Quick question – Did you get a letter (about a year ago?) giving you $ off of UMass because of MCAS performance? My kids did. I don’t believe it’s included in the UMass financial aid award; it’s a separate thing. Someone with your grades/test scores likely got advanced on the MCAS and that would give you an extra thousand or two off of tuition.
OP, your hard work did pay off:
- You have a virtual free ride to three Massachusetts state schools, including the flagship. Most kids have to pay $20k+ annually to attend.
- You did get into BC and Holy Cross, two high-quality, pretty selective schools (hope I'm not forgetting one).
If I were you, I’d take the virtual free ride at UMass-Amherst, the flagship… save money while you are there… and achieve a high GPA. At that point you will be ready to put together a strong med school application and you’ll be in much better shape to pay for it.
If you are intent on one of the private schools, you would face either taking out a large loan and taking on more work yourself, or humbly and graciously asking your dad to re-direct that 401(k) money into his checking account so that it can be used to help pay the difference. Or a combination of those things. But even if you do that, you will be in worse shape for med school.
(assuming you stick with a pre-med type of major and remain interested in med school…)
Anyway, cheer up. You have multiple quality options.
For BC:
http://www.bc.edu/admission/undergrad/process/freshman/faq.html
Doesn’t seem to be compulsory to me.
Do check on what happens with the grants if you don’t live on campus. Maybe that’s required for some you received?
The cost of attendance is lower if commuting so need based aid will be reduced.
@Pheebers Yes, I did! That’s the Abigail adams scholarship, which is another $1500 I believe.
Called, BC basically said what @TomSrOfBoston just did.
Do you guys know if the leftover cost to go to the school is usually the same for commuters?
Leftover cost???
Here is the breakdown of the COA:
http://www.bc.edu/offices/stserv/financial/finaid/undergrad/how_aid_works/cost_of_attendance.html
I’m a bit lost as what to do with this info, all it is is the COA in front of me. @brantly @lookingforward
@TomSrOfBoston As in, the COA minus the grant (i.e. the cost to attend after financial aid.) I’m asking if that cost (in this case around $21k as an on-campus resident) will be the same if I decide to commute. I am aware of money allocated for gas prices, public transport, etc.
Call BC’s Financial Aid office and ask.
Not sure who you spoke with but it may be worth calling and laying your cards on the table. (And this must be done nicely or they have the right to shut you down.) You are ‘trying to make the numbers work, BC is my top choice, sorry for the multi questions, but how would my grant change if I commuted.’ Not sure you are ready for that call, at this moment.
Yes, this all is complicated and, with some back and forth in the discussion, I hope you feel you’ve followed the basics. In order to assess, you need the info. Then you can do the math, more or less. But you also need a sense of what all the ‘right’ questions are.
@lookingforward Okay, so I just spoke with my personal FA advisor, and he said that the grant would decrease by $10,000, and so would the COA. So I’d essentially be paying the same amount if I stayed on campus
I’ve got a kid with better stats who landed on the CSOM wait list. Just sayin’ 
But seriously, BC met full need. That is a very generous package. Good luck with your decision.
if you are definitely going for med school i would choose UMass. if you are not 100% sure, I would take BC’s offer.
And once more I ask…what did Holy Cross give you for aid? HC also meets full need as they calculate it to be. What was there need based aid package to you? Did it also include the Direct Loans and Work Study?
For the life of me…I can’t figure out why you don’t want to take the Direct Loan, and do work study. It makes no sense. And yes, I realize you want to go to medical school. Believe me, you will have plenty of loans there…and you will NOT be able to work…at all.
You have a free ride at UMass Amherst. It’s a great school…and you certainly can apply to med school with a UMass degree. If you want no undergrad loans, go there. To be honest, I’m not sure honors college matters all that much.
@thumper1 Here is Holy Cross’s breakdown for FA. I appealed this decision as well and they have yet to reply.
Holy Cross Scholarship 40,100.00
Federal Direct Stafford Loan 3,500.00
Federal Perkins Loan 2,500.00
Federal Unsub Stafford Loan 2,000.00
Federal Workstudy 1,800.00
TOTAL 49,900.00
COA is $62,265 with room and board.
Here’s BU’s for clarity’s sake. They gave me the least aid.
Boston University Grant 35000
Federal Perkins Loan 3000
Total Aid to Be Credited to Student Account: 38000
Other Awards:
Federal Unsubsidized Stafford Loan-Addtl 2000
Federal Subsidized Stafford Loan 3500
Federal Work-Study - Academic Year 2000
Your total financial aid award for this year: 45500
When faced with this sort of thing, your analysis needs to be very…analytical.
Brantly made an important point: “You should be looking at the amount you actually have to pay to the college when the invoice comes.” But to do this, your head has to be clear.
The college will bill for tuition, fees and RB. Not books, personal items, etc. From this primary part of COA, they will subtract grants, the student loans you apply for. For yourself, (books, personal,) work study will come in monthly, as you put in the hours. Like many kids, you can save a part of summer earnings for initial books and expenses, til WS pays.
On campus, skipping the projected cost of “Books/misc,” the cost is 65644. Minus (47k + 3500) your bill will total 15144. (If i make a mistake here, someone correct me.)
If your parents can pay 10k, leaves 5144. You can take the second student loan, the unsubsidized, 2k. No, we do not want your to rack up more debt. But for now, I’m just talking numbers. You can make the value judgment later.
Now, say you commute: 52310 (per your link, not counting books/misc.) Subtract the now 37k grant, plus 3500 loan= 11810.
Notice the commuter costs seems to include some meals. Commuter works well when you do eat with new friends, do stay on campus long enough to socialize or do study groups, etc. I’d want to know how that commuter meal plan is structured- it’s probably X meals per week- and you may need lunch and some dinners.
ps. wrote this based on what you said. You would need to carefully confirm.
@mg29409
Tuition + room/board = 64,298
I do not know what is included in the “fees” and if they are mandatory fees. You need to call and ask. For argument’s sake, let’s say all the fees are mandatory and are billed directly to you along with tuition, room, and board, so I’ll add them in (+$1,346).
Now the total is $65,644.
Now subtract the grant and loan because those are paid directly to the university. You never see that money. It is applied directly to your account.
$65,644
-47,200
-03,500
$14,944
This^^^ is the out-of-pocket amount that you have to cough up to pay the bill. You do not need to come up with $21,000, as you are repeatedly saying.
Now, you said your parents can pay $10,000. That leaves you with an additional $4,944 that has to be paid to the university. Can you start working now and continue through the summer to earn that amount?
You were awarded $2,400 in work-study. Use that for your books and spending money.
Looks like BC and HC gave you very similar aid packages. both had loans, both had work study, both exoect your parent to pay their EFC, and both very likely expect a student contribution.
Yes, get a job.