<p>I just called CMU to find out about financial aid for students taken off the priority waitlist. I spoke with an admission’s counselor. I told her that my daughter received scholarship money from several different schools. I was also curious as to how many kids were on priority waitlist out of the 18,000 applicants. Here is what I was told:</p>
<li><p>Surprising news for priority applicants: They only take about 400 kids in total for the priority waitlist. Since they only accept 1300 kids out of 18,000 applications, if you made the priority waitlist, you were in the top 9% of all applicants. I don’t know if this will make you feel better,but it is quite an accomplishment.</p></li>
<li><p>Need based financial aid packages will be sent out for kids on waitlist.</p></li>
<li><p>GOOD NEWS: CMU has a policy of matching aid given by other schools for both merit and need based aid.</p></li>
</ol>
<p>BAD NEWS: CMU doesn’t offer merit aid for kids taken off the waitlist. I am not sure why this is the case,but this is what I was told. Thus, don’t expect ANY merit aid.</p>
<p>TG - did the counselor you spoke with say that CMU would MATCH other aid offers, or reconsider their offer in light of others?</p>
<p>Last year, we were told that CMU will reconsider its offer if it is competing with other offers from a pretty short list (maybe 15-20?) of (private) schools that CMU considers to be its peers.</p>
<p>I'm very interested in this matching thing as well: I was given merit offers of anywhere from $10,000/year to a full ride scholarship at four of the schools I applied to...CMU offered no merit aid, but should I try calling the admissions office to see if they'd be willing to give anything? Personally, I think I'm a pretty desireable candidate (accepted to honors programs), and if they gave aid, that might seal my decision...</p>
<p>beachy: can you recall the names of any of those 15 schools?</p>
<p>I don't know about the matching thing. I think it's more like they will reconsider their offer. My son was accepted to various CMU schools with $500 merit aid (the scholarship for kids who deserve recognition but have no hook nor need). We presented several other offers in the teens, the highest was from Case/CIM for $20K/year. CMU countered with $4K. I guess Case/CIM was not viewed as similar enough?</p>
<p>Anarchy, D's finaid letter included an offer to reconsider against offers from private schools only - at CMU's discretion. D got a merit aid + Stafford loan offer from CMU - she sent in her terrific offer from our state flagship (public, yes, but oddly listed in the FAQs for her major as being one of maybe 3-4 schools CMU considers as its competitors in that program). CMU politely declined to reconsider.</p>
<p>The list I'm thinking of was discussed on a previous CMU thread here - with some disagreement as to whether or not this list is used in finaid consideration</p>
<p>I was told by the admission's officer that, although CMU will consider matching all financial aid offers made by other schools for admitted applicants, they don't, however, have this policy for people taken off the waiting list. Thus, there will be no matching merit scholarship offers for kids taken off waitlist. They will, however, consider need based offers.</p>
<p>Beachy, she is now strongly leaning towards Cincinnati. She doesn't want to write another crappy essay for the waitlist. Moreover, for some reason, she wasn't as enamored with CMU as we were. Thus, unless she gets called from the RISD waitlist, which doesn't seem likely, Cincinnati will be her top choice. It probably was her first or second choice anyway.</p>
<p>This is a difficult decision. One way, I could go to a school that's not nearly as good as Carnegie Mellon for free. I could also accept the spot on the priority waitlist, and, assuming I am accepted, go to Carnegie Mellon and have to take out $30,000 / year in loans.</p>
<p>Do you think that in the long-run, this would be worth it? [The other school that's giving me a full-ride is BU, by the way]. I feel like the name would give me more options in the future as opposed to going to BU.</p>
<p>Alex, did you call CMU to ask for more money yet?</p>
<p>Second question: Which major? If it is Engineering/IS/CS/Business then go to CMU. The extra money can easily be paid off with a high salary and better future from CMU. 60k overall payinjg off 120k in low interest loans is not that hard at all. You'll be done in a couple of years and have a much better future in front of you. Especially if you do a 5 year grad program and come out with 80+k.</p>
<p>If you have to borrow $120K, not considering any interest, that's $1000/month payment for a 10 year loan, or $500/month payment for a 20 year loan. That's a lot of money to most people. If you had close offers, I would say to go with your heart. For totally free ride vs. $30K/year debt, I'd really consider the free ride. Or, if you have other offers somewhere in the middle, you might consider those. </p>
<p>As others have said on other threads, that $30K per year would be able to buy you some awesome travel and study experiences. Graduating debt-free would also afford you more latitude when choosing a graduate school or job. It's a trade-off, no doubt. Good luck with your decision! :)</p>
<p>Ahhh...TG, can't argue with her thinking about another essay, if she wasn't thrilled with the school to begin with. With her resume, she'll do well at any of them...best of luck to her.</p>
<p>Yea I am not saying it is not. It depends on certain factors such as whether you want the 5 year graduate degree programs at CMU or if you want to work for a few years afterwards. </p>
<p>But you have to realize that a 60k job from Engineering can sustain such loans and 30k in loans is not overall. </p>
<p>There are work study programs here and it is not like you are taking out ALL the loans out at once. </p>
<p>Example: You take out 15k in loans. You get 5k or so in work study. Then you take out 15k in loans. You work during the summer (research/intern/whatever) for 6-8k. Do the same thing for next year. etc etc. etc.</p>
<p>Example 2: It is not like "Oh I take out 120k now and pay interest for 4 years."</p>
<p>I took a free ride to CMU over schools ranked higher than it so I do have some knowledge in figuring out opportunity costs (as they call it in Economics) of attending schools so I'm only warning against not looking at the situation as shown by example 2.</p>
<p>If you borrow $120K at 6.8% and pay it back over 20 years, your monthly payment will be $916.01. Adjust the parameters as you wish. If you make $60K salary, you will gross $5000/month. Subtract 20% for taxes (=$4000) and subtract $916.01 for your loan repayment (=$3084) and subtract $1000 or more for rent and utilities (=$2084) and subtract $350 for a car payment (=$1734) and subtract $500/month for food (=$1234). That means you have $1234 per month left for life and car insurance, gas, clothing, entertainment, cable and internet, etc. Your car insurance will be hefty because you are young. Who knows how high gas will go. You will want to contribute to your 401K and IRA during that time period. Do you plan on graduate or professional school? You will probably want to eventually buy a home, get married, take vacations, etc. And I don't even know for sure if you can spread your loans out over 20 years. </p>
<p>The calculator says, "It is estimated that you will need an annual salary of at least $109,921.20 to be able to afford to repay this loan. This estimate assumes that 10% of your gross monthly income will be devoted to repaying your student loans. If you use 15% of your gross monthly income to repay the loan, you will need an annual salary of only $73,280.80 , but you may experience some financial difficulty". So you might have some difficulty making it on a salary of $60K.</p>
<p>When I was a young adult, I never wanted to look at the realities of finances either. But you really need to. </p>
<p>AcceptedAlready, you chose to take the free ride, so why is it so unbelievable that others may choose to consider cost as well?</p>
<p>It seems you did not read my post at all. Unbelievable? Not at all. Read my post and you'll see how I'm suggesting that both choices are viable.</p>
<p>FYI: There is not a 15-20k salary gap between Columbia and CMU.</p>
<p>so I had a talk with one of the counselors today and some points that he mentioned</p>
<p>2000 Waitlists offered in average
out of those 2000, 400 are priority waitlists
out of those 400, in average 50% are admitted
however for CIT, out of those 400, in average 20~30 % are admitted</p>
<p>so I am really worried now because CIT is my top choice</p>