<p>This is frickin awesome</p>
<p>What happened?</p>
<p>They only ended up giving me $16,000 in scholarship, $2,000 in work study, and over $7,000 in loans (stafford and private). That would be close to $30,000 in debt after graduation, and with the intent on going to med school, that is out of the question. Wake really was my first choice…</p>
<p>I actually don’t think $30,000 in student loans for undergraduate is a dealbreaker - now above $50,000 yes, but $30,000 - might be doable. Keep in mind that some of the loans - like Perkins - do not accrue interest while you are in college and can be deferred while you are in grad school. I don’t know what your other options are, of course, or where you plan to go to med school, but my first reaction is that $30,000 in loans - while not ideal - is not horrific.</p>
<p>Wow I am on the same boat except I didn’t get any money lol</p>
<p>The loans will be more than 30 grand. If you got 5,500 in Staffords - sub and unsub that will be around 28,000 at grad and say you got the other 1500 a year in private loans that’ll put you around 34,000 total if your lucky. But not an unusual package for a private these days.</p>
<p>Currently I have one older sibling, who is a senior at a state university. When she graduates next year, am I not likely to lose the $16,000 in scholarship? Our EFC is roughly $60,000 total for the both of us, so am I correct in thinking that next year I will not qualify for aid?</p>
<p>Depends on whether the scholarship is need based or merit. If it’s merit you probably get to keep it, unless of course there is some sort of required GPA. You should check out the fine print.</p>
<p>ejh074 - you have given me the impression that the $16,000 in grant/scholarship money was part of a need-based FA pkg. So, unfortunately, if your EFC next year is $60,000, rather than the $30,000 that it is this year because of the sibling, it would appear that you would not be eligible for any need-based FA next year. I’m afraid that probably changes things for you.</p>
<p>Yeah it was part of my FA package, so I will lose it. Great</p>
<p>An EFC of 60,000 means you come from a pretty high income family, that is a very nice thing to have! Wake is more likely to give money to people with much lower EFCs, ours was about 10,000 EFC per son. Our Wake son is graduating with a little under $20,000 debt with a history degree? 
who knows how long it will take to pay it off, but he has no regrets. I can see the dilemma if you are paying for medical school, maybe Wake would not be the best choice. Good luck, it will work out for the best.</p>
<p>Yeah I mean I would be fine with the debt if I wasn’t planning on going to medical school. That’s great for your son though, congratulations! I really wish I could go haha</p>
<p>Would you consider any of the loan forgiveness programs? For instance the armed forces, National Defense Sudent loan forgiveness, Public Service Option (for promised work in specific public service positions) There is more to be found by googling Loan Forgiveness Programs. 43 of the 50 states also have some form of forgiveness as well. Not sure if any of these appeal or apply to you but they are available.</p>
<p>As a '76 alum, I’ve watched with interest as Athletics gave the basketball coach a multi-million dollar extension last October, fired him less than six months later, then dragged their feet on the decision until a half-million dollar buyout clause in their top candidate’s contract kicked in. That’s got to feel frustrating to many recent acceptees who are looking at aid awards that come up short!</p>
<p>gadad, I too am a '76 alum. As someone who fondly recalls the masterful game coaching of Carl Tacy, I am not going to second guess Ron Wellman. I wish Coach Bzdelik much success. </p>
<p>That said, Wake really needs money for scholarships. Wake still markets itself as need-blind, but Davidson, Vanderbilt, and numerous others now offer grants where Wake offers loans. And Wake is pitifully lacking in merit scholarships, which are really important in maintaining middle class enrollment.</p>
<p>I fear WFU’s high price tag and lack of sufficient endowment will ultimately render it far different demographically from the school you and I attended. It’s still a great school, for the few who can afford it, but accessibility is a growing problem.</p>
<p>^^^ NCdad, I recall the tuition bill we paid there in the '70s: $2,200. Even adjusted for inflation, that’s only the equivalent of about $10,000 today.</p>
<p>Wake is very expensive, and it is not even in the top 10 most expensive schools in the nation. The truth is that the cost of a private college education is very high these days (directed to gadad). Although Wake’s tuition may have jumped up quite a bit, other top schools (i.e. Gtown, NYU) are still more expensive (NYU Tisch is even more expensive). I wish it wasn’t so – I think if you are accepted you should be able to go wherever you want to go. It is unfortunate that money keeps very deserving students out of top schools. </p>
<p>EJH - I am very sorry that this happened to you, but I wish you luck with whatever school you end up attending. Do you know where you’re thinking about yet? Have you reconsidered Wake at all? </p>
<p>(The top 10 list, for anyone who wants to know):</p>
<ol>
<li><p>Sarah Lawrence College
Bronxville, New York 10708</p></li>
<li><p>New York University
New York, NY</p></li>
<li><p>George Washington University
Washington D.C.</p></li>
<li><p>Bates College
Lewiston, ME</p></li>
<li><p>Skidmore College
Saratoga Springs, NY</p></li>
<li><p>Johns Hopkins University
Baltimore, MD</p></li>
<li><p>Georgetown University
Washington D.C.</p></li>
<li><p>Connecticut College
New London, Connecticut</p></li>
<li><p>Harvey Mudd College
Claremont, CA</p></li>
<li><p>Vassar College
Poughkeepsie, New York</p></li>
</ol>
<p>gadad, I have heard it said that the price of a year of private college has remained roughly equivalent to the cost of a mid-sized sedan. I think Wake has gone from a domestic four-door to a luxury import, but most colleges have increased tuition at a rate exceeding inflation. Still, it is not Wake’s tuition that is the problem, but it’s relative lack of endowed scholarships and financial aid to offset the high price-tag. The school’s endowment is approaching $1 billion, but close to half of that belongs to the medical school. Endowment per undergrad is only about $100,000 (endowment income per student is about $5,000). Davidson, by contrast, has about $250,000 endowment per student; Vanderbilt’s endowment is about $2.5 billion (including med school, I think); and Rice’s endowment is a staggering $4.5 billion. It’s a long-range problem that must be addressed, and the administration knows it.</p>
<p>ncdad- I guess we can assume then, that we will not only be paying $200,000+ for college, but we will also be expected to contribute heavily to upcoming donation drives.
BTW, I love your car analogy. In our case it is apt, as DH invested part of the college fund in classic cars, which I am now selling, and making more than the stock market part of the fund. To be exact, freshman year is worth a '63 corvette split window, including living allowance and west coast travel expenses.</p>
<p>I’m in the exact same boat… awesome right?</p>