<p>so i'm a sort of upper-middle class kid, and i've recently gotten into one of my top schools EA - Caltech. Still waiting on a few more schools, but for all intents and purposes we'll assume that i'm going to go to Caltech. Most other schools i've applied to have similar financial aid policies anyways. So i just recently got my financial aid form and they have me, after subtracting work-study, an EFC of a little under 44,000$. The thing is, I don't think my parents have too much in terms of savings and my parents are in business-related jobs so most of our income consisted of bonuses which would probably disappear quickly in the next few years. I think we have about $20,000 saved for college right now, and with our mortgage and all and my sister needing to go to college right after me, I don't know how we'll come up with around $160,000 in total. Is there a way for me to qualify for student loans, or find some low-interest way of borrowing? I'm not an <em>amazing</em> student so I won't be winning any big scholarships or anything. On the other hand, i have a full ride to Rutgers, my state school, but i don't think i have any intention of going, nor do my parents want me to go. Any suggestions? Thank you in advance.</p>
<p>Sorry, i realize that i haven't done much research into this subject. Please educate me!</p>
<p>You got into Caltech and you’re not an amazing student? You must be a bit more amazing than you know! How very unusual to accuse a kid on CC of that!!</p>
<p>Most here will tell you you’re crazy to consider borrowing that much. I agree on the whole but I do believe phenomenal schools may be worth it.</p>
<p>But you’re looking at more that $160K given expected increases and that’s a boatload of money. It will seriously change the way you’ll be able to live for a long time after you graduate.</p>
<p>So I’d take a hard look at what you would be paying–if you got into CIT you can clearly do the math. Then consider what grad school might add to that. Think about if your desired profession pays enough to handle it and still have a somewhat normal life. Then I’d look at if your parents have the credit to co sign loans that large because that will be necessary.</p>
<p>Sounds like it’s time to hash out the financial situation with the 'rents. Do you know if Caltech is going to give you any merit money? The $44K would be paid from savings, current income, and loans (you can take the Stafford loans in your own name, but that’s only $5500 for the first year). It would be alot on your parents, but may be manageable if income is high enough. They may also be planning to tap into their home equity if they have a line of credit in place. And don’t forget about travel costs back and forth from NJ!</p>
<p>Personally, I would look very carefully at whether the program/opportunities at Rutgers can satisfy your needs. If so, it’s likely you’d be happy there if you’re generally a kid who lands on her feet. A full ride in this economy is a blessing, especially if you’re considering grad school later.</p>
<p>If you were my child, I would say take the full-ride to Rutgers. It will be a blessing to come out of college debt free, and Rutgers is a perfectly respectable (and depending on the department, even world-class) university. Think what else you could do with $160,000 if you had it. Would you take an unpaid internship with an organization that was interesting to you? Would you take a Junior Year Abroad? Would you travel for six months after college graduation? Would you make a down payment on a house? Would you go to grad school in the field of your choice rather than in a field guaranteed to make you $XX each year?</p>
<p>I agree with the comments above. In this economy, every penny counts. I find it amazing to win a full ride anywhere, and if it happens to be a good school… it’s a no brainer. $160K is a HUGE amount of debt, specially for a kid right out of college.</p>