High cost and well off parents

<p>Well, I got into notre dame over the weekend.
It was quite the self confidence booster. There is a small problem though.
My parents have bluntly told me that they will only spend $10,000 per year on a school. That leaves me about $47,000 short per year if I choose to go to notre dame. I am not expecting much in terms of scholarships because my parents are actually very well off. They just think I should go to a lower teir school because they think a diploma from any school is equal in value. Are there any options for me to turn towards? I have looked into many outside scholarships, but they are all mostly one year things. I doubt I would be eligible for $47,000 in loans per year and am not sure if that would be worth it. Any ideas or suggestions are greatly appreciated.
PS: I have a full tuition to Alabama, but I would really hate to go there.</p>

<p>Alabama is not so bad…consider private student loans for ND? I would hate to see you saddled with a lot of debt, however. Were you aware of what your parents were willing to pay before you applied to ND? I would contact the financial aid office ASAP.</p>

<p>Questions: had you talked finances with your parents prior to applying? have you visited Alabama?</p>

<p>Thanks for the replies.
Yes, I was unsure if it would be worth the prestigious degree if I graduate in a mound of debt. Thanks for the suggestion; I have just contacted the fin aid office.</p>

<p>My parents and I discussed the financial situation. I was told they were not willing to pay much and that I would need to put “skin in the game” if I wanted to go somewhere expensive like Notre Dame. I just wasn’t aware it would be this much.</p>

<p>I have no doubt Alabama is a wonderful school, but I don’t see the state of Alabama as a desirous place to spend 4 years of my life. I have not visited, but I am unsure as to how I will deal with the environment. I am used to/comfortable around a more forward-thinking perspective.</p>

<p>I would be careful about considering the state of Alabama to be backward. Think you might need to consider a visit before making such blatant statements!</p>

<p>Firstly, I think ND is more like $55K a year (currently) and the extra 2K on the FinAid calculator is random stuff your parents will probably end up paying for on top of the 10K unless they’re real sticklers.</p>

<p>However, tuition will gradually increase. Let’s assume an average of $57K/year throughout your 4 years, not including that random 2K.</p>

<p>57K x 4 = $228,000
10K x 4= $40,000 (from parents)
3K x 4 = $12,000 (about max. amount to be earned during school year working)
3K x 4 = $12,000 (work during summer if you work hard)</p>

<h2>Current Assets of yours = ?</h2>

<p>$164,000. Minus your current assets, hopefully $160K?</p>

<p>Now let’s assume you can get 5K/year from the FinAid office and your parents give you an extra $2500 a year. That would knock off $30,000.</p>

<p>That’s $130,000, before interest, and it’s very generous so that would likely be about the minimum you could get out with.</p>

<p>Call FinAid and talk to your parents. $40K from them is generous, after all.</p>

<p>No undergrad is worth $130,000 in debt. Your repayments would be $1,000/month for 20 years - if you were able to make all those payments and never deferred/refinanced/etc. You could easily still be paying that off when you need to look into your children’s student loans.</p>

<p>If you don’t really like your safety, look around at other schools similar to ND where your scores will get you merit aid and your parents’ contribution will put you closer to the top. Without knowing your major or ECs, etc., I can say that I know students who were accepted to ND but for financial reasons looking at Butler, Marquette, Loyola, etc. (in the same area). Of course, I don’t know what you like particularly about ND, so that’s just someone else’s experience. But there are plenty of schools out there who will give merit aid to someone who’s stats qualify for ND. Search right away as scholarship deadlines are passing.</p>

<p>Don’t saddle yourself with that kind of student debt. It will affect your options and choices for much much too long.</p>

<p>My DD was also accepted this weekend at ND - she also has been accepted at Alabama’s Honors College with a full tuition scholarship. My wife and her brother are ND alums so there has always been a lot of ND love in our house. However, you need to visit Alabama. The campus is quite impressive and the people warm and friendly. I must stress Alabama is NOT like the “Deliverance”. Like many Northerners, we were sceptical before we visited and were pleasantly surprised!</p>

<p>We have saved enough to fully pay 4 years at ND for DD. However, our daughter wants to be a doctor. With years of medical school ahead, $16k a year instead of $60k a year is real money - and would pay for a good part of her medical school. </p>

<p>We will support her in her decision, and will make another visit to both South Bend and Tuscaloosa, but the banker in me is leaning south. Some friends have suggested that the BCS game results determine the outcome!</p>

<p>This is so interesting that there are 2 ala/ND possible students. Our son is in the same boat. he is actually telling people he will know on Jan 7th! His brother is a senior at ND and his sister went to UNC CH. We are in Ohio. we have really enjoyed the closeness and size of ND. Also it is refreshing to have spirituality be so available. We have not been to bama yet but it looks beautiful. I think like Manti we will have to ask our Heavenly Father for guidance. Oh also waitingon vanderbilt and UNC.</p>

<p>dser89 - I went to ND. I loved ND. My family contributes tons of money to ND. Also, I sit on a medical school’s admission committee. </p>

<p>As a rabid alum and a member of a graduate admission commitee I have to say . . .</p>

<p>Go to Alabama. It’s a flagship university with what appears to be an amazing honors program. Don’t go into debt.</p>

