Really Complicated Situation....

College Search & Selection
1

<p>Well I've heard back from all of my colleges, and here are the results: (I have a 34 ACT and 12/432 Class rank just FYI)</p>

<p>Ivies: Denied from all (waitlisted at Dartmouth)
Vandy: Waitlisted
JHU and Duke: Denied
George Washington: Accepted with 30k a year merit
Lehigh: Accepted honors IBE, 25k a year merit and need-based
Northeastern: Accepted but horrible aid
Rutgers: Presidential Scholarship (FULL RIDE)
UVA: Accepted but horrible aid again</p>

<p>So if I don't get off Vandy or Dartmouth waitlists, I basically have three options, but for the purposes of this thread I'll break it down into two:</p>

<p>Lehigh IBE Honors (Great Program) + Debt VS. Rutgers Honors Full ride</p>

<p>Okay, so I've never wanted to go to Rutgers and my parents made me apply there just so I could have a safety school. And what do you know, I received the Presidential Scholarship (which is a full ride, Rutgers' COA is $25,000, and the scholarship is $25,000). I honestly HATE the idea of going to Rutgers. Plus if I went there my presidential scholarship is only for the School of Arts and Sciences, so I would have to do a special 5 year dual degree program (that I could still probably complete in 4 years) in the SAS and major in physics (which I had ABSOLUTELY no intention of majoring in) to major in my intended major (Biomedical Engineering, you can find the list of SAS majors and the dual-degree program here <a href="http://sasundergrad.rutgers.edu/index.php/academics/requirements/list-of-majors-and-minors"&gt;http://sasundergrad.rutgers.edu/index.php/academics/requirements/list-of-majors-and-minors&lt;/a&gt;) Right now I'm trying to get my scholarship to be applied to the School of Engineering (which only offered me 10k merit). I still don't want to go to Rutgers though, I just hate that it's an option. And if you want to ask me why I don't want to go to Rutgers, feel free to ask and I will answer.</p>

<p>My financial situation:</p>

<p>So my parents have said in the beginning that they would give me $10k a year to pay for college. I also have a 529 with ~8,000 in it right now, and I just got a summer job that will give me a reliable $3k to $5k (or more) per summer, which is caddying at an upscale golf course. I'd also be open to work-study at a college, which could net me about $3-4k a year. So conservatively I'm estimating that the yearly amount of money that I can contribute to college is ~$17,000 per year.</p>

<p>And Lehigh: Currently Lehigh is offering $25,000 per year in grants and aid, whereas the COA is 60 grand. So the net price is $35,000. Take away the 17,000 that I can contribute, and I'll be racking up around $18,000 in loans per year. (Someone correct me if my math is wrong). So about $72k in debt if I end up graduating from Lehigh. I'm currently talking to Lehigh's financial aid office to figure out if I can reduce this number at all.</p>

<p>I love Lehigh. The IBE program offers a dual degree in engineering and business which will be tremendously useful in the real world. I want to go to Lehigh. The campus, size, location, amenities, people, atmosphere, I just love it. My dilemma is the financial situation. I feel like finances should not be limiting where I can go to college. I feel like if I go to Lehigh then I can be more successful, make more money coming out of college, and be an overall happier person. Then again, I'm considering graduate school and I don't want debt. But, Lehigh offers a program if you get 3.75 GPA then you can stay an extra year for grad school for free. But a 3.75 GPA is hard. Did I mention I'm considering medical school as well?</p>

<p>Simply: Do I go to a college where I need to major in physics to major in engineering that I hate to minimize student loan debt, or do I go to the college that I adore, get a business degree AND engineering degree (honors) simultaneously and graduate with a heapload of debt?</p>

<p>Please anyone? Thoughts, advice? Ask me a question and I will answer. I need help.</p>

2

<p>So if Rutgers COA is 25K and ignoring presidential, you can get 10k in merit aid for school of engineering, that brings Rutgers down to 15K which you claim you can more than cover without loans/debt. If you are not totally sure about future plans, don’t take on unnecessary debt. You can probably add a business minor or cognate or take business classes to add to your engineering degree. Follow those interests into internships, summer jobs, etc and you can be just as successful.</p>

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<p>This immature thinking is the root of your problem.</p>

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<p>@BrownParent Honestly, I believe that the “root” of my problem is that I just hate Rutgers. And if I did go to Lehigh I’d graduate with an engineering degree AND a business degree, so I honestly do think that I’d have more potential in the real world.</p>

<p>@scmom12 I feel like paying 15k a year is not worth going to Rutgers. If I’m going to Rutgers, I’m taking the full ride. Even if it means that I have to major in physics to major in engineering.</p>

