I was admitted to the University for the Fall 2019 semester with an intended major in chemical engineering. I could attend my state school at a fraction of the price, while ND would cost 50,000 a year. My parents are willing to contribute ~20K per year and I am on my own for the rest. I felt something special while I was at ND that makes me feel foolish turning their offer down and I know I would absolutely thrive there, but there is a part of me that is wondering if it really is worth it going into all this debt for an undergraduate education. Does anyone have any advice? Does ND ever respond to financial aid appeals for ~5,000 extra?
No school is worth debt that would impact your lifestyle and choices for years to come.
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@djschumacher The question of whether or not to finance an ND undergraduate education really is something you will need to discuss and decide jointly with your family. Notre Dame meets full financial need of admitted student’s families, which suggests that the affordable contribution for your family, as calculated by the Office of Financial Aid, is noticeably above the $20,000/year you mentioned. On your own you presumably won’t be able to bridge the gap between that amount and your net cost of attendance, even if you wanted to. Best of luck to you and your family on your forthcoming decision.
My H went to ND and my S went there for grad school so I am a fan. That said, you simply can’t afford that level of debt. Even if you could take out that amount of debt or your parents would be willing to amass that debt on your behalf, graduating with $120,000 or so in student loans would handcuff your life decisions for 20+ years after graduation. The large payments you would have to make to cover the payments of your undergraduate loans would interfere with every adult decision you make – it would mean you probably couldn’t take that amazing job at a start-up for less pay, get that new car, take a nice vacation, get the home you want etc. You need to find an affordable option taking into account what your parents are willing to contribute to your education…
I have two kids there and agree it’s a great school but that’s way too much debt. Go to your state school and thrive.
Based on the information OP has provided thus far, we do not know whether or not the family will need to incur any debt and, if so, what the actual amount would be. It is equally possible that the “~20K per year” contribution limit corresponds to the net cost of the in-state public alternative, and the family would simply like to pay less and have the student close by, which are all possible legitimate reasons. In the end, only the family will be able to jointly decide the matter, based on their specific circumstances. Of course high CSS families, as suggested by the $50K ND net cost of attendance, will often times find a lower cost public in-state alternative if this was the objective.
Agree that $120K in debt is untenable. You can only take out $27K in total student loans for the 4 years…your parents would have to take out the rest, and I would not recommend they do that.
Have you been accepted to any schools that are affordable?
@hpcsa, the OP said his parents are willing to pay about 20k per year and that the OP is on the hook for the rest, so it sounds like the family has already discussed it.
OP, what’s the state school?
@suzy100 Sure, I agree, if this is the bottom line the family agrees to contribute, following in depth considerations, this concludes the conversation of that family. However, this would bear the question why the student applied in the first place, as Notre Dame’s NPC would have identified expectations of around $20K to be quite unrealistic, while identifying now confirmed $50K as a realistic COA for the student at Notre Dame. It somehow seems there is a disconnect which appears very late during the process.
@hpcsa Agree totally. This is not a financial aid issue but a family issue with respect to how much of the OP’s college education they are prepared and willing to fund. And this is something that is always best discussed up front, as it suggests strategies such as applying to high quality private schools with substantial merit aid in addition to in-state options.
Let me just say that “Meeting Demonstrated Need” is not a fair portrait of “Actual Need”. The entire FAFSA and CSS reporting systems are wildly inadequate. Assume a student whose family has an EFC of say 35K that family has a gross income reported in the FAFSA of apx. $175k. That sounds like a good salary correct? Well depends. Let’s say that reflects a family of 4 with a younger sibling that is say 6 years younger than the college applicant. Let’s say this family lives in a very expensive area with a very high tax rate, say Southern California or New York or CT… Take your pick… So $80k per parent pre tax. And they are expected to incur $35k of debt per year x 4 = $140k? So say one entire year’s net take home salary over a 4 year period for a Bachelor’s degree? Really? This is “Reasonable”? Let’s not even consider the family that has an EFC of say 75k with a gross income of $240k. This family falls into a higher tax bracket and their net income only increases by about $50k from the previous family but they get $0 discount so their total burden is $75 per year x 4 years = $300k which is quite a bit more than the net income of apx. $190k they bring home… The whole system is upside down and we are simply walking away from it. For the first time in my kids education, we are opting for State University vs Private Education. This top down re-distribution of wealth and burdening of obligation on the middle class that is neither independently wealthy nor impoverished only seeks to benefit the very poor to the detriment of the upwardly mobile. This speaks to a much deeper problem gnawing away at our society. Private Higher Education is but one glimpse into the failed Socialist thinking that will bring our society to a paralyzing halt… Oh well…
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Depends on your options. In my son’s case he has all but made his decision to forgo his hope and dream of attending Notre Dame. He is instead opted for #30 Nationally ranked University of Florida which will cost him and our family $650 per year… Note that we were committed to pay between $30k-$50k per year for ND because we believe in their core philosophy. But you have to ask yourself is the ND “experience” worth $200k for a Bachelor’s? Remember this is a marathon not a sprint. Most young people these days opting for a “career” path will need to at least complete one level of post graduate education if not a Doctorate degree. If you use up all your gas now what will you have left in order to complete the next leg of the journey? I know what my son’s decision is and I respect him for making not only a responsible decision, but a prudent and wise one as well. But every person’s story is different and unique. Do what you feel is truly best for you and that at the end you feel that you received a good return on your investment. Not just financially but that overall aligns with your goals and principles. Good Luck! And don’t sweat it, there are many roads to fulfillment and success…
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A few points you are missing. Before that, I agree with earlier posts that I love ND but would be the first ti say their is a debt tolerance ceiling that you must establish. I think $50 k a year is too much to finance.
One thing @Hfarchitect misses in his example is the level of aid provided to someone in this situation. First, ND will meet need up an income of $250k. So, a family in the $175k range would get aid. Second, there are other scholarships available once you start school. My DS picked up an extra $6k from the accounting department for his Jr and Sr years. I feel the CSS provides some options for explaining why $175k in So Cal, NY or CT is not the same as $175k in Indianapolis or Milwaukee. My sense is that ND gets it and will make the effort to help you out. To answer the OPs query - all you can do is ask. You still haven’t responded to any of the comments on the post, so are you real? (the OP)
They will not get to the UF figure you mentioned. For your situation, that sounds like a no-brainer. Must be NMF. I will say it is cheaper for my son to go to ND than any University of California school. We don’t have the great program they have in Florida.
Thread is 2 years old. Closing.