I have recently been accepted to my top choice dream school– Brandeis University.
I have also received a (almost) full-ride scholarship through the Daniel’s Fund. The trick is, the scholarship is only completely full ride for schools in-state (Colorado, in my case).
Meaning, I could go to CU Boulder for 100% free– the cost of tuition, books, room and board completely covered.
The school I really want to attend, Brandeis, would cost me the EFC (the only thing I am responsible for, cost wise) & the scholarship would cover the rest. My EFC is roughly $8,000 per year for Brandeis. I want nothing more to attend Brandeis, but realistically I and my mother could only cover about $5,000 per year. This would result in me taking out at minimum $12,000 in loans for all four years.
In the grand scheme of things, this is not that much money, especially considering the amount of debt many students are graduating with these days. However, I my anticipated major is sociology and I cannot realistically say that I will be earning much money with any job related to this degree.
My question is… Is it worth it to go to the school of my dreams and the cost of that would be loans, or is it better, realistically speaking, for me to go to a school where all expenses are paid for?
I know I will get a phonetical education whichever path I go down, but some outside input would be greatly appreciated.
What is your major? Do you plan on grad school? If you are confident you can handle $12,000 in loans (which is not a lot of debt and may even help you develop credit) I’d say choose to follow your dreams. If you can not handle the loans, and want to take on new expenses for grad school, maybe stay at Boulder for now. If you love Brandeis, I personally don’t think the cost is THAT drastic. You also may want to work summers, maybe even during the year, to minimize the loan amount.
^Did you read the OP’s post? They said their major is sociology. OP, I have to agree with you, for that major you need to minimize your undergraduate debt.
Go to CU Boulder for free. Especially as a sociology major (you may need grad school), there’s nothing major you will miss going to CU Boulder (an amazing school!) instead of Brandeis that will be worth the debt.
It’s so rare to have the opportunity to graduate debt free, and that is such a gift for a humanities major. Congrats–you should be very proud of both accomplishments (your acceptances as well as the scholarship).
[edited post as misread total debt, but I still vote for debt free education!]
Did you actually get the Brandeis aid package yet? Federal EFC may not be a private school calculation. Ad usually you would already have federal loans in the package of 5,500 per year. So getting the actual aid letter and post it. Full ride is very sweet deal, and a huge freedom for you upon graduation. I see your preference may be for a very different school. But remember to factor in the airfare home and that is not going to be covered enough, so that’s quite extra for even just winter break and summer. Plus you will have to buy healthcare if your own isn’t comprehensive enough to get a waiver (or use for another state). Make a spreadsheet and add up all the real costs.
I would agree with the advice to go with CU Boulder. You can always transfer for your junior and senior year. On the other hand, if your family can afford the EFC without much pain, I would go with the college your prefer.
@klingon97, it is very cavalier advice to tell someone they can “just transfer”. Need based aid and scholarships are usually worse for transfer students – the OP likely would not get as good a deal. Not to mention that all credits may not transfer, they may not be admitted as a transfer student, and the social difficulties of transferring.
And as you factor costs, take a look at the cost of living. Boulder is expensive, but Boston even more so. I live in Colorado, my daughter went to school in Boston. Everything costs more there, I saw it first hand. Before you know it, that 12K of debt will rise to 13-14-15K of debt.
Is anyone here really thinking about this? We’re talking about $12K in debt for the four years, much less than the Stafford loan limit. Yes, CU is a good school, Brandeis is generally considered a better one (according to one survey better than GTech and Case Western). The loan payment will be $139/month.
OP, you’d need to tell us exactly what the Brandeis FA offer is. Does it already include work study and a dollar value for your summer earnings, did they already factor travel in your cost of attendance? Etc.
A true full ride is enticing. But you need to lay this out to see what the real cost of B would be.
@“Erin’s Dad” In another thread OP said she’s a Questbridge student whose parents can’t contribute much to her education. Her EFC at Brandeis is $8k, but the $5k contribution she mentions isn’t what her mom can pay, it’s what she and her mom can pay. I’m assuming that already means summer work earnings from OP and a couple thousand from her mom. IF they can come up with the $5k every year then the $5500 federal student loan could make up the difference and leave a little money for travel, books, and living expenses. However, if OP and her mom can’t come up with the $5k for whatever reason, then she has a problem.
OP, first, it is so wise of you to consider the likelihood of future earnings with your degree. While there are many cases where I<d advise you to follow your heart as the amount of debt is low. However, in your case, with a degree in a field that,s not known for high salaries, and an admission that the EFC is a stretch, I think the best course of action is the free education.
The scholarship isn’t from CU but a Daniels (private) scholarship that will pay the full cost of CU because it is instate or it will pay a certain amount (in this case the OP said it will pay everything but her EFC of $12000). OP should find out if, once she starts at Brandeis, she transfer to CU and then still get the full scholarship if Brandeis doesn’t work out or if she can’t afford it? She also needs to know if the Brandeis offer cover books, travel, etc.? Exactly what is covered OOS and what isn’t. Is there someone at the Daniels office that you can sit will and figure out exactly what is covered at each school?
I don’t think Brandeis IS considered a better school than CU, especially out here where most people haven’t heard of it at all, and especially in some areas of study. CU has a top engineering school, a very good public policy department, and a brand spanking new media/journalism/communications school. I was up in Boulder today. It is beautiful, alive, great things going on. The OP could receive additional benefits to using her Daniels instate, including extra events and mentoring. She’ll be closer to home, and I personally think that is a big deal for students whose families can’t visit them in New England. Ever. The OP is I’m sure smart as can be, but college will be a big adjustment to a low income student who will be figuring out bank accounts and doctors and making new friends and how to get home for holidays for the first time. It can be done, but it is exhausting to have to do it all by herself. Boston is a new culture, expensive, cold, snowy (different cold and snowy than Colorado); in fact, some would say they speak a different language! (I’m from Boston, I can translate.)
Really, really think about CU. I think your Daniels will go farther there, you’ll be more relaxed and you’ll be debt free.
If the scholarship will guarantee 4years fully free at CU under reasonable conditions (ie a very attainable gpa or continued in state status, for instance), then I’d take it and gladly. Having no financial concerns in college is a blessing.
Your EFC could change for the worse. Every single year you will have to worry about this. Travel costs can be far more from one part of the country to another than students often consider. Finally, free is better than with debt.
We need OP to tell us, lay it out. maybe I missing it, but I don’t see a clarification of what the package already includes, what her mom can pay and then her own earnings from summer and work study. We don’t have enough to do the math and know many kids are confused right now.