<p>Tyler, if your choices were the University of Kentucky or the University of Tennessee vs Stanford and Yale, I would understand your predicament. However, the gap between HYPS and Michigan is marginal. Stanford and Yale and two of the top 5 universities in the US. Michigan belongs to the next group of universities, which include other elite institutions such as Cal, Cornell and Northwestern. A top 15 university for free is a better bargain than a top 5 university at full (or even half) cost. In fact, even if you got some money from S and Y, if the cost of attendance delta over four years is more than $100,000, I would strongly urge you to go to Michigan.</p>
<p>I get the feeling that your heart is set on Stanford, which is why I would definitely recommend you go there. You do not want to be in Ann Arbor 2 years from now thinking 'what if', because the fact is, things fall into place. You might think that Stanford is fiscally difficult, but once you actually look around and talk to people, you'll realize there are resources available to help you out. </p>
<p>Stanford is a once in a lifetime opportunity. I would not forego it.</p>
<p>I really really want a Cadillac, but they are so expensive. Someone offered me a brand new free Buick if I refused to buy the Cadillac. Gee, what should I do? We're talking about a lot of money here. I would think a graduate/business recruiter would be more impressed with someone who made an intelligent decision to fore go huge debt and attend a school that is nearly as good. I know I certainly would. I honestly believe that people on CC who are encouraging you to go into HUGE debt because Stanford is so much better are doing you a major disservice. You are going to have huge debt for graduate school, isn't that enough?</p>
<p>i predict he will choose umich.</p>
<p>I'm not sure if the logistics of this would work and life has a way of going differently than you plan but here's a win-win (I think) that might possible make everyone happy (if it's viable.) Then again, it could be like cutting a piano in half to share it : )</p>
<p>Would it be possible to spend your freshman and sophomore years enjoying the Michigan full ride, which would allow your parents to conserve money the first two years PRIOR to your sister going to school? That way, they've immediately received a 50% benefit from what they expected to have to pay (which, if they're like me, might make up what what their funds have lost...)</p>
<p>Then, for your 3rd year, once you know where your sister is situated, you could see about transferring to Stanford (unless of course at that time you decide Mi is where you want to stay.) Here's why - - Your sister, if she is the type of student you are, may receive and choose full ride somewhere. If not, and even if your EFC is really really really high, FAFSA will account for the fact that there are TWO students in college and ergo there might be the possibility you'd qualify for some financial aid or grant, depending on the institution (eg. Stanford may not be giving you anything NOW because your EFC exceeds your COA).</p>
<p>Just a thought with obvious drawbacks such as switching schools/transfer viability etc. I did the reverse as a student (went to dream school as independent, completely ran out of money, transferred to more affordable school...) But since Stanford and U Mich are on par more-or-less in the rigor department, it just might work. </p>
<p>From a career perspective, you'll be meeting twice the number of future prospective business associates as well : )</p>
<p>Madcap, perhaps, but worth tossing around.
Cheers,
K
This plan may then offset any parental regret re: Stanford and at the same time be of practical benefit.</p>
<p>I'm not so sure Stanford is going to allow someone to transfer to their school who was once accepted and decided to go elsewhere. I could be wrong, but it really seems unlikely.</p>
<p>Transfering into one of the top 5 (HYPSM) is really tough. I have known a few who managed, but it is a long shot.</p>
<p>Here is something to consider though. Purely from a cost perspective:</p>
<p>The University of Michigan-Ann Arbor with a near full-ride</p>
<p>+</p>
<p>Cayenne</a> - All Cayenne Models - Models - Dr. Ing. h.c. F. Porsche AG</p>
<p>+</p>
<p>Down-payment of this
Weir</a> Manuel Realtors</p>
<p>OR</p>
<p>Gratuate School tuition (Law or MBA)</p>
<p>=</p>
<p>Stanford or Yale at full cost</p>
<p>Just a quick detail I'm not sure came through clear. Regardless of the choice I make (provided I was even able to make the choice) I would not graduate with any debt, unless they gave a verdict and I decided to go against it. Should I choose Stanford or Yale, my parents would pay any loans I had to take, but they may be unable to help pay for grad school. If money ended up being tight I would have to work for my own spending money in college. </p>
<p>For that I am lucky and thankful, but it would put a strain on my families finances for a little while.</p>
<p>First of all, if you have $160,000 coming out of school and spend it on a Porsche and a down payment on a $800,000 home, you need to get your head examined. It's going to be tough to afford that mortgage, insurance on that house and car, $20,000 in property taxes, etc. on a starting salary. And I think Alexandre has probably forgotten how much it would cost to heat a 4,200 sq ft. place in a Michigan winter with natural gas prices where they are now. ;)</p>
<p>Think of things in terms of where the average college student is upon graduation. No savings, driving the same crappy car, a job paying maybe $60,000, and renting - paying for a smarter person's mortgage. Go to school for free and start saving now, after working in the summers or whatever, and you'll be in great shape after graduation to maybe buy a new car and a (modest) home. Or in great shape to pay for grad school if you want to look at things that way.</p>
<p>I was faced with a somewhat similar choice three years ago...a top-tier private school (but not HYPSM) at full price or Michigan in-state. I woke up one morning and just knew Michigan was the right choice. I've done much better than I expected, and I probably could have afforded the higher tuition, but I would have had to struggle for four years of school and then a couple years after graduation. Grad school would put me in debt, without a doubt. I turned 21 this past weekend, I can't even explain how excited I am that a house and new car should be well within my means when I graduate in two years - at the age of 23. If you're as good a student as it seems, you'll do just as well out of Michigan as Stanford. Save your money, can't stress it enough.</p>
<p>ewwwwwwwwwwwwwww
Alexandre. seriously
a Cayenne????. i just puked. </p>
<p>this is more like it
Lotus</a> Cars USA: 2008 Exige S 240</p>
<p>Cayennes are better for the desert. ;-)</p>
<p>It does not have to be a Cayenne. It can be any car that costs $50k-$60k. And it doesn't even have to be a car...or a downpayment on a home. It can be the total cost of attending a top-ranked Law School or MBA program. In short, $160,000 is a lot of money. If the OP's family is extremely wealthy, then that amoung of money is insignificant and he should go to Stanford. But if they aren't very wealthy, then the choice is tougher to make.</p>
<p>i just don't like cayennes because they aren't true Porsches. if i had to pick a sports car/expensive car/exotic car, the cayenne would be at the bottom of my list. </p>
<p>but back on topic, it's still very early to decide. you have till the end of april, so i would sit on it. make a list of pros and cons and consider each very carefully. i would also schedule a visit to umich to get a feel for the campus.</p>
<p>With respect to the fact your parents have generously agreed to pay for your college education, please do consider that one very distant day they are likely to leave their assets to you and your sister. Directly or indirectly, the expenditure of $160,000 can affect your future wealth, via inheritance or perhaps via feeling duty-bound to support your parents' lifestyle late in life should fate take turns that leave them less protected than they intended. It will ultimately affect your family's net worth, which is likely why you have so many people on this thread trying to quantify just how much money it is. (To us.)</p>
<p>That does not change my previous advice about following your heart, but do so with your eyes open. </p>
<p>And, whether or not you like the dreaded Cayenne, you cannot take it into the ground with you. But you do keep your memories, thoughts and what you've learned right until the very end...at least usually (unless you're like me and getting dottery : ) So while it IS a lot of money and technically not YOUR money at stake, it still needs to be weighed in its proper context. Which again, is not exactly helping you arrive at any decisive aha, so again, I will stop : )
Cheers,
K</p>