I have the following acceptances
UTD with AES Distinction bringing down COA to 26k.
NYU with 20000 dollars scholarship bringing down COA to 45k
Stevens Institute Of Technology with 20000 scholarship bringing down COA to around 45k
Boston University with no scholarship
UC Davis with no scholarship
Waitlisted at University of Michigan
Intended major -: Computer Engineering.
Stats (Just for reference)
Act 32
Published in 5 national research papers
International Student from India.
Which will be the best option for me.
My parents can afford up to 20k with hardship and up to 10k easily.
Rest I will get through loans.
Should I appeal for more aid?
How will you get $ through loans? US banks won’t loan them to you. I would say none of your options is affordable.
@Erin’sdad Indian banks do lend money . There is a specialised service for that. In and all I will be borrowing around 80k for all four years for UTD.
If UTD is your cheapest option with 80K in loans, I think you should look for schools in India.
Exactly. 80k is too much to borrow for your undergraduate education.
If you have the grades and test scores for the places on these lists, check to find out which are open to international applicants, and whether those places are still taking applications for Fall 2016:
http://automaticfulltuition.yolasite.com/
http://competitivefulltuition.yolasite.com/
@newjerseygirl98 @happymomof1 There was a confusion the scholarship covers full tuition so COA is around 13000. Which can easily be covered. So I should only look at Ut Dallas?
It is the only school you can come even close to affording in your list.
@intparent No it is not the only school that I can come close to affording. I don’t know why you don’t understand that it is quite normal for people in my country to take large amount of debts to fund their foreign education . It has been done several times and repaid successfully. You think your opinion that debt is disastrous is the only true one. There are people a lot more successful and educated than you who support the notion of taking debt. In all my posts you are on a high horse often condescending, and thinking that a large amount of debt is the only thing people should care about.
I can take 160k loans if I want and repay easily because it has been done.You are supposed to give suggestions not give decisions for people. I hope you stop being so steadfast and make some space in your brain for other people’s opinions which maybe true.
Well, if you want to do something that foolish based on what I would guess is a rumor that someone else has done it successfully, then by all means, pick whichever school you prefer. I don’t know how a bank would stay in business if it lent that kind of money to 18 year olds with no collateral for the loan, though. Nor what kind of job you would get allowing the repayment of that amount of debt plus interest. Let’s say for a minute you are from India, and hope to get a job with a company like Tata – US companies offshoring their work there pay less than $30/hour to the company, and the employee gets less than that. You can’t repay those loans on that kind of salary. But go ahead, borrow away.
@intparent It is not based on a rumour it has been done by several of people I know personally. They require collateral of course but it has been done. The loan up to 100k are given without collateral.
Let me explain it to you.
Tata isn’t the only company operating in India and it is one of the companies which hires grads from almost evry college. So I don’t think it is reasonable for me to see myself working there. Several of my seniors now work in companies like Microsoft, Amazon on a H1B . I know people here on CC are really skeptical of H1B maybe because they don’t like people taking up jobs meant supossedly for them. But I have not heard of a several person who has returned to India after studying abroad. So yes loans are repaid.
If it didn’t work for you dosent mean it doesn’t work for others.
If you have a perfectly good alternative then there’s no reason to go into such debt for undergrad.
Usually they don’t pay H1-B holders very high salaries. Why do you think all those companies suck up the H1-B visas every year? It isn’t about talent, it is about cheap labor. You might not get the visa. And the cost of living is ridiculous in the Silicon Valley, and getting there in Seattle (I know – I live there and work in tech).
I wouldn’t advise a US student to take in that kind of debt even if they could borrow that here – why advise someone who might not get a visa and likely would have a lower paying job to do the same? And I bet this interest rates on an uncollateralized loan of $100K are high.
Regarding your initial question, none of your schools commit to meet need for internationals. It is not likely that appealing will get you any more aid. Also , don’t forget travel costs and health insurance. They will almost certainly require you to purchase the school health insurance plan. Costs vary, you can look on their website. And dorms & dining services are almost always close over the long winter break (usually about a month) – you should check to see if there are any arrangements for international students, or if you are going to have to travel home or figure out some other arrangement then. That will also cost money.
I doubt many people in India take out $160,000 for undergrad. Do you actually know anyone who’s successfully paid off such large debt? We have the same “happy” stories in the USA, but these people are actually paying $800 a month at age fifty.
I’ve looked at a few Indian websites, and the banks require collateral if the loans are above 750,000 rupees (113424.09 USD).
The base rate of interest is 9.5%. This is unbelievably high in the US, and I doubt it’s different in India.
It sounds like you will also need a co-signer, and some of these loans need to be paid back in fifteen years. This is about 105,967 rupees (1600 USD) per month!
You should run some Indian loan calculators. I tried, and the amount you’ll need goes over the limit.
I hope you’ll listen to me, because I do understand. I have to attend a cheaper school than anticipated, but I’ll still a good education! College is four years, it’s not worth life in debt.
Funny that US citizens imagine jobs on US soil should be given to our citizens. Attitudes like yours are why people pressure their elected representatives to severely limit work VISAs. I don’t think I’d be upset to see the majority disappear altogether.
So, back to the original question…
You should go with UTD. On top of the fact that it will be your cheapest option, it is a good school academically. It’s known for STEM majors like CS, engineering and math. There are a good amount of commuter students at UTD, but you’ll get a quality education at UTD.
@newjerseygirl98 I understand what you said . I also agree. I am 99% going with UTD but I was tired of everyone pretending to be the expert on loans. When my guardians are prepared to do that they must have researched around.
@austinmshauri Well US is the land of immigrants. US dosent have a lot of technical talented graduates hence they look for jobs around. Look at all companies in the silicon valley, you would find majority would be Indians or Chinese. There is a reason companies hire graduates from these countries because they don’t have enough
@GreenTeaFanatic I thank you for your opinion. I am 99% going to UTD. Thank You.
@tiwari124 I think you’re over-generalizing. The US DOES have a lot of technical talented graduates, just it’s cheaper to hire those from other countries. Many of these Indians and Chinese you cite are citizens of the US.
Howling with laughter that the US doesn’t have tech talent. What they don’t have is dirt cheap tech talent. That is where you come in… and if your “guardians” doing the analysis are your parents who can only put in $10K per year, are they really financially astute enough to understand the implications of this kind of debt?
@intparent Why are the CEO’s of all major tech companies Indian? I am sure there will be no factor of cost reduction there!
My parents are qualified enough maybe even more qualified than you. My father was a Fulbright fellow which I hope you know or maybe you are ignorant about it as anything else! They will make a good decision , again which you won’t understand because you think your suggestion is the final decision.
You think you will end up as the CEO of one of those companies, and that is how you will pay this off? I don’t think you have a very strong grasp of finances or statistics.