of course, it wouldn't be the same extent of medical experiences, but I'd have something and I would be at around 60-80k less debt...

[Nala]

I've been talking to numerous friends and family members and they all have the same advice: that's a lot of money. Go with the affordable school unless you're okay with that kind of burden. I'll probably end up going to the local school, but I'm feeling something close to heartache. It's okay, some things in life just aren't meant for you... /endcliche

[waiting n waiting]

I am doing local school instead of dream school. I don't think it will be worth being in debt for $50000 when I can be in debt for just $20000.

[HBeck]

I'm in the exact same boat as well and I think I'm going to go for dream school. I've thought long and hard about it and I know that if there's one thing I want to invest lots of money in, it will be my education, especially a graduate school education. That might mean not having a nice house and car right away, but the quality of education matters so much more to me than those things! Of course, it may be different if you have a family, other financial responsibilities, etc. Other factors that helped me decide was that I want to leave the door open to a Ph.D. and do the medical route as well. 

 

Ultimately, you should go with your gut. When I got spooked at the price tag for the dream school and "settled" on the inexpensive local school, I couldn't stop thinking/stressing about it and I kept fighting back the urge to cry all the time! But now that I changed my mind and have started making plans to make the dream school a reality, I am happy and excited. I think about the debt I will take on as a challenge that I will maneuver with creativity and intellect to conquer! (cheesy but true)

Edited March 27, 2014 by HBeck

[Nala]

I'm in the exact same boat as well and I think I'm going to go for dream school. I've thought long and hard about it and I know that if there's one thing I want to invest lots of money in, it will be my education, especially a graduate school education. That might mean not having a nice house and car right away, but the quality of education matters so much more to me than those things! Of course, it may be different if you have a family, other financial responsibilities, etc. Other factors that helped me decide was that I want to leave the door open to a Ph.D. and do the medical route as well. 

 

Ultimately, you should go with your gut. When I got spooked at the price tag for the dream school and "settled" on the inexpensive local school, I couldn't stop thinking/stressing about it and I kept fighting back the urge to cry all the time! But now that I changed my mind and have started making plans to make the dream school a reality, I am happy and excited. I think about the debt I will take on as a challenge that I will maneuver with creativity and intellect to conquer! (cheesy but true)

 

I admire your attitude about this situation! And you know better than anyone else what truly matters to you. I think it's great that you know how much your education means to you and you're willing to pursue it. It's funny you say that you had to fight back the urge to cry, because I've definitely shed some tears realizing that I have to give up my dream school and dream city (it doesn't help that some of my best friends moved out there as well). The biggest thing for me though is that my parents have been in a rough financial situation for a long time and I have some undergrad loans. If it weren't for that, I really think I would choose to go.  

 

What's giving me solace is that I know I am blessed to have these opportunities, and I will work my tush off these next few years to open up even more doors in the future 

[seastar65]

I'm in the exact same boat as well and I think I'm going to go for dream school. I've thought long and hard about it and I know that if there's one thing I want to invest lots of money in, it will be my education, especially a graduate school education. That might mean not having a nice house and car right away, but the quality of education matters so much more to me than those things! Of course, it may be different if you have a family, other financial responsibilities, etc. Other factors that helped me decide was that I want to leave the door open to a Ph.D. and do the medical route as well. 

 

Ultimately, you should go with your gut. When I got spooked at the price tag for the dream school and "settled" on the inexpensive local school, I couldn't stop thinking/stressing about it and I kept fighting back the urge to cry all the time! But now that I changed my mind and have started making plans to make the dream school a reality, I am happy and excited. I think about the debt I will take on as a challenge that I will maneuver with creativity and intellect to conquer! (cheesy but true)

 

Wow, you summed up everything that I've been thinking and feeling about attending my dream school. It's a crazy amount of debt to take on at such a young age, but it's a risk that I'm willing to take for the big city connections and its reputation for preparing students well. In the words of Barney Stinson... challenge ACCEPTED. 

[PsycD]

I'm gonna have a nervous breakdown. I didn't expect to have this problem. I visited my second choice today and like it wayyyy more than I thought I would. Only thing left is to meet with the grad students. I'm almost hoping we won't get along so that my choice will be easier...that's how crazy this is making me. Who hopes NOT to get along with people???

[tchris]

I'm facing this dilemma, too, and I'm leaning towards the local school.  For a while I had my heart set on picking up and moving my boyfriend and myself across the country, but I think that'll have to wait.  I'm hoping that if we do end up moving after school, one of our jobs will be paying for it!  I just can't stomach the extra tens of thousand in loans when there's a great program just down the road.  

