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#5 New state, new me.
As scary as it can be to go to a school far away where no one knows you, it can also be incredibly exciting! Getting to go to a new place with new people can help leave behind any embarrassing childhood memories or reputations you've acquired over the awkward childhood-teen years. Due to the nature of living so closely with other people and being surrounded by others who have similar interests as yourself, (especially if you're entering college with a declared major) it is generally easy to meet friends quickly and most colleges have designated freshmen events the first week for that very purpose.
#4 You can get a feel for a different area of the country without too much commitment.
For many people it's impractical, if not impossible, to pack up life and move to a new place, however out of state college allows a unique opportunity to do just that. This can be especially helpful to students who have grown up in the same place their whole life—you get the chance to live somewhere else temporarily while knowing that you'll make friends, get fed, and have reliable housing. Then if you like your new location you'll already be situated enough to continue living there after graduation; If not, moving back home shouldn't be a huge inconvenience.
#3 Find the right school with the right program.
Not every school environment feels the same to every student. Finding the right school for you that also has a quality program in your field can be challenging, and sometimes your only option really is to look out of state to find it. Don't let yourself be limited by your location—if you want a large school in the city that has a good program for your major and the only school that fits the bill is 8 hours away, don't let that deter you from chasing your dreams. Finding a school you like is much more important than people realize because the wrong school can really have a negative impact on your grades and mental health.
#2 Job Opportunities
Just like looking for a school with a good program can put you far away, so can the job market depending on what you study. Picking a school that allows you quality access to the job market for your profession can be a huge financial gain in the long run. For example, being near New York City can greatly increase your chances of creating relevant and meaningful connections if you're looking to work on Broadway as opposed to going to school in the middle of the country. Internships and relevant part-time jobs can also be easier to find while in school if you pick a location that benefits your desired job market.
Going to school out of state can really offer you quite a bit more freedom and independence than going to school near home. When your parents are within a casual visit, it can become very tempting to let them help you with all the not-so-fun parts of growing up such as bill paying, grocery shopping, cleaning, and simple repairs/maintenance. Moving out of state not only forces you to have to learn these necessary evils of growing up, but also allows you the freedom to become independent and figure out how you want to take care of yourself.