<p>“I am not expecting much in terms of scholarships because my parents are actually very well off.”</p>

<p>If your parents are in the 1%, and don’t have special factors such as high medical bills, a special needs child, a business going bankrupt, etc., then yes, you won’t get any need-based financial aid from Notre Dame.</p>

<p>But before you turn down Notre Dame, I agree that a frank discussion with your parents and/or the financial aid office is probably in order. Unless they have shared the details of their tax returns and financial status with you, you might discover that they are not quite as “well off” as you imagine.</p>

<p>Fin aid dept tend to have little empathy for parents that are not willing to pay for their child’s education. Most 18 year old students don’t understand it’s hard to pay off a $10,000 credit card let alone $150,000 in student loans. DO NOT PUT YOURSELF THAT FAR IN DEBT.<br>
If you have the credentials to get into ND you will have more than 2 options (ND vs UA). Many of ND peer schools offer merit scholarships. Check out Wash. St L, Vanderbilt, Emory, Rice, USC for starters.
Do some research on UA. Some NMSF and NMF love it there, others find it about as challenging as junior high school. Keep your options open. Good luck.</p>

<p>I agree with Clarermarie. Talk to your parents. See what the real story is. While I don’t agree with going too far into debt, there is a value to notre dame that is priceless. No one else is saying this, but it is true. If you choose to go there, get involved, work hard and stand out. Then ask financial aid for more help. Our experience with ND for our oldest was that they gave her more University Scholarship every year! The first year was tough, for sure, but after that she had a lot of help from them. And, we are very middle of the road, financially. Now with our son, who was just accepted EA, we will juggle the numbers and try to find a way to make it work. Good luck! I am sure you will do well in whatever choice you make.</p>

<p>Op it is time to look at this as an adult, a 160k in debt really isn’t reasonable for an education albeit a good on. There are no guarantees that a ND degree will provide you a better job let alone one that could afford that kind of debt. My H got his BSEE from USF and a friend MIT both Air Force officers making the same amount of money! Weigh your other options and see what is the most feasible and in my opinion finances need to play a part in that. As far as Alabama goes it really is a good school, my D is capable of going to a selective college and really that was the goal then we visited Bama, it changed our perspective on the college search.</p>

<p>Would your parents even be willing to co-sign for such a large amount of money? Effort, rather than payment of high tuition bills, is a much more import input to a successful outcome.</p>

<p>Our DD also got into the Honors Program with a full ride to Alabama–it certainly is a sweet deal! Good luck with your final decision!</p>

<p>Our family’s decision is between a full-ride at the University of Kentucky and ND (likely with some FA, TBD). As parents, we made a commitment years ago that we wanted our children to have access to opportunities if they were willing to put in the work. They have been successful and now it is time for our planning to pay off, hopefully.</p>

<p>My point is that as a family, we have been planning for twenty years to make a $250k decision. I would think it would be incredibly difficult to make a decision of this magnitude quickly. Fortunately, you have a few months to work through options although you are more limited if your family is just getting started. </p>

<p>Talk to your parents and the ND FA office. Get as much information as possible for making this important decision.</p>

<p>FWIW, if debt is involved, I would recommend attending a state flagship. I agree with others that $100k+ in debt that cannot be discharged (even if, heaven forbid, you die) is a huge risk that will limit your options and impact your life for decades.</p>

<p>You sound like a very smart person. You have time to make this decision. Talk to your parents. Talk to the FA office at ND. Look into scholarships. There are on campus resources too. Maybe you could be an RA at some point? That would help with room and board. For many people, an ND education is worth debt. Most of my daughter’s friends (class of '11) had a good amount of debt. Remember, a lot of people will think nothing of financing a 30K + car and do it over and over again…some debt might be worth it to you. Best of luck!</p>

<p>Irishcali- when you finance a 30+K car you have a reasonable expectation that you can pay for the car with a job you already have. With a 160+K education you assume you will get a job once your education is complete…you know what they say about assuming right? especially with that kind of debt?!</p>

<p>Run the NPC for Notre Dame which I believe is close for that school. It’ll give you an idea on what kind of financial aid ND will be offering you. You can also share this information with your parents. When the time comes at the end of the year when fin aid packages are sent out, you and your parents can make the decision on what you can afford as a family. If your parents remain adament that they are not going pay any or much of what the cost of certain schools, then you can’t afford it. YOU, as an 18 year old are not going to be able to get any loans on your own other than the student Stafford for $5500 your first year. Your parents would either have to borrow through their resources or co sign for you which is effectively taking out the loan with you. You have a great opportunity with University of Alabama which will leave you and your family debt free for your college education. </p>

<p>A lot of kids have a tough time when their parents have always been able to come up with the costs of things. The cost of a private college is just way over what most families can afford unless they have been planning and saving for it. ND is close to $60K a year, if not over that. I know a number of ND grads who aren’t making close to that several years out of school, One young woman who was a brilliant student is struggling 14 years out of ND, still with loan payment from having gone there which has hampered her housing and lifestyle as well as that of her husband and two little kids. </p>

<p>We put a dollar limit on our kids’ colleges and I am ever so grateful that they immediately threw out all acceptances that went over the amount. No quesitons or arguments that we could cough up the money somehow, which we could, but in the years since it’s been rough making even the commitment we did.</p>