<p>As I research the colleges, I find that there is much difference among them as far their financial generosity is concerned. Still, I see that almost everybody seems to be selecting colleges based on the ranking. Look at the desperation to get into the HYPMSs. I am inerested in hearing from people how they weigh ranking vs. financial aid.</p>
<p>HYPMS aren't stingy on financial aid. In fact, some of these schools (such as Princeton) give all of their financial aid as grants and work-study jobs, without requiring students to take out loans. Few other schools do this.</p>
<p>But you're not likely to get a merit-based scholarship from any of these schools. Harvard, Yale, and Princeton are members of the Ivy League, which do not give any merit scholarships as a matter of principle. And although the others theoretically could give them, they're not well known for doing so.</p>
<p>using rankings/prestige is probably the worst way to pick a school</p>
<p>If you get into one of the top schools that yall are talking a/b and don't get aid, but do get into like a third tier school with aid, then I would say to choose the better school. But don't just go off of rankings - it should be which school you personally enjoy better. Financial aid is important, but if you have the opportunity to attend one of the top universities in the nation I wouldn't turn it down.</p>
<p>I would say you should apply to about 10 reaches/matches/safeties based on how well they fit your needs and preferences. Perhaps apply to the best state school you can get into as a financial safety. Then in April when you know where you have been accepted weigh the costs and benefits to make your choice. There is a trade-off. You have to weigh your options in April.</p>
<p>I think financial aid should be a minor factor. It should be a tie-breaker among schools with similar ranks and fit. Loans for education have very reasonable interest and terms. You won't miss the money in the long run. </p>
<p>Go to a school you love. Rankings are important, but there is diversity among schools with similar ranks. Apply to the schools that fit you best and go to the best school that accepts you.</p>
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I think financial aid should be a minor factor. It should be a tie-breaker among schools with similar ranks and fit. Loans for education have very reasonable interest and terms. You won't miss the money in the long run.
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<p>Let us take a specific case.
Suppose one has to pay around 40K per year as college expenses, it comes to 160K in four years. Whether it is paid for by the parents or you take a loan, it doesn't matter. Optimistic starting salary after the college may be 50K per year. Because of taxes, take-home pay may be even less. Let us say one pays down the college costs at a rate of 10K/year. So you will be paying for 16 years! (I am ignoring interest costs and the effect of inflation.)
Why do you say that in the long run the college costs don't matter?</p>
<p>College is most likely to be the best time of your life. Why settle for something you won't be quite as happy with because they're giving you merit aid?</p>
<p>I agree with Marian. The better the school, usually, the more financial aid they give you. It's only a problem if you are well off enough to receive no need-based aid. Then you'll need to consider the lower ones that give you a full ride (unless you're so rich that money makes no difference).</p>
<p>but why go to a school for its 'name' if its not a good fit??? looking for the right school instead can often lead you to $$$$, but too many people get caught up in the prestige factor</p>
<p>But this is an either/or situation. </p>
<p>I would try and find the best combination of aid and name for my situation.</p>
<p>The biggest mistakes we make as a society is falling in love with a name (label). Often, there are no sound reasonings behind many life choices American's make. We are a nation of consumerists, who buy into not what works for us, but what we "need" at the momment.</p>
<p>Money should be the number one priority, and if it isnt, many will find themselves in situations where, yes they had fun in college, but the next 10 years will be hell due to outrageous piles of debt that they must carry around with them as a burden, and not just in a monetary setting, but job as well. You always hear stories about people going to their dream schools and dreaming of a life after college enjoying their dream job. But in reality, at the end, their financial situation is just finally sinking in, and instead of seeking that dream job (not everyone is trying to be an ibanker or engineer) they realize they cannot do what they want, rather they must find the BEST paying job wether they like it or not. That means they cannot become teachers or artists, etc. Their are great schools such as cal states that are passed upon by the unkowing all the time, and really they are the ones on the losing end. I know several students that got into great UC campuses, yet could have done great by going to a community college and transfering to a cal state. But no, they are now in debt, can barely afford housing, cannot afford college, etc. </p>
<p>Money to me is first, at least to me, there is more to the world than a college's name adorned on your damn diploma and sometimes people need to realize that, especially when you actually go out into the world and witness all the people that do succeed with local state college degrees, unknown liberal art colleges, technical schools etc.</p>