<p>I suppose that if they see a decent chance for receiving that merit aid, it’s worth the application. Personally, I did all of the deciding on where to apply myself, and my parents supported my decision. We’re in very much financial need, so I’m not going anywhere that I can’t afford with merit aid, need aid, and federal loans (NO private loans), despite assurances that they’ll find a way to afford wherever I want to go. My last post mentioned the value of an education and that it should not be taken lightly, but an education can be gained without college, and certainly at any legitimate school. So it does come down to specific people and specific families and specific situations.</p>
<p>nysmile and BillyMc
Just checked old records-Dec 2008 D was accepted EA to Fordham and awarded Dean Scholarship of “at least $10,000 each year”. We never filed FASA or CSS , knew we would not get any need based aid. D was waiting on other RD schools. In March 2009 received another award folder that had increased the Dean’s Scholarship to $14700 and also included an estimated Unsubsidzed Stafford Loan eligiblilty to let us know this was “available to you whether or not you demonstrate need”.</p>
<p>Awards might have changed since 2009.</p>
<p>This is what Fordham says about the scholarship:
[Traditional</a> Rose Hill and Lincoln Center Fordham University Aid](<a href=“http://www.fordham.edu/tuition__financial_a/undergraduate_studen/types_of_financial_a/traditional_rose_hil_2158.asp]Traditional”>http://www.fordham.edu/tuition__financial_a/undergraduate_studen/types_of_financial_a/traditional_rose_hil_2158.asp)</p>
<p>However, I know someone who had no financial need, as determined by Fordham, but still had a few thousand added. So maybe there is some leeway without need.</p>
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<p>Because, except in the case of guaranteed merit aid for stats or NMF status, the only way to determine how much merit aid a particular college will offer a particular student is to apply to the college.</p>
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<p>Are you where you need to be for retirement savings? Do you own a home and if you do, could afford a big repair (say a new roof) without going into debt? You need to ask yourself these kinds of tough questions.</p>
<p>I would not pay 80K extra for a school that is in no way meaningfully different than the school offering the merit money. You, or your son, can call V. and find out if they are willing to put up some merit aid. If not V is not and your son is still bound and determined to go, then he needs to foot some of the bill. I think half is not unreasonable at all. </p>
<p>We put it to our kid this way…we can pay full price at college X where you will graduate with debt and we will not be able to help you with grad school. Or you can attend colleges A, B, or C which will allow you to graduate with no debt and we will kick in X dollars per year of grad school. As in your case, the differences between the colleges was simply not that great, in our opinion. </p>
<p>Lastly, if I thought my child would spend the rest of his life whining about having to attend the college that saved his parents 80K, I wouldn’t be paying one cent towards his college degree. That shows a level of immaturity that does not speak of being college ready.</p>
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<p>We only did this after long talks and believing that our son was mature enough to handle the outcome. There is simply no way of knowing how much merit aid a school will give an individual student unless they apply. It’s the same reason we let him apply to two reach school, rejection and changing plans based on circumstances are part of life and he needs to learn how to deal with that.</p>
<p>paying an extra $80k is crazy…IMHO…your money, your decision</p>
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<p>If the discussion has already taken place w/r to aid packages and affordability, and applications are also going to institutions that are both financial and academic safeties, I don’t see the problem.</p>
<p>The educational value of Fordham plus $80k spent on education (graduate or professsional school), foreign travel, gap years, volunteer internships, starting a business, downpayment on a house, and/or no loans v. Villanova would the correct equation if it was the student’s decision.</p>
<p>The educational value of Fordham plus being able to retire a year earlier, paying off the house, downpayment on a second home, lots of foreign travel, etc., v. Villanova would be the correct equation if it was the parent’s decision.</p>
<p>I imagine it is a mix of both. But laying out the equation should help.</p>
<p>(I still think Fordham is a better choice than Villanova straight up, but others may differ.)</p>
<p>Maybe I missed it…but what is this student’s intended major?</p>
<p>Since it’s not my money. Future words.</p>
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<p>Trust me, I would go to Villanova over Fordham even for a 80k scholarship.</p>
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<p>Those were probably the famous last words spoken by several high school classmates and some younger friends who chose NYU over similar or even better schools with much more FA/scholarship money because NYU was “better” or “cooler”. </p>
<p>Many have either just paid off the last of their undergrad loans within the last 2 years or are still paying them off even after 10 years out from undergrad. </p>
<p>One younger friend is currently buried under nearly 150k+ from NYU and another 200K from law school and has told me several times that I made the right decision to turn NYU down or else I’d be just as screwed as he is. </p>
<p>Only thing is instead of being 80k in the hole in the OP’s case…it’d be 85k+…and that was in mid-1990s dollars. No thank you…especially when my parents were in absolutely no position to provide any financial assistance for college back then…</p>
<p>Cobrat, I hope you don’t mind if I post a link to your post here: <a href=“http://talk.collegeconfidential.com/university-florida/1086799-uf-nyu-help-me-decide.html[/url]”>http://talk.collegeconfidential.com/university-florida/1086799-uf-nyu-help-me-decide.html</a></p>
<p>I think your story would be much appreciated with the discussion going on there.</p>
<p>BillyMc and mabel - Fordham also offered our DS $14700 - all non-need based aid with no FAFSA or CSS filed. He had a similar decision among several schools - significant aid at 2 privates and a smaller amount at OOS U, or full price at 2 privates. We offered DS 10% cash back on any aid he received if he chose to attend that school. Also told him that he’s on the hook for $5K per year for any full price private. This DS, who is usually easily motivated by money, chose the full price private. He’s a freshman, extremely happy, and so far, so good.</p>
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<p>A statement like this is easy to make by a 17 year old who has likely never had to pay a bill in his life. Or possibly is lucky enough to have very rich parents.</p>
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<p>No problem.</p>
<p>Carefully consider your financial situation. What else would you like to do with that 80K?
Do you have any younger children? </p>
<p>In 2006, we (H) let our NMF S walk away from a full ride for a full pay/no merit aid school. He graduated last year. I miss that 100K and regret the decision. S loved his school, but he might have loved the other school, too.</p>
<p>I’d take Fordham over V any day of the week, with or without the $. With $20K per year . . . head to the Big Apple!</p>
<p>What a difficult decision. Typically it would be a no-brainer and just go to the cheaper school. I think whhen you are in a similar situation it makes it hard. My son wants to attend a school $20k more than a school that gave him a terrific scholarship. This weekend I have been struggling with the idea of the $80k delta and it is hard eventhough I have had friends who made their teens go to cheaper schools only to have them rebel and do horribly at the cheaper school. I had promised myself that we would let him choose, however I keep struggling with wasting $80k…</p>