Maximum cost you’d be willing to spend to attend

Coolbeans421

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My dream school is VMI. I was accepted for this fall and I am dying to commit and attend. It will cost me $33,000 this year (they gave me $27,000 of financial aid) since I’m OOS. I have been waiting to hear back from the AFROTC scholarship, but of course it’s been delayed for the second time to April 13th and I have to commit to a school by May 1st so I don’t necessarily want to rely on that. I love the traditions and full military aspect, I don’t want to attend strictly for the education (because I can get an education for the same degree a lot cheaper). I’m also a female coming from a family of all males so I feel like I have to prove something to myself by being challenged physically and mentally and still succeeding. Is paying $33,000 a year worth it? It will all be debt since my parents don’t plan on helping me with costs. I tell myself that I’d pay full tuition/room and board if it meant I got to go and experience it since this is a once in a lifetime thing, but does anyone else have a different opinion on it?
 
I say stay positive thinking and wait for AFROTC. There is a huge time value of money, that a debt free graduation with an income right away will do for your future-self. $33k/yr debt, if you can avoid it, is HUGE. HUUUUGE. That’s how I would advise my own.

Have your plan B, but put your positive vibes into that ROTC scholarship! Good luck!!
 
My DS got some great non-resident scholarships at OOS schools... that being said, they still wanted $$$ after scholarships- my advice to him was that it is not likely worth it for an undergrad degree if you can manage a similar gig in-state (maybe in the OP's case in-state and AFROTC).

P.S. Be careful about feeling like you have something to prove, this is likely a misconception.
 
What are your plans post VMI if you don’t receive the scholarship? $132,000 in student loan debt is a tough way to begin life. What is your career interest? If you were my daughter and money was an issue, I’d advise a school that you could attend without all the debt. Not sure what other options you’re considering. Good luck!
 
What are your plans post VMI if you don’t receive the scholarship? $132,000 in student loan debt is a tough way to begin life. What is your career interest? If you were my daughter and money was an issue, I’d advise a school that you could attend without all the debt. Not sure what other options you’re considering. Good luck!

Break down that debt Into a monthly payment. And for how many years? Something to consider.
 
That’s a lot of money for VMI or any school.

Did you visit? Did you peek behind the curtain?
 
Mom of two SMC students. I'm gonna be honest with you. I would not allow my kids to take out that much debt. It's a horrible weight that will be hanging around your neck for a very long time. What's plan B?
Well said @Wildflower222 - my advice to my kids was than any debt over $100k needs to come with at least 2 bedrooms and 1 bathroom. My DS is at a SMC and I went to an SMC - my son is on track to have no debt and I had no debt. There are other ways to get to where you want to go. Norwich currently has the best financial aid offering of all the SMCs. Give Norwich a look. The Citadel also has some great offerings.
 
Wow...$132K in student debt, payable over 10 years (if typical loan terms are in play). That’s a terrible burden at the start of a career, especially an officer’s career — not the highest-paying profession to begin with.

Strongly suggest you think about your priorities. From an academic standpoint, there are state universities that surpass VMI. Depending on your major, the academic advantage of certain state schools would be even greater.

There are far cheaper ways to prove yourself also. Just being in the military should fulfill that. ROTC provides plenty of ways to prove yourself. One shouldn’t have to go that far into debt for the opportunity to prove herself. It ain’t worth it!

Obviously you should wait for a decision re AFROTC. If you don’t get the scholarship, you’d be best served going to a solid state school and walking onto ROTC, with the goal of landing a campus scholarship. If you get it, great. If not, carry on but minimize your debt. You can still get those butter bars without breaking the bank.
 
Also, check on the loans. Depending on your family's financial situation, many of those loans start accruing interest from the minute you take them out. Added up over the 4 years, it's $132,000 + interest. I would NEVER advise my child to take on that much debt unless it was for a graduate degree with a potential for high income, like an MD degree. I agree with the others- it will be a burden hanging over you weighing you down. True story- a friend I knew had scholarships to pay her entire undergraduate degree and had no debt for that degree. She took out loans for a master's and then went on to chiropractic school (around $200,000+ in debt when she finished). During graduate school, got married and then pregnant (life happens). Delayed paying the loans for a few years while they established their practice and she stayed home with young children. The last I had talked to her, she had paid around $175,000, but still owed OVER $200,000 because of the years of compounded interest during the first years when she had deferred payment.

I truly hope you get an ROTC scholarship, but unless VMI gives in-state tuition for their ROTC cadets, you still would have significant loans unless you are one of the fortunate 5% or so to get a type 1. I'm in the camp that would advise looking for an in-state school with an ROTC program.
 
You are receiving solid advice here. Please don’t take on that level of debt. There are so many excellent alternatives with AFROTC at another school. VMI is excellent, of course, but in these circumstances, a path leading to a massive financial burden.

