Oh. Thanks, @dodgersmom for clarifying the cost. I thought $40k/year sounded relatively “cheap” for a private school and I know $100k for a medical degree is very, very low. I intended to type 200, but my phone screen is very small and my fingers are (relatively speaking) very large. I think @mom2collegekids usually mentions $200-300k for a medical degree. I hope she stops by to clarify if she hasn’t already. 
Now I agree, I would hate to put myself at any sort of financial risk and debt. BTW my mom has an MBA, so she knows finances well and would probably be able to get a job. She is now telling me that I should remain adamant and say I want to go to Emory and that if I go to vcu she would be mad at me. Also, My dad didn’t say “go to vcu” or " don’t go to emory". I agree undergrad isn’t everything, but it can certainly help. Probably the “easiest” scholarship is the dean’s achievement scholarship, which they give to the top 20%. A lot of scholarships at emory are given to students who work hard and show interest, which I would most certainly do. While it may not sound enticing, what emory had to offer as far as academics and other opportuntities might be worth the shot. $40,000 is the worst case scenario, if my dad doesn’t want to pay anything ( which he probably will) and my mom doesn’t get a job ( which she probably will). If my dad were to pay the rest of the cost of attendance, then that would be about 35% of his post-tax, 401k, etc. income.Again It doesn’t seem enticing, but I think its doable.
Ignore sound advice and make a decision you’ll likely regret later if you want, but can you explain again why really good in-state schools with plenty of smart kids like UVa, W&M, and VTech (for engineering) aren’t options?
Why would VCU offer the scholarship to a transfer? I think that will be long gone if the OP is counting on that next year.
Just remember…if your parents have more income in 2015, your need based aid at Emory would likely be reduced as well.
You need to also find out if Emory allows stacking of need based and merit scholarships. Of not, any scholarships younger will also reduce your need…and this your need based aid.
But again I ask…why didn’t you apply to other instate public universities in VA? I would say that a degree from UVA or William and Mary, for example, are every bit as worthy as Emory. There are other public universities as well that you don’t mention at all…James Madison, for example. Another fine school. Virginia Tech is also a top school. All of these are instate options for you that would be a fraction of the cost of attending Emory.
OP sounds like she made her decision before starting her thread. I hope it works out.
@omyash, the things you’re talking about now - your dad’s ability to pay and you mom’s ability to earn - are things we can’t advise you on. If, after talking to your mother and evaluating your family finances, you honestly believe the cost at Emory is manageable, then that’s up to you, and it’s a decision that only you can make. Worst case scenario, if you need to, you transfer to a state school later on.
You do need to be aware, though, that the most generous merit scholarships are offered to incoming freshmen only. Transfer students rarely qualify for anything other than need-based aid. So take that into consideration in making your decision. You only get one chance to be an incoming freshman, so choose wisely.
If your decision was already made, why bother to post the question? Just borrow the money.
I tried UVA and William and Mary, but sadly didn’t get accepted because one, im an early graduate so the seniors have more on their transcripts and two because most people at my school get accepted through early decision and early action not regular decision like I did. And no, I haven’t made my decision yet. I am really considering what option is best for me. I don’t want to take the easy decision though that seems what i should do. What I forgot to also mention is that my parents don’t manage their finances well, which is why they have about $600 left over a month, despite having a really high salary. For example, they spend $2500 monthly on food costs, which I think is way to high. There are a lot of other things like this. Instead of correcting issues like these, my dad focuses on saving small things like utilities which in total (including phone, water, gas, etc.) is less than $700. I think that going to Emory will force them to manage their finances better, while still maintaining the same comfort of living and not having to go into any debt. I don’t know correct me if i’m wrong. That’s why I posted the question, i just turned 17 so i may not exactly be the wisest. Plus I’ve heard arguements for both sides, even though both sides agree over the issue of the finances. I think also considering what percentage of people that get into the GMed program at VCU and how many of their premed students get into medical school compared to the percentage that get scholarships at emory would really help me make my decision. Plus my mom called VCU and said that the scholarship I recieved is guaranteed as long as my parents retain residency and that I retain my GPA to a minimum of 3.7.
Well…the info about not getting accepted at the two top VA publics because you are graduating early (one reason anyway) should tell you something.
You claim to want to go to a top school. Your family can’t afford to pay for Emory. Going there will require Hughes loans.
But at the same time, you dont want to leverage your own application potential at two outstanding schools where you would have instate tuition.
I don’t think I understand this thinking.
You could stay in high school and really add to your application for the next year. Take some college courses, do some significant volunteer or work experience. Beef up that application so you could get accepted at an instate public in your state…you have a few top ones…which would be a bargain compared to Emory.
