<p>I applied to and was accepted at two schools for my undergraduate work: Yale and the University of Minnesota-Twin Cities. I visited both schools and like them both for different reasons (U of M because it's large and has everything, with strong science programs and a focus on reasearch, and Yale because it's exotic, has vast resources and connections, and is populated by the presumed best minds of my generation).</p>
<p>The problem is the finances. I recieved only a token financial aid package from Yale, so I am on the hook for about $250,000. My parents have said they would pay about half at a huge cost to the family (I am the oldest of four college bound students) and would need to finance much of it through family debt. I would graduate about $100,000 in debt assuming I can get the loans.</p>
<p>Conversely, the U of M offered me a plethora of merit scholarships and have covered nearly the entire cost of attendence. They have also promised me a spot as a reasearch assistant my freshman year, and given me placement in their honors college, a separate community within the university that is allowed to take certain rigorous classes.</p>
<p>I intend to study engineering of some sort (maybe chemical), but I am not 100% decided. I know that I plan to attend further schooling. Currently, I'm looking into patent law, in which case I would most likely attend law school immediately after graduating. Obviously, I would prefer to be accepted into a leading institution, either law school or engineering PhD track. </p>
<p>What opportunities am I missing out on if I turn down Yale? How would this affect my academic/employment life should I choose the path I've outlined above? Is it worth the debt and how restrictive would this amount be going into further school and life in general?</p>
<p>I would save your money for law school. Focus now on getting good grades and not incurring needless debt. Congrats on getting into Yale but personally I don’t think it will be worth the debt!</p>
<p>For engineering, I must agree…I’d select U of MN Honors. None of the ivies are known for engineering; plus, with the money you save, you could get out of law school virtually debt free. If you went to Yale, not only would you graduate with $100K of undergraduate debt, but you’d tack on another $150K of debt for law school. Owing close to a quarter mill before you get started is NOT smart. Congrats on your acceptances, though. You should be proud of both.</p>
<p>No school is worth putting yourself and your family into that position. Further, it sounds like UMN is actually better for your major. It might be hard to turn down Yale, but the choice is clear.</p>
<p>what are the ages of your siblings. Yale has phenomenal need-based aid, and it would increase once your sibs head off to college.</p>
<p>For example, let’s say that your family contribution is $50k, and Yale is only offering you $5k today in grant money. If you have a sibling in college in your Soph year (and your family income/assets don’t change), then your family contribution is still $50k, but it is split over two college students. Thus, Your contribution is now $25k, and Yale makes up the difference. (Your sib has $25k due at his/her school.) If all four kids are in college at the same time, the family’s $50k is divided by four, or $12.5k per person. You could attend Yale for $12k for the year. Fabulous deal, if you can get it.</p>
<p>Not to be judgmental or anything, but if Yale gave you no aid, that must mean your parents make more than $200,000/yr or so. I don’t understand how people make $200,000/year and not save a significant amount of money for their children’s education. Having said that, I wouldn’t go $100k into debt to finance it. But Yale basically makes attending affordable for everybody … There shouldn’t really be a case where a family has to go $100k into debt. I don’t know if you have extenuating financial circumstances that led to this situation, but if so I’d reach out to the Yale financial aid office and see what they can do. If your parents make $300,000/yr and simply save nothing, then I guess you’re out of luck and I would chose Minnesota, which has a solid chem engineering program.</p>
<p>You are going to get two kinds of comments here:</p>
<p>1) “No college/university is worth that kind of debt for a BS degree.”</p>
<p>and</p>
<p>2) “OMG! How can you even think of turning down an IVY?”</p>
<p>Neither of those is going to be particularly helpful, because neither approaches the nuances of your situation, and neither gives you concrete information about what the results of each choice could bel. I suggest that you this thread started last spring by a student who once faced a decision similar to yours:</p>
<p>In life, there very seldom is a “right choice”. Almost every decision that you have to make will result in you choosing the “best choice based on the information I have as of right now”. </p>
<p>While Yale is tempting I believe that it is wise to attend the state university…</p>
<p>I think all of us (all of those how have gone though the application process) know well that there are great colleges besides the Ivies and Stnaford, MIT ect…</p>
<p>In your case, Minnesota suits better both for your intended major and your finances… afterall I am pretty sure that If you manage to get in Yale, you could probably be among top of your college class at Minnesota, and you’ll get ALL the opportunities you need for a succesful career.</p>
<p>No it won’t. The experience might be “priceless,” but the lifetime earnings won’t overcome the financial loss of a quarter-million dollars + compounded interest. UMinn is the “Ivy League” of ChemE. If that’s your interest, then that’s a heck of a plan.</p>
Actually, a lot of useful information has been posted pertaining to the particular major at the two schools, yielding a result of the cheaper school actually being better.</p>
<p>I’m a huge fan of highly selective schools (and went to 3) and there is NO way I would ever advice a student to take out $100k in loans (I’d say the max is about $20k) … and I wouldn’t suggest parents take out a ton of loans either … so to me Yale does not seem like a good option at all.</p>
<p>That said if smaller schools with higher concentrations of top students is a big draw than I might suggest a gap year. If you were accepted to Yale there are a ton of top research univerisities and LACs that would provide substantial merit aid to have you attend … which might be worth checking into if you’d like more options that are more affortable.</p>
<p>*so I am on the hook for about $250,000. My parents have said they would pay about half at a huge cost to the family (I am the oldest of four college bound students) and would need to finance much of it through family debt. I would graduate about $100,000 in debt assuming I can get the loans.</p>
<p>*</p>
<p>Crazy amount of debt. And, asking your parents to co-sign for that much debt when you have 3 younger siblings is not fair. They would never be able to do that for the younger ones as well.</p>
<p>Families spend their money trying to give the best of all worlds for all members. Having a nice,big house in a good school district, convenient to work gives a daily, hourly , minutely quality of life to all for many years. To give up a portion of that to send one member to a private school, paying close to a quarter million dollars over 4 years is a big financial chunk. I can see very easily how a family just doesn’t have the money. Heck, we are that family. </p>
<p>There’s no sense in pummeling the family for their life style choices to date and to expect them to down scale to the tune of $250000 for one kid to go to Yale is not a given. Not easy to do either. In this case, unless the parents can somehow work out something in terms of loans, UM seems to me, to be the wiser choice. </p>
<p>We did this as a family once. We paid for a top cost private college for our oldest at a huge financial toll both in terms of savings depleted but in cutting costs those years, and taking out loans With 4 other kids following, it has really put us in a tough financial situation. No sympathy expected, and I feel that families like this still have more alternatives than those who don’t have the money. The risk is making a financially irresponsible decision that can hurt others in the family in the future for the current benefit of one family member. </p>
<p>As a parent, I would work like crazy to try to make this work, but if this is not what your parents want to do, I don’t blame them a minute and applaud them for being more fiscally responsible and looking at the whole picture more closely. As to the student, I feel that $100k in loans is really too much to take with such a great alternative there.</p>