Don't be Tricked by Financial Aid Offers

<p>Some things are going to be cheaper in a big metro area (airfare, public transportation available, free activities) and some things are going to be cheaper in a small college town (parking, hotels for visits, movies). At both schools that my kids are going to, I was surprised to learn that almost everything is included with their student ID cards, including football tickets, basketball, gym, and a big discount for other activities. I had to pay for football tickets when I went to school a million years ago. One kid is going to a tiny town but it actually has fairly cheap flights into the airport; the other will have to fly into a city about 2 hours away and then take a bus, so transportation for her will be expensive. Both towns have low cost of living rates, but one school’s r&b is $5000 less than the other (both mandatory on campus for 2 years), so there isn’t really a good way to judge just by the size of the city or region how much the costs will be.</p>

<p>After having applied to schools in the US, UK, Canada, and France, I have come to seriously question if a US undergrad education is worth the price. How can $250K be construed as an investment whose payoff is not now questionable at best? To send her to the US - we were offered some financial aid at a selective LAC - we would have had to liquidate assets to avoid an extremely heavy debt. Fortunately, she got into a great uni in the UK, where a BA literally costs 1/4 what it would in the US. Besides lower tuition, it is 3 years and she specialized immediately, which suited her. More Americans should consider these options. </p>

<p>@alicibiade: You have a point on the price tag. However, In some cases, the Uk schools are not as generous as US schools. Also the system in the UK does not give room for flexibility especially for students who are undecided, or interested in double majors. You are to pic one course and study in 3 to 31/2 years and that is it in the UK.
The case is opposite in the US, students have the flexibility to change majors, double or triple majors and in fact majority of school offer better aid as well.
The major issue is also for profession degree minded students. E.g US medical schools will not admit anyone who did not earn at-least an undergraduate or graduate degree in the US.
So what might be a good option is to apply broadly, Large/Small Privates, Large/Small Publics etc… bearing in mind that some schools as do give more aids than others.
So in general there are Cons and Pros to both sides, but the positives of a US education is quite numerous, and to answer your question, It is an EXCELLENT investment and is worth it.</p>

<p>Coco, you are absolutely spot on. My d was ready to specialize, even if I do regret that she wasn’t able to pursue certain interests and talents, such as maths. My son is considering med school now and we are concentrating on UK and Canada, again because he is ready to specialize and because you go more or less directly into it rather than separate undergrad and MD as starkly as is done in the US. </p>

<p>alcibiade, I like your idea and if you are overseas already, your decision makes a lot of sense. </p>

<p>For American students to go get a degree in England, I would ask what will the student do with the degree afterward? Will the future employer value it? For some fields, it may work well in the United States, but others not so much.</p>

<p>Pica, that too is very true, but again it depends on the field and what the young person desires. My d self-identifies as a European, indeed she feels she wants to stay in GB though she grew up in France and Italy. My son self-identifies American, which may mean studying in N AMerica. </p>

<p>@alcibiade: That’s good to know that they are certain on what they want to specialize in. However I will state two points: Even with certainty now, there are chances that students get into college and within 2 years realize that that is "NOT " what they are passionate about and decide to switch - there will be no room for that in the UK.
Secondly, Say, your son is set on Medicine and after graduation, he would not be able to practice in the UK if he is not a UK citizen and definitely not in the US without getting some additional training and licensures.
So, the end game is VERY important here.
Best of luck to you and your children.</p>

<p>coco, to be honest, I don’t know about the transferability of a medical degree. For us, the choice of country of residence has always be very open, so choosing where to study with that as a criterion is dodgy.</p>

<p>I have always thought that university education - particularly professional degrees - is in many ways buying the opportunity to get an inside shot at recruiters on-site. If you’re lucky, you get good offers, then you are on your own again. </p>

<p>What are your kids in? (One reason I come here is to learn of others’ experiences.) </p>

