<p>My parents always said to not worry about the money, and just focus on getting into college. So I did...and got accepted to Cornell ED. We're an upper middle class family and will basically have to pay full price. I mean, we CAN pay and handle a loan...but it's not ideal and I just don't know if it's worth it to do so. I'm just embarrassed to ask people in person for advice because of what I've gotten myself into at this point. I've already withdrawn my applications to my other schools too. Cornell is my top choice school, so I really want to go there. The only thing holding me back is the money. This is only undergrad and I'm planning to go to grad school (med school maybe?), so I'll have to pay for that too. I've loved Cornell for such a long time and it was a dream come true that I was accepted...but what if I'm making the wrong decision by going? :(</p>
<p>By applying ED to Cornell and withdrawing your other applications upon acceptance, you have painted yourself into a corner. You are obviously not going to flip burgers next year, so take the loans and work your butt off. My two sons will be college next year and I will have substantial loans on their behalf. Our deal is they work hard and if they can help with the loan upon graduation great if not that is ok as long as they gave their all. Good Luck, work hard and take your parents advice- don’t worry about the money</p>
<p>Your parents told you not to worry about it, right? I guess it depends how much of a loan you would need. I’d say it wouldn’t be worth it for a $200k loan, but probably would be for a lesser loan. That’s a personal decision. Some colleges might still readily accept you, but then you’d always wonder about your dream school. I say go for it! (Especially now that you’ve commited ED). You worked hard for this. If it turns out you don’t like it, you can transfer to a less costly school the following year. A lot of us are worried about expenses.If cost was the only factor, many would just attend a local junior college :-/</p>
<p>How much are we talking about here? Can you give us more information? If you can’t afford Cornell then you will not be able to afford any top tier schools either. If you turn down Cornell, what you will need to do is to take a gap year and reapply next year as a freshman. I would not advise you to go to Cornell for a year and then transfer to a lower tier school because it will be harder for you to get merit scholarship as a sophomore. You will need to go to an instate public school or go down in tier to make college affordable if your parents can’t afford Cornell.</p>
<p>ED app, withdrew all other apps…what would plan B be?</p>
<p>We were in a semi-similar situation with Cornell. I got deferred ED, so we aren’t stuck if I do get in, but we have generally agreed that if I do get into Cornell I’ll go even if it is stretching the college fund more than we’d like. My plan if this happens is to work really really hard in Cornell so that I can be accepted into a top PhD program which provides a stipend. Although if you’re interested in medical school, I don’t know whether or not that is an option.</p>
<p>Do it. Cornell is an awesome school, and you’d be robbing yourself.</p>
<p>My daughter was in the exact same spot as you last year. Cornell was always her top choice. She also applied and got in at Notre Dame, Northwestern, and Penn State. We saved for two “standard” college educations (14 year old son too) and she ended up getting the ED from Cornell in the CoE. I told her the same thing when she applied, ‘if you get in, we’ll figure it out’. We are upper middle class, not wealthy…but comfortable…and received zero aid from the school. She was heartbroken when the financial aid decision came back thinking her mom and I were closing the door for her, but I expected it having done the research. It is tough - we will consume a large portion of my son’s allocation and now need to save some more but I view it as an investment in her future. My advice - talk with your parents - tell them how you feel about Cornell. My daughter is doing well there academically and socially and it was the right decision. Your parents will take a lot of personal pride in your academic choice as well with family and friends - that won’t pay the bills of course, but there is a sense of pride nonetheless. You get to make the choice once in your lifetime, chose wisely. Good Luck - regardless, you have a bright future ahead of you. </p>
<p>I’m in the same boat. We didn’t even bother getting a financial aid quote, we knew it was going to be nothing. Cornell has always been my top choice and I am still excited about attending, but going in I realized the extent of the financial burden I would be putting on my parents- and the effects it may have on my sister who is only 14. I applied to many independent and military scholarships and just recently decided to take a 4 year ROTC scholarship. </p>
<p>This is the untold story of thousands of people who are going through the same financial anxiety- many of whom are much less fortunate than me or you. I’ve heard of international students’ parents selling their own cars just to send their children to good US colleges. I’ve heard of students failing out because they couldn’t balance their time studying with their job to support tuition. </p>
