Is going into debt worth it for UM undergrad?

Colleges and Universities A-Z University of Miami - Florida
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<p>Hey guys!</p>

<p>While I could have posted this question in the financial aid board, I felt like since this thread would be better suited here, since it really applies only to University of Miami.</p>

<p>Anyways, after getting deferred in December from Early Action, I found out that I got wait-listed for the Fall 2013 semester, however, I gained automatic entrance into the Spring 2014 semester. At the bottom of the letter, it stated that those students who qualified for spring entrance/get off the Fall 2013 wait-list would NOT qualify for any grants/scholarships, and Financial Aid will be based on an 'availability basis'.</p>

<p>Obviously, this crushed me. Many people who I know personally got scholarships, even those who had lesser grades/SAT scores than I did. So, I called the financial officer myself to see what was up. Apparently, I didn't qualify for anything.</p>

<p>UM is roughly $40,000 a year. That's a lot of money for anyone who has to pay out of pocket. The only thing I have going for me is FL Bright Futures (the full scholarship-- which won't even cover a single credit hour at UM) and pre-paid (which I have about $8K-$10K in but that's it).</p>

<p>Even with those things factored in, I would be in a crapola load of debt by the end of undergrad. Between $140K-150K at least. For comparison, my sister is a lawyer who, at the end of law school, had around $270K+ in debt. This contained everything, from her undergrad days, to he rlaw school days. My UM debt would be more than half of that JUST from undergrad.</p>

<p>My back up school is FIU, another local school (since I live in the Miami area). It is not as good academically as UM, and it is public, making it a much larger university. I am trying to bridge that academic gap between UM and FIU by applying to the Honors College. They offered me a 50% scholarship for tuition. With all of the IB and AP credits I have, I think I would only be there for 2-3 years max. Factor in pre-paid and bright futures, I would be getting a lot of money back, plus graduating in a shorter time.</p>

<p>I really want to be a UM Hurricane. It is still my dream school, and I want to go there at least once in my academic life. If it is not for undergrad, then I will make it happen for graduate school. I still really, really want ti go, especially if I get off the Fall waitlist, but it just does not seem fiscally responsible for me to get into all of that debt for undergrad. Add all of that in addition to whatever I owe from graduate school if I go to UM and decide to continue on with my education there.</p>

<p>What would you guys do? I really want to me a Hurricane, but I just do not know...it does not seem plausible financially for me to be one.</p>

<p>On top of that, my parents said that if I go FIU I would be able to pay for a car with the money I get back lo. While that does hold some weight in my mind, it just does not change the fact that I want to become a hurricane really bad. If I had the means to make the debt more manageable (under $100K), then I would go to UM...but as of right now, it just does not seem to make financial sense for me to go, which really goes against what my heart tells me (as cheesy as it may sound).</p>

<p>Seniors in the past who graduated from my school told me to not let tuition affect your decision on where you go...but looking at those numbers...IDK how I shouldn't let it affect my decision.</p>

<p>Also, since I would be debt free at FIU, I could start finding an internship with what I plan to be my future career. I would not have to work. At UM, in addition to an internship (which I want to do), I would have to find a job in order to pay off the debt as I go along.</p>

<p>Thank you guys in advance!</p>

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<p>$150K is a ridiculous amount of debt. Have you figured out the interest/payments/total finance charges? Why not a hybrid option? Start out at FIU, then transfer to UMiami for your last two years. If you get good grades at FIU it should not be a problem and it would cut your debt load in half.</p>

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<p>^^ what skewl says is definitely a good idea worth considering. It seems like going to FIU is really a good choice. I’m a huge fan of UM and I can’t conscientiously tell you it’d be a good idea to rack up that much debt for undergrad, especially if you’re considering grad school. You can also be able to intern at FIU and work when you get to UM.
I have some friends who are in a similar position, and it really sucks because they are all really curious and smart and would be amazing students at UM, but have to go to a Miami Dade or USF for now because of costs. I would think long and hard about why you want to attend UM. You can always cheer on the Hurricanes in sports regardless of school, and if you want to come to an environment where you feel that people care about learning and take their studies seriously, know that if you make yourself known in college, you’ll find people who think the same way, for the most part regardless of where you’re at. Plus, there’s absolutely nothing wrong with FIU honors. they have a great international relations program which would be really useful in preparing for a number of social science grad programs, like Law.</p>

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<p>My son and I attended an admissions presentation and were told the figure was 60K/year not 40K. The amount of debt you are talking about is hugely burdensome for a young person, just for undergrad.</p>

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<p>@skewl</p>

<p>the hybrid option of transferring from FIU to UM has definitely been considered several times by me. I spoke to my friend, who’s dad is one of the heads of the Dorm department, and he was the one who gave me the # for the UM Financial Officer. Apparently, if I had any sort of need-based aid (which, essentially, upon further explanation, is just more loans) it would be significantly more if I just started UM in the fall (if I get off the wait-list). Spring students and transfers, on the other hand, get little-to-no aid, since they consider it as starting school half way through the school year.</p>

<p>What sucks even more about this is, like I said in my OP, I know a lot of smart people who got into UM, as well as those who have similar-to-a-bit-lesser credentials than I do. The thing is their parents work there so they get huge-to-full tuition breaks, and the only thing they have to find a way to pay for is dorm, food, and books if I recall correctly. I know 3-5 kids at least, who I am friendly with personally, who are going to UM based on parent employment tuition breaks. I won’t have many friends going to FIU, sadly, lol. The ones who will are pretty much stuck in the same situation as me, regarding the debt.</p>

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<p>Stay out of debt at all costs! How many times do you want to pay for your degree?
I went to UM with my parents money. From day one I realized that I could have had the same courses at Miami-Dade (with the same prof & books) for a fraction of UM.
Starting out in debt is a huge burden. Every dollar you pay in interest is a dollar you can’t use for your self.</p>

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<p>You should have applied to the university of Florida. It is a top 50 school with good academic and very affordable.</p>