<p>U of M is my absolute top choice. I have a gut feeling that this is the place where I should go.. I was admitted into LSA honors and will most likely major in international studies/classics
However, I am OOS and was offered absolutely no aid minus $5,500 in loans. The cost of attendance for me will thus be around $51,000 after cost of travel/expenses, etc.
My family can only pitch in around $30-35K a year and with a younger brother looking to go to college next year, this is the absolute maximum family contribution which leaves me with an average of $100,000 in loan debts. </p>
<p>my other option would be to go to BU where i am not in the honors college but have been offered $20,000 a year in scholarship and would not have to take loans. I will most likely graduate from BU with around $10,000 in debt unless I decide to pursue the 6 year dual degree program between CAS/CFA in which case i will graduate with around $50,000 in debt.</p>
<p>I really love Ann Arbor and Michigan and i know this is for sure where I would like to spend my four years. I would really rather not go to BU due to grade deflation, as well as the fact that I will essentially still be paying for a very expensive school that doesnt seem to match the rigor of U of M. I also spent an entire summer at BU and the only reason why i loved it was for the city itself as well as the friends i made not the university. </p>
<p>if anyone could please give me advice...i would love it thanks.</p>
<p>I think you know what the answer is…if your budget is $30-35,000 then you cannot afford UofM. Why did you apply to BU if you don’t like it and weren’t willing to attend? Bascially a college application is you, the student, saying “I like you college/university and I want to attend, please accept me.” That doesn’t make any sense to me to apply somewhere you don’t want to go…sorry…just a parent here!</p>
<p>:( thanks for the input. in response to the why BU question…
when i applied I thought for sure it was what i wanted at the time. however, after revisiting and careful thought i realized it wasn’t everything that i wanted but unfortunately i didn’t realize that sooner. and to be honest it was a safety school that i wouldnt mind going to, just wouldnt love. hope that makes sense and again thanks for the answer</p>
<p>^ The 50k was for their 6 year program. The 4 year was 10k. </p>
<p>OP, no, no school is worth that kind of debt. Did you apply to your state flagship? 30k/year would be more than enough to cover everything there and you could graduate debt-free. A very nice present from your parents.</p>
<p>ETA: I see you live in NY. You’re lucky to live in a state with so many great public universities. Good luck wherever you end up :)!</p>
<p>I went to UM. It offers much and Ann Arbor is a super town. The honors program is good too. However, college debt can ruin your life. You can’t declare bankruptcy. College does not guarantee you a job, believe me. Don’t believe all their sales pitches. It all depends on your family’s finances. Are you working or middle class? Then forget it. If you are more well to do - maybe your father is a physician or attorney, might be a different matter.</p>
<p>Thanks everyone for your thoughts and input.
My family is actually a bit upper middle
Class with my family income being around $220k annually.
However the huge problem is that we are first generation immigrants from
Korea so my parents weren’t able to estababliah a secure retirement plan or save up money for college for as long since it took around 10 years for us to be financially stable. With that beig said we really thought that Michigan would be affordable if we mortgaged the house but due to circumstances it’s not possible.
I ultimately decided that BU is a better option after careful thought and I really hope to be a UMich alumn after grad school!
For future applcants to umich I hope that you are not put into this situation as I was and hopefully the UMich financial aid for OOSers will improve!</p>