<p>i'm a high school senior and still haven't committed, i've gotten into boston college, tulane (honors), mcgill, university of washington, usc (honors), and berkeley. i really want to go to berkeley but the overall price comes in at about 53,000 (it's the housing costs that kill me, tuitions only about 35k). my parents have only offered to pay 33k a year (as much as it costs to go to u of illinois, in state). they're afraid to cosign a loan because apparently it'll lower their credit score and i was wondering if anyone knows more about the real risks of cosigning a loan, or if anyone else is facing this problem and has a solution? thanks a lot</p>
<p>If your parents cosign a loan for you and you don’t pay it…THEY are responsible for the repayment as cosigners. In addition, the cosigned loans become part of their crediit history. Think if it as them being responsible for these loans. </p>
<p>There were LOTS of things we were willing to do for our kids for college…but cosigning a loan was NOT one of them.</p>
<p>Your parents have offered to pay $35K for your schooling. If this is their price range, that is the range you will have to work within. I know you love Berkeley but as an OOS student, you will have to pay the costs of attending there. You have some other wonderful options…and I hope one of them works for you.</p>
<p>I know that isn’t what you wanted to year, but I do think that taking on a cosigned loan is a risk many would not want to do…especially if there were other more affordable options.</p>
<p>with boston college’s tuition at 58,000 and usc at 52,000 (i got 4,000/yr merit based aid) my only real choices are mcgill, university of washington, and tulane (presidential scholarship), all of which are my safeties. i feel that by choosing one of these options i’m sacrificing academic rigor</p>
<p>stakagishi, Tulane, McGill and U Washington are FINE schools. You will get out of them what you put IN to them. The bottom line is…the bills need to be paid. If your parents do not wish to sign on for $200,000 plus of Plus loans, you will need to make a choice that is more affordable. Your three “safeties” are schools that many students would be thrilled to attend.</p>
<p>P.S…$200,000 in loans will cost you in excess of $2000 a MONTH in payments for at least ten years. Sorry, but I can’t say I think that is worth it for undergraduate school…and I would NOT put myself on the line for that much debt (as either a parent or student).</p>
<p>Generally, you should not take out loans to go to a public school OoS. They charge OoS fees for a reason since they need money.</p>
<p>If you feel like you’re sacrificing “academic rigor” then go to UIUC. It’s an excellent school and certainly on par with your other choices. (Please don’t say that you didn’t apply to UIUC as an instate student.)</p>
<p>Yes, your parents’ credit rating will drop after each time they co-sign your loans. And, the UCs are considering raising their rates, so your costs could go up.</p>
<p>Borrowing to pay room, board, books, transportation, and the remains of the tuition after your parents’ $33k is not worth it. </p>
<p>OOS tuition/fees: $35,341 (For the CURRENT 2010-11 school year…following years will be more)
Room and board: $15,308
Books and supplies: about $1200<br>
Estimated personal expenses: about $2,000 </p>
<h2>Transportation expense: about $1,000 </h2>
<p>Total cost…about $55k per year. </p>
<p>Your parents are giving you $33k. You need at least $12k more each year. The debt isn’t worth it at all…not when you have other viable choices.</p>
<p>What is your major and career goal???</p>
<p>Except the OP didn’t say she got accepted to UIUC in the OP on her list of acceptances.</p>
<p>Chaos…Mom2 actually said “please don’t say you didn’t apply to UIUC” She knows that it’s within the realm of possibility that the OP didn’t apply to her instate flagship U.</p>
<p>OP…if you really don’t want to attend your safeties (I’ll not ask why you applied if you didn’t plan to attend if need be), then take a productive gap year and make a NEW list of affordable schools with “academic rigor”. </p>
<p>I’m not sure how you would know about the academic rigor at all of these schools when you haven’t attended any of them. But it’s your choice.</p>
<p>You cannot afford to attend Berkeley, BC or USC…you didn’t get sufficient aid to fill the gap between what your parents can pay and the cost of attendance. . I’m sorry to be blunt but there it is.</p>
<p>Oh I see. :)</p>
<p>thanks everyone for the input it means a lot i understand and know what i need to do. just hard to accept</p>
<p>not interested in taking a gap year, planning on majoring in biology with a premed emphasis and probably a minor in german or architecture. going to go to medical school for pediatrics</p>
<p>For biology, UDub is a very good school. I doubt if you will notice much difference from Berkeley in terms of academics.</p>
<p>IMO, even UDub from OOS is too expensive for a premed. I’d take a hard look at UIUC or other in-state choices.</p>
<p>Like your parents, we are budgeted at $35K a year for our son going to college this year. He didn’t even consider the full priced private schools. They were off the table, off his mind immediately. You have some nice choices there, and I congratulate you. I know your parents would love to be able to pay for whatever you want, but these days keeping the finances and ones credit in good shape is ever so important. Let us know what you end up choosing.</p>
<p>And if you are planning to go to medical school you need to keep your undergrad debt to a BARE minimum.</p>
<p>*not interested in taking a gap year, planning on majoring in biology with a premed emphasis and probably a minor in german or architecture. going to go to medical school for pediatrics *</p>
<p>???</p>
<p>You’re pre-med and you’re worried about those other schools being a sacrifice of “academic rigor”??? LOL You obviously do NOT know Berkeley. Berkeley is not better at pre-med and biology than those other schools…actually some would argue that it is WORSE. </p>
<p>Berkeley has horrible pre-med advising and a pretty poor acceptance to med schools. Going there would be like putting a ball and chain around your leg. The school doesn’t even write Committee Letters for its pre-med students when they’re applying to med schools.</p>
<p>Of your choices…Tulane and UDub are probably best, altho being OOS will not help you to get into UDub’s med school at all. </p>
<p>And, as mentioned above… if you’re going to go to med school, you need to minimize undergrad debt.</p>
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<p>What is “UDub”?</p>
<p>university of washington. “dub” is shorthand for “w” double (dub) u… lol</p>
<p>Thank you!!</p>
<p>U Dub is a nickname for the University of Washington. </p>
<p>Dub being short for w (double u) :)</p>
<p>Oops, didn’t see the reply on page 2.</p>
<p>That’s why you should use 40 ppp like me. Also I agree with mom2collegekids on UCB not having that good of a pre-med program since their rate is like 60% but 60% isn’t a really safe number like Harvard’s 90%.</p>
<p>Stak, you have some wonderful choices. My advice is to pick an affordable college and give your parents a hug. It hurts when you can’t afford to give your child what s/he wants. They are being fiscally responsible in setting up financial limits. It really is wrong to give them grief for that. It’s what more of us should be doing. </p>
<p>And I agree with those who say that Berkeley is no nirvana for pre meds for a number of reasons.</p>