It’s down to the wire now. I finally received my financial aid package from Amherst, but they calculated our EFC as way, way, way out of the realm of possibility, and my appeal was denied. Middlebury would cost $5000/year less, and Bryn Mawr, my current second choice, would cost $10,000 a year less, including loans in the package. Can I justify paying that much more to go to Amherst? I like Amherst, the open curriculum, and the boys, but do you think it’s worth so much more than other elite liberal arts colleges?
Our upfront payment for Bryn Mawr is $2000/yr, by the way, and then the standard federal loans. Amherst doesn’t give loans as part of the package, but thinks my family and I can afford $17000/yr. Which is like a third of what our house is worth, honestly, and a little less than a third of my family’s income, so there is absolutely no way.
Oh, and my brother’s in college too, at an out of state flagship.
Is it worth it to take out loans (even though they aren’t included in the package) and possibly borrow money from family to afford this school?
Yes, after tuition and housing/meals. I don’t know what my major will be, but probably not something super lucrative, because I don’t like math or science.
The actual cost for Bryn Mawr, as in the money they didn’t give a grant for, is about 7000. Including housing and everything.
So, you are paying $2000. this year to go to BMC, plus the maximum student loan amount of about $5000? And Amherst expects you to contribute $17.000 and, since you don’t have that in cash to pay Amherst, you would be borrowing to meet that?
If it were me, I would say BMC, hands down. With classes (and extra curricula’s) with the Bi-Co community, there are guys in class, in the dining hall etc. Unless you were driven to go to Wall St – which Amherst is known for paving the way to – then BMC, with lower debt, will get you a wonderful education, a diverse community, and plenty of robust career options.
So Bryn Mawr would cost 28,000 over 4 years, and Amherst 68,000. In the grand scheme of things the $40,000 difference over 4 years between Amherst and Bryn Mawr is not huge. It’s less than the price of 1 year at most public universities. If you have decent prospects post graduation for a reasonable income than I would recommend that you pick Amherst. It’s one of the very best LACs and a notch above Bryn Mawr. It may very well open doors for you to internships and lead to a better first job than Bryn Mawr. The decision needs to take into account your post graduation prospects and the difficulty (or not) of paying off loans that you and your parents may need to take.
I’d vote for BMC and walking away with no debt other than the federal student loans. That is an excellent offer. fogcity seems to think that Amherst is somehow magically better than BMC. Maybe. Maybe not. But the difference between only federal student loans or twisting yourself and your family all in a bunch to borrow more than that amount of money is not worth it. Better BMC and no money stress than Amherst and daily worries about the money for all four years. And you would worry about it. That’s clear to me from the tone of your original post.
What differentiates any of the top 40 or more LACs, really, that would be worth paying an additional $40,000 for a middle class family? Some of them are richer than others, but all 3 of these colleges have bigger endowments per student than Penn, Brown, Columbia, or Hopkins. I know Middlebury’s facilities are fabulous. I bet Bryn Mawr’s are, too. They all enroll serious students. So, I agree with Midwestmomofboys. Besides, if there really is “absolutely no way” to make Amherst work, then why is it still on the table?
And, schools like BMC, Holyoke etc get hit in the rankings because their acceptance rate is higher, largely because the pool of applicants is self-selecting – you don’t get lots of random apps, only apps from women who are seriously considering. So, the quality of education, services, support etc at BMC and other schools are excellent, but the school itself is ranked lower and discounted in people’s minds for that reason.
Don’t overlook the strength and depth of BMC’s alumnae network. It’s fiercely loyal and resourceful. Likewise, keep in mind BMC’s ranking as a producer of PhDs. I believe that in most fields it surpasses Amherst.
Thanks everybody for the advice! @tk21769, there’s no way for my family to afford it from our income, I meant. I have some wealthy relatives who might be able to loan me some money, so while it’s theoretically possible, it would be a hassle. @SlackerMomMD, Middlebury is more doable, but I wasn’t as fond of the school as I was of Amherst and BM.
I still have a little bit longer to decide, so I will consider. I appreciate all your opinions, and any further input is welcome!
If the OP’s numbers are correct, her family is almost Pell grant eligible. For someone in that income bracket, any one of the top fifty colleges and universities in the United States would provide the same boost. I’d appeal the Amherst decision, then walk away without any hesitation, if they can’t match BMC’s offer.
Amherst is not $40K in private debt better than BMC. I am amazed that it’s even a question. You have fantastic opportunities @ BMC- and as it has been pointed out, there are boys in the picture. Moreover: go where they want you. BMC wants you. Amherst will take you. So you can go off to BMC knowing that you were good enough for 3 top LACs, and that you like the one that likes you best. You have a great opportunity to take charge of your life now- don’t hold yourself back with any more debt than is absolutely necessary. It is hard to get rid of.
This would be a good question to ask if your family had college savings to spend on the decision, but you will already owe about 20 to 27k upon graduation and more isn’t a good idea. So if your family has to borrow it when you have great options then go where you can afford. Amherst is known as a very generous school so I don’t know what happened.
I, too, am surprised that Amherst came in that much higher. I’m assuming merit aid wasn’t a factor at any of the 3. The aid package shouldn’t be affected by which one “wants” you more, if we’re talking about need-based aid and need-blind admission decisions. All 3 claim to meet 100% of demonstrated need. Some variation is to be expected, but ordinarily, I’d expect the richest most selective schools to offer more (or at least a competitive amount).
The OP already appealed the Amherst FA offer and was denied. I’m guessing assets or business ownership is somehow involved. But go with who loves you (BMC).
Congrats on your acceptances- you have wonderful choices! I agree with everyone who is suggesting BMC because you do seem to love the school and you would not be turning down Amherst for a second rate option. BMC has it all- the academics, gorgeous campus, location, post grad opportunities, alumnae network, and yes even the guys If you were choosing between $$ Amherst and a much cheaper second rate option I think the decision might be a little more difficult. But to me it is a no brainer to choose BMC and not risk the extra $40K in debt. If Middlebury appealed to you as much as the other two I would suggest requesting they revisit your FA package to see if it could meet BMC but you have already decided that BMC is a better fit so at least that decision is made. I just can’t see the justification in going into $40K of debt (let alone additional debt) when BMC is such a fantastic school on all levels.
Amherst is one of the best colleges in the country. BMC is no where close. They are hardly in the same category academically and Amherst does have better name recognition. I would go to Amherst.
BMC is a great school, and Amherst is in no way worth $40,000 more in debt. The OP has said she is not interested in a finance or math related field, which means that much extra debt is definitely not prudent.
Focusing on BMC, it has excellent academics, a true partnership with Haverford, access to courses at Swarthmore and even Penn, a beautiful vibrant campus and a strong dedicated alumni network. Opportunities for research or internships are plentiful as are leadership opportunities. In this circumstance, I would choose it in a heartbeat and not look back.
If you were choosing between $$ Amherst and a much cheaper second rate option I think the decision might be a little more difficult. But to me it is a no brainer to choose BMC and not risk the extra $40K in debt. If Middlebury appealed to you as much as the other two I would suggest requesting they revisit your FA package to see if it could meet BMC but you have already decided that BMC is a better fit so at least that decision is made. I just can’t see the justification in going into $40K of debt (let alone additional debt) when BMC is such a fantastic school on all levels.