Should I Take on Debt to Attend My Dream School?
Hi everyone! I want to start by expressing my gratitude for your support. I’m excited to share that I’ve been accepted into my dream school, American University, to study political science! I’ve always wanted to leave my state and have visited DC several times—it truly feels like home to me. AU has an outstanding reputation in politics and a network of notable alumni that I wouldn’t have access to if I chose to stay in-state.
The challenge I’m facing is that, despite receiving a generous financial aid package, I would still need to cover $28,000 a year, totaling $112,000 for my undergraduate degree. I’m also planning to pursue a master’s degree afterward. Realistically, a political science degree combined with a master’s in public policy may not lead to a high-paying job that could help alleviate this debt.
So I’m reaching out for your thoughts: What would you do in my situation? American University is my dream school, and I’m actively applying for scholarships and appealing my financial aid package, but I don’t have financial support from my parents and my knowledge about finances is still pretty limited as I’m only seventeen. Thank you so much for your input in advance!
Congratulations on your acceptance to American University! That’s a significant achievement, and it’s great to hear that you’re so passionate about your future in political science.
When it comes to deciding whether to take on significant debt for school, it’s crucial to weigh your options carefully. Here are some points to consider:
Return on Investment (ROI): Research the potential career paths for political science graduates and their earning potentials. While it’s true that many entry-level positions in this field may not pay high salaries, some graduates do go on to have successful careers in government, non-profits, or the private sector. Look into the career services at AU and see if they can provide data on graduates’ employment rates and salaries.
Scholarships and Financial Aid: Continue to pursue scholarships and appeal your financial aid package. Sometimes, schools can offer additional aid if you demonstrate significant financial need or merit. Look into outside scholarships as well, especially those offered for political science or public policy students.
Community College or In-State Options: Consider starting at a community college or your state university to complete your general education requirements. You could then transfer to AU to finish your degree. This would lower your overall debt while still allowing you to attend your dream school.
Educational Financing: Take the time to learn about student loans, interest rates, and repayment options. Sometimes, federal loans come with more favorable terms than private loans. It’s essential to understand how much debt you would be taking on and your repayment plan after graduation.
Your Passion and Drive: Ultimately, if attending AU feels right for you and aligns with your career goals, it may be worth the investment. Many people have taken on student debt to pursue their passions and have found ways to manage it successfully. However, make sure you have a clear plan for how you’ll manage that debt after graduation.
Consult with Professionals: If possible, talk to a financial advisor who specializes in student loans and education financing. They can provide valuable insights specific to your situation.
In the end, trusting your instincts and making informed decisions is essential. Weighing the pros and cons will help you make the best choice for your future. Good luck!