Hello,
I believe I will be entering Boston University for the 2018 school year as a member of the class of 2022.
Could someone help me break down my financial aid and help me decide if an education is worth it at this cost:
They have offered me 27,000 dollars in financial aid this year (I will be appealing this to hopefully gain at least 2,000 more a year). Now, based off of this, the cost per year to attend BU without aid is $72,618 (living on campus, $61,108 off), so 72,600 minus lets say 29,000 is about 44,000 (dollars). My grandfather said he can cut down my first year to 16,000. 16,000 + (3 x 44,000) = is about 150,000 dollars.
Is this cost worth it to attend a school like BU?
Where is the $150k going to come from?
@BelknapPoint Probably from loans, my parents, and jobs during the summers. Being 100% honest, I don’t know too much about the cost of schools so any tips would also be appreciated.
I’m the proud parent of a BU grad…but $150,000 in loans to get an undergrad degree…is a HUGE amount. HUGE.
Who has offered to take $150,000 in loans for you…because YOU can’t do that yourself.
And what happens if something happens to prevent your grandparent from helping out.
Sorry…I think this is way too costly for loans for an undergrad degree. Way to high.
And we LOVED BU.
Who is going to co-sign for all those loans? The most that you can borrow by yourself over four years is $27k. If your parents are going to help, you should find out now how much they will contribute, before you commit to a school.
@thumper1 I hope nothing happens to him 
but he actually has been saving up since I was little so that money isn’t going anywhere. My situation is difficult because BU was the best school I was accepted to while Temple was the next best option. Temple didn’t give me much either. In your opinion what should I do?
Also Drexel but they are much like Temple in the “cost” situation.
As you did with Boston, what was Temple’s cost analysis? Are you a MA or PA resident?
What are your net costs at each of these schools?
Who will co-sign or take out your $44,000 a year Loans. YOU CANNOT get loans in this amount without a cosigner.
Did you apply to any affordable colleges?
Are you at least instate for Temple?
What is you intended major? SAT or ACT score…and GPA?
None of those schools sound affordable. Where else did you apply?
Double checked with my parents and what I said wasn’t true. Without considering help from my parents, summer jobs, money I saved up, scholarships, etc… the amount would be 130k
Temple is much more affordable but the post graduation salary is much lower than BU and Drexel so I have taken them out of the equation.
For me to go to Drexel, it would be about 15k cheaper after I graduate… basically, it all depends on how I feel like after going to admitted students day for Drexel and seeing if I truly believe an education at Drexel is worth only 15k less than at BU.
What is your planned major?
Honey…after you get your first job…practically NO ONE is going to care where you got your degree.
No one.
In fact, lots of places don’t care where you got your degree when you go for,your first job…it’s relevant experience…and your letters of recommendation that will matter.
I went to a directional university for my masters which for me was an essential degree. I earned exactly thensame salary as Northwestern grads (top in my field at the time).
Oh…and I didn’t have a nickel of debt…so i was actually more able to take a job just about anywhere.
BU is a fabulous college…and like i said, one of our kids is a grad. But I just can’t fathom your career ops are going to be SOOOO much better with that $130,000 debt.
And just remember…that debt will cost you about $18,000 a year in loan repayments. Will you earn that much more in your entry level job?
What major?
Your parents would have to co-sign for most of that $130K. First, would they qualify? And are they willing to do so?
But to answer your question: No. This kind of debt is not “worth it.”
This kind of debt will be like an anchor around your neck for decades. It will affect everything you do: from your graduate school options, to the kind of jobs you have to take (as opposed to want to take) to where you will live, to whether you can afford vacations, or rent in “the good part” of town, or to buy a new car vs. something used.
Are you really ready to say no to many of the small (and not so small) pleasures of adult life just because you wanted a Boston University diploma?
BU isn’t Harvard. Or Oxford. Or Stanford or MIT. It’s unlikely to pay off in the way any of those schools might. It’s just another very expensive private school - one of many in this country - meant for kids with money (or outstanding stats that earn good FA from a school that’s known to be fairly stingy with it.)
Cost for Temple would be around 100K which is 30k less… significant but based off of my opinion and my parents, it doesn’t seem worth it. Currently undecided but probably going into business.
If you are going into business, I would urge you to think about the financial implications of taking $100,000 in loans.
Are you OOS for Temple?
Did you not apply to any instate public universities?
ETA…my BU grad kid took a Personal Finance course as an elective at BU. He said it was THE best course he took there in terms of lifelong practical information. I would urge you to take that course if you go there.
From your statement, “significant but based off of my opinion and my parents, it doesn’t seem worth it” (post #16), why did you apply to Temple, and Drexel?
I was hoping for a better finical aid decision from both of them and I considered them more of safety/lower target schools for myself. @dygibbs