I have been accepted to both Rice and Southern Methodist University, and I’m running into a bit of a conflict. SMU offered me $31,500 in merit aid while Rice only offered me $8,500 in need based aid. After crunching numbers for a few hours, I found that after factoring in my parent’s predicted contribution, Rice would land me coming out around $35,000 more in debt after four undergraduate years ($67,900 at SMU vs $103,000 at Rice). I wanted some second opinions on this. I’ve already contacted the FA office at Rice and they refused to budge on their offer despite how little my parents are going to be able to contribute. I would prefer to attend Rice over SMU due to the better academics and student life, I’m just wary because of the financial disparity. Thanks!
@yelpet98 - I think both choices are not worth the debt. You, personally, can only take out $27k in debt the rest will need to be cosigned by your parents.
If you plan to attend medical school or grad school, you should definitely think carefully about going into debt for your undergrad.
Are your parents willing to co-sign for either $67,900 in debt or $103,000 in debt? Ask them first. Let’s assume that they have excellent credit and will qualify as co-signers for these large loans. If they are OK with either amount, then it becomes your decision alone. The difference in dollar amounts is huge.
Think about it as paying for either two new cars ($67,900 / 2 = $33,950) vs. three new cars ($103,000 / 3 = $34,333) after you graduate from college. Either way the debt is substantial.
How much can your parents contribute? Are there other siblings who will be attending college? Aim for the least amount of debt possible, if your parents are willing/able to take out loans.
What did you decide to do @yelpet98? My daughter has a similar dilemma.