Thank you for your congrats!
Oh I see, did get to know about this very recently. But I’m just going to hope for the best.
I wanted to chance the other universities just in case of variability in tuition. I will however attend Umich if decisions turn out against my liking. Thank you!
Thank you so much! A lot of students have been telling me the same. I’ll definitely have this under great consideration on May 1.
Good luck. Let us know how it turns out.
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Thank you so much! I’ll definitely let you guys know!
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These posts seem contradictory…
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By stating that I’ll attend Umich despite not having the handy financial resources, I mean to devise the possibility of taking a student loan, other resources.
As a student, your loan for freshman year in your name only is $5500 Direct Loan. Anything above that amount will either need to be cosigned by your parents or taken out by them. Are they willing to do this?
How much in loans would you need to take?
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How do you “expect” affordability to be covered at the schools on your list? Just applying doesn’t mean a thing. The schools determine your financial need based on the information you provide to them. The schools on your lost that meet full need for all (Stanford, MIT, Cornell and Northwestern) are highly competitive for admissions, so you have to get accepted first.
The other schools do not meet full need for all. As noted above, you have public universities on your list which very often give the preferred financial aid to their instate residents whose families pay the taxes to support these universities.
How much can your family pay annually for you to attend college?
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I do know several people who transferred out to their own state schools from Umich after first year because the tuition was too high there. It’s the most expensive public school in the country. Even though umich is a great school, I would think twice Getting a huge loan to go to umich. I didn’t have loans for undergrad since I went to my state school but I did for my grad school and I just paid it off a couple years ago and now my DD 2023 is going to college. Loans are burdensome.
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UIUC and Purdue are both tens of thousands of dollars less per year than Michigan and have excellent engineering programs. Purdue isn’t called the cradle of astronauts for nothing.
Wait until all your acceptances and aid packages come in but I would not take on extra loans for Michigan.
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Thank you all for the wonderful replies with concern. I appreciate it a lot. And yes, my parents are willing to take loans on their part. I do understand that those four are the schools that may take care of full tuition and that the state schools don’t fund a lot, which is one of the main reasons i didnt apply to the UCs. I will however wait for all the decisions and decide based off of all your recommendations.
Thank you again!
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The loans will be in your name as well so you will also have to pay it if they retire or something.
Huh? Not if the parents take out a parent plus loan, or private loan in their names.
Regardless, I usually do not advocate for parents to take out any debt for their kids’ college costs, unless they can immediately start paying it back using cash flow. Best for the kid to choose an affordable school, and IMO if parents need to take out loans that school is per se unaffordable.
I was referring to federal loans that are in his name which I would think he would get first over private loans.
The only federal loans OP can get as a student in their name are the direct student loans, $27K in total over 4 years. Those are in the student’s name and do not require a co-signer, so only the student is responsible for those.
OP said their parents’ are willing to also take out loans, and generally, the student is not a party to those loans, whether the federally administered parent plus loans or private loans…so a student does not have to pay on those loans if their parents retire, as you stated.
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I also agree- do not think it’s a good idea for parents to take out loans for kids. I think if parents are able to pay full tuition or part that would be different but asking parents to take out loans for your school even if they said they would is not a good idea. Some parents will pay up to their resident state tuition and then the rest are sometimes taken out by the student- but for your parents to take out huge loans for Umich is not a good idea at all, I don’t know many students who would ask their parents to take out loans for them. But maybe there are…
With Illinois and Purdue in the bag, it’s not a good idea to take loans out for any of them for AE, MIT and Stanford included.
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Thank you guys for the recommendations! I will definitely take them in while decising my future ventures!
Hello guys!
Update:
Acceptance: Penn State, RPI
Waitlist: Northwestern, Georgia Tech, Northeastern
Rejection: MIT
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