<p>Hi guys. I've been pondering this for a while now, but wanted to know it anyone had any more opinions before I make a decision. I have the opportunity to attend a top 10 LAC, and can (almost definitely) get accepted if I apply ED (bc I'm a recruited athlete and my app is supported by the coach). It would cost me 19k per year for the first 2 years, and 25k the second two. My parents can't afford to contribute to the cost right now, but I would try to keep debt down by getting jobs during he summer.
I also have the opportunity to attend a state school very cheaply. It's a decent school, not well known. I would try to get into the various honors and scholars programs, and have a fairly good chance. I would likely pay 10k to go here, maybe a little more or less.</p>
<p>I want major in engineering right now. However, I am very indecisive and want to keep my options open. The LAC has an amazing science department and a guaranteed 4-1 engineering program with an ivy school. However, it has a really strong department in just about anything.
The state school is known for being strong in the sciences and engineering, but very very disproportionately weak in every other program. So I would probably be stuck in a science program and would not be able to explore my options.</p>
<p>Sorry this is long, but the last day to apply ED is today. please please tell me what you think I should apply to!!</p>
<p>There’s no reason not to apply ED if you really like the school. You’ll get a FA package along with any acceptance you might get. If it doesn’t add up, you can still not go to the school. You don’t need to make the decision today, go ahead, apply, and see where the numbers lead you when you get them. </p>
<p>Not applying today may close this option, so I’d lean toward applying. Plus, with a Dec. 15 notification, you’ll still have the state option open to you, and as a recruited athlete, other offers may still show up.</p>
<p>In general, it is not a good idea to apply ED to a school that you can’t afford. However, it is very possible you will lose the Coach’s support if you do not apply ED. My son ran into this last year. We would not let him apply ED because he would not find out about merit scholarships until after the deadline to accept. By then he would have had to drop all of his other applications. He applied RD and the Coach pretty much told him he was moving on to other players who did apply ED. My S was eventually accepted RD but the merit aid was not enough to make it feasible. </p>
<p>Graduating with $90k debt vs $40k debt for you is a huge difference. You could not borrow that amount in your own w/o a co-signer. Are your parents willing to co-sign? If not then the ED app. would be very unwise.</p>
<p>*It would cost me 19k per year for the first 2 years, and 25k the second two. My parents can’t afford to contribute to the cost right now, but I would try to keep debt down by getting jobs during he summer. *</p>
<p>I agree with mom2collegekids. There is over $80 that is unaccounted for. Will they manifest themselves in the form of debt. If that is the case, the OP really needs to check the LACs FA policy. $80k is a lot of debt.</p>
<p>I will reiterate, because I really doubt you’ve received a definitive FA package from the school, you will have an out if the numbers don’t add up. You really don’t want to take yourself out of the game here because of what might happen. Maybe your FA package will be better than you think - the EFC calculators are known to be tools that estimate costs, they don’t guarantee you those are the numbers one way or another. If a family business is involved, they are often wildly wrong.</p>
<p>The trick here is, knowing the elite LACs, your FA data is due at the same time as your application. (That deadline is likely tomorrow, 11/15, not today.) That’s a lot of data to gather and enter. If this is your only ED choice, give it a shot, you’ll still be able to withdraw with no penalty if the FA package doesn’t work for you and your family. Yes, it might not be a good idea, and that is a huge loan, but unless you apply and get a definitive FA package, you’re not going to know. The FA package might be bigger than you think. Or it could be impossible, you just don’t know. </p>
<p>Put the app in, then decide if it’s not do-able. By taking yourself out without the app, you’ll never really have a definitive answer.</p>
<p>Thanks. The fifth year would cost 40k btw, I don’t think aid is available. </p>
<p>Btw I also have the option to apply to another great LAC ED with an engineering ED, and it offers a bachelor in engineering while the aforementioned one does not. However, this would cost (according to net price Calc) 25k for first 2 yrs and 30k for second 2 years. I don’t have to apply there ED. Please let me know what you think ASAP, I only have a couple hours left. Thanks so much</p>
<p>A fifth year is a long time away. Plans change. You also state you are indecisive, engineering is a possibility, not a lock.</p>
<p>You seem to be trying to make plans on what MIGHT happen rather than what you have in front of you right now. A lot will happen between then and now. If we could predict what would happen in 5 years from now with any degree of certainty, there are a lot of firms you could go to on Wall Street right now and make more money than God. Things like that have a way of working out - plan for your education on what the definitive facts are now, not on what might happen.</p>
<p>Again, you are basing your decision based on EFC calculators which are only estimates. Only by applying will you have a definitive answer, and an answer you can step away from if the offer isn’t up to something you can afford. The other school is a perfect second shot if this first one doesn’t work out, either from an admission or FA standpoint.</p>
<p>$19K - $25K amounts to the full cost to attend a typical state flagship. That’s a large sum to be covering each year without any family support.</p>
<p>Those numbers presumably are your net costs after deducting estimated aid from the full cost of attendance. What does the estimate include? Is it all grant aid, or does it already include loans and work-study? How reliable are these estimates?</p>
