<p>Cal has always been my dream school, therefore when I was accepted to Berkeley from the waiting list about 2 weeks ago, I was absolutely thrilled. However when looking at my financial aid package I noticed I would receive about $18,000 in grants and would have to take almost $35,000 in loans to pay out of state tuition. My parents make about $50,000 a year, less than Cal's tuition, so they would not be able to help me much. I don't know what to do because although I want to go to Berkeley, I am not sure whether I will be able to pay off $140,000 in loans, especially with a political science degree.</p>
<p>My other college option is attending University of Richmond, which is close to my home. I have a 4.2 GPA and I was offered a full-tuition scholarship by them. Therefore i would only have to pay for my living expenses or about $8000. I visited UR and I absolutely loved it and I certainly would not mind attending there. However, I feel like I would be turning down a once in a lifetime opportunity by not choosing Berkeley. Everyone I have consulted so far has told me that the decision must be made by my, but I am not sure what the best choice is, especially in terms of finances. Since deposits have to be sent in by May 1st, any suggestions would be greatly appreciated.</p>
<p>Richmond is a great school. Congrats in getting such a nice award from them. I wouldn’t hesitate an instant to go there over Berkeley. My friend’s daughter just got her BA from a LAC and is now off to Berkeley for graduate work. She’ll be getting full tuition paid, and a stipend. That’s the way to do it. I truly think Berkeley is more a grad school for most folks.</p>
<p>Congratulations. You have no real choice here. Go to Richmond. Even that will leave you with debt – have you asked for Work Study? Can you find a summer job?</p>
<p>Run away from $140,000 in debt. There is no way it is worth it. Remember that interest will be due every year while you are in school, and if you do not pay the interest the loan will have grown much larger than $140k (probably to $165 to 170k, depending on the interest rate) by the time you graduate. You are looking at huge monthly payments of close to $2000 a month every month for 10 years. Here is a loan calculator.</p>
That makes me sad. You are young enough to not really appreciate the enormity of the debt you are contemplating and the adults in your life should be giving you more guidance. Thank goodness you seem to have a good head on your shoulders and realize this debt is a really bad idea. Go to UR and graduate without crippling debt. Good luck.</p>
<p>I agree completely with cptofthehouse. I’m not sure what your plan is for after graduation, but if it includes a professional degree such as law, there will be more loans. The amount you are talking about here will be extremely difficult to pay off even without additional post-grad indebtedness. Think about what it actually means to pay off large debt: no vacations, possibly no car, no mortgage, possibly relocation even if you don’t wish to live where the job is…Essentially, what you are talking about is far fewer options than a young person should have.</p>
<p>In addition, there will be higher costs for travel to and from your home, so you will have to add those to your budget.</p>
<p>I’m a bit concerned with all the threads I have seen recently from non-affluent OOS students whose dream is to go to UCB, but who have been offered virtually nothing in the way of financial aid. Somehow the message is not getting out that OOS to the UC system is just as expensive as elite private schools, but without the generous financial aid. It shouldn’t be a surprise to anyone, given that it is a tax-supported system in a financially strapped state, but that isn’t any comfort to disappointed high school students.</p>
<p>You have a wonderful option. Take your scholarship and have a great, debt-free undergraduate experience.</p>
<p>The post can be for real. Every single year we see a number like this in Financial Aid, more in Parents, and still more scattered through the other forums. There are too many young people out there who don’t have anyone in their personal lives who can give them good advice about money. The bottom line is that debt is slavery. Even college debt. It behooves all of us to do what we can to help the young people within our range of influence understand the consequences of taking on more debt than they can handle. None of us are served well by having new college graduates go out into the world with college debt of the level that 0792Scorpio is describing.</p>
