Pitt honors? Great program.
You’re certainly not the only family in this position. Thankfully, DS’s response to our alma mater has been cool, because we basically have decided we would not pay sticker price to send him there, and we most likely won’t qualify for financial aid. It’s a good thing you did some merit shopping and have options.
5 yrs is required because co-ops are required. Calculation is 33k X5 =165K. We can give her 100K so that means we need to come up with 65K (her loan). Does that make sense?
^You don’t pay tuition when you are on coop.
UofMD honors. Not PITT. Either way…PITT engineering program is amazing and I feel comparable to Nova. Especially with the opportunities for biomed engineering they have in Steel town! Villanova is more her people but social scene and basketball does not equal 184K. It is only 20 mins from our house though : )
Wait…I thought it was 5500K a year for the federal loans X5 years= 27.5K
Looks like Pitt (33K per year) or possibly Drexel (38K per year). My understanding is that some of the internships embedded into Drexel’s program can be high paying, so maybe get some more information about likely earnings to see if that makes financial sense for your family.
Also for schools that take 5 years because of co-ops, my understanding is that you don’t pay tuition while doing the co-ops. So it may take 5 years, but you’re still paying 4 years of tuition. Double check, but that is what I understood.
One can save a significant amount by moving off campus after freshman year and/or by going off the meal plan and doing one’s own cooking. Room and board on campus tend to be overpriced, with some exceptions like very high priced urban areas. Books can be rented or purchased used for additional savings. This might not sound like a lot, but it can add up to significant savings.
We were in a similar spot, for what it’s worth, EFC bumping up towards full pay. Daughter was admitted to two affordable public options and private schools with merit scholarships left costs of 30-45K per year to pay, so similar to your situation. Hopefully Pitt will come through with a bit of merit money to ease your way.
I do not think that loans of 180K+ are at all reasonable for an undergraduate education. Pitt is a fine choice.
You do NOT pay tuition while you are doing a co-op job. In fact usually you are earning money.
If you are counting the co op time as paid tuition time…then don’t! It’s not.
Your calculation does NOT make sense.
$33,000 minus $25,000 (1/4 of your college savings) equals $8000.
$8000 minus the freshman year $5500 loan in your daughter’s name…equals $2500 left for you to either pay or for her to earn doing a summer job and school year job…or some combo there of.
NO additional loans if she can earn $3000.
No tuition costs for the co-op terms. She will likely have some money in the bank towards her college costs at tje end of each co-op term.
Pitts sticker price for tuition, R, B is only 33k??? That’s what is confusing me.
Edited to add - I see, it’s a state school and that is instate tuition. Got it. I thought Pitt was private.
Yes, instate.
OH really??? They did not mention that. We are still paying her room and board though…I do know that for sure. Unless she co-ops in another area then we would have to pay to rent/food and do they hold her housing? So confusing.
Yes, Pitt is a public university in PA, and a very fine one! And quite the bargain for this student as an instate resident!
Oh ok…wait. The total shortfall her year is 8K. I am sorry that I am having such a hard time grasping this. Her federal loan at the end will be 22K–she will need to come up with 2.5k a year (which she could from her co-op). Right?
@mom517 Normally at coop schools, your earnings from coop cover R&B. Especially engineering, she’ll probably have money left over. If she chooses to coop near school, she can live on campus (and pay r&b to Pitt) or stay near home and pay nothing and pocket the earnings OR pay rent/food in an entirely different city. Her choice. Count on 4 ACADEMIC years (tuition, r/b) then 1 or 2 semesters of paid coop, and cost of r/b.
You are not understanding the costs and loans. If you have 100,000 and that leaves a shortfall of $8,000 a year, then when your daughter takes the federal loans she only needs to come up with around $3,000 more with either a job or your help (not sure if you have that 100,000 already saved or if you were able to pay that during the school term?). So she would end up with $27,000 in loans only, hopefully. She can’t borrow more. You can, but she can’t. The school COA may not even be what your daughter really has to pay anyway. My daughter has only had to buy one textbook so far this first year. The COA is only a possible number, not definitely what you will spend.
I think most schools have payment plans too, we pay each semester over 5 months, so ten payments for the whole year. That helps a lot!
Pitt vs. Nova? No brainer.
Speaking as someone who has spent 30+ years in corporate recruiting. An absolute no- brainer, even if you could afford Nova at full pay. Pitt is a fantastic research university which is well respected in both the corporate and scientific communities; why it doesn’t get so much love inside Pennsylvania is a total mystery to me. But outside the state- it is highly regarded and your D cannot go wrong.
@mom517 My dd had acceptances to both Pitt Honors and Villanova when she was in the same position a few years ago. I have to add that Drexel has a reputation as a great engineering school but mine would not consider Philly schools. We also had a similar budget set, just a bit higher so I understand exactly where you are coming from.
Your daughter is in great shape and should be feeling pretty good about her choices. Pitt is an awesome school, well respected, and in a vibrant city. My dd went all in on merit and took the full ride from Alabama so the thought of spending the difference for Villanova seemed insane to her. Especially in engineering where the name recognition of institution is much less important. She really liked Villanova and the program was top rated but she could not justify the cost differential just for the name on the diploma. Best of luck as she figures out her choice.
Once more.
$33,000 minus $25,000 (1/4 of her college savings) equals $8000.
Then subtract the $5500 federally funded freshman student loan and you have $3000 left…for freshman year to fund.
She should be able to earn a good portion of that.
The total federal loan amounts…per year…
$5500 for freshman
$6500 for sophomores
$7500 for juniors and
$7500 for seniors…
Grand loan total $27,000. Not $65,000.
Here is the Pitt cost of attendance…
Tuition and Expenses
Cost of Attendance in-state: $33,250
Tuition and Fees in-state: $19,080
Room and Board$10,950
Books and Supplies$773
Other Expenses $2,447
That cost of attendance includes personal expenses and books, neither of which are billed by the college…and both are somewhat in your control (student can have a job to pay for personal expenses…buy used books, etc)
The billable costs to Pitt right now are just over $30,000 a year…which totally fits your budget of $25,000 plus the Direct Loan of $5500.
Right?
Merit money is given by admissions not financial aid. I think if Pitt was giving her merit ten she would have probably gotten it
Is Pitt merit money automatic based on goa and scores or competitive
I agree with @thumper1 , With out merit the COA is 33k. After you kick in your 25kband she takes the 5.5 k loan she has a balance of 2.5 k. I ageee with thumper she can cover this with a summer job (2 if she has to).
This looks like the most financially feasible option for your family. She cannot take on more than 27k in debt without you and your husband co-signing for it. That would be a disaster especially since you have 3 more kids to put through college and your own retirement to fund.