5

<p>Your situation is not complicated at all, and it’s very common this time of year.
Talk with Lehigh. Do NOT bargain or appear to negotiate. Let them know they’re your first choice but you’re having trouble making it work financially. Ask whether you may be able to have a work study position and if there’s a way for you to have a bit more in grants. Talk about GW’s offer of 30k (schools will compare themselves to peers).
Being admitted to Arts&Sciences at Rutgers is a problem for someone who wants to do Engineering… Admission into Engineering are often competitive - find out what the conditions are.
Now, Rutgers Honors is fine, so it’s not the end of the world… especially with a free ride.
What’s wrong with GW’s offer? It sounds like it’d be a better financial deal than Lehigh.</p>

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<p>@MYOS1634 That’s exactly what I’m trying to do right now with Lehigh. If I can get $5k extra from Lehigh per year, then I can definitely make it work. I’m also trying to get work study as well, and I have a call coming from a Lehigh Financial aid officer on Weds.</p>

<p>I do like GW, but the extra $5k is sort of off set by the extra $5k in the COA of GW. And even though I got into honors as well at GW, their engineering is just not as strong as Lehigh’s.</p>

<p>Thank you all for the input, I truly do appreciate it.</p>

7

<p>^^^^^</p>

<p>I think the above is very good advice. But I would not suggest that you attend a college that you have already stated you “hate”. Nothing good will come of that during the next 4 years. Do what you have to do to attend a college where you believe you will be happy. Perhaps your parents could come up with an extra $5000 per year which would bring your total loans down by a good amount. Many students come out of school with a lot more debt than you are thinkng of taking on. You sound like a responsible kid who will do well and be capable of paying off any debt you assume. In a perfect world we all would graduate with no debt, but in your specific case some debt might be worth the trade off of attending a school you have an aversion to.</p>

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<p>Does anyone know of a guide that can tell me what a reasonable amount of debt to take on is?</p>

<p>If I can make Lehigh work, I am going to do everything in my power to do so. My friend is going there and is going to be $100k+ in debt, but I just can’t do that. I’m pretty sure I could pay off any debt I incur, I just don’t want my debt to haunt me for the rest of my life.</p>

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<p>A reasonable amount of debt is usually considered to be the total amount of federal loans for 4 years - ie, your total shouldn’t be over $27,500 at graduation. However, for an engineer, you could go up to $35,000 in debt at graduation, I think, as long as you can live frugally and make paying your loan off a priority over buying a new car or other discretionary expenses.
100+ is impossible to pay off… it’s absolutely insane for undergrad. I hope your friend will soon transfer out and attend a public college that will cost less. :s</p>

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<p>The problem with debt is that YOU cannot take out more than the Direct Loan amounts of $5500/6500/7500/7500 during your 4 years without involving your parents.The total amount at graduation will be $27K plus the accrued interest as each installment is released at about 4% interest for those. If you go with loans with a parent to cosign , it’s basically the parenst being stuck with the debt on parental credit reports and if anything happens to you, they are in trouble You are equally on the hook, and what kind of terms you get from those loans, who knows? The Parent loans are about 7% interest and the terms are more flexible, but a parent has to apply. If denied, you’d get about $5K a year more in Direct Loans. How is your friend getting $100K in loans? He’s probably straddling his parents with it.</p>

<p>You can only get federal work study if the cost of the school exceeds your EFC after those grants are applied. You can’t get federal aid which includes work study and loan subsidies (other than PELL for which you do not qualify, it is clear) until you pay your EFC. So you have to find a job on your own, usually doable at these schools, from what I have seen. </p>

<p>Talk to Lehigh and see if you can come to some agreement with them. Right now, it’s not doable, because if you are really that tight on a budget, any crisis or problem that may arise can put you in a tail spin. Your parents have been forthright with you regarding what they can afford. </p>

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<p>Alright, well I guess I’ll do all of the math with my parents after I talk to the Lehigh financial aid counselor on Wednesday. Thanks for the help. And yes, I know that $100k in loans is just not right, but it isn’t my problem! I guess I’ll update this or make a new thread once I get the details. </p>

<p>Does anyone know if it will be possible for them to modify their offer? I’d say I’m a fairly desirable student because I got into the honors program that I applied for. I’m also above average academically for Lehigh.</p>

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<p>Update here.
Word it the way you’ve been told - not as a negotiation, but how with the GWU offer on the table you’re being pushed toward another choice whereas lehigh your first choice. (They don’t need to know about Rutgers since they’re not peer institutions so won’t care, plus they can’t compete with a full ride. However they CAN compete with 30k).</p>

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<p>This is an excellent way to see if you can really afford the loans you are considering. It’s one of the least complicated and most complete I have seen. At the bottom of the second page it lets you know whether you are borrowing a reasonable amount compared to the anticipated first-year income you enter on page one.
<a href=“Calculate Your Cost – BigFuture | College Board”>https://bigfuture.collegeboard.org/pay-for-college/loans/student-loan-calculator&lt;/a&gt;&lt;/p&gt;

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<p>@staceyneil Thanks for that calculator!! I’ve tried it out and it’s very useful, once I get all my numbers I’ll make sure to utilize it so I can get a full picture of my situation.</p>