Looking for some alum or parents of alum with some insight. I was admitted as a transfer student to Brown for Fall 2015. Amazingly enough, I was admitted as a transfer from a community college. That being said, I have one and a half years under my belt with 0 debt. However, I know Brown will not offer enough to cover what my family needs (our EFC is not correct at all). Brown will cost me double my state school’s price & it will all be loans. With Brown’s prestige, is the debt worth it? Will I have a better likelihood of getting a job or getting into a top law school? Does anyone have any personal experience with this matter? Thank you!
No one can say much without knowing the numbers. And you yourself need to see the offer to make a decision.
There will be advantages and opportunities at Brown worth some debt but at some point you just can’t afford it. You can’t afford to go to law school with a bunch of undergrad debt accruing interest. Law school is a very risky proposition in itself.
Why do you say your EFC is not correct? Do you mean your FAFSA EFC?
My attending Brown will put me $30,000 in debt and my family $30,000 in debt for the two remaining years I have left. Our EFC is just much higher than we can afford. I do plan on Americorps loan forgiveness and really doing serious scholarship research–but I can’t decide if the education is worth it. My other option is my state school which will cost 17,000 a year. Any thoughts?
Yes!!! It will be the best investment of your life with a potential return of many times the debt you will undertake. In addition, there are the non-monetary gains,which are also substantial. Do whatever you can to take advantage of this life-changing opportunity. There are may shortsighted and overly risk-averse people that dominate the College Confidential forums. You do need to figure out if you have the risk tolerance to take on the debt in order to achieve a potentially large long-term payoff. I wish there was a way for me to invest in you so I could share the upside :). Good luck!
@BrownParent my major is Public Policy. I am planning on graduate school or getting a law degree as well.
@em2424 Do you speak from experience? It is true. I hear so many people who say debt is evil…but I do hear people on the reverse who say Brown is worth it.
I did not go to Brown but my company hires a lot of Brown grads. Debt is not inherently evil. It can enable a huge payoff that would not otherwise be available, but it does have downside. There are usually only a few opportunities in life where you have life-changing choices that involve risk. If you are not willing to take that chance now, then you are probably a very risk-averse person. Also, you can always go back to community college in a year if it’s not working but this is your one shot for a highly selective university. If you let it go I fear you will have a lifetime of regret. Good luck and congrats again!
Hi JCW77. Congratulations. One thing I have urged posters with similar questions to consider is the bigger picture of not just what debt they will be incurring, but what value they will be getting in the form of support. I’ve seen posts from people who are wringing their hands over whether to take on $20k in debt, which is not to say that it is not a legitimate concern, without realizing that they are getting a $250,000 education (in that example) for $20k. In your case, I don’t know if it makes sense to take on the debt (or whether from your post it is $30k or $60k), but realize that 2 1/2 years at Brown costs, full price, over $150,000, so keep in mind what you are getting, not just what you are incurring as debt. Finally, there are many, many, posts on CC that suggest that initial financial aid packages are not set in stone, so you may be able to sweeten an offer if you contact the Financial Aid office. Certainly Brown must see something special in you if they want you to attend. Good luck.
So, 2 years at Brown means $30,000 in loans for you and $30,000 for your family - total? Not per year.
$30,000 in loans is not that horrible – it’s only a few thousand above what’s recommended. Can you work summers to bring down that debt? Does your package include work study, and if not – are you OK getting a job during the school year? Also, if you buy used books, live frugally, perhaps live off campus senior year, you might be able to bring your costs down.
How do your parents feel about their $30,000? Do they expect you to pay back that loan? If yes – then that’s too much, don’t go. If taking out that money is a real hardship on them, don’t do it. Are there other siblings whose college they have to pay for? What’s their retirement savings look like?
My other concern is that you want to go to law school. That costs a lot of money. You will already be in debt, and going to law school will just add onto that debt.
Going to your state school seems like a good option. Is there an honors college? If you can make your state school work, I’d do that. I’d also call Brown financial aid and see if they can find more money for you.
Wait, do you mean total debt of $60K or $30K? When you say $30k for you and $30k for your family, people here are interpreting that as $60K total and I m not sure that is what you mean.
My son graduated from Brown with $10k in debt. He worked as a TA and had another job on campus, worked summers, and was able to get a job through an alumni network after graduating. But he was in computer science. He could have handled $30K.
Brown’s financial aid is not as good as the aid at certain other Ivies. But I thought they stopped including loans. Have they gone back to loans as part of the FA package?
For $20K I would say definitely go, but at $30K it is difficult. I sympathize. Talk to the FA office and see what happens.
Brown is a great school with a lot of freedom in choosing classes. Alumni networks are strong. But it lacks the community of a house system, offered by some other Ivies, and it is expensive. State honors programs can be excellent, depending on your state.
Again, talk to the FA office and get full information on options before making this diffiult decision.