<p>I think the answer is clearly stated by the OP…U of Richmond is a fine school and is affordable…and the OP likes it. Go there…and maybe keep Berkeley in mind for grad school. You have the option of excellent financial aid at U of Richmond or a very very significant amount of debt for Berkeley. Sorry…Berkeley is not worth the amount of debt you would have.</p>
<p>Of course Berkeley or UCLA are not going to offer OOS financial aid. They are admitting record numbers of OOS and International students because THEY NEED THE MONEY. And the other states are doing it, too, or trying.</p>
It’s hard to believe someone smart enough to get into UCB from OOS would ask this question. </p>
<p><tough love=“”> Don’t be a moron. Go to Richmond.</tough></p>
<p>
You love the idea of going to UCB. Get over that. Just think of what you can do with the $1600/month you will save by NOT having to repay that loan.</p>
<p>Why is Berkeley your “dream school”? Because it was featured in “The Graduate”? You have to have a very good reason to take out $140,000 in loans on an undergraduate degree. Frankly, I can’t think of any. Sure, Berkeley is a great opportunity for California residents paying in-state tuition, but not at over $50,000 for OOS. Show how smart you are by taking the scholarship.</p>
<p>Thank you everyone! I know it may seem unbelievable that I even asked this question, but as swimcatsmom and happymomof1 mentioned, none of the adults in my life have been as honest to me as you all have, and therefore I was extremely lost. I realize that $140,000 in debt is absolutely absurd and unsustainable and am grateful that I will be attending UR with such a generous scholarship next year! Thank you all for your help.</p>
<p>Don’t go to Cal for that much money, thats insane! Have you spent time in Berkeley? Honestly, as someone who lives 45 minutes away, and whos dad went there, it really isn’t nearly as special as people seem to make it out to be. I have a cousin who went to Richmond, got a poli sci degree, and is now working on the campaign of a state senator, and is really happy. berkeley is also going to be a bit of a culture shock coming from Virginia.</p>
<p>I get that something about Berkeley really appeals to you, but it really isn’t worth the rent of a very nice house for 10+ years.</p>
<p>Sounds like you may have been part of the extra 535 OOS students accepted this year at Berkeley. I believe system wide the UCs took in an extra 3500 OOS students. Why? They want the extra revenue. You are absolutely qualified to attend the UCs… but realize that they took a larger swatch of OOS students in hopes of getting extra OOS cash. </p>
<p>This might not make total sense right now, but Berkeley is not that special. It is not 140K special. It is a crowded public university undergoing budget problems. It is not worthy 140K unless a family is so wealthy they do not miss the 140K and can pay for it in cash. Even then, it is not 140K special. Realize that most the kids attending are Cali students who get some form of Blue&Gold or CalGrant monies so their cost for Berkeley (student loans plus student work) is probably about 10K - 15K max per year.</p>
<p>Go to UR.</p>
<p>“According to the data, 52,953 students applied to UC Berkeley for admission as freshmen for the 2011-12 school year, with a total of 13,523 students admitted to the campus. Of that total, 2,920 were out-of-state students - a 535-person increase from last year - and 1,300 were international students, a 230-person increase from last year.”</p>
<p>In no situation would such loans be worth it.</p>
<p>You can’t borrow that much anyway. You would need qualified co-signers, and your parents don’t earn enough to qualify (and they probably wouldn’t agree to co-signing anyway).</p>
<p>chaos, PLEASE read the entire post before asking questions. The OP already stated that it would cost her $8K at Richmond. And how is it germane anyway?</p>
<p>I did read the OP this time, but all it ever says is she needs to contribute $8000. I don’t see anything that says she can contribute anything out of pocket without the use of loans.</p>
<p>*My other college option is attending University of Richmond, which is close to my home. I have a 4.2 GPA and I was offered a full-tuition scholarship by them. </p>
<p>Therefore i would only have to pay for my living expenses or about $8000. I visited UR and I absolutely loved it and I certainly would not mind attending there.*</p>
<p>Will you have to borrow to cover these costs? If so, that will be enough debt right there. It sounds like you’re saying that your parents can’t contribute much. How much can they contribute?</p>