<p>So like many others, I have a bit of a college dilemma.</p>
<p>I really would like to attend Berkeley, but as an out-of-state student, I'm looking at $31K out of pocket a year. We really don't have that kind of money, (single parent income $17K/year) and taking out such huge student loans as an undergrad isn't really a pleasant proposition. With that being said, my Dad doesn't see the price tag as a deterrent, insisting that I should follow the path I want to and attend the college with the best academic reputation.</p>
<p>My other options are UCLA (very similar fin. aid), UW (full tuition provided in grants and loans w/ the majority being loans), and Boston University (49K financial aid out of 58K COA). I didn't apply to any colleges in state because I didn't like any of them (not to sound picky or fussy).</p>
<p>I guess I should add this bit of info, I was well qualified for and applied for the Gates Millennium and was a finalist this year. I probably should not have put all my eggs into one basket seeing as I didn't receive the scholarship, but feel proud to have even made it this far. The rejection is a sting though, because of the financial implications. I've been rejected by most other scholarships I've applied to.</p>
<p>I've also been waitlisted for three schools, University of Pennsylvania, University of Chicago, and Yale University. Knowing that the chances of being picked out of the waitlist are incredibly slim, I'm not considering them as options at this point, but still have my fingers crossed!</p>
<p>What should I do? I just need some advice, I honestly feel like I have no one else to turn to. And who knows, maybe this will help someone else too.</p>
<p>It doesn’t look like you have any affordable schools on your list. With an income of $17,000 I am assuming that your EFC is 0 and your family cannot contribute any money towards your college costs.</p>
<p>In your situation (low income and high stats), you have several options:</p>
<p>1) Apply to the schools which meet full need. Unfortunately, these are the hardest to get admitted to, even when you have outstanding qualifications. These are reaches for everyone.</p>
<p>2) Apply to less selective private schools where your stats put you at the very top of the applicant pool. A combination of need and merit based awards at these schools can make them affordable.</p>
<p>3) Apply to your in state public schools. Many states offer quite good assistance to low income students, especially if your stats put you in the range for merit awards, too. </p>
<p>I know your Dad just wants the best for you, but huge debt is a bad idea. You by yourself are limited to borrowing $5500 for your freshman year. Your Dad would have to borrow the rest. Even if he could qualify, he is not in the position to repay the money.</p>
<p>You might want to consider a gap year to work and save some money. Reapply next year to some colleges which would offer you huge merit money for your stats. Don’t take any courses at any school to preserve your freshman status (the best merit money tends to go to entering freshmen). Go over to the financial aid forum here on College Confidential and look for the threads on guaranteed merit scholarships.</p>
<p>Dude, what the? These are some baller choices. Toss out Cal and UCLA. 30k x 4 = 120k in debt is not worth it.</p>
<p>How much is UW? Free tuition sounds pretty good, but you left how much in loans you would take for that. If it’s practically free, then go to UW! Seattle is a great city and UW has so much school pride (Huskie football + basketball is great)</p>
<p>Boston University is also great. You’re in BOSTON! One of the best and most patriotic cities in the US. So much history and so many things to do there. If the overall cost for BU is 10k x 4 = 40k a year, I would take BU over all your other choices, assuming UW costs more.</p>
<p>My other options are UCLA (very similar fin. aid), UW (full tuition provided in grants and loans w/ the majority being loans), and Boston University (49K financial aid out of 58K COA). I didn’t apply to any colleges in state because I didn’t like any of them (not to sound picky or fussy).
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<p>Assuming EFC = AFC = $0…</p>
<p>The UCs are unaffordable. Taking on that much debt, even if a lender would lend it to you, would be foolish for a biology major with low paying job prospects after graduation.</p>
<p>If Boston University’s financial aid is all grants, then you could cover the remaining $9,000 from a $5,500 Stafford loan and $3,500 work earnings, which is about the most that one can reasonably assume that a student can contribute. If the $49,000 includes loans and work, it is unaffordable.</p>
<p>When you say that Washington is “mostly loans”, what is the net price after deducting scholarships and grants (not loans)?</p>
<p>There is a very real possibility that you have been financially shut out. No idea on how Oregon publics are with in-state financial aid, but you should have at least checked their net price calculators and applied there if they would have given sufficient non-loan financial aid.</p>
<p>If you have been financially shut out, then your choices are:</p>
<p>I definitely should have added that my EFC is $0, but you are all correct in assuming that.</p>
<p>Of the $46K budget at UW, $38K would be offered to me and parent in federal loans.</p>
<p>The $49K offered from BU includes approximately $8500 in loans (Stafford and Perkins).</p>
<p>It seems that the consensus is that academic reputation/rank is not worth that price given my financial circumstances? After thinking long and hard, I think it might come to Boston University. Also considering that Med school is notorious for generating huge financial loans…you hear so often “a degree is a degree no matter where you go” but would that be applicable if say, I compared Berkeley to Boston for a Cellular and Molecular Biology major?</p>
<p>None are affordable if your AFC = $0. Especially given that you will either be going to expensive medical school or graduating in a major with low paying job prospects.</p>
<p>See if Oregon State University’s net price calculator suggests an affordable net price for you. If so, you can apply for fall 2013 until September 2 2013, although the deadline to apply with scholarship consideration has passed at February 1 2013.</p>