Prove yourself by getting a commission, a great officer specialty area, a set of orders, and subsequently, a career path to be proud of - THAT is the goal. If you want that corps of cadets experience, do look into other SMCs. That means get on the phone with a prepared list of questions and advocate for yourself. It is also perfectly fine to go to a state school with AFROTC. There will be chances to excel and earn awards, to be totally into it and be close with other cadets, to kill the physical fitness training by pushing yourself. That is a fine and challenging path to a commission, because THAT IS THE GOAL, right? Seeing yourself in your shiny new 2LT uniform on your commissioning day, college degree done, with all all the joy and excitement of heading off to your next set of orders, and no uneasy sense of a big college debt - you will have plenty of ammo to knock the socks off of family nay-sayers.

Focus on the one goal - an AF commission - and drive toward that in a way that doesn’t saddle you with a horrible burden which will impact you for years. With your O-1 salary, you should start socking away a good percentage of your monthly pay into a Roth IRA and your government TSP (Thrift Savings Plan, works like a 401(k)). Starting that in your early 20’s jumpstarts the compounding value for the pile of dollars you will need to live on from your mid-60’s for another 30 years or so. Servicing a debt that hampers your ability to invest in your future - you do not get those years of growth in your retirement accounts back, and the difference can be huge later on.

The one goal. Drive toward that. Be smart about the money. It is not too late to consider other paths.

Scan the info at this link to understand the big difference it can make to start saving in your twenties vs ten years later.

Lastly, when it’s time to get married down the road and merge finances, your prospective partner will also marry your debt. A big debt load can and will impact a credit rating.
 
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I second what many have said here. During the crud of Covid at USNA our son has said that if debt weren’t a factor he might have chosen otherwise during the low and crap days.
I totally agree with @EEBTTF re Norwich. They offered our son full expenses paid when he received his NROTC scholarship. They have a great reputation and many who attend do not reapply to the SA’s as they are happy where they are. If you were my kiddo I would advise against that level of debt.
 
When I visited VMI, they said that even if you don't get the 4 year ROTC scholarship, you're almost certain to get at least a 3 year one while you're there. Add that to other scholarships you could apply for, and there might be less of a cost than it seems. Just my two cents based off of my visit
 
I was in this exact position. I got no scholarships. I did some rough math on what that debt was gonna look like if a scholarship never came through in future years and decided that it was heinous, and I knew exact What I’d be making as a mew officer (I knew I’d commission in some branch, one way or another, and was already DoDMERB qual’d). No on can tell you exactly what your threshold is, but 130k+ is a lot. I would have been doing plan B...definitely reach out to admissions in case they can “find” more $.

If you are dead set on VMI, find a cheaper in-state school for a year and try to pick up a scholarship and transfer to VMI. There’s some hoops involved there with transfering a scholarship depending okay type and who awarded it (i.e., national board vs Det/CC), but it’s an option.

You could also look at transfering to a different SMC with lower cost. TAMU gives in-state tuition to Cadets as long as they’re got at least a few k of other scholarships, I believe. This in-state tuition is big when it comes to what AF scholarships will cover.
 
Your feedback has come from age range peers and those who have been out in the world a bit longer. A bit of dream adjustment now can preclude nightmare financial difficulties later. Good luck! Let us know how it goes.
 
When I visited VMI, they said that even if you don't get the 4 year ROTC scholarship, you're almost certain to get at least a 3 year one while you're there. Add that to other scholarships you could apply for, and there might be less of a cost than it seems. Just my two cents based off of my visit
Agree with this 100%. Don't give up on VMI. Wait on the ROTC scholarship and know that VMI gives lots of merit scholarships to upperclassmen (VMI understands there is a high-attrition rate for rats and 3rds, so the money tends to flow for the upper 2 classes).
In the end, VMI is worth the investment. Don't give up on your dream.
 
Unfortunately VMIs costs are in line with other public colleges so finding a cheaper alternative means limiting yourself to an in state college, preferably one that also offers generous financial aid. Whether its worth taking on student loan debt is a tough decision you have to make but the ROI of an iconic and highly respected school like VMI or The Citadel is also something to think about.
 
Unfortunately VMIs costs are in line with other public colleges so finding a cheaper alternative means limiting yourself to an in state college, preferably one that also offers generous financial aid. Whether its worth taking on student loan debt is a tough decision you have to make but the ROI of an iconic and highly respected school like VMI or The Citadel is also something to think about.
VMI’s OOS costs are unfortunately not in line with many schools OOS costs. For example, VT out of state is almost 15k/yr cheaper...margin is a little smaller when Corps costs are added. UMD out of state is about 5k/yr cheaper....I love VMI, but boy did I hate OOS tuition until I picked up a scholarship.
 
I think it's important for you to evaluate your other options. Even if "you" would be okay with $132k of loans, your parents may not be and the reality is you would not be able to take out loans of that size on your own: your parents would have to co-sign with you. I can tell you that there is no way that I would have agreed to doing that for either of my children.
 
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