Is Harvard worth 80k in debt?

Paying for College
21

You are $25k short the first year, then next year and future years the aid is expected to be reduced, plus expenses will increase a few % per year.

So that would be at least $100,000 after undergrad.

That loan amount would accrue interest while in med school and during residency. That could well be 8 years or more.

If you go to GA tech you would have none of that debt. You would have money from your parents to use for housing and would have to borrow less for med school.

Stamps Scholars have access to lots of opportunities.

22

I thought Harvard made it affordable to everyone without debt?

23

GT is a tough school to graduate and have good GPA. D was Stamps finalist from OOS last year and didn’t get it. The truth is even if she got it, she might not have gone. During the parents presentation, one parent of past stamp scholars talked about his D having to repeat a class, after getting a F. I suppose for a semester, her scholarship might have been suspended too. I would have been concerned about changing my major after I didn’t do well on my initial intended major, and thus getting less what I hoped for. I heard more than one scholar talking about it during the scholarship weekend, which is normal for college students, but concerning if you realize that they moved to easier majors instead of STEM. But stamps is really more than a scholarship, it is a network, enriched opportunities so you might want to talk to more people in your major there and find out what you are dealing with…pressure wise, GPA,etc.

On the other hand, due to your mom’s pay raise, can they contribute more to your Harvard education if you go that route?

24

Apparently the family has a $25k EFC at Harvard, subject to increase with mother’s increased income.

That doesn’t mean that the parents are able to pay that.

25

@mommdc EFC of $35k but parents are only willing to contribute $15k

26

@SincererLove I have inquired about that, but unfortunately my mother is still paying her student loans so that is not a feasible option. 15k a year is the max

27

@TomSrOfBoston That is only true if parents will meet their contribution

28

@GaBassin Thank you for the correction. And how much would the EFC be with the higher income?

29

@TomSrOfBoston yes Harvard has very deep pockets. The school determined that this family can pay $25,000 a year…so their income isn’t low income.

The thing is…the family has to decide…can they afford the family contribution for Harvard…or not.

The Stamps at GT is a terrific, and free option…

I don’t think this is an easy decision.

But the Stamps has its own level of support, alums, opportunities, etc. It’s a great opportunity.

@“International Dad” this family is going to need to take $25,000 a year out in loans to pay for Harvard.

If this student can get a job…and pay for their own discretionary spending…that would be helpful.

30

@BuckeyeMWDSG Do you have any insight on the strength of the Stamps network? I seriously have no idea what I’d be turning down.

31

@GaBassin first, congratulations on your fantastic options. Also, give your parents a hug, they appear to be willing to help you quite a bit. I don’t know how to do the ‘grey box quote’ thing but when you said your mom is still paying off her student loans I think that should give you a pretty good nudge in which direction you should go. Do you want to be still paying loans when your children go off to college or be debt free?

GT is a fantastic school and is no second rate choice. There are some pretty brilliant kids there, you would be in good company and with what GT is offering you I see no reason that you would fair any better going to Harvard. Debt free is a very good thing and can alter so many things in your future. Take the money and run!

32

To me this is a fairly easy decision. GA Tech all the way. The freedom of no under grad debt completely cancels any boost you’d get from a Harvard under grad degree with intentions of getting an advanced degree. If you want to take on debt for your advanced degree then it makes more sense. A buddy of mine graduated from Harvard Law but didn’t attend a prestigious school for under grad. He invested in the name brand grad school and saved on under grad and is better off for it.

33

What if you transfer to Harvard after two years at GT? Or can you take two gap years with Harvard to keep your place? Then you will have $60k to pay for last two years of Harvard?

34

http://www.stampsfoundation.org/
https://en.wikipedia.org/wiki/Stamps_Family_Charitable_Foundation

Read through this post about Tulane Stamps offer and PM the parent of a prior Stamps Scholar @dumbo11
http://talk.qa.collegeconfidential.com/discussion/comment/21429242#Comment_21429242

Other than being very impressed you were selected, and seeing the incredible success of the program (only established in 2006?) It’s not surprising people aren’t yet aware what an opportunity it is. Learn more about it.

35

Stamps Scholarships were first offered in 2006 at the University of Michigan & at Georgia Tech. Awards vary in amount. OP probably received a top award as it covers more than just full tuition. Currently 41 institutions award Stamps Scholarships.

36

"Georgia Tech, like Purdue, is a poorer man’s Caltech.), "

Purdue is Texas AM in Indiana.
GT and Purdue are nothing alike.

37

Go to GT and be stellar there! My medical oncologist was a ME grad from GT before feeling the call the medicine.

Down the road, who knows, you might have a medical specialty from Harvard.

One will have enough debt through Med School.

38

I have also received the Cornelius Vanderbilt scholarship (Full Tuition) which would leave me at 22k a year for Vanderbilt and the University of Georgia Foundation Fellowship (Full Ride). Would it be smart to continue to consider these options as well?

39

I’m not sure I can speak to the current institution, but when I was there 25 years ago, it sure seemed like many people there were one of the very best at something. Math, microbiology, film making, ballet, Proust, international relations, writing, etc. etc. etc.

Not everyone was like that of course, but enough were to make it a very interesting experience.

My guess is that, given your talents, you will be wealthy enough that you’ll be able to afford a few luxuries in your life. Perhaps this should be one of them.

40

What? If he takes gap years…or years…he can NOT take courses elsewhere. Harvard isn’t going to hold a place for this student for two years while he takes college courses elsewhere.

@SincererLove What makes you think this would be possible?