<p>I got into CMU for both art and engineering (matsci) which makes it a perfect match for me, except for the fact that they expect me to pay $45k/year. For me to go to CMU I would have to take out over $150k in loans which is unacceptable since I will still have to go to grad school. Otherwise, I can go to Schreyer's Honors College, but that will still cost me $21k/year (no scholarship, just in-state rate) and will rack up over $50k in loans. Then after living expenses and any additional activities expenses, I am sure I can add at least another $10k to those loans. While it is easier to get aid for grad school, I am sure that it will only add to my debt. </p>
<p>My family income is about $180k, but since my parents have made many bad investments, have next to no savings, and already have a mortgage and 3 home equity loans, along with various other substantial expenses (health insurance, retirment savings, etc), they can only afford to contribute about $5k/yr to my education. </p>
<p>I cannot even find a summer job. I have applied for 12 positions and still cannot even secure an interview. It seems as though the typical teen jobs are being taken by parents who need the money to put food on the table. </p>
<p>So far I have applied for well over $100k in scholarships, but have not even been awarded one. </p>
<p>Any suggestions on how to afford college without ending myself in substantial debt upon graduation?</p>
<p>Why don’t you just worry about the first year and get through that. Get your foot in the door and then prove what a great student you are and maybe you can get a job through the college or get merit money. A lot of people work for a few years before taking on grad school. Worry about that later. Just one year of college will open doors.</p>
<p>Bummer…financial aid is heavily dependent on family income and yours is quite high. People in that income bracket are expected to have investments, savings, cash flow and home equity–none of which applies in your case.</p>
<p>IF you have a “legitimate” reason for the lack of assets (high expense illness that wiped out savings, etc.), you can ask for a special circumstances re-examination by the financial aid people.</p>
<p>Sometimes you can’t have your cake and eat it too (that is, go to college where you want to and graduate without debt). You have to decide which is the higher priority for you. If no debt is of higher priority, you might have to start at a community college and transfer, go to college where you can live at home and thus save room and board, or do ROTC. I’ve known kids from our high school who have done the above.</p>
<p>I agree with shyanne that you should take it one step at a time. Don’t sweat grad school now–financing grad school can come through money you saved while working, your employer, grant funding, TAs, etc. Concentrate on how to get through undergrad.</p>
<p>You are obviously a very bright kid, so learn from your parents mistakes. $150K in debt is NOT where you want to be come graduation day. $50K is not great, but with an engineering degree is possible as long as you don’t require all the toys that got so many people of your parents generation into financial trouble to begin with. I don’t know much about Pennsylvania’s community colleges, but I’d hate to see someone as bright and academically accomplished as you have to go that route if you lived in NYS. I’d shoot for Penn State Honors and try my best to keep the debt down by working summers and at an on or off-campus job during school (but not too many hours – engineering will be very demanding!). Who knows, maybe your parents may find they can swing more than $5K a year once the economy begins rebounding.</p>
<p>$150K in college debt will be a sea anchor on your future.</p>
<p>With the Schreyer and the contacts you get through that program, I suspect you’ll be able to find campus jobs that lead to paid summer work in an engineering-related field.</p>
<p>I’m sorry your parents are in a financial pickle, but making sure you don’t set yourself up for your own problems is pretty important.</p>
<p>I very well may be in an indentical financial situation in two years. My only advice, do not cheap out in education. Always strive for that elite degree. Penn State Honors College is very nice, and will the lower debt you will be on the right path. As for who asked about PA’s in state colleges, Pitt and Penn State are the only two solid institutions, Temple (despite a great dental program) and West Chester follow in ranking. In a worst case scenario, go to Pitt and transfer after two years. Your high marks may actually award you a merit scholarship. Best of luck.</p>
<p>Schreyers is looking like it would be my best choice at the moment. </p>
<p>There is nothing wrong with their engineering program, in fact, PSU is often ranked a place or two higher than CMU in material science for grad school. They also send students to the same schools CMU would for grad school. I just vastly prefer the atmosphere, location, academic focus, and student body at CMU. </p>
<p>I was also accepted at Pitt, but it actually ends up being $1k more than PSU and since it is a coop based engineering program, I am not considering it.</p>
<p>Unfortunately, the only reason for my financial situation is financially irresponsible parents, which I doubt will net me much sympathy in the eyes of financial aid. </p>
<p>Obviously the current CMU package is cost prohibitive and even though $50k in debt is undesirable, it is at least manageable. </p>
<p>I looked into local colleges for an alternative to my senior year, but they did not even offer the class I wanted. I ended up teaching myself linear algebra as no community college offered it due to lack of demand. So that is not really an option.</p>
<p>“Unfortunately, the only reason for my financial situation is financially irresponsible parents, which I doubt will net me much sympathy in the eyes of financial aid.”</p>
<p>That’s a bold statement. You do realize that even financially responsible parents have absolutely NO obligation to fully fund and/or finance their child’s education at the college of THEIR choice, right?</p>
<p>“That’s a bold statement. You do realize that even financially responsible parents have absolutely NO obligation to fully fund and/or finance their child’s education at the college of THEIR choice, right?”</p>
<p>While this is completely true, colleges derive the amount of aid almost entirely based on what they expect the parents to contribute, not what the student is expected to pay. The financial problems arise when the parents and school are not even in the same section of the library, let alone on the same page. I have no problem taking out a manageable amount of student loans to finance my own education, but I am just feeling as though I keep running into paths which could easily set me up for financial failure as a result of their discrepancy.</p>
<p>There’s no denying that the formulas used are blind to an individual’s specific home situation, but in many respects that’s what makes it pure. </p>
<p>It puts the onus on the families and/or students to make hard choices about what really is the best school choice. </p>
<p>There are plenty of very successful people in this world who didn’t go to an Ivy league or other ‘elite’ school. They made their way with degrees from State U and a lot of hard work.</p>
<p>Drexel also gives very generous engineering scholarships – if you got into Shreyers, you probably are in the running for some of the full ride scholarships Drexel offers. (don’t know if this is an option for transfer students or not, so apologize if it is pertinent.) but Shreyers is a great option if you can swing it. 50K is not great but is not impossible - I would avoid being 150K in debt, esp since you have the shreyer’s option.</p>