Hi Guys,
My daughter just got the fully paid Trustee scholarship at Boston Univ.
She has also got in to UPenn, Cornell and Brown. Is an Ivy League education really worth the 200,000 dollars that I will have to pay, as against the full ride at BU?
Secondly, any point in asking whether the other colleges would be willing to give some aid based on the fact that she gets the full ride at BU? Someone told me that they might revoke the admission if you bring up this now? Is that even possible?
Since the Ivy’s don’t give merit aid, asking for aid based on the full ride at BU will be futile. I have never heard of the situation in your second question ever occurring.
You shouldn’t expect the Ivies to match a merit scholarship from a non-peer institution.
Also, the Ivy league schools are going to cost you nearly $300k over four years. Is it worth it? IMHO, no.
Finally: spend some time reading through the threads on this forum. You’ll find that many parents have asked the exact same questions.
If your D intends to be pre-med definitely take the scholarship.
My daughter faced the same issue – Cornell or big scholarships elsewhere – and she chose the scholarships. Actually, her dad (we’re divorced) with the financial resources that prevented any financial aid is the one who made the decision that he wasn’t going to pay for the Ivy if she could go elsewhere for next to nothing. Her friend from high school, who is from a family that could have afforded the Ivy even more easily, also chose a big scholarship elsewhere rather than Cornell.
That said, there are many families who would make the opposite choice, because of the prestige and lifelong networking opportunities afforded by the Ivies. You didn’t mention what your daughter plans to major in and what her career interests are, but an Ivy degree is more important in some careers than in others. For example, jobs in investment banking and economics are notoriously easier to obtain if you attend an Ivy.
However, for most fields it does not make that big of a difference. Having a Trustee scholarship is very prestigious on its own, and will open doors as well. So it comes down to your family’s financial situation and values, and your daughter’s long-term career plans. She could always look at attending an Ivy for graduate school later.
^^Thanks, that seems a very balanced reply.
She is looking at Physics, Biomed, something along those lines.
That’s totally up to you. If you can afford the $280000+ without big loans, and she’s an absolute fit for, say, Brown (very different from BU), the money can be worth it. But if she wants an urban school with a good reputation, then maybe BU edges out Penn because it’s hard to say no to a very competitive full tuition scholarship. If she is thinking about medical school at all, then BU is the clear choice; she won’t lose much in choosing BU over the Ivies.
If you are getting zero financial aid vs only paying room and board at BU then BU should get serious consideration over the Ivies, especially if she is planning to apply to medical school. You will need another 300+k for medical school in most states.
I would only choose the Ivy if your family is rolling in it and $200+ thousand means little to your financial picture. Otherwise, I don’t think an Ivy (or any other undergrad) is worth a $200+ thousand difference.
Another vote for BU, hands down. Great school, and can’t beat the price. Is your D happy to attend BU over an ivy?
Congratulations on the scholarship! Another vote for BU, unless the Ivy choices have little impact on your finances. Looks like your daughter may have med school ambitions, in which case BU would be more suitable. You can earmark the 300K+ dollars for med school .
I’ll also chime in for BU unless you can easily afford one of the other schools. What does your D think? How does she feel about BU?
Unless you won’t miss that money, take the BU offer. An ivy isnt worth $200k more…not even $100k more…unless money is no object in your home.
Is your DD premed?
“Having a Trustee scholarship is very prestigious on its own, and will open doors as well.”
THIS
^ Agree. It sets her apart and will be on her resume.
If it was need based and not the Trustee then I would take the Ivy if you could afford it (although not sure how that could happen if you had a 0 EFC at BU.)
The only schools that might consider her merit is another similar school that offers a full tuition merit scholarship, not an ivy.