Are you considering attending an out-of-state university? I know what you’re thinking, you’ve been living in the same place forever, and now you’re ready to go out and see the world–or at least another state, city, any place far away from Mom and Dad.
Unless the college you’re looking at is the only one that meets all of your demands, you may want to take another look at staying in Michigan. The differences between the cost of in-state tuition and out-of-state are astounding.
A cost comparison
Let’s say you’re looking at Purdue. If you’re an Indiana resident, tuition is listed as $8,060, but Michigan residents have to pay $24,160. At UC Berkeley, you’ll be paying $10,000 more as an out-of-stater. Also, be sure to look at the cost per credit hour. Indiana University lists over a $500 difference between residents and non-residents. If you go full time, you’ll most likely be taking 12 credit hours. So multiply 12 times the cost per credit hour, and you’re adding thousands of dollars onto your total cost.
You can try to gain residency, and if you really want to go out of state then you really need to research that option. Unfortunately, it generally takes a year or longer to become a resident, and many universities do not count attending classes toward gaining residency. Why not? Well, one reason is that many students go home during the summer or leave right after college. The upside is that if you leave your home state to attend college, you will still be considered a resident of that state.
Plan to borrow?
So what, right? Afterall, there’s financial aid. Mom and Dad will be paying some of the costs. Maybe you even have a couple of scholarships. The cold hard truth is that once you graduate, you are expected to pay back financial aid and loans a lot sooner than you may expect. Go here to research all you can about financial aid. You really need to prepare yourself. Don’t forget, with the changing economy, Mom and Dad may not have as much to put toward your education.
An important note: You may want to ask your parents if they are claiming you on their taxes. If they are, the Estimated Family Contribution may go way up, meaning that you will be receiving less financial aid and will be expected to pay more out of pocket.
Jobs after college
Unfortunately, you are not guaranteed a job right of college. Hopefully, the economy will be better by the time you graduate college, but you can’t be certain. Michigan colleges are top-ranked in the country for many different types of majors, and there is certain to be one that meets your needs and expectations. By attending a Michigan college, you will not only walk out with a top-notch degree, but you will also have considerably less debt than if you attend an out-of-state college.
And do you know what you can do with all the money you save? Travel! Have fun! Buy a house! Or just be content knowing that you’re not going to be saddled with huge payments every month.
Don’t worry about missing any opportunities to get out into the world. For one thing, Michigan is a big state, if you really want to get some space from the parents, pick a college across the state. You might find that you actually like having them relatively close. But there are so many opportunities for travel while in college, and I’m not just talking about Study Abroad. For example, the University of Michigan offers fun outdoor adventures that include rock climbing and kayaking trips. You can also consider the Alternative Spring Break program. There are far more opportunities that I can even get into here.
Once you have graduated, you can choose to go wherever you want to go. By all means, if you feel that a certain college is the only one for you, or you have scholarships to cover most, if not all, of the cost, then do it. But if that is not the case, take a closer look at the colleges in Michigan. It’s your future!