<p>My point is that there is always a way to sort this out. Scholarships, low interest loans, whatever- the methods of paying for college are more numerous than ever. You are asking if you are making a mistake by going? Personally, I would rather make an honest mistake now than live with that ‘what if?’ for the rest of my life. </p>
<p>I don’t think people should romanticize about going to Cornell at all costs. We paid for both of our kids full freight at Cornell and we understood what a great privilege for our kids to be at Cornell. Would we have our kids graduate with a lot of loans? No. Would we have our kids take the ROTC scholarship if it wasn’t their calling? No. I think if we couldn’t afford the Cornell education comfortably, I would have them take a merit scholarship at next tier down. Of course, someone’s comfortable is someone else’s hardship. </p>
<p>Goester22 - my nephew did ROTC at a top tier school. My sister was not supportive of him taking the ROTC scholarship. She had the means of paying for all 4 years of his school. He chose it because it was what he wanted to do. He has no regrets and felt it was the best experience for him. He is now committed to 4 years of service before he could move on to next phase of his life. I hope you are choosing ROTC for all the right reasons, not just it is the only way you could afford Cornell.</p>
<p>I have to agree with Oldfort here. The idea that “just go, we’ll figure it out later” is how people get themselves into a lot of trouble. My parents operated under that policy and now my mother is in need of long term care and has about 4 years worth of finances to pay for it. So her children are probably going to be the ones picking up the slack. </p>
<p>Yes, Cornell is a great school, but there are plenty of paths to success and plenty of schools where you can be happy, challenged and successful that may be more financially manageable. OP, if your parents can truly afford it, then that may not be a problem for you to worry about. But some of the other viewpoints on here suggest that where there’s a will, there’s a way, and that simply is not always true.</p>
<p>@Oldfort, tuition was only a small reason for my ROTC decision. I also considered job security, graduate program opportunities, and social benefits as other important reasons. Deciding to accept it was not a simple choice, but in the end I realized it was definitely something I wanted.</p>
<p>I should rephrase myself, by no means am I trying to endorse foolish decision making. What I meant to say is that there will always be successful options open to focused students- whether or not these options lie in top universities is really up to personal choice. If you truly think that you could accomplish your same goals in other places for a cheaper price, then go for it. But from the fact that your parents are supportive of your choice and that you have already withdrawn other apps it seems like the decision is pretty much made. All I’m trying to say is that guilt should never play a factor in someone’s decision of where to go. And it could be much worse…like that NJ teen who’s suing her parents…jeezus</p>
<p>You can go to Cornell and when you really have trouble paying, then sign up for the military. That can still work too.</p>
<p>I felt a bit pity for East Coast folks, because it seems like the best schools are expensive privates. In California, we have top ranked UC Berkeley, UCLA public universities and many other UCs come in at top 50 universities in the nation. So we don’t need to break bank to attend a top-ranked university.</p>
<p>@Plutonium OP</p>
<p>Yes, this is a very tough choice. Good to see that you understand that going ED was not necessarily the best path.</p>
<p>First, do not go to Cornell unless your parents co-sign the loans. Don’t take any loans in your own name, by yourself. (It is most likely that the loans come with this provision anyway, but make sure). Talk to your parents about the costs. If they are willing to pay and co-sign, then you probably should go.</p>
<p>If you and your parents determine that the debt load is too great, then you need to contact Cornell and flatly admit that it is financially unfeasible. This is about the only excuse that they will tolerate. However, understand that it will be hard or impossible to gain admission later to Cornell (or any Ivy League school) if you do not attend. These universities take ED very seriously.</p>
<p>Given the choices you face, and your ambitions for graduate school, you might need to pass on Cornell. It is one thing to go into to debt with undergrad if you plan to get a good paying job immediately out of college. It is another thing to do so with plans for grad school or medical school which will also likely involve debt. You cannot keep piling up debt for eight years.</p>
<p>My advice? Also try to get late admission to a good state university if you have one in your home state. Plenty of people go on to a prestigious graduate school or medical school via state universities.</p>
<p>Your other realistic options are either to take a “gap year” which means finding something to do with your time for a year, or attending Cornell with the option to transfer after a year. Neither of these is pleasant to contemplate.</p>
