I was recently accepted to Princeton University. Even though I am from an income bracket that definitely should qualify for aid anywhere, I wasn’t granted any aid. There was this confusion about assets that Princeton didn’t seem to understand at all. Therefore, they gave me the final decision after appeal that they would not give me any aid.
This harmed my chances of going to Princeton greatly.
I simply can not afford the cost and will have to borrow a lot to cover it. Basically, my family will have to sacrifice a lot. However, they are willing to. Princeton is like a dream to me. I love everything about it. They want me to live it.
The question now is that whether Princeton is worth the investment?
I intend to pursue an engineering or math major. Will a good gpa at Princeton land me a well paying job that can help me repay back a loan of let’s say 150-200k? Or is it not very certain?
Also, what kinds of loans can I get?
Can paid internships realistically lessen the burden?
On the other hand, I have Yale-NUS with around 85% aid, which seems pretty cool on paper but I really do not know whether it would fare well in terms of job placements in Singapore even. How about a prestigious grad school in the US afterwards?
Oh, and I am international student from Pakistan btw.
While many Princeton students secure great internships and employment after graduation, there is absolutely no guarantee of a great paying job for you at the end of it all. If we had been in the same situation with my own son looking at that kind of debt after school, I am fairly certain I would not have supported him going to Princeton.
There are loans available (upon qualifying…not sure how that looks for internationals from across the globe) for the family portion of the financial aid package. The interest rate is very low and the terms are spread out over 10 years after graduation, however payments must be made as you go. I am not sure if there is a limit to the amount they will give in loans…it might be worth asking. I’d suggest checking this out and confirming whether you are approved for a loan and how much the payments might be. Then you’ll have a better idea whether or not going to Princeton is your best option.
As someone who graduated from Princeton debt free, but racked up 200k in debt for grad school, TAKE THE 85% AID FROM YALE. I’m sorry it didn’t work out with Princeton’s financial aid, but there’s no reason to take out 150-200k in debt to go to Princeton instead of Yale.
Oh my. Go to Yale. There aren’t many places on the planet where a Yale degree won’t have the potential to benefit you tremendously. Forget about Princeton, unless they reassess their financial aid offer.
Thank you for the clarification. My mistake. That is a major consideration, then.
I’d qualify your statement in the original post, though: it does not seem like Princeton wants you to “live it” [your dream] if they cannot come up with sufficient aid. Usually that applies to grad school more, as in, I do not recommend candidates accept offers in humanities and sciences for grad school unless there is close to a full assistantship package. In your case, the Princeton undergrad offer asks you to foot an enormous amount of money, even though it is an advantageous degree.
However, we don’t know the specifics of you family income, and the paperwork you submitted. It may not, in Princeton’s structure, qualify for sufficient aid. Yale-NUS, and programs like it, offer generous incentives to lure students to their relatively new programs. Are these the only acceptances you have currently?
That is correct - Yale-NUS is not Yale, however it was founded by collaboration between Yale and the National University of Singapore. http://www.yale-nus.edu.sg/wp-content/uploads/2014/11/Yale-NUS-Fact-Sheet.pdf Based on the strength of its two founding schools, it’s likely to be solid academically and to gain a good reputation as time goes on. IMO an undergraduate degree from Princeton is not worth hundreds of thousands more to pursue.
The truth is, the OP is correct – nobody truly knows the long-term value and stability of these programs such as Yale-NUS, because they don’t have an established track record. I would advise caution. I know some of the other recent programs have experienced instability re: faculty and support, but I am referring to other prestigious names with campuses in Qatar / surrounding, etc. The programs’ respective admissions aren’t as stringent as the traditional home campuses of the elite schools, and the incentives greater, for a reason. That should figure into your calculus of choosing to attend.
That doesn’t mean you should not attend Yale-NUS, and it doesn’t mean you should. It may demand an inordinate amount of research on your part to really figure out if it is worth the risk of four of your years, though the entry price sounds right. I do not mean to slight Yale’s program, either, as it may turn out to be excellent, a good bargain, and perhaps good employment potential. Time will tell.
Singapore does have a successful economy, if rather staggering inequality. It is also known for rather oppressive limitations on freedom of expression. The prominent leader of Singapore, who brought about a great transformation over several decades, Lee Kwau Yew, has just died of old age. If you are serious about going, learn not only about the program, but I’d suggest also the studying thr country, the culture, and the opportunities it may provide. Perhaps you already have done – you must have decided to apply there for reasons other than the Yale name?
All that said, this is why I ask if you have any other acceptances. Now would be the time to consider them seriously – there are many fantastic programs of study in the U.S. that don’t have the Princeton or Yale name attached, but will provide great opportunities.
Hey! I’m a current student at Yale-NUS, and I’d recommend you think through this choice carefully. Especially if you’re an international student (as you appear to be). While Yale-NUS is an incredible school, your aid likely comes with the stipulation that you’ll spend three years after graduation in Singapore, which depending on your life goals, may or may not be perfectly fine. Our employment office guarantees you a job, and no wages are withheld.
If you plan to, however, pursue grad school or any other kind of professor school OUTSIDE of Singapore immediately after graduation, know that the max deferment of this work bond is just a single year – meaning that unless you only want to pursue a Master’s, you’re out of luck. There is a repayment option as well as a loan through Yale-NUS itself, but keep in mind that this will add around $60,000 to your cost of attendance.
With that disclaimer in mind, Yale-NUS is quite honestly amazing. I’ve traveled to Europe and explored South East Asia with both trips covered by the school. I have friends studying abroad around the world (Yale included), and know several who have had travel fellowships approved and funded (essentially, self-designed summer travel with some cultural goal in mind). The list goes on and on (school buys us wine, paid research, corporate internships, etc.)
All in all, if it works out financially and if you don’t mind a start-up culture (which has its downsides – we only have one chemistry professor right now although several are on the way), it’d be nice to have you join us!
@InterstellarPen Hi, I had never heard anything about a requirement to stay in Singapore like that. Is that the case with all aid awards? Or only need based? I don’t see anything about it in my scholarship letter…but maybe I’m missing something. Looks important! Thanks!
Here’s what it says on the website - it looks like you have an option to take the Tuition Grant and then work in/for Singapore for three years, but if you don’t, you have to pay additional monies (or take a loan from Yale-NUS):
In 1980, the Government of Singapore introduced the Tuition Grant Scheme to subsidize the cost of higher education in Singapore. Singapore permanent residents and international students who are eligible and intend to take up the tuition grant must sign a Tuition Grant Agreement, which will require them to work for a Singapore-registered company for three years upon graduation from Yale-NUS College. Tuition grant students may work for a Singapore-registered company abroad so long as they remain on payroll in Singapore.
The grant significantly defrays the cost of a Yale-NUS education and is already reflected in the annual tuition fees of S$36,000 for international students and S$25,200 for Singapore Permanent Residents.
International students and Singapore permanent residents who do not wish to take up this government subsidy required to pay a supplementary fee of S$16,800 per year. These students will not be bound by the 3-year work obligation with a Singapore-registered company, and will have the option to pay the supplementary fee in cash or through a reasonable loan program offered by Yale-NUS.
Frankly, you are being taken advantage of by these institutions.
“International” in your case equates to “profit center.”
Your $200,000 in tuition payments would be used to reduce tuition for lower-income American students. I would suggest you consider taking a gap year and applying to a much wider range of US institutions, including those whose lesser prestige (relative to Princeton or Yale) will make it difficult for them to prey upon you in this way.