<p>If it already includes loans and work-study, there may not be much room left for you to borrow and earn the difference. Even if it doesn’t, those still are big amounts to cover entirely from “self help”. You’d be lucky to earn a few thousand dollars from summer jobs each year. There’s a limit to how much you can borrow in your own name ([Subsidized</a> and Unsubsidized Loans | Federal Student Aid](<a href=“http://studentaid.ed.gov/types/loans/subsidized-unsubsidized]Subsidized”>http://studentaid.ed.gov/types/loans/subsidized-unsubsidized)). Your total self help (loans + employment) probably won’t amount to more than $8K-$10K year. How will you cover the gap?</p>
<p>Just to clarify, the institution costs 62k and the estimate gave me about 41k grants, 2k work study. I would have to borrow the other 20k per year, and work to cover a part of the debt. My parents said that they would contribute what they can for now, which isn’t much right now.</p>
<p>I just want to emphasize that if you apply ED and are accepted, the ONLY appropriate reason for withdrawing is that the financial package doesn’t work for you.</p>
<p>If your parents can’t contribute much and they have a small business and it’s an Ivy League or top school (known to be especially generous for FA) then the numbers given by the NPC are probably wrong because these schools meet need, so parental contribution + your contribution + 5,500 loans + 2,000 work study + grants should add up to 62,000. Of course it could be a case of parents not willing to pay, but it sounds like your parents can’t afford much not that they’re unwilling, so the NPCs are probably thrown off because of the small business. Do apply. If the financial aid package does “gap” you by $13,500 (ie, 19,000 - federal loan) then either appeal or apply to School B and State School. In fact you’re allowed to apply to School B and State school right now, as long as you’re willing to withdraw once you’ve been admitted to School A ED with a FA package that makes it affordable.
If your FA package is too low for you to attend, let School A know, two things can happen: 1° the coach will push for you and they’ll adjust it OR 2° you will not get anything more and will decline due to financial hardship.
Going to an Ivy-league caliber or “brand name” school matters only in specific cases:
you’re lower income, first gen (neither parent has a 4 year degree), and/or URM
you plan to work on Wall Street
you plan to work in show business/theater/film
in some cases, if you plan to major in math and are already very advanced (2 years of more compared to the average student)
you need specific support (wealthy schools have LOTS of support for students)
In other cases, there’s not much difference in outcome and the cheaper school is a better choice.
You also know yourself better: do you perform better when all your classes are challenging or are you okay with having half your classes with less motivated students?* do you want small or large classes your freshman year and which school offers them? Any special opportunities such as study abroad, domestic programs, internship opportunities at one school or the other?</p>
<p>*OP is talking about a non flagship program I believe and some driven students don’t react very well when they’re the only ones participating or having done the reading, which can really happen at a local state school.</p>
<p>I thought the way to manage ED ethically is to have a concrete plan for dealing with what the NPC gives you and if you are accepted with something close to that or better you enroll. If your circumstances change drastically in the interim after submission of app or the FA package is much worse than NPC, you respectfully decline due to finances. </p>
<p>Is that not the way it is?</p>
<p>If that’s right, then you need a plan to deal with the $19K/yr. How much can you earn summers? Where are these loans coming from? Have your parents checked that they qualify to co-sign on loans of this size for you and have they agreed to do so? That needs to happen before you push the submit button. </p>
<p>I don’t think that sending in the app and hoping against hope that the NPC erred against you, as someone suggested, is the right way to do it.</p>
<p>If you have all the ducks in order and are willing to take on that debt (braver than me, for sure), then go ahead. I’m debt averse myself, never take a loan for anything, mortgage excepted and paid that off in 4 years so I could sleep at night. So I’m no help advising about debt, but I think I have the right general idea about process.</p>
<p>You’re probably correct about how is SHOULD work, but there are just some cases where the EFC calculator doesn’t work. </p>
<p>I am very vocal against game-playing with ED, but in this case, I have no problem with OP sending it in to see what they can get, and then turning it down even if it does come up as the number calculated right now. If they could even get the EFC to $10k, and being off by $10k on the EFC is not uncommon, that’s not an unreasonable loan package plus summer work.</p>
<p>I know D III schools don’t offer scholarships, but I sometimes wonder if need-based aid is not somehow “tweaked” for a desired athlete.</p>
<p>Looks like neither is optimal from an academic standpoint. Looks like the LAC does not have a “native” engineering major, so you would need an extra expensive year to finish an engineering degree. The state school looks like Georgia Tech or one of the “Mines” schools.</p>
<p>But the LAC looks like it is too expensive. $80,000 in debt does not make sense (and you probably won’t be able to borrow that much without a co-signer).</p>
<p>I agree that if the NPC is accurate School A is unaffordable (but based on what OP said, I doubt it) . So if FA turns out to be insufficient and NPC as not inaccurate, then OP will have to turn down the admission offer.
It’s really one of these cases where it’s worth it to apply ED. NPC’s have been known to be quite inaccurate for families who own a small business and it doesn’t sound like the parents aren’t willing to pay, just that they’re not able to contribute $19,000. In addition, School A is very likely to meet 100% need to admitted students and have generous packages.
And, MrMom, you’re right that some things are tweaked and grants found for athletes that meet the academic criteria of the school, that’s why I don’t think OP risks much by applying.</p>