Help! Harvard or UMICH! URGENT!

Paying for College
1

<p>Oh, dear. I can't believe I'm in this situation.
I was accepted to Harvard EA, and had a good financial aid estimate (8k), so for six months, I was totally set on going, and even accepted. However, my family's status dramatically changed when my sister left college this year, and we turned in our W2s to the H. So now, I'm expected to pay 16 thou, and the finaid department will not budge a bit. I've sent them a five page fax, called a gazillion times, etc.</p>

<p>On the other hand, UMICH, right across the street, (i live in Ann Arbor) gave me three scholarships: 40 thou, full tuition, and 1000 for books. But I don't want to live in Ann Arbor for four more years.</p>

<p>My parents don't want me to pay for Harvard, and they won't give me more than 5 thou for the year. But it's my dream to attend! Yet, I want to go to Law school afterward, my dad's retiring soon, my little bro is soon to enter college (three years) and my parents must have money for him. My mom is a clinical dietician and my dad is a school teacher, so we don't exactly rake in the big bucks. Still, I know I'd have a phenomenal, life-changing experience at Harvard. I'm furiously attempting to see if I can somehow come up with 12 grand on my own without launching myself into horrible debt, but I can't seem to do it on my own. And I certainly can't give up all that money from UM for nothing. Right now, it's past the acceptance date for both schools and I'm ENROLLED IN BOTH. I KNOW. It's not allowed, but the two schools have made this concession for me, since I recieved my statement so late. I was so set on Harvard! But I don't want to force my parents into debt. SHould I give up my dream for security?</p>

2

<p>In my opinion (and mine only) save the $$ for law school.</p>

3

<p>Pursue your dream wholeheartedly. $16,000 over four years is not a lot, it comes out to $64,000, which is better than most! You can apply for scholarships that could reduce that amount significantly. An opportunity like this doesn't come by everyday, in my opinion, so I would go with Harvard, or follow your heart, whichever you choose, but I'm saying go to Harvard because you said it was your dream, so fulfill your dream and have no regrets.</p>

<p>I was accepted into the University of Chicago (my dream school!), but my financial aid package wasn't that much. So, for me, I had to give that up and attend a public university in-state which they offered to pay for my tuition and room/board. Everything!</p>

<p>I guess I am being a tad bit hypocritical, but the amount of debt you'd be incurring is far less greater than what I would have had to endure. </p>

<p>Go for it! Harvard 200...201...whatever year you will be graduating!</p>

<p>P.S. - I will share an interesting story with you, and it's about a person who was going through the same situation as you, almost. </p>

<p>This girl was in the top of her class a few years back at my public high school, and she was accepted into Harvard. She could have gone to Harvard, but decided to attend a public, four-year university within the city on a full-ride. Now, I don't know if that was a wise choice, but it was her choice. I guess she was thinking about this logically and weighed her options carefully. </p>

<p>No one in this forum can tell you what to do, but I can assume that most of us would take the chance and go to Harvard, but people like me, would take the full-ride at another prestigious university and save up for their graduate studies. </p>

<p>Negative Comment About Harvard: Anyway, the teaching at Harvard is so over rated, a majority are teacher assistants anyway.</p>

4

<p>Go to Harvard. That amount of debt is manageable for someone attending the best school in the world, due to higher expected (though not guaranteed) income upon graduation . As for law school, work for a year or two before attending to reduce the undergrad debt.</p>

5

<p>IMO, Def. Harvard.</p>

<p>In the long run, H education will compensate you far more than 64K loan debt. I know of two recent H graduates (only Bachelor deg), (one major in History, the other Physics), got recruited by Goldman and McKinsey(?sp) respectively. Their salary including bonus is really really eye popping even for NYC living. Good Luck !!!</p>

6

<p>What I don't understand is why you don't have lots of outside merit aid. You must be an outstanding student to have gotten into Harvard EA from a state like Mich. Did you apply for lots of merit aid from outside sources? It's exactly students like you who have the ability to win those huge scholarships that most students have no chance at.</p>

<p>A Harvard education will not automatically compensate you for a $64,000 loan debt. What careers you choose matters as well as where you choose to live.</p>

<p>In addition, if you go to graduate or professional school, you may be doubling that loan debt. For instance, here's what tuition and living costs are estimated each year at Harvard Law for students entering next year. It will be far higher by the time you graduate from undergrad.
Tuition: $35,100
Estimated living expenses (standard single student budget): $21,600</p>

<p>I suggest thinking very long and hard about whether it's worth it to you to end college with a debt of $64,000.</p>

7

<p>NMS, we both know that if her EFC is $16K, outside scholarships will only knock off the student contribution, about $3200. That is, unless she can win in excess of $45,000 per year. There just aren't that many of those big scholarships out there.</p>

8

<p>Start with the math. If your parents will give you $5K, then the balance you need to worry about is $11K. </p>

