<p>My family is barely making ends meet. And after a merit scholarship of 15,000 a year, A Housing grant of 2500, Rensselaer grant 5000, and some Federal grants, loans and workstudy my financial aid package is 31,025. With the actual cost of attendance close to 50,000 if I actually decided to go to RPI my debt (in private loans) will be close to 70,000. </p>
<p>With the economy going down hill, and knowing that after this I'm def. going to grad school or med school I am not sure if I could actually afford RPI. However, I really want to go, but on the other hand I don't want to back myself so much that I won't be able to pay off my college loans. And when I tried calling the financial office of RPI, all they did was to advise me to do an appeal, that within 72 hours they will give me a decision whether they will give me more money. </p>
<p>My family only make $49,000 a year (soon to be $45000 due to the fact that the Postal workers will not be able to work overtime). My dad's income is obviouslly less then RPI's Tuition and Dorm+Boarding put together. Yeah, I'm lucky that I got this much, however (I think alot of people can relate to this) it's just NOT ENOUGH. The fact that money is hindering where I want to go disturbs me. </p>
<p>Of course I'm going to work, and I already filled out a bunch of other scholarships that will get back to me soon. But bottomline is, I'm not sure whether I should take on this massive (private) loan for RPI.</p>
<p>RPI actually comes out closer to $52 next year. This is exactly the dilemma I was writing about on the WPI board. Remember, the cost DOES go up every year, too. After my approx $18k year, me and my fam. would still need to come up with 34k/year plus whatever the yearly increases are… so $136k after four years. Then I want grad school… I’m pretty sure I’m backing out of RPI and letting someone rich or willing to take the gamble have my spot… maybe I’ll be there in 4 years for that grad degree?</p>
<p>The only way they could have come up with an EFC of more than $20K on an income of less than $50K is if your family has a significant amount of assets that could be tapped to pay for college. If that is not the case you should definitely contact the financial aid office to learn how they cam to theie conclusion and possibly appeal.</p>
<p>Appeal ! It is worth it to go back to the financial aid office- tell them how much you want to attend RPI and ask for more. This is being done all the time. That’s why they told you to do it. :)</p>
<p>We are struggling with the same decision as you are and we make a lot more money than your father does. My husband and I both work full-time and still the fear of economic uncertainty is definitely worth considering.</p>
<p>I think you need to write a letter to RPI…maybe you’ll get more aid. Debt is a scary prospect. At this point we’re thinking it’s worth it because of the reputation of the school but I’m not convinced. Stony Brook (WISE) is another option for my daughter at a much lower price tag.</p>
<p>Time is running out and we’re going to visit RPI this weekend and hope to visit Stony Brook before the end of the month.</p>
<p>My son is in the same situation. He has been accepted into RPI, Syracuse, and Binghamton’s engineering program. Binghamton will leave him with no debt, Syracuse with about $15,000 and RPI with about $40,000. Tough choices since putting aside finance, his top school is RPI. We visited Binghamton this past week, are headed to RPI this weekend, and Syracuse on the 18th.</p>
<p>My daughter was considering Binghamton but we’re out of state and they didn’t offer scholarship money…so we decided not to visit. Stony Brook is still in the running as they offered some scholarship money to her. We’re going to try to visit in a few weeks…but time is running out. She’s ruled out all of her other choices and some had very attractive scholarships.</p>
<p>Not sure yet but it’s looking like RPI for her…she did get decent scholarship money but we’ll still have to take on big debt.</p>
<p>I suppose it’ll all work out in the end…at least that’s what we’re telling ourselves!</p>
<p>1) The cost of attendance will increase with time.
2) Since you’re planning on attending grad school, note that graduate schools in the sciences tend to offer free tuition + stipend in the form of an RAship or TAship (or even a fellowship, if you’re a legend in the field). Perhaps the same applies to medical schools? I have no idea (though I do doubt it).</p>
<p>My daughter is a freshman at RPI atnd loves it but is it worth paying $47,000 per year? I don’t think any school is worth that. My daughter got decent scholarship money and that is the primary reason why she is going there. It is a great school though…but after getting together with high school friends most of them say the same about their schools.</p>
<p>Depends on the financial offers you get from other schools and where RPI then compares to the ofther schools, financially.</p>
<p>Depends on the major you are interested in and how RPI’s program in that area stacks up to the other schools you are considering.</p>
<p>Depends on your parrents financial situation. If they have been saving for college since you were born and have been expecting to foot a large bill at a prviate school that is one thing. If they haven’t saved anyhing and assume you will borrow massive amounts of money to got to college, that is another.</p>
<p>That said, 454 students entered last fall who only received merit aid and they received on average $13,000 (see page 20):</p>
<p>It would definitely be worth checking back with RPI. I thought that families with incomes less than $50K did not have any asset checks. Hmmm…maybe that was just for FAFSA?</p>
<p>I have no doubt the economy will be fine 4, 6 or 8 years from now. I also believe the personal debt talked about here could easily be repaid by living beneath your means after you graduate.</p>
<p>Exactly. I think that quite a few of graduates would be better off waiting to splurge on extravagant things. Really, the BMW can wait a few years. Then again, that might just be my personal philosophy speaking out.</p>
<p>^^^Thank you! I know it’s not popular, but it’s always been my philosophy. We’re not planning on any need based aid or loans, but some merit would be nice.</p>