Hi, so needless to say I was admitted to Michigan EA to CoE and going to Michigan has been my dream for all my life. Now I have the opportunity and I am more than willing to take out loans to go to a school where I feel I will have the most academic success (I am motivated by compeition), get A-list job recruitment, and have the most fun as well. I am OOS but recieved 20,000 in scholarship and 7,000 in grant. Let’s say my parents give me 7,000 a year and i have to take out 20,000 in student loans a year, is Michigan worth the long-term expense? I also have a rull ride to Rutgers, and have been accepted to Duke and USC which may provide me with similar financial aid packages, but Michigan is where I want to go. Am i being irrational and biased, or if I know I am going to get a good job long term is a Michigan experience worth it?
Is the Rutgers offer really a full ride, or just tuition? As for Michigan, $80k is a lot to pay back.
@onceuponamom its a rull ride all expenses paid. but, i absoultely do not want to go there as I don’t feel its good for me as an individual. And i do know its a lot to pay back but I don’t mind if the long term benefits will make it worth it. Also, engineering starting salaries aren’t that much less than that
Michigan’s engineering rep is fabulous, but I’m sure others can attest to that more personally than I can. Ann Arbor is a great city. I can’t argue with you for wanting to go there.
At least wait to see what Duke grants you. They can be generous. What is your EFC at Duke?
Duke has an excellent engineering school as well and will probably be able to provide you with more financial aid. May I ask why you want to attend Michigan over Duke?
@Mich08 with the scholarship Michigan, it’d end up equaling duke financially. and just personal preference socially not acadmeically
If I were in your situation I would take a hard look at Rutgers. Sure it might not have as strong of an engineering school, but if you study hard and use your opportunities well doors will open for you. 80,000 dollars of debt is definitely a LOT of money. Do you plan on applying to grad school at some point?
Go to Duke, seriously
Michigan over Duke makes sense to many, particularly those who wish to major in Engineering. With the exception of BME, Michigan is better than Duke in Engineering. Overall, they are roughly the same in terms of academics, reputation (at least in the eyes of academia and industry), resources etc…, but Ann Arbor is a nicer college town than Durham. Also, socially, the two schools are very different, and it seems like the OP has done his research on the two schools and figured out that Michigan is a better fit personally. As such, I can understand the OP’s desire to attend Michigan.
That being said, taking on an $80k debt is way too much. It is not worth it, regardless of how good the university may be. Unfortunately, I think Rutgers the OP’s best option.
I’ve read somewhere that the acceptable college debt limit should be around the first annual income after graduation. So $80k does sound high in most cases. Nevertheless, you are underestimating the CoA. For CoE from OOS, the CoA is currently $55k for lowerclassmen and $60k for upperclassmen. The upperclassmen rate starts once you have 55+ credits (including AP & transfer, etc) under your belt.
“Go to Duke, seriously”
Why? Michigan is its academic peer and is stronger in overall engineering.
Let’s assume the 80+k in debt (remember that costs go up every year and aid may not) is worth it (it isn’t, but let’s assume for arguments sake that it is).
You only are able to get $5500 in loans your first year, 6500 second year, and 7500 each year beyond. These are the only loans that you are guaranteed- the rest you have to apply for.
No bank in their right mind is going to loan an 18 year old without a job and probably without any credit more than 50k.
So, are your parents willing to co-sign the loans? Are they willing to take out the PLUS loans?
Let’s assume you qualify the first year. What if you don’t qualify the 2nd, 3rd, or 4th years because your debt ratio is too high? Then what do you do with an incomplete degree and tens of thousands of dollars in debt?
Short answer: no.