<p>Hey...I'm pretty sure that this is my first post, so I don't really know how these work. </p>
<p>I was accepted Early Decision to Duke. I got my financial aid package, and I did not receive anything. I got a $5,000 loan, which does not do much for Duke. My parents have set aside $80,000 for all of my education, and that means that I would still be taking out about $100,000 worth of loans. I take ap econ, so technically I understand how all of that works, but in reality, I don't know how feasible paying that off will be.</p>
<p>I have been killing myself over this because I don't know if I can afford being in debt for the rest of my life. I applied and was accepted to a state school, where money would not be a problem. I know that if there is a pressing financial need, it is possible to get out of Early Decision.</p>
<p>Can someone share their experience with me because I am really at a loss her.</p>
<p>im also a duke ed kid, and i understand that it is definetly tough, the CSS profile that your prolly sent in kind of hurts, it hurt me a bit, i rather have the fafsa considered. your optionsd are really to talk to the financial aid office after you have submitted fafsa, do a bunch of merit-based scholarships, or back out of the decision. duke most likely wont have sympathy for you because ED is a contract meaning that even if you got 0 in aid, you expect to be going there. if you dont want to be paying loans you basically have to dump the contract, i know people that have done that. its not difficult or anything, its just kind of painful considering you really want to go to the ED college more than anything. if duke is where u wanna be, maybe taking loans out is worth it, but you have to keep graduate school in mind along with the ability of your career to pay it off.</p>
<p>Ugh, that really hurts. We already contacted the financial aid office and they can do nothing for me. They looked at our financial documents and said that FAFSA will not even be an option... They basically told us not to even waste our time. I applied for all of those little merit-based scholarships offered at my school and in the community, but it is really discouraging because those $100 scholarships pale in comparison to the cost of Duke.</p>
<p>Duke is my dream school and it really hurts me to think about dropping the contract. I really have some thinking to do...</p>
<p>"The point of going to a school like Duke is that when you get out, you will be making enough money, (and more importantly, you'll start investing money at higher interest rates than your loan rate), to pay off that student loan with relatively little pain."</p>
<p>Don't buy this sales pitch for a single minute. A $100,000 loan at the age of 22 is nothing to sneeze at "even if you are a Duke graduate." Depending upon what career you wish to pursue you might be making as little as $25,000 per year -- or less. Nothing is ever a sure thing. I would go ahead and submit the financial aid forms (for which you'll need the cooperation of your parents). Perhaps you'll be eligible for more federal and institutional support than you currently envision. At least you have a good back up plan at your public flagship. If feel very badly for you as I've known too many kids that are in your predicament or worse. Good luck to you.</p>
<p>By the way, where the heck were your parents and guidance counselor when you decided to apply ED to Duke??</p>
<p>It sounds to me like the OP already submitted their FAFSA and Profile, and has even asked for a review, to no avail.</p>
<p>I agree with hudsonvalley that a 100k debt for an undergraduate degree is nothing to take lightly. It can have long lasting affects on grad/professional school, buying a home, which job you take, starting a family, etc.</p>
<p>And understand the facts about outside scholarships:
Most are for from $100 - $1000
Most are non renewable
Most are for entering freshmen, there are very few for the remaing 3 years of college.</p>
<p>I'm sorry about your situation, we see this every year on CC. Students get tempted by the better odds of acceptance ED and parents are clueless about how the financial aid process works.</p>
<p>Your parents did well to set aside 80k for school. This is very generous but, will they provide any more assistance over the next 4 years? If your EFC is 35 or 40k that is based primarily on your parents resources. If your parents were willing and able to provide an additional 15 k a year and you worked in the summer and vacations earning 4 to 5 k and borrowed another 5k a year, you might be able to swing it.
O</p>
<p>No school is worth $100,000 in student debt. It sounds like you erred in applying ED and should ask Duke to release you from your agreement. You are fortunate to have a back-up school and parents who have saved $80,000 for your education. You can always go to Duke for graduate school!</p>
<p>^^^Yeah, I have to agree. $100k is too much for an undergraduate degree IMO, no matter where it's from. I know some people don't see it that way, but for most, there are better options than carrying that much debt out of undergrad. </p>
<p>Sorry to hear your are in that situation though. I know it's not easy.</p>
<p>I would like to offer a different approach. It may be that the EFC is so high because of the $80K saved for college education. This is a problem with the system as some of these threads have covered. Since FAFSA and other student aid apps need to be completed every year, it may be that your situation will change when a good chunk of that $80K is used that first year. This is just a picture in time, what is going on today. Next year's picture could be different. What I would suggest, since you are knowledgeable in economics to to do "what if" scenarios using the EFC worksheets available on-line. For example, if your parents income remains relatively stable over the next 4 years and your 529 or Educational savings are reduced by $20/30/40K, what would be the EFC next year. Perhaps, this may go down substantially, whereby reducing the amount needed to borrow subsequent years. If you have siblings that will be entering college, this also will affect your EFC. So your current scenario of borrowing $100K may change looking forward. Also, schools as Duke are fairly well-endowed (no pun intended), the scholarships available are dynamic. If you accept Duke's admission and keep a good GPA, they will want to keep you there. Schools are non-profit institutions, they are not in it for the money, but the legacies that they create. If you are a keeper, they will do what is necessary. I had a similar situation at Pepperdine; saved too much, Dad had a high paying job and good investments; financial aid was laughable - don't even bother to ask. But after a couple of years, savings depleted. I asked the school to help me out, I did not want to transfer and finish my education somewhere else. Since my GPA was pretty good and I was involved in several groups along with good recs from profs, they reduced my tuition by several thousand my junior year and even more my senior year. Perhaps I sound as if I am suggesting to roll the dice and take a chance that the future will work out. But, then again...the future is what we make of it. </p>
<p>What are your parents saying about this? Are they willing to continue to put away for your education? As someone mentioned; what about a job or work program? Scholarships, although $100-1000, are still worth that much. If every little bit helps, then find what bits are out there.</p>