<p>As an OOS Student we knew it would costs us but in addition to the EFC I would have 9.5k in loans each year. Not sure when the cap sets in but I would only need 2.5k in loans at UNC as an OOS student. As much as I love UVA I'm not sure I want a 40k debt on graduation. Can a UVA degree be with the personal debt load?</p>
<p>You might want to call Financial Aid for clarification. I believe they front load the loans for some reason, so when you hit the loan cap (probably in the 3rd year), more grants kick in.</p>
<p>I’m NOT an authority on aid here, so please call them for clarification.</p>
<p>Thanks Dean J. I will.</p>
<p>I attended a financial aid session at UVA last Saturday at Scholars’ Day on the Lawn. We were told that OOS students are given maximum self-help (loans and work-study) before any grant money. Also, there is a cap on the loans (I think it’s $25,500 over four years) but only the subsidized loans count toward the cap. Our child was offered $7000 in subsidized loans and $2K in unsubsidized (in addition to work-study), so the $7000 would count toward the loan cap but the $2K would not. So child could graduate with $25,500 plus another $8K or so, depending on what the fin aid would be for the other three years. That combined with the fact that UVA does not consider differences in cost of living (and we live in a very high cost of living area) makes it too much of a strain on our family to accept UVA. Boy, I wish we lived in VA!</p>
<p>Don’t be put off by 40k of debt without condisering what that means. </p>
<p>I graduated from UVa undergrad in 2 years with 8k of debt, and am now doing a 1yr masters, which made me take on another 32k. That is 40k in debt, but it’s “good debt”. The interest rate is relatively low, and what I used it to purchase will benefit me for the rest of my life. It’s not the same as financing a car for 40k. I’m not worried about my loans at all. After I finish school this year I will start a job that pays 80k the first year.</p>
<p>UVa for 40k in debt vs UNC for 10k is another story. That should be decided based on your personal preferences.</p>
<p>40k in debt is still a significant amount and is probably about a $350-400/month payment. Not everyone can count on an 80k job right out of undergrad, or even upon completion of a Master’s!!! And that can be complicated if you live in a high cost of living area like any of the major metropolitan areas. As a general rule, you should not take out more in loans than what your salary will likely be upon getting hired by a job. So if in your field, entry level undergrads make 35k, then you should be weary about taking out more than 35k in education costs. Surely, prestige often does come into play- an elite school might be worth a little more, and a lesser known/regarded university worth a little less.</p>
<p>UNC is a fairly comparable university to UVA. For me though, I did find UVA to be a little more rigorous academically and I generally liked the environment better. I didn’t care at all for Chapel Hill or UNC’s campus.</p>
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<p>Gasp! Did you eat at “Time-Out Chicken?” I can’t even describe how good that fried chicken and biscuit was. I may visit UNC again (even though I was rejected) just for the food.</p>
<p>I appreciate the input. I will be studying in a science field (not premed) and may attend grad school. I will go to DOTL next week. If I fall in love with the school then I face the hard choice. The loan cap for OOS students at UVA is about 33k-36ishK.</p>
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You’ll have Wayside Chicken and biscuits soon enough. :)</p>
<p>Wow, there is a chicken and biscuit place in Charlottesville as well! Hallelujah!</p>
<p>Though I don’t want to be a doubter, ic can’t be as good as TOC. That place was divine.</p>