Parents of CC, help an anxious senior student out

Paying for College
1

<p>Hi everyone so college acceptance season has ended with waitlist decisions coming up in the next few months. As a senior preparing himself for college, these times are good and quite stressful at the same time.</p>

<p>To open here are my general stats</p>

<p>GPA: 3.35 UW, 4.05 W, 3.92 UC gpa, 7 APs</p>

<p>SAT: 1960, 1350 m+cr</p>

<p>I got into the following:</p>

<p>Private: Northeastern D'Amore McKim, Boston University School of Management, Babson College, Bentley University, Santa Clara Leavey, Chapman Argyros (20k per yr scholarship). All business schools really. Planning on double majoring in business and a more technical degree like cs/math/stats whatever (to make the bus degree look good)</p>

<p>Public: Yeah this is kinda dissapointing, just San Diego State Univeristy.</p>

<p>Waitlisted at UCI, UCD, UCSC, UCSD and rejected at Berk/LA. (all Economics/Math or Bus Admin)</p>

<p>I've narrowed the privates down to Boston University, Chapman University, Babson College. Would be interested in any of the publics.</p>

<p>Here's my dilemma. Except for Chapman i have not gotten any aid (200k family income and my gpa is **** so yeah..) All the schools above generally run into 60k per year. My parents say that my loans would be around 40-50k and that could be cut down from jobs during school etc.</p>

<p>UCs are about 30k per year. By taking econ there, i would save a chunk of money and may position myself for grad school.</p>

<p>I have recently been considering community college, incase the UCs dont work out. I figure since my grades were ok (bad freshman year, average rest) I could have a real shot at Berk/LA/usc if i do well in cc. HOWEVER, my parents are extremely opposed to this because they feel like i'd be throwing away perfectly good schools for a chance atBerk. They also think that if I screw up there i'm done for sure with no chance to xfer while at a private school i'd atleast have a degree.</p>

<p>I see community college as a way to mature academically since i've had some problems focusing throughout high school. On the other hand, i limit myself in terms of social growth by not taking my private school options since there isn't much of a scene at community colleges. I'd be considering De Anza or Foothill if i was to go to a CC.</p>

<p>Many people think I'm foolish for putting so much thought into this. But perhaps they are right. My grades aren't awful, I'm not poor, I don't NEED to stay home....why bother with community college? What do you all do in my situation?</p>

2

<p>First of all, if it’s 40-50K per year it’s too much period. If it’s 10-12.5K per year it’s not crushing if you end up in a lucrative situation. You weren’t clear. Also, how are you going to borrow that much. You will need private loans, and your parents will probably have to cosign. Your parents make good money, and If they aren’t afraid to do that, then that’s what I would do (assuming it’s 10-12.5K per year). </p>

<p>Surprised you picked BU over Northeastern because Northeastern coop can get you a great job. </p>

<p>It’s never foolish to put a lot of thought into a serious financial decision, but if you are going to study business and a technical field, you might as well invest in yourself and take a little risk. </p>

3

<p>There is nothing wrong with going the community college route and then transferring to a four year university with an articulation agreement with that community college. </p>

4

<p>Are there any UCs you would be assured of admission?</p>

5

<p>To get an idea of your chances of getting off waiting lists at UCs, look at their CDS, item C2. Just glancing at the most recent of each, UCSD claims not to run a waiting list. The others each wait-listed 1000’s but only UCD admitted any- 12. That is just a one-year snapshot though. You can go back through many years to get a better idea of the situation. </p>

6

<p>I would definitely do community college followed by a transfer to a UC before I went into $50K debt for undergrad. After all, it’s the school you transfer to that you will graduate from, and while $50,000 isn’t an insurmountable debt burden if you find a decent job, it’s a burden I would not want. I would look closely at the requirements and chances for a transfer to the UCs you want, though.</p>

7

<p>Merced has assured me of admission. Loans seem to be about 10-15k per year. About 40k+ to pay out of undergrad IF i went private.</p>

<p>My sister is also going to college in 2 years which would then cut the EFC in half, possibly giving me need based aid by junior year. She may be going to CC though, for other reasons.</p>

8

<p>Where would you get those loans? You are guaranteed $5500 a year through Direct loans. Unless your parents apply for, and are rejected for PLUS, you can’t get anymore than that on your own name. YOU are unlikely to be able to get ANY loans beyond those. Let us know where you are thinking of getting loans in excess of the Direct Loans.</p>

9

<p>Unless your college guarantees to meet full need, having a sister in college and a lower EFC won’t necessarily mean you will get additional aid.</p>

10

<p>I sound curt in my post, and want to make it clear that I think you are doing a stellar job, thinking all of this out For someone your age, it’s unusual and portends to a great future if you keep thinking this way.</p>

<p>I think if you can come up with the money, Merced would be a great choice for you. If you clear one of the waitlsts for UCs, so much the better. But with a family income of $200K, don’t know how even halving the parental EFC is going to do much in terms of fin aid eligibility next year. Schools also look at where the two are going to college and for CC, do not always give the full half EFC cut to the other student. </p>

<p>So you are not putting too much thought into this. It’s a very real issue that is coming imminent as to how you will pay for this first term of college coming up. Yes you can work. But how much can you make starting now, through the end of summer before heading off to school At some schools you need that $15K semester bill squared away pretty danged quickly to get your classes. You need to make room and tuition deposits, you need to get down there you need have supplies, you will need books Your account will automatically get $2750 for the first disbursement of the Direct Student loan, but then beyond that is going to be up to you. How are you going to pay for those charges? </p>

11

<p>Chapman is a well-respected B-school on the west coast…very respected… I think you should go there. </p>

<p>How much will your parents PAY each year? If they’ll pay $25k or so, and then you have a $20k merit, then a Stafford loan and maybe some summer work will cover the rest.</p>

<p>go to Chapman before Merced, for sure.</p>

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<p>Tchaser…can your parents pay the balance of your costs at Chapman? How much have they said they can contribute annually?</p>

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<p>40k-45k annually. </p>

<p>my only worry at chapman is the math/science dept seems to be a bit weak. So supplementing the business degree will be rather difficult, compared to the other privates which have stellar programs in business but are more expensive. Cost vs Quality which is honestly hard to quantify. I’m also an asian indian which makes Chapman a tough place for me to fit in (very little diversity). I shouldn’t be complaining but all aspects I have to keep in mind when choosing.</p>

14

<p>If your parents can pay $40,000 annually, you could attend an instate public without incurring any debt, and they wouldn’t spend $40k for,you to do so. </p>

<p>If you got $20;000 from Chapman, it sounds like that is affordable,as well. </p>

<p>What kind of business program does Merced have? And did you get accepted there?</p>

15

<p>No business program, applied to econ. Didn’t apply to merced got in through ELC.</p>