<p>Good Luck. I hope something works out for you.</p>
<p>LESSONS LEARNED</p>
<ol>
<li><p>Early Decision is a perilous path, if you are not TOTALLY certain that you can afford the college or university. ED admissions are only smart if the cost is easy for the family to pay AND you prefer that school “head and shoulders” above any other college. Many colleges are dropping the ED option for precisely this reason. Too many students end up with second thoughts or feeling trapped. The truth is that ED does not give much of an advantage to students but is mainly of value to the schools. Again, avoid ED unless you are certain that the school is perfect for you in every way.</p></li>
<li><p>Dream schools are still worth applying to, but it is still necessary to have a good solid backup plan – especially concerning finances. It is very important to have passion for going to college, and dream schools are often an important aspect of that passion. Reach for your dream… but have a good backup plan.</p></li>
</ol>
<p>""My point is that there is always a way to sort this out. Scholarships, low interest loans, whatever- the methods of paying for college are more numerous than ever. “”</p>
<p>This is so wrong that I don’t know where to start. This mentality gets people into trouble. There is NOT always a way to “sort this out.” The proof is that each year, many kids have to go home or transfer because the money is not there. If you don’t have adequate 4 year scholarships from the “get go” as an incoming frosh, you’re not likely going to get much/any as a current student. Most families won’t/can’t take out private loans to pay for any shortfalls. And then living with such debt later is a disaster.</p>
<p>For every person who claims that they took out loans, etc, and went to their dream school, was happy, and therefore it was the “right thing to do,” there are more kids that had to go elsewhere, were happy, and that was the “right thing to do.” Anyone who thinks that they (or their child) would only be happy or have the “right fit” at their “dream school” is fooling themselves.</p>
<p>OP said her/his family CAN pay…</p>
<p>An Ivy diploma will open many doors for you. </p>
<p>I highly recommend anyone in a similar situation as the original poster not to attend any college for the price in discussion, unless your parents are loaded.</p>
<p>I wouldn’t even attend Harvard for full sticker price, when I can easily get a full merit money from a good State U if I am good enough to get into a top college to begin with.</p>
<p>“An Ivy diploma will open many doors for you”</p>
<p>As an alumnus of Cornell and a top law school, I can certainly verify that this claim is false. At least when I was there (not too long ago), Cornell education did not seem to open any doors to a large chunk of its graduates, especially those with mediocre grades / work experiences, etc. I mean, I knew a ton of people who were unemployed at graduation. Last time I went to the Cornell alumni meeting in NYC, some of my ex-classmates were working odd jobs, several years out of school. (one guy was a full-time bartender, one girl was a full-time baby sitter, many others working as ‘freelancers’ in ‘creative industries’, etc)</p>
<p>It would be a grave mistake for any young student to think that just because you attend a top college/ top MBA/ top law school / whatever, you are set for a successful career. You still need to bust your chops and perform at a high level to get good career outcomes.</p>
<p>You are a pretty recent grad. As an old guy I don’t think the claim is false, per se.
The imprimateur of a “good” school may well prop some doors open. Maybe not immediately, but at some point or points over the course of one’s working life, perhaps.
But you are right that one has to be motivated and talented enough to walk through those doors.
You also have to want to go where those doors lead. If you don’t they don’t matter. Maybe some of those “creative types” are in that situation.</p>
<p>I’m pretty sure my undergrad credential was instrumental in securing my first investment banking job. The “word” at my MBA program was only those of us with Ivy league undergrad credentials were getting interviews at the top banks. Several of my classmates who were frankly smarter than I am didn’t get interviews at them, while I did. My undergrad college was also mentioned (as if it impressed him) by a subsequent employer, way down the road. It didn’t get me hired there, but it didn’t hurt.</p>
<p>My initial job out of college was more obviously due to my undergrad college. Because the college was high enough profile that national engineering firms from across the country bothered to go out of their way to interview on our campus. My engineering firm didn’t bother to interview at every engineering school outside of their immediate region, just a few selected “top” schools.</p>
<p>Granted times are different now. But if anything, with increased competition, the value of a credential that makes one stand out a bit might ultimately be greater for today’s young people. Maybe not immediately, just this second, though.</p>