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Friday, May 30, 2008

The Right Formula For College

Tonight's post contains no links to the outside world. I may offend some with this but I want to insert a reality check into this blog. When choosing a college, there are many things to consider. Cost, location, student population, majors offered, and financial aid package are just a few of the considerations that you must make.

With the costs of college on the rise and students taking out more and more loans, it seems logical that schools with lower price tags become more attractive right? Not necessarily. For example, my younger sister went to a private college to get her degree in pharmacy. It was an accelerated program and when she was done she had her doctorate, AND $100, 000 in student loans. By the way, she worked part-time and was a Resident Advisor on her floor (this takes care of room costs) and still came out up to her well educated eyeballs in debt. Here's the good news, she got a job as a pharmacist making in the low six figures to start! Here is the bad news, not everyone is so lucky.

This is by no means a slant on private schools or the college system in general. All I want to bring to light is this one point. BE SURE THAT THE JOB YOU ARE TRYING TO GET WILL COVER THE COST OF YOU TRYING TO GET IT!! You may be the most well educated person you know with a degree worth hundreds of thousands of dollars. The truth is if you can't pay back the loans the banks don't care how smart you are. I'm currently working on finding some sites that can help you to calculate this. More to come!

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