<p>I was accepted to u chicago EA and I've been planning to attend ever since. After a recent scholarship finalist weekend at IU Kelley (it's the business school, the undergrad works like penn wharton) I have a rather hard choice to make. Chicago will be much more challenging and intellectually stimulating than IU and if I succeed there then doors will open more easily. Still, I got absolutely nothing from Chicago in my preliminary financial aid letter and IU would be literally paying me to attend. I've just spent a weekend hearing the IU-Kelley side of this argument, so I'd like to hear the Chicago side from some dedicated Chicago posters. I'd really appreciate the help!</p>
<p>My D passed up a full ride to Mich. State last year in order to attend Chicago. Her financial aid award? none. We are not a wealthy family, so paying for her ed is a real sacrifice. But we agreed. Why?</p>
<ul>
<li><p>the focus of any big 10 U is not really on academics. You can find good classes, but you would need to really work at it. </p></li>
<li><p>at IU, your peers are likely to be more academically challenged. At MSU, my D would have been one of the best students - few pulling her from up above.</p></li>
<li><p>It is much harder to get classes you want, when you want them, at a major state U. Just check the graduation performance in 4 years. Scholarship kids like you would be in the honors college, probably with priority registration, but that does not mean the classes would even be offered.</p></li>
<li><p>want to see a faculty member? It can be hit or miss at a large U. Easier at Chicago.</p></li>
</ul>
<p>Bottom line: If you are highly self motivated, and don't need equally brilliant peers to motivate you, and if you value a highly diverse student body, then IU may be a good choice. But, if you really, really want to learn, and be in an environment that values learning above other things, like watching football games , then think Chicago, not that it does not have diversions.</p>
<p>Final note, there is nothing wrong with an IU education. For a well motivated student, a degree from there will open up just as many doors. IMHO, it is what you DO as an undergrad that matters, not WHERE you do it. Either choice would serve you well.</p>
<p>how much does your family make, how much are in your investment accounts and deposit accounts, and how many people are in your family? i'm sorry if i sound rude but I want to make an educated guess on how much financial aid i will get.</p>
<p>And my S received full ride to University of Michigan as well as other scholarships and turned them down for some of the reasons New Mass Dad mentioned as well as bottom line "the fit". Also nothing against other schools, my S thought he could get a fine education at these other locations but in the end it was decided he could best prosper at Chicago. We also are not wealthy but I understand each family has to make their own decison becasue it is not an easy decison. Two of my S's good friends both NMSF winners also accepted to Chicago and it was their first choice ultimately were not able to attend due to financial issues but I'm sure they will do fine in life and are happy at their current schools. The other reason my S chose Chicago was strength of program, math, and opportuntiy to reach his full potential. He is very grateful for the opportunity and loves the school.</p>
<p>j10cpc,</p>
<p>I do not think it appropriate for anyone to discuss personal financial details on public boards like these.</p>
<p>Instead, go to Princeton's web site and use their estimator: <a href="http://www.princeton.edu/main/admission-aid/aid/prospective/estimator/%5B/url%5D">http://www.princeton.edu/main/admission-aid/aid/prospective/estimator/</a></p>
<p>It will give you a good idea.</p>
<p>Before you start worrying about the money, think about which university you think you'd be happier at. As expensive as Chicago is, you could always support yourself through student jobs, loans, and various scholarships out there if you're willing to search for them. The best gems are often the ones that aren't as well known as others (but make sure you don't fall for scam scholarships!)</p>
<p>Money business aside, where else are you going to find gargoyles as friendly-looking as the ones in Chicago?</p>
<p>Why do you have to settle for either or? Assuming that it would be financially impossible for you to attend Chicago, couldn't you hope for a similar scholarship at a schoo that's halfway between Chicago and IU academically? I have no idea how the quality of education at IU is, but I've seen your stats and they're excellent. They're definitely good enough to get a similar kind of scholarship at schools with great academics that will open plenty of doors for you.</p>
<p>I didn't really hedge my bets and I guess I'm paying for it now. I only applied to three schools, one that I loved (chicago) one that would do (columbia) and one that was an absolute backup (IU). Still, if I take out lots of loans for Chicago, won't that detract from the experience? I've been raised to equate debt to sin, so it's hard to see how I could go into debt to pay for Chicago and still get everything I can out of that experience. Is anyone else looking at taking out lots of loans to go to Chicago?</p>