<p>@alcibiade, I just saw your post about your son wanting to get into med schools. I have absolutely no experience about your issue specifically, except I’m starting to build up an understanding since my son is a college senior now and will be applying to ms this year. I should caution you that getting into ms is extremely competitive and I don’t know if your son will have the same shot if he’s a UK/GB citizen. I would definitely look into that before he invests 4 years of college, only to discover there are obstacles as an international student. I think that opens up more when he’s already completed his medical degree and is applying for his residency since there aren’t enough med schools students to fulfill the need for the number of doctors.</p>

<p>Lima, thanks. He in fact has 3 nationalities (one US) and may add Canada and France to those for purposes of eligibility. McGill, we have learned, costs about the same as Unis in the UK. The virtue of ms in the UK is that you start directly and don’t need to reapply after undergrad, but you have to get in, or course. I wish you son luck. </p>

<p>This may be happening to us. My son is finishing his freshman year at UCONN. This year he received a grant, a small Perkins loan and the standard Fed loan of $5500. Just checked his account today and it said that his FA had been awarded. Went to look and all it had was the Fed loan of $6500 and a Parents PLUS loan of $43K! No Grant money at all! </p>

<p>Our EFC did go up $3K this year but the COA of UCONN is going up by about $3k this year and his grant was more than that so it will be very difficult to for us to make up the difference.</p>

<p>alcibiade it is possible to practice medicine in the USA with a foreign medical degree, but it’ll be hard to get licensed to practice here. To get a US residency, he’ll have to achieve a much higher score on medical licensing, which converts an almost sure thing (how many US medical students fail to pass the licensing exams??) to a very hard thing. That’s my understanding but it may be based on old data.</p>

<p>Since your Perkins was small, your EFC going up $3k may be enough to disqualify you for that. Call about the grant.</p>

<p>You talk about front-loading the freshman year with aid. Washington University in St. Louis offers a payment plan that locks in tuition and aid for all four years of college. Aid in subsequent years is what worries me about any college. This is the first time I have ever seen something like this and if my daughter chooses Wash U, we will definitely take advantage of that. </p>

<p>True points in this article. We made a spread sheet of costs of D’s top 4 schools - 2 public state schools in Florida versus 2 private schools in NYC - one in Manhattan, one in Brooklyn. UF provided the most incomplete info even though it was the least expensive ticket price before scholarships. No estimate of books and supplies (for artistic majors this is expensive). We had to research the whole site and still couldn’t find info. Ended up selecting Pratt in Brooklyn because even though Manhattan school had same tuition and $3000 more a year scholarship, the cost of dorm was $12,000-17,000 - double or triple the others. Some of the student actually live in Brooklyn and commute. </p>

<p>Pratt estimated books and supplies at $3000, the most upfront and accurate of the four schools. And they provided a scholarship for all 4 years. Our daughter has been able to find an apartment with 3 other girls one block away that is a fraction of the cost plus saves money by cooking.</p>

<p>A major Miami university only guaranteed dorm the first year. When question they admitted the surrounding apartments are expensive and hard to find for years 2-4. </p>

<p>The one thing that I didn’t see mentioned is the rising cost of tuition each year - approximatly $2000 more a year. If there is one thing that could be different it would be to lock in the price for 4 years. Pratt was up front about the expected cost increases so we were able to add this to our calculations. State schools also increase but you don’t know until the year begins and no one can give you the exact info. Florida schools are a bargain though, especially if residents qualify for Bright Futures.</p>

<p>In the end, we are happy with our choice because for some careeers, proximity to the city provides internships and work opportunities you can’t get anywhere else. Be wise and find a good fit without getting into debt. </p>

<p>UConn is getting very expensive. Yikes</p>

<p>@kbirearch- yes it is! Called the FA office. They said to appeal the award. Sent in my letter yesterday. We shall see what happens. </p>

<p>What types of colleges and universities would “front load” their students?
OOS Publics like U-Michigan and UVA? Expensive privates that claim to “meet full need”?</p>

<p>^ Definitely not the latter. Each school has its own definition of “need,” but they’re not trying to trick anyone. If income & etc. remain the same, then aid should remain the same.</p>