What you have to remember is college debt is "good debt". If you take student loans, your best bet would be to consolidate them soon after graduation. This way, you lock up a fixed interest rate of your loan, that is usually very good (i.e. low). I'm not sure what the rates are right now, but a year ago I was able to lock up a rate of 4.125%.
If I put money on my savings account, the interest will be 5% - that's why college debt is "good debt", as compared to, for example, credit card debt, where usually, your rate will be something like 15-20%.
Also, remember that average earnings for someone with a college degree are, generally, much higher than for somebody without one. So, basically, you'll be making an investment in yourself, that is going to pay off later, when you'll be able to work a job that pays a lot more. And you'll do that while getting a very good rate on the loan.
So, I guess what I'm trying to say is: go for the private college! Don't worry about debt, it's "good debt." Focus on getting education that will allow you to get a job of your dreams.
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