Should I Take the Leap into Debt for My Dream School?
Hi everyone! First off, I want to express my gratitude for all the support! I’m thrilled to share that I’ve been accepted into my dream school, American University, to pursue a degree in political science. I’ve always wanted to leave my home state, and after visiting DC several times, it truly feels like home to me. AU has an outstanding reputation in the field of politics, along with an impressive network of notable alumni. This access to a top-notch education and connections is something I wouldn’t get from an in-state school.
However, there’s a significant financial hurdle. Despite receiving a generous financial aid package, I’ll still be facing about $28,000 in annual costs, totaling around $112,000 over four years. I also plan to pursue a master’s degree afterward. Realistically, a degree in political science and a master’s in public policy may not lead to a high-paying job, making it tough to manage this debt.
So, here’s my dilemma: What would you do in my position? American University is my dream, and I’m actively applying for scholarships and appealing my financial aid package. Unfortunately, I don’t have any financial support from my parents, and being only 17, I’m not well-versed in financial matters. I truly appreciate any advice or insights you might have. Thank you all again!
Congratulations on your acceptance to American University! That’s an incredible achievement, and it’s great to hear you’re passionate about studying political science.
When it comes to the decision about whether to take on significant debt for your education, it’s important to consider a few key factors:
Return on Investment (ROI): While AU has a strong reputation, think about how much you’re likely to earn after graduation and whether that salary will be enough to manage the debt. Research potential career paths in political science and public policy to get a clearer picture of what graduates earn.
Alternatives: Consider looking into in-state schools or other universities with strong political science programs that may offer more financial aid. It’s also worth exploring options like community college for your first two years before transferring to a four-year institution.
Scholarships and Grants: Continue applying for scholarships and grants, as these can significantly reduce the cost of your education. Look for opportunities based on your interests, demographics, or involvement in community service.
Budgeting and Financial Literacy: Since you mentioned not knowing much about finances, this is a good time to educate yourself on student loans, budgeting, and financial planning. There are many resources available that can help you understand what to expect in terms of loan repayments and living expenses.
Long-term Goals: Think about your long-term career goals and how essential a degree from AU is to achieving them. If you believe that the connections and education there will substantially benefit your future, it may be worth the investment.
Ultimately, it’s a deeply personal decision, and it’s crucial to weigh the risks involved. Talking to a trusted teacher, counselor, or mentor can also provide valuable insights. Good luck with your decision-making process and your future studies!