But still, if your parents are saying they may take a home equity loan, we usually advise against that. It’s not just coming up with a number they say then can front, but how they get there.
@lookingforward Yeah I am very clueless when they start talking about refinancing the house… Something about waiting two years for the value of the house to rise and then a second mortgage…
Not that a 17 year old senior has any idea what that means at all
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Rochester awarded me the International Baccalaureate scholarship for $12k per year and need based grant of $12.1k, a $4k work study, and $3.5k loan, which leaves a $31,600 price tag.
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@thumper1 is right.
Go to URoch
Rochester is a great school and doable … AND … it’s warm inside during the winter - central heating 
No, that really isn’t the case. You can go to University of Hawaii without debt.
The problem isn’t colleges - it is that you have decided that you don’t want the affordable choice that is in front of you. (Basically you’ve decided that the college isn’t good enough for you because it also admits many students with weaker stats).
Obviously in many ways you are a victim of a system that encourages that thought process, but UH is doing an excellent job of serving the needs of in-state resident students who have not bought into that line of thought.
The reason I am coming off as unsympathetic is that I wouldn’t have tolerated that thought process in my kids. I insisted that they apply to the instate U, and promised them only the same level of financial support as what the state U. would cost. Yes, we had the good fortune of living in California, but I would have felt the same in any other state.
You are also limited because that you really didn’t think enough about finances in the application process - you could have looked for safeties that offer substantial merit money to students with your stats, but I assume you perceived them with the same level of disdain as you have for your home state U. I understand that – my son certainly passed up opportunities for full ride scholarships at Arizona or Oklahoma State for similar reasons. As an emotional decision it makes sense … it’s just impractical.
It sounds like your parents can afford Rochester, though it’s a shame that you didn’t cast your net a little wider.
Your disappointment is understandable. But it’s not a problem with the college financial aid system, beyond the fact that it is a market-based system that thrives on creating an illusion of scarcity and desirability to drive up costs. Your dad earns a lot of money, he is being very generous with you and your twin, but you have chosen to set your sights on schools that are out of reach.
@calmom Yes I realize that UH would be more very easy financially, but it just doesn’t provide an opportunity for me to network outside of Hawaii. I do not want to stay here for college and I certainly do not want to live here after college, and I think that most graduates of UH plan to live here afterwards.
It is of course, the fault that I chose to apply to certain colleges, but my parents did always “mock” the possibility of going to UH. When I got my first and only B in high school or when I didn’t do well at my piano lessons, my parents blew up and ended up yelling “why don’t you just go to UH”…
@mom2collegekids @lz57c4 Yes it seems that it is my most likely option. I just hope that I would like the school enough to feel that it was worth going there instead, and I can’t visit any schools on the continental US since it is a long way from here
What’s your sister saying? Will she go to Rochester too or look for a school once the list of schools with affordable spots comes out in May? You could both send out a couple more apps in May just so you have choices then choose your best, most affordable option.
And what are your parents saying now? You got into top schools like UCB, UW, U Roch with your grades and scores. But getting in isn’t all that matters. Now reality is sinking in, how much these schools actually cost.
So does your twin have any affordable options? Some within that $30 k budget?
@austinmshauri @mommdc Oh yeah another problem… It seems like the financial reality still has not hit my sister like it has hit me yet. She was quite upset at getting waitlisted at berkeley and cannot understand why I said I might give up Berkley’s admission. I told her about the huge loan and she said “Yeah I know, I knew that when I applied”. She is still considering the waitlist at Cal, and she said she is leaning slightly towards UW since she likes the campus better (I do too) and their statistics (her major) program is admittedly amazing (4th in country after Stanford, Cal, and Harvard)
Her options are the same as mine: UW or Rochester (she got the same scholarship at UW, and a $8k scholarship instead of my $12k scholarship), waislited at cal
How much does she think is the take-home pay of your dad?
How could they pay $120,000 a year for college? Or even $90,000?
That’s just crazy. And selfish.
