<p>I got into Duke, but I don't know if I can pay; they're giving me $26,000 scholarship and $5,000 in loans and the rest is up to me to pay; $20,000 a year. That's $80,000 over 4 years! I mean, how is people's average indebtedness at Duke around $20,000. My dad said that our EFC was unrealistic and not really "true." So how do I convey that to the fin. aid office and ask for an appeal without mentioning offers from other schools since I didn't get into any other prestigious schools? How do people pay for it?</p>
<p>And I read that students whose parents make below $60,000 at Harvard get a free education. Well, my parents make $63,000 a year, and we will be in an $80,000 debt. That's ********!!!!!!!!!</p>
<p>hmmm, you could appeal, and if no change, suck it up this year, and trya gain next year? can you get work at the school, that kind of thing</p>
<p>and btw congrats...</p>
<p>The EFC for middle class and upper middle class families is always much higher than anything somebody can pay out of pocket. Basically, the system is set up so that the poor pay almost nothing and the rich pay full price. The problem is that they you don't need to have a terribly high income to fall into the "rich" category. The EFC for a family making $70K a year is about $15000 or $18000. By the time the income goes to $120K a year, finan aid has dropped pretty much to zero. There are some people who see these as very high incomes, but they are not when both parents are working and especially not in certain areas of the country. If you want to go to Duke, you will have to take on debt in some way. Some people will decide that this is not worth it. One option for loans is the PLUS program where parents borrow money at low interest.</p>
<p>Dufus, I don't understand that if the EFC for middle class and upper middle class families is always much higher than anything somebody can pay out of pocket, how do they expect my family to actually pay them; what else is there besides out of pocket. My parents barely have any assets (maybe a total of $5,000 dollars).</p>
<p>I do not mean to imply by anything I say that I think your parents should necessarily send you to Duke. That is a financial issue with them. For that matter, if somebody offered you $80,000 to go to a state university instead of Duke, you might take it. Paying that kind of money is also a question of whether or not it is a good investment. It might be a better investment to go to a cheaper school and use the $80,000 on a house downpayment after you graduate. The alternative is to be paying off student loans for years.</p>
<p>Concerning the EFC not being necessarily being paid out of pocket: If it could be paid out of pocket out of available income each month, then you would be debt free upon graduation. Something like buying a house, going to college, or even buying a car is considered an investment. If you buy a house (or pay for college), you take out a loan and pay it back over time. If your EFC is $24000, you are not expected to pay $2000/month out of your salary. There are student loans in the student's name. These can be somewhat limited because people just won't loan large amounts of money to college students without jobs. There is also the PLUS program where parents can borrow huge amounts so long as they have a good credit rating. </p>
<p>I would urge you to see this from your parent's side. Getting into Duke was a good thing. Going to Duke would be a fun thing. However, parents paying to send their kids to expensive private colleges is more along the lines of buying the kids Porches instead of Fords. Talk to your parents about it responsibly and look at the options and benefits. They are not enjoying the process of finding out that they can not give their child what they want.</p>
<p>I think most middle class families pay the Hugh EFC from a combination, salaries, savings and parent plus loans (that is in addition to student loans). My daughter is a junior and thats what I plan to do.</p>
<p>Duke ripped me off with financial aid too. I hate being upper-middle class.</p>
<p>I am in a similar pickle. I got into Harvard, and they are giving me 12.9k, so I will have to pay around 32k. But today I found out I was accepted to Rice with merit scholarships, so I would have to pay only 14.1k for the first two years and 22.6k for the last 2. I want to go to Harvard, but my mom is pressuring me to choose Rice. I don't think I could survive in Texas, though. I am not sure what to do.</p>
<p>Between similar colleges, I would personally always go with the money.</p>