Hi all. It has been my goal since my first year of community college to transfer into UVa. I got in as a third-year transfer, from an OOS community college, into the Economics program. After receieving my financial aid award I came to realize I might have to throw in the towel and move on. My Father made $50,000 in 2017, $38,000 in 2018 due to a divorce alimony payment. My EFC was calculated at $17,000 a year. I recieved $7k in grants, and $12k in Federal loans. For the 19-20 year, the estimated yearly cost is $60,000 at UVa (room + boarding, tuition, books, etc) which would mean $41,000 in private loans. Getting an apartment and working my way paying it off with money I’ve saved up, and my Father’s help would bring that down around $10,000-$12,000 but even then it this possible? I’m not even sure if I can take out all that money with private loans on my own, I can’t put more stress on my family having them co-sign it either. I’ve tried contacting the financial aid office numerous times at UVa but can’t get any help so I’m on my own to figure out another way. My only option outside of UVa is to just live at home and attend a local college (very unknown, no career prospects) but I would be able to finish debt free. For what it’s worth, I’ve done 2 internships at CC and UVa has an amazing pedigree in regards to getting a job in my field of interest (investment banking, private equity, etc) which is why I was really looking forward to attending. Thanks
It would be possible, but it would be a poor choice with terrible and long-term ramifications. Go the debt free route. Take graduate school classes at UVA part time, share an off-campus apartment with a roommate, working full time (hopefully making a little more with an undergrad degree under your belt) and paying for PT grad school as you go.
Is your financial aid award in line with what the NPC showed? Other than your father, do you have a mother who also has an income?
An EFC of $17,000 seems high for an income of $50,000, but if your other parent also had income, then that could explain why it is high.
@Groundwork2022 I like the idea, maybe even for a MSF right after college. However, doesn’t undergrad prestigous play a massive role when it comes to admissions for top post-ugrad programs?
@college_query Well, I didn’t calculate NPC. But UVA said they meet 100% demonstrated need but I guess it’s not for transfer students. My family also had 4 kids including me – my Mother does not have an income so I have no idea how they got $17,000 for my EFC.
Parent income is only part of the EFC. Are there assets in your parents name or yours?
Undergrad prestige doesn’t play a massive role for grad school admissions. What matters most are your undergrad GPA, your letters of recommendation, your GMAT/GRE test scores, and your work/internship/volunteer experience related to the graduate field you want to pursue. People from no-name universities get into top grad programs every year. So if money is an issue for you now, go to the place that you can afford, become the biggest fish that you can in that particular pond, form strong relationships with your professors and stay in touch with them after you graduate so that when you are ready for grad school they can write the LORs that you will need.
A couple of points:
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I assume the EFC you mention is from the FAFSA. UVA uses the CSS Profile, so they could have computed a different EFC.
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Something really does not seem right here. If you number $17K is remotely close, I would think that UVA, as a meets-full-need school, would offer alot more. I have never heard (although I never had the need to inquire) that they don’t meet full need for transfer students.
I would definitely try calling them till you get to speak to someone.
It looks like UVA 100% demonstrated need does not apply to transfer students. It seems like they only give federal aid and merit money to transfer students.
start here
https://sfs.virginia.edu/new/undergrad/transfer
100K in debt, you cannot afford this school. You cannot borrow 100k without a qualified co-signer.
Adding to post #8, do you have any affordable options to transfer to?
@Mwfan1921 Yes, I can transfer to my local college and graduate debt free. That being said it does not offer the career prospects that UVa does, so I just need to delay my goals for something such as a Masters in Finance.
@sybbie719 - Please explain where on that link it says they do not meet full-need for transfer students? In fact, here’s a quote from that link: “If you are an eligible applicant for financial aid and submit your FAFSA and Profile by April 1, 2019, we will meet all of your demonstrated need, even if your other application materials arrive after the deadline.”
Regardless, I still think you should call them and ask.
Did you run the NPC prior to applying? Have you spoken to UVA and asked how they arrived at your approximately $41K family contribution? I don’t know the specifics of how UVA uses the income and assets reported on the CSS Profile, but it can’t hurt to understand the components of that calculation.
Regarding your career target of IB, PE, do you know as an econ major in UVA’s College (not McIntire) whether you can interview with Wall Street firms thru Commerce Career Services? It’s something to look into…there are separate career services for the College vs. McIntire, but I don’t know whether recruiting and interviewing are separate.
Regardless, $100K is too much undergrad debt, and your parents would be the ones signing on for most of that. What school would be debt free? And why would you need to delay getting a masters from there vs. UVA? If you let posters know what school you are talking about, they can probably be more helpful in their recommendations.
What is this special major that is not offered at your for free undergrad local college…and why do you think getting a degree will delay your goal of getting a masters in finance?
@thumper1 It’s not a special major. It’s jsut that not many companies come down to this campus to recruit for anything where UVa has unlimited options. As for the Masters of Finance, I meant that going to a less prestiogus undergrad would force me to look for better post-grad education. I don’t know how MSF recruiting works but I figured ugrad pedigree mattered in admissions.
@Mwfan1921 I didn’t calculate it. I’m getting in contact (again) hopefully to get an answer. As for your other question, Econ students do have access to on campus recruiting from wall street firms. And by delay I just meant by going to a less prestigious undergrad (College of Charleston), I would NEED to get a masters in finance in order to have a chance at these jobs and I figured a less prestigous undergraduate would hurt me in the admissions process.
OP, I’ve been a hiring manager in IT and Finance for 30+ years. I’ll let you in on a secret. From where you get your undergrad degree makes NO difference at all (the only exception is Wall St finance). From where you got your undergrad degree will never be asked or considered once you get your first job. All that matter then is performance. A grad from an Ivy and a grad from a generic U working the same position will get the same salary too! This does not apply to for-profit universities. Those degrees are worthless and never make it past the initial screening process.
Your grades and GMAT scores matter for grad school admission. Be smart, don’t take on debt for undergrad!
College of Charleston is a very good school (not by any stretch ‘very unknown’)…I believe you can achieve your goals from there and recommend that debt free over UVA with $100K debt.
I see many impressive companies on this list: http://careercenter.cofc.edu/parents/recruiting.php, including those that have the types of jobs you are looking for. I agree with the above several posters who have said prestige of undergrad is not very important for MBA/Masters of Finance programs.
College of Charleston is an excellent college. We know grads who have been extremely successful. If you can attend there with ZERO in debt…I would suggest you do so. My opinion.
@“Iron Maiden” @Mwfan1921 @thumper1 I appreciate the input. Thinking about it more, and more going to UVa isn’t really possible in my situation financially. CofC it is!