<p>After spending the last four years working really hard throughout high school, I was relatively pleased with my acceptances but not my financial aid.</p>
<p>Despite getting into schools like Northwestern, Duke, Johns Hopkins, WashU, and Vanderbilt, none of these schools are willing to give me any aid or scholarships. I know this is in part to our high EFC (about 58k), but realistically, I'm unable to pay for these schools without taking out lots of loans. This leaves me to go on to grad school (which, as of now, is a definite), with about 200k in debt, plus debt from grad school loans. </p>
<p>But then, on the other hand, there's University of Illinois at Urbana-Champaign, where I'm getting a full ride (surprising, because they're apparently quite stingy). BUT, I have always been against UIUC - it's rural, large, too close to home, about 1/3 of my high school goes there, and I'd be studying bioengineering (which IS ranked 2nd nationally, but not my first choice of major). It also frustrates me a bit that after working my butt off for the last four years, I'd be going to a school where some people I know got in without almost any effort. </p>
<p>So. Here's the question. Is it worth taking out all of those loans to go to, say Duke, or should I be thankful for that full ride to UIUC and look to going to a grad school at a "better" school? </p>
<p>Congratulations on your acceptances and your merit scholarship!</p>
<p>As you very presciently recognize, $200,000 is way, WAY too much debt. Take the full ride. UIUC is a top school and you do NOT want to go into graduate school staring six-figure loan debt in the face.</p>
<p>You will learn in time that grad school isn’t about a “name” either - it’s about research interests and professor relationships. Some of the best programs in various fields are at “no-name” colleges.</p>
<p>Your head and heart are in the right place. You will do awesome at UIUC.</p>
<p>Full rides rule. Go to UIUC. If you find you don’t like your major, change it.</p>
<p>Did the people you know who got in without almost any effort get full rides? Heck no. You did. You earned that with your hard work during high school. Don’t forget that getting in, doesn’t mean you will also get out with a degree. Some high school slackers wake up in college and start to perform well, but many of them are home before Thanksgiving. You already know how to work, so you should be fine at UIUC.</p>
<p>Take the full ride and don’t look back! If you want it, you can get a great education at a State university and there will be plenty of new, smart, hard working people to meet - people from all over. Save your money for going to a top notch grad school. It will mean more when you graduate.</p>
<p>One of my closest friends has a daughter who had pretty much the same choice, though in her case, she did not have that full ride, and though the family was high income, they decided that the state school was the best way to go for the whole family. Now there are families who would do things differently, undoubtedly, so this is really an issue you need to discuss with your family.</p>
<p>What are your parents able to pay each year? Do they have any money saved for college? What are they able and willing to borrow? You are not going to be able to borrow $200K on your own. Your parents will have to co sign and that puts them and their credit on the line just as if they borrowed the money. They might as well just take PLUS themselves and give you the loan on private terms. Might even get better rates and terms that way, certainly simpler acceptance. You will only be able to borrow $5500 in your own name that first year. </p>
<p>So it’s really not entirely your decision, but one that you and your parents have to make together.</p>
<p>UI is a great school and the engineering dept is not easy to get accepted into so congrats! The school is big enough that you probably won’t see many of your high school classmates. Look for the small school advantages within your department or the engineering school. It may not be miles and miles from home, but you’ll be on your own so in a sense you will be far from home.</p>
<p>Go for the full ride now, graduate with no debt, and go to a big name grad school.</p>
<p>Agree with all above - and you might be surprised how little you see your slacker classmates at college. Saving your money may very well be saving your dreams of the future. Congratulations!</p>
<p>Oh mine, a full ride! I can count on one hand the number of kids I know who’s getting a full ride so you must be very accomplished. Your work ethics earned you that full ride - embrace it. As I tell my daughter, debt is balls and chains. Avoid or minimize it as much as you can. Debt will potentially keep you in a job that you hate just to pay bills, in a place that you can’t get away, curtail passion and things that you want to do later on in life due to lack of resources. Enjoy your full ride.</p>