<p>I think it's a personal decision, we can persaude you one way or the other, but in the end only you can decide if taking out loans is worth it.</p>
<p>Why don't you ask the PSAC? They can probably get you in contact with students who are actively dealing with these issues at Chicago.</p>
<p>i really dont like those finaid estimator things, they always give me different values for my EFC, varying from one to another by almost as much as $4k.</p>
<p>Kosuke, </p>
<p>the key to the fin aid calculators is to understand any assumptions. There are two big categories: federal methodology and institutional methodology. Fed is same everywhere. Institutional methodology can vary, depending on how they treat home equity and a few other minor factors. And look at it this way: a 4K swing is less than 10 percent of the total cost.</p>
<p>One other point to clarify. The amount a student can borrow is limited to about 18K over 4 years. Most of the borrowing capacity is with parents, who can get unlimited plus loans.</p>
<p>Rather than view this as going into debt, view it as paying for an excellent education over 8 or ten years. It's called investing in human capital (no joke).</p>
<p>indytucker,
there's manageable debt (say, you owe one year's starting salary, conservatively estimated, and your parents eat the rest) and then there's unreasonable debt (say, 150,000 at the undergrad level that your parents expect you to pay off).</p>
<p>IMO, you, personally, should not saddle yourself with such an unmanagable amount of debt as an undergrad. It limits your choices afterwards too badly. As a family, however, it may be manageable. Presumably, if your initial financial award was nothing, your parents are not destitute. Are they willing to help you at all?</p>
<p>Indy...</p>
<p>You still have merit schlorships to consider... </p>
<p>Why don't you visit IU, or talk with students there and compare. In regard to the University, we are talking about the next four years. However, the debt will be a burden on you for the next decade or so, depending on your profession and merit aid. </p>
<p>Any choice that you should make must be based on reason, not emotions. </p>
<p>If I had been accepted into UChicago, I certainly would have wanted you there by me and Brine...however, do consider UChicago seriously! </p>
<p>You only have one life to live!</p>
<p>Yours Truly,
The Nobel.</p>
<p>do you really think i have a shot at chicago merit money? i wouldn't even think about getting a full ride there, but do they have partial scholarships?
btw, i spent last weekend at IU and was surprisingly impressed, which is what sparked this thread. :-/</p>
<p>I think they have a certain number of half and full tuition scholarships (maybe 15? 30? I can't remember exactly) and they go to the cream of the crop, which may or may not include you. Debt is debt no matter how it accumulates. I think you should simply consider that not all grads of elite schools get high-paying jobs where they can easily pay it off in a few years. College debt is getting worse, not better. Just weigh both sides.</p>
<p>Based on Merit Alone: Scholarships</p>
<p>College Honor Scholarships & University Scholars
Our honor scholarships are among the oldest merit awards in the country. Seeking to recognize applicants for their outstanding academic and extracurricular achievement, demonstrated leadership, and commitment to their communities, the College Honor Scholarship provides full tuition awards to 30 highly qualified entering freshmen. Scholarships are guaranteed for four years.</p>
<p>To be considered for a merit scholarship, simply check the scholarship box on the first page of the application for admission. Also, you should feel free to supplement your file with anything that will allow us to better understand your strengths. However, please send only duplicates of your work, since we cannot return originals to you. Additional materials might include slides of art work, research abstracts, creative writing samples or portfolios, or musical recordings. Scholarship winners who were admitted under the Early Action plan will be notified by April. All other winners will receive notification with their offer of admission. Questions about merit scholarships should be directed to the Office of College Admissions at 773-702-8650.
National Merit and National Achievement Scholarships
Chicago also sponsors a number of National Merit and National Achievement Scholarships. If you are a finalist in either of these competitions, simply report to the National Merit Scholarship Corporation that the University of Chicago is your first choice school. The address of the National Merit Scholarship Corporation is 1560 Sherman Avenue, Suite 200, Evanston, Illinois, 60201. The phone number there is 847-866-5100.</p>
<p>To inquire further about National Merit or National Achievement scholarships, please contact the Office of College Aid at 773-702-8655. </p>
<p>In regard to your chances, I do not know. But, it is worth a try!</p>