You don’t have to go to Cal for statistics.
UW’s net cost is $47k, not $34k like you listed in the original post. (Make sure you include loans in your net cost because those have to be repaid). That’s really unaffordable. Would your sister consider making an account to discuss her options? (You can’t share one because it’s against the terms of service). If not, maybe she’d at least read this one.
It may help if you search out a couple places that offer merit – AL seems to be one – and start talking about them so she realizes there are other great options out there. Also mention the NACAC list. There are so many things you guys can do if you’re not stretching your budget (spring break trips, internships, etc.). It would be a shame for either of you to miss those opportunities.
@mommdc She knows the same info I do, I think she says she will take pay back whatever debt and it okay with student debt until she’s 50 kinda thing. For her it’s because UW statistics program is much better than rochester’s
spend some time researching Rochester. It has lots of intl students (26%) and it’s a top notch school with a solid reputation (forbes has ucb at #40, uroch #58 and UW #75) Rochester is right in the thick of things.
UCs and UW are ‘chic’ and everyone wants to go there because of all the buzz, but don’t fall for the hysteria. There are ots of articles about ‘where you go doesn’t matter, it’s what you bring with you that matter’. And with that in mind, UH should remain on the table … you caould save big bucks, go to UH for ug, then to UCB (or wherever) for grad school. Now that would be a great plan!
@austinmshauri she is only leaning slightly towards uw, saying that she will research the two schools more. Our parents are obviously pushing for rochester because of the cost, but she has that “I’ll just pay back the how ever much loan later, and choose the better school now” mindset. I don’t think she is willing to look at other schools for more merit tbh. Her stats are the same, college counselor think Cal only admitted me and waitlisted her because I’m more “artsy”
There’s this thing called the internet…
I’m pretty sure that UH students can get summer internships in other states, study abroad, and attend graduate schools elsewhere.
That’s unfortunate, because in the end that has limited your opportunities. Not merely because of UH as an option-- but basically because your parents’ attitude is what steered you to applying to colleges that you and they perceived as being worthy, and also overlooking the types of schools that might have offered you much more in merit aid.
I mean, if it were me, I’d go to UH over University of Alabama any day, but the fact is that 34 ACT was money in the bank at a whole range of less selective universities — and exploring those options might have given you a wider range of choice financially.
Not to scare you, but at least consider this:
See, your costs at Rochester still leave that 31.6k/year. And a bit more for your sister. After your work study and student loans, your parents are talking about some payments from current income-- but you’e saying the cost of living in HI is high and they don’t have much left over. So they might take loans (refi on the house is iffy. None of us know were the economy is going.)
And those loans x two kids, will add up to a worrisome total. Their income may not change much, but they will be paying back what sounds to me like 160-200k. (Call it 20-25k x 2/per year x 4 years.) The Coll Bd calculator puts 200k at a $2400 payment/month. (It’s a little less for years 1-3, because not all loans will have been disbursed until your final year. But years 4-10 will be maxed.) On top of that, you and sis will have your own student loans after graduation, which, if you go for the 27000 max will cost each of you around $300/month. You may not be able to help your parents with their repayments until well established in your own careers. If then.
Sorry about this, but looking at all the pieces to this is tough. I think it’s why some here keep asking about UH and if you realize this deep sinkhole.
Count me in amongst those concerned about part of the financing plan to be counting on the value of the home to rise & taking out a HELOC.
One thing that scares me is that your dad is saying they’ll refinance the house after the value goes up some. What if it doesn’t? What if real estate values fall? Then what happens? Can they afford to keep you and your sister at whatever school you end up attending even if they can’t get that money out of the house?
If your sister’s still not convinced about how unaffordable that debt is, I’d start looking at Rochester and talking to your parents about the great things they offer. Take a look at AL Huntsville and discuss their opportunities too. Maybe ask your parents if you’ll be able to do a semester abroad if you attend a ~$25-30k/year school instead of a ~$50-60k/year one. And keep your eye out for the NACAC list in May.