<p>Hey guys! I'm a potential member of the Class of 2014...I really would like to go to Harvard, but I have a full-ride at a Liberal Arts College (US News top 45 LAC), and let's just say that the Harvard Financial Aid is going to leave me with several thousands of dollars in loans after four years because my family can't manage the entire EFC.</p>
<p>I thought there might be some other students that are in the same situation- an amazing chance to go to Harvard, but some very tempting financial offers at other colleges...how are you guys dealing with it?</p>
<p>Considering that just about any Harvard admit could manage some full-ride opportunities and that nearly 80% of those accepted at Harvard choose to attend, it’s clear that most are choosing to pay to go to Harvard. How many thousands of dollars are you talking about in loans?</p>
<p>Remember, it’s not just about the money. The people you will meet at Harvard will be some of the most successful people. Also, the name has clout. You will forever be known as a Harvard graduate. If I were you, I would choose Harvard and bear the loans. It will be worth it so long as you’re willing to work hard and make the best of your education. Congratulations on both accomplishments and I hope you enjoy your college experience no matter what decision you make!</p>
<p>If I were in your situation, I would nonetheless choose Harvard. When we’re comparing schools marked by significant differences in quality, it would take a higher loan amount for me to opt for the cheaper alternative.</p>
<p>$10 - 20K is really nothing in the grand scheme of things. Let’s say that after interest it’s $30K (high, high estimate). How much do you think you’re going to make after graduating from Harvard? Significantly more than $30K/year. You should be able to pay it off in 5 years, max.</p>
<p>You may always request a reassessment of your financial aid rewards. I would consider faxing your better offer to Harvard’s Office of Financial Aid. Perhaps Harvard will grant a more generous sum to not only minimize your financial concerns but to also potentially benefit its own matriculation rate.</p>
<p>I’m extremely debt averse, but that is about the ‘right’ amount of debt to graduate with, for anyone…Anything more than 25-30K, I think becomes draining. If you were my kid, which you are obviously not, I’d advise you to go ahead with it. good luck. It’s indicative of your good sense that you are thinking it through.</p>
<p>You’re going to live (most likely) at the university you choose now for the next 4-5 years, so if you’d like to go there, go there. It wouldn’t be wise to pick an alternative you don’t like and be “forced” to live there for half a decade…</p>
<p>Thanks you guys! I’ve read somewhere (either on Harvard’s website or on here) that if your parents make less than 180K, you aren’t expected to pay more than 10% of your income. Is that a set in stone policy, or just an average? I might be able to get my aid re-evaluated if it is a definite policy, because my EFC is above 10%</p>
<p>I’m a HUGE proponent of choosing debt over prestige, but if the debt is manageable, go where your heart is. In my opinion, $20k of debt is extremely manageable; I’d chose Harvard in a heartbeat.</p>
<p>…unless, say, you had Y or P to consider…</p>
<p>I, myself, chose to attend a small NESCAC (Colby) and accrue $25k in debt instead of taking a full-ride at a very respected state college because of the opportunities and better “fit” afforded me by the Liberal Arts environment. I have been nothing but elated with the outcome. As for grad school, I opted out of $120k of debt at Harvard (top choice) for a full ride scholarship to Yale, and am pumped about my decision.</p>
<p>My D is in a similar situation to you. She loves Williams and Middlebury for the close relationship to profs and the whole LAC thing. I think she keeps thinking, how do you say no to Harvard. A friend went to Colby for the same reasons as you and loved the whole experience - is in a PhD program in a branch of physics at U of Maryland. Can you eleborate any further on what pleased you about choosing Colby over Harvard?</p>
<p>First thing to do is negotiate with Harvard for more aid. Let H know you’re considering fill-in-the-blank LAC and that you want to go to Harvard except that said LAC’s financial aid is much more tempting. Reduce your future debt. Go to Harvard. Pay back debt. Done.</p>
<p>I wouldn’t ask to renegotiate for $5K per year. Unless you are really hard up financially, I think its an insult when Harvard has given you a very generous package to ask for just a little bit more money.</p>
<p>I don’t think that Harvard pulls back offers, but you might lose any friend in the Financial Aid office in case you needed additional help in future years.</p>