The Washington Post article, Downturn Toughens Choice of University reveals the tough realities facing many incoming college students. Should they choose a public or private college? For the first time in a long while, students and their parents are thinking hard about going into heavy debt for a college education.
Personally, I don't see the point of borrowing $50,000 or more for an undergraduate education. Coming from a frugal family, I chose an in-state public university that offered me a 50% tuition grant-in-aid and the balance 50% from a subsidized loan. That was the best decision I ever made. I repaid my subsidized student loan in five years by making extra payments along the way. My graduate education was financed with my own savings together with a collection of different scholarships, grants, assistantships and work study awards that I cobbled together.
It is possible to be frugal and get a stellar college education. You just have to look beyond the hype.
Personally, I don't see the point of borrowing $50,000 or more for an undergraduate education. Coming from a frugal family, I chose an in-state public university that offered me a 50% tuition grant-in-aid and the balance 50% from a subsidized loan. That was the best decision I ever made. I repaid my subsidized student loan in five years by making extra payments along the way. My graduate education was financed with my own savings together with a collection of different scholarships, grants, assistantships and work study awards that I cobbled together.
It is possible to be frugal and get a stellar college education. You just have to look beyond the hype.
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