<p>Accepted at my dream schools...
Swarthmore, MIT, Cornell, Dartmouth...</p>
<p>Except, I can't pay for any of these schools.
My family makes over $100,000, but we live in a highly expensive urban area. We don't have money for groceries. There is no way we could pay the EFC of ~$35000. The assets we do have are reserved for my parents' retirement. </p>
<p>I do, however, have a full ride at a good state school.</p>
<p>Is anyone in a similar situation?
It's so depressing in a way. I didn't take finances seriously when I applied to all of my dream schools.</p>
<p>I've been thinking about loans lately, but it doesn't seem worth it if I have a full ride at a state school and know I am going to graduate school.</p>
<p>Lots of similar threads over on the Parent’s forum. You shouldn’t even consider about asking about your folks’ retirement funds. A full ride (congratulations, BTW!!!) is hard to turn down. Note the first poster’s calculations re: repayment of debt and what it’ll cost you in terms of lifestyle after graduation.</p>
<p>Both MIT and Darrmouth were identified as having top 20 starting salaries and lifetime earnings in the nation. They are just about the only schools that I would go into debt for, so long as you are taking a major that will lead to a good salary. </p>
<p>What ever you decide, please talk to your parents and decide soon. Other students on several schools wait list are hungry for your seat. Be kind and let the ‘no/s’ know.</p>
<p>UMD’s Banneker/Key results aren’t out yet…and have you received likely letters from Cornell, Dartmouth and Swat since none of those three have EA???</p>
<p>Swarthmore, Dartmouth, and MIT are all outstanding institutions, worth the investment.
College is a long-run investment, something worth bearing the burden of debt.</p>
<p>Do you already know how much these institutions will give you in terms of grants and work study?</p>
<p>Well, you’ll make more money with an MIT degree (at the very least you’ll have a higher starting salary), but you’ll also have to live a lot more frugally during the time you’ll be paying off those loans. You should also consider the two universities themselves when making your decision. Many people who are academic enough to be accepted to MIT would have a much better experience there than at a state school. If you’re one of those people, it may be worth incurring those loans to attend MIT. Or, perhaps you’re the opposite: maybe a state school would give you a better experience, in which case it may be worth it to forgo the better entry-level position to attend UMD.</p>
<p>do you just want an undergrad education? if so, go to MIT or Darmouth, Cornell, etc.</p>
<p>If you want to consider GRAD SCHOOL too, maybe UMD is the way to go because in the end, the Grad School reputation will matter more than your undergrad.</p>
<p>MIT doesn’t use your EFC to compute the parent contribution. They use the Profile and make adjustments from there. In our situation our contribution was a lot less than the EFC. The financial aid office is extremely helpful and you can schedule a meeting with them during CPW. They will take into account all types of financial circumstances especially now when the economy is in the tank.</p>
<p>If a) you plan on really doing engineering, and b) you are going to grad school, then take the full ride at UMD (this is coming from an MIT grad by the way).</p>
<p>I’m in almost the same situation; I’m choosing between what will probably be full-pay at Notre Dame (I’m looking to go into business), and a full-ride at Indiana’s Kelley School of Business (Honors Program, free Study Abroad, Stipend for spending, etc.). I have to decide if going to my dream school is worth $50,000 a year and probably $100,000 in debt, and both business schools are highly ranked, especially with Kelley Honors.</p>
<p>I definitely think that the decision after getting admitted is much harder than waiting for the decisions…</p>
<p>mikimiki, wait until you get your FA packages from Cornell, Dartmouth, MIT and Swarthmore. You would be surprised how much they can give you. Also be sure to contact the universities/colleges directly to check if there is any additional information they require. </p>
<p>This said, UMD is a good university and paying full tuition (or close to it) when you can attend a school like UMD for free is not wise. I can see making an exception for MIT, but not the others, and even then, that would be assuming loans of less than $50,000 over four years of college.</p>
<p>OP, for what it’s worth anecdotally, my dad’s colleague is MIT educated, has patented multiple things and is probably the most brilliant person I’ve ever met. His daughter graduated from UMD and he was very happy with the education she received there.</p>
<p>hey i am in the same situation as the OP, i have a full ride to UMD plus MD Distinguished Scholar finalist ($3,000 a year) and i also was just accepted off the waitlist to my dream school, Dartmouth, which gave us no financial aid because my parents make over $100,000 but we live in a very expensive area…</p>