<p>I know it's pretty much the best problem I could ever have, but I've been accepted to Caltech, MIT, and Georgia Tech. GT offered me stuff that means it's basically free. MIT put my EFC well over the cost of attendance, so I'll go ahead and assume I'm getting nothing from them. I didn't like MIT as much as Caltech, but am beginning to think I want to do nuclear engineering, which Caltech doesn't even offer. If not, I'll do physics. Caltech already told me I'm getting no financial aid. My parents can only afford a year at Caltech/MIT.</p>
<p>All this to say: Do I go to one of Caltech/MIT, the schools I've dreamt of since freshman year, and deal with ~150,000 in loans, or go to Georgia Tech? I've been freaking out over the decision for months, and made zero headway. I just got back from the GT prefrosh scholarship weekend, and will definitely attend both Caltech and MIT's.</p>
<p>You posted this same thread in the Caltech forum. I doubt the answer is going to be very different here. This is someting you have to decide. Most people end up beign happy with whatever decision the make.</p>
<p>I'm a pretty big advocate for small amounts of undergraduate debt, but three years of loans is a lot of money, and it's enough money that it will almost certainly limit your options after graduation. In this economic climate, it's questionable whether you'd even be able to get $150,000 in private loans for an undergraduate education.</p>
<p>If you're serious about wanting to attend MIT or Caltech, you should start looking for merit scholarships now. Every little bit will help. You should also speak with your parents about how much debt they're willing to assume, and how much they'd expect you to shoulder. You can also think about how you can contribute to your education in ways other than by taking out loans -- if you get a job on campus, for example, you can make several thousand dollars per year.</p>
<p>I am not an advocate of taking $150,000 in loans. But taking out hefty loans is not the only option available.</p>
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My parents can only afford a year at Caltech/MIT.
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<p>as far as i know, finaid at mit is renewable, i.e. you apply for aid every year. you can afford a year, so they want you to pay for this year. next you won't be able, so they'll give you aid, i think.</p>
<p>"as far as i know, finaid at mit is renewable, i.e. you apply for aid every year. you can afford a year, so they want you to pay for this year. next you won't be able, so they'll give you aid, i think."</p>
<p>What s/he is saying is that s/he is going to get no aid, and his family can only afford one year. If there is no aid, it doesn't matter if it is renewable.</p>
<p>No undergraduate should take on more than $100,000 of debt to attend school. Go to Georgia Tech, do well there, and attend MIT for graduate school.</p>
<p>it means, if his parents have 50k saved, and they won't have that 50k next year, it is considered as "significant changes in your family's finances or eligibility".</p>