Or heck, if you hate HS, take a gap year. Or go the CC route (for a pre-med, not the greatest route, but UVa has guaranteed admission for VA CC grads with a 3.7 GPA and W&M has guaranteed admission for Richard Bland grads with some lower GPA requirement (3.25?)).
Like I said before, going back for another year really isn’t an option. Plus if I go back, the only two classes that I could think of taking are AP Calculus and AP Physcology, but that’s really it. I took a lot of the other hard AP classes like Chemistry and Physics this year. Going back next year would result in a not so challenging schedule, which would further hurt my admission changes. Really, I’m choosing between Emory and VCU, assessing the pros and cons and what’s best long term. So far the decision is near borderline. Emory is the best for education and long- term academic and career goals, but VCU is better for long- term financially. I’m not trying to dive into Emory simply because of the name.
Sadly, that’s not likely to be true. Think about it . . . did getting married teach them to manage their finances better? did buying a house teach them how to manage their finances better? did having a kid teach them how to manage their finances better. Having one more bill to pay, no matter how large the bill, is not likely to help the situation.
You know what I’d do if I were you? I’d accept the offer of admission at Emory and request a one-year deferment. Then I’d tell Mom that if she gets a job during that year, and proves to you that she and your dad can afford to send you to Emory, then you’ll go. Otherwise, you’ll find an affordable state school. So it’s up to her. She gets a job, and shows you not only that she can earn money, but also that she can manage the family budget, then you’re off to college . . . but you’re not willing to take that risk until you’re certain they can pay for it without going into debt.
By the way, what you do during that year is up to you - go back to school, get a job, volunteer. If you’re serious about med school, it would be a great time to do shadowing and healthcare-related volunteer work.
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Is it worth it to take a parent plus loan for the rest of the $40,000 cost of attendance. If i go to emory, worst case scenario is i transfer back to VCU for the second year if i don’t get scholarships and significant financial aid for the second year at emory.
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That is not a sound plan. Your parents can’t afford those loans, and what’s the point of having those loans if you end up back at VCU???
Emory will not help you get into a “better med school”.
And what do you mean by that anyway? ALL US MD schools are EXCELLENT!
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What I forgot to also mention is that my parents don’t manage their finances well, which is why they have about $600 left over a month, despite having a really high salary. For example, they spend $2500 monthly on food costs, which I think is way to high. There are a lot of other things like this. Instead of correcting issues like these, my dad focuses on saving small things like utilities which in total (including phone, water, gas, etc.) is less than $700. I think that going to Emory will force them to manage their finances better, while still maintaining the same comfort of living and not having to go into any debt. I don’t know correct me if i’m wrong.
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Uh no. They’ll just delay payment on the loans.
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think also considering what percentage of people that get into the GMed program at VCU and how many of their premed students get into medical school compared to the percentage that get scholarships at emory would really help me make my decision.
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What are you saying here??? If I’m understanding you, comparing these numbers is NOT the way to make your decision.
I’m not sure that your mom asked the right question. That VCU offer will not likely be good if you transfer later. The school may have just thought your mom was asking about a gap year or transfer from a CC instate.
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Scholarships are awarded to fall semester applicants only.
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The majority of scholarships are awarded to freshman applicants, though a limited number of scholarships are awarded to Virginia Community College System transfer applicants who have earned a minimum of 45 semester credit hours. We also encourage all applicants seeking scholarship consideration to submit a Free Application for Federal Student Aid.
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Just remember…if your parents have more income in 2015, your need based aid at Emory would likely be reduced as well.
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Exactly
Re: Mom getting a job and mom’s MBA meaning that she understands finances…
Well, as you’ve already said, your parents aren’t good with money…despite your mom’s MBA.
Even if your mom were to get a job that pays $40k per year, not only would a good bit be going towards taxes, but some would go to what I call a “professional woman’s expenses” (clothes, hair, shoes, grooming, purchased lunches, etc). Often a housekeeper gets hired, and your mom will likely have more gasoline or travel expenses.
If your’re insisting on Emory, then I agree with the previous advice…take a gap year, see what kind of job mom can get…see what kind of money she can SAVE from her earnings. I won’t be surprised if it’s a lot less than you think.
BTW, Emory has a fairly high acceptance rate for transfers, if memory serves.
I know that most teenagers tend to be very present-oriented and discount the future heavily, but 2 years at a CC followed by 2 years at Emory/UVa/W&M looks MUCH better than 1 year at Emory followed by 3 years at VCU yet the latter path may cost even more than the former.
^^^ This is actually very good advice. I know it’s not nearly as exciting as starting off at Emory, but it’s a heck of a lot more affordable and shows a steady upward trend. That’s a good thing!
Going to Emory will not teach your parents how to handle money better. No way, sorry to say.