Go debt-free or get indebted.......?

College Search & Selection
1

Sooooo decision day is MONDAY(TOMORROW) and I have a HUGE dilemna now.
During the week, after MONTHS of having issues, my FAFSA was finally processed…and then rejected. This is because my dad does not pay US tax returns; since he works at the UN, he pays taxes through them (meaning that they tax his income). The only “highlight” is that the UN pays for a (small) portion of the tuition ONLY A.K.A Employer’s Benefit (does not include room and board and other amenities).

Now, I was planning on committing to BU, but now that all of this happened…idk what to do. BU would cost about $40k if I attend (and if my calculations are right).
I was also accepted at Oberlin, however it would also cost about $37k (if my calculations are right).
On the other hand, I received a full ride scholarship at Howard…but my dad does not want me to go there nor does he want me studying in D.C. (to him, Howard’s education is inferior and won’t open as much opportunities for me as the others).

Some extra information: I was waitlisted at UChicago and McGill…if UChicago accepts me, would it be worth it being indebted from there (if yes I would definitely go)? If they don’t accept me and McGill does, I will be headed to McGill as it is significantly cheaper than american colleges (even as an international student, tuition would be $15k !!!).

P.S.: I would not be paying the loans…my father decided that he would do it because he wants to fine all of my education (especially a VERY good one), even if it means that he will take out loans. I can also ask each school for a deadline extension (they all offered it to me considering my situation).

I don’t know what to do…what do you guys think?

2

US$15,000 would cover tuition at McGill but not room and board BTW.

3

@TomSrOfBoston Yeah, but even with room and board and all the fees, it would come out cheaper than american colleges (we calculated and I visited)…plus I would move out by sophomore year and live off campus, which is cheaper than on-campus

4

What types of majors are you interested in?

I vote for Howard. It is very well connected. Use the savings to fund study abroad, unpaid internships, or summer classes at a different university.

5

I vote for McGill! Understanding that’s a waitlist chance, I think BU and Oberlin are the next best choices if your parents can afford to send you there - the schools are very different so it would depend on area of study and fit.

6

Deposit at one now and if you get off waitlist you can switch.

7

@“Snowball City” I am undecided (in Howard’s undetermined program) but leaning towards Econ/Finance/International Affairs…and if not, Computer Science

8

Where could your dad get the loans from? I worry that after a couple of years he will be topped out and unable to get enough for the later years.

9

Are you a US citizen? Even if not, I would think there would be tons of internship opportunities in DC.

10

@Chembiodad @TomSrOfBoston I plan on making a deposit at BU (because of the international appeal that it has over Oberlin, and because of Boston)…if by any chance UChicago and/or McGill take me, those are the schools I plan on going to.
I just really wanted to know whether it was worth it going to these schools and having my father get indebted over going to Howard for free…

11

@“Snowball City” He will be getting his loans from the UN Bank.
I am not a US Citizen, only a green card holder.
BTW, what connections does Howard have that you know about? I might try to use those to see if I can convince my dad that Howard isn’t as bad as he thinks it is

12

New joint program with Google http://www.sfchronicle.com/business/article/Howard-University-campus-to-open-at-Google-s-11021335.php

celebrity alumni http://www.ranker.com/list/famous-howard-university-alumni-and-students/reference

deep number of politicians including Elijah Cummings and Kamala Harris

13

How much debt would BU be over 4 years? If it is minimal that is fine, but if it is a ton then you should seriously consider Howard.

14

@happy1 About $128k (could be more) :/…yet he still doesn’t want Howard

15

That is way too much. Go to Howard, be a superstar, and grab every opportunity that comes your way.

16

I agree with @“Snowball City” – that is a ton of debt for an undergraduate education.

17

I agree. BU doesn’t impress me. Not worth going into debt for. Commit to Howard and then see if the McGill waitlist comes through.

18

Unfortunately I was unable to convince my dad to let me go to Howard :/. I haven’t committed anywhere yet but it seems like it’s going to be somewhere else…
My current choices are BU CGS January-London, Oberlin, Syracuse Whitman (all three would cost about $130k+ for 4 years) and Concordia John Molson School of Business (in Montreal, which we can afford) …

19

It’s too bad he doesn’t get how Howard could help you. A potential CS major with a foot in the door in Silicon Valley? Why the heck not?

When I hear Howard, Morehouse, and Spelman I get the tingles like some people do with the ivies. These grads are going to be very interesting people.

I wonder if @juillet has time to give some perspective on the HBCU experience?

20

Heehee!

OP, I went to Spelman for undergrad, and I have tons of friends who went to Howard and other HBCUs. The HBCU experience is just…amazing. Socially, it’s great of course - but educationally, they’re wonderful too. Educationally, there are so many things I learned about my history and community as a black person that I don’t think I would’ve gotten at a predominantly white institutions. Socially, the experience is really unparalleled. I think unfortunately there are many people who look down on the educations provided by these schools for certain historical and sociological reasons, but really, they are top-notch schools with lots of opportunities.

The other thing to remember about places like Howard is that they are a steady, ready source of well-educated and high-performing African Americans, and so many top companies recruit there. For example, my company (Microsoft) recruits at Howard. Google, as mentioned, has a partnership with them. I know many top banks and Wall Street firms recruit at Howard. And when I mention my HBCU to people, I get near-universal respect - people are always like “Oh, I know Spelman, that’s a great school.” Howard gets a similar reaction.

Also, I’m not sure why he wouldn’t want you in D.C…the opportunities in DC are great, too! Most big cities have finance or economics opportunities available; you don’t have to be in New York or Boston to make that happen. (And Oberlin is more isolated).

You have lots of good schools to choose from, and you can’t really go wrong educationally speaking with any of them. I definitely don’t see the point of going over $150K+ in debt when you could just go to Howard. However, if your father is going to be the one borrowing all of the loans - I suppose that’s his choice.