 

Another major consideration for me is we would like to buy a house and start a family a few years after graduating.  Securing a mortgage with so much outstanding student loan debt would be difficult with such an unfavorably balanced debt to income ratio.

Edited March 28, 2014 by tchris

[futureslpCP3fan]

I am doing local school instead of dream school. I don't think it will be worth being in debt for $50000 when I can be in debt for just $20000.

Hey! I saw that  you were accepted to the University of Cincinnati, which is where I will be attending. Do you know whether you are attending too?

[PsycD]

Decision made. A good night's sleep does wonders for the mind. Neither will put me into debt, and my dream school is worth the tighter budget.

Dream school it is!

[aucinema]

I gave up "dream" program to go to well-respected but less prestigious local school. I'm happy with my decision. I was lucky though in that my local university is very medically focused, since that's what I want to do. If they were school-based my decision might have been much tougher. Obviously, this is a decision only you can make, but for me, I wanted the freedom to choose whatever job I wanted after graduate school without worrying about finding a high paying job to pay off the massive amounts of debt I would accrue. I also have some other goals in my life, like thru-hiking the Appalachian Trail, that will cost money and require me to take a significant amount of time off from working. I want the financial freedom to do that in 2 or 3 years - not 10 or 15. I also want to go into marriage, home ownership, and parenthood without the additional burden of student debt.

 

Basically, I just really, really did not like the idea of being tied down by thousands and thousands of dollars of debt.

 

So I guess, in the end, it depends on what your priorities are. If your biggest priority is to work in a medical setting in a big city, then the extra money might be worth it. I just happened to have a lot of goals that have nothing to do with my career that made me wary of excessive debt. It's a highly personal choice, but I do encourage you to think about your goals for all aspects of your life, not just your career, when making a decision.

Edited March 28, 2014 by aucinema

[shuca]

I gave up "dream" program to go to well-respected but less prestigious local school. I'm happy with my decision. I was lucky though in that my local university is very medically focused, since that's what I want to do. If they were school-based my decision might have been much tougher. Obviously, this is a decision only you can make, but for me, I wanted the freedom to choose whatever job I wanted after graduate school without worrying about finding a high paying job to pay off the massive amounts of debt I would accrue. I also have some other goals in my life, like thru-hiking the Appalachian Trail, that will cost money and require me to take a significant amount of time off from working. I want the financial freedom to do that in 2 or 3 years - not 10 or 15. I also want to go into marriage, home ownership, and parenthood without the additional burden of student debt.

 

Basically, I just really, really did not like the idea of being tied down by thousands and thousands of dollars of debt.

 

So I guess, in the end, it depends on what your priorities are. If your biggest priority is to work in a medical setting in a big city, then the extra money might be worth it. I just happened to have a lot of goals that have nothing to do with my career that made me wary of excessive debt. It's a highly personal choice, but I do encourage you to think about your goals for all aspects of your life, not just your career, when making a decision.

 

I could not agree more! I think people have different priorities in lives, and the cost difference between the dream school vs. affordable school is just one of the many factors we need to consider. Yes, my career & education are both very important to me too, but I have a lot of other life goals too, and I'm at the stage in life where I need to consider them more seriously than others (read: I'm not fresh out of undergrad and if I want kids I can't wait that long). Like aucinema, I want to own a house someday, have kids, and I want to be able to provide my kids with good education & go traveling with my family occasionally without having to worry about my own loan repayment. I also want to continue to work while I raise my kids, and child care services in my state cost about $1200 to $2000, depending on the kid's age. And that's just for ONE kid. Being deeper in debt would make it considerably more difficult to accomplish my other goals, and I just didn't think it was worth it.

 

I totally second aucinema that it is a highly personal choice and everyone here has different things to consider, but I agree it's a good idea to think about what other life goals you have besides career/education, how important they are to you (and your significant others), and how those goals might be affected by your choice on grad school.

 

P.S. Thru-hiking the Appalachian Trail sounds awesome!!!

[Nala]

So I've been doing a ton of research on this topic... if you work in public service and never miss a payment, you are eligible for loan forgiveness after 10 years. There are payment plans such as "pay as you earn" that make these payments completely manageable (no more than 10% of your income).

These laws are quite new, so I don't know how educated people are on these options. Because I want to get my PhD and eventually work at a university, the dream school option doesn't seem so crazy. Being employed at a university would qualify as a "public service" setting.

Sources: http://studentaid.ed.gov/repay-loans/understand/plans/pay-as-you-earn

http://studentaid.ed.gov/repay-loans/forgiveness-cancellation/charts/public-service#what-kinds-of-employment

http://www.myfedloan.org/manage-account/loan-forgiveness-discharge-programs/public-service-loan-forgiveness.shtml

Edited April 5, 2014 by Nala