<p>How much can you earn over the summer?</p>

<p>Look at the proposed budget for Harvard - you may be able to find places to shave down about $1000 of costs. Maybe they have alloted more for transportation or incidental expenses than you really need; also check to see if you can save money by opting for the least expensive meal plan. </p>

<p>Then get creative -- think of other ways to raise money. For example, what do you own that you could sell on ebay? Would you feel comfortable simply asking people to donate money to help you out? Or selling candy bars to raise money? I know that seems embarrassing -- but think how often high school kids do exactly that in order to raise money for their team or club to travel somewhere. </p>

<p>If thinking about all of this overwhelms you... then maybe Michigan is the best choice. But if you start feeling entrepeneurial and can think of good ways to start bringing in money, then maybe it will work out for you and you can go to Harvard.</p>

9

<p>Top student at UMich (e.g. econ, not even business school) will have employment opportunities (including consulting and IBanking jobs) that will not be significantly different from Harvard.</p>

<p>If you are confident that you are going to law school, save $, because prestige-vise grad school will be all that matters.</p>

10

<p>Go to Harvard you dumbass.</p>

<p>I know two people that picked Michigan over Harvard and while they are very successful today, they still regret that move.</p>

<p>/Michigan over Cornell here.</p>

<p>And how are you still choosing? Wasn't May 1 the deadline?</p>

11

<p>Go with Michigan, its a great school, and if you're a good student it won't make any difference where you went undergrad when you go to law school. Save yourself and your parents lots of money.</p>

12

<p>Go with Michigan. My roommate in medical school was a Michigan alum and was way ahead of all of the Ivy grads by graduation.</p>

13

<p>If you end up at Michigan, and are upset at being in your hometown for another four years, set your sights on study abroad. You can spend a year somewhere else in the world.</p>

14

<p>Well, I did (get merit aid) but any surplus past my own expected contribution (3750 above the 16000) goes to HARVARD'S contribution, so I'll still have to come up with my parents'. In reality, I'm expected to pay around 20 thou, but since I've gotten around 7k in scholarships so far, my part is covered and I'll see if I can defer the rest for next year. I've decided on H. Thanks for your advice!</p>

15

<p>and I'm enrolled in both schools, i've told them the deal, they're both ok with it. That's why I'm late. I just have to rescind Michigan now.</p>

<p>Also, I think there's some significant confusion here about my motives.
I do not want to go to Harvard simply for prestige. Honestly, out of all the schools I applied to, and got into, Harvard was the only one with a program I was really passionate about. I want an experience that will educate me, and an environment that will help me grow. If it were only prestige, than Michigan it would be. Also, many, many classes at Michigan are taught by GSIs. It is a big school that also focuses much more on Grad studies. I know far too many people who went to Michigan (my elder sister included) who hate the school with a passion. Also, I am far too sick of Ann Arbor as is. I need a new experience. However, Michigan is a very good school, I won't deny it. I know as many people who love it as hate it. I'm just certain that it is not the right school for me. Isn't education at the base of this all? That's what I want. Maybe I'm just an idealist, but I'm willing to make a mistake.</p>

16

<p>If you're going for your dreams, go for it. Just know that your dreams will come at a price, as all dreams do. Make sure you're ready to pay that price. That's a large debt that you'll be carrying, and if you also plan to go to Harvard law, you'll be having a more staggering amount of debt that definitely will restrict your options.</p>

<p>If, for instance, you have an interest in doing some kind of public service law, that would be difficult because it's low paying. If you want to take some time off after college or law school and travel or do something fun, but low paying, you probably won't be able to afford to do that.</p>

<p>Do comb the Net for outside scholarships. Depending on what you're planning to major in, perhaps you can find some aid for junior or senior year. The best times to get merit aid are usually as a h.s. senior and as a college junior.</p>

<p>There are people who have managed to get lots of money in outside scholarships. There is a scholarship guide by a young man named Kaplan (no relation, I think to the test manufacturers) who basically funded his Harvard education through outside scholarships, mainly essay-based contests. </p>

<p>Anyone who has such an excellent background as to get into Harvard and major aid from Michigan has what it takes to get lots of outside merit aid. It may, however, be too late for you to get much now because many of the contests had deadlines earlier this year, but do check with places like fastweb.com. It takes a lot of work since some of the aid may be only a couple of thousand dollars. But, if you view it as a job, then it may be that you can cut down some of the debt that you'd otherwise have to carry.</p>

<p>Best of luck at my alma mater!</p>

17

<p>I live in Ann Arbor too. If you don't want to go to Michigan, then don't go. Get a job. Get some outside scholarships. Take out loans. It's not like 11K is impossible to get (I'm guessing your parents give you 5K).</p>

<p>You can always transfer to Michigan from Harvard. You have a golden oppurtunity to go to one of the best institutions in the land.</p>

<p>Everyone from this area goes to UM. You have a chance to set yourself apart from everyone. When you have your graduation party, you get to say, i'm going to Harvard, and everyone will say "wow!". But when you say, i'm going to UM on a full scholarship, they will say "Ohhhh, congratulations!"</p>