So I was admitted to both the University of Washington and Emory University. As someone in state, I could go to the University of Washington for practically free (after financial aid of course). I was also admitted to Emory University which has great financial aid (I could go for about a thousand bucks a year). The problem is I was late in sending in some financial aid paperwork and thus I will only be receiving federal grants not grants from the University, leaving my costs for the first year to be about 50,000. So I could either go to the University of Washington pretty cheaply for school, OR to Emory University for $50,000 the first year and basically free the subsequent years. Im majoring in political science if that makes any difference. Im struggling to make a choice, any advice would be awesome.
You must be low income. If so, WHERE would you get the $50k to go to Emory??? You don’t have $50k to spend for year one. And you can only borrow a tiny amount.
BTW…you can always transfer to Emory after the first year…it’s not hard to do so.
go to UWash for free, and then apply for a transfer?
So the Net Price Calculator showed 1k for Emory or where did you get that figure? Did it include student loans? In addition to what cost your family has to pay you may have to buy health insurance that would be about 2k per year, and travel home for at least summer and winter break which is likely more than the travel allowance in the COA.
If you are full aid eligible as a freshman you may not be as a transfer. I’m not sure Emory’s policy on transfers but they often do not get full aid. You would be better taking a gap year. Would Emory defer your admission for a year and let you apply for aid next year? Or maybe blowing off the deadlines is a way to avoid going? Did you talk to Emory to find out if they will give you aid the next 3 years after starting at full pay?
I think you will have to go to UW. That is too much for one year. And like said above, you yourself can only borrow 5,500 freshman year. Where are you going to get 45,000 plus above mentioned extra expenses and money for dorm sheets on your bed etc?
Not sure what exactly you intend to do with a political science degree, but okay…
I don’t think that Emory is practical, sorry. Besides, what if things fall through again and you’re stuck with that high of a price tag? Go for UW.
Yes, Emory allows for an opportunity defer and I’ve certainly considered it, but my parents aren’t too keen on the idea.
Didn’t you state in a previous thread that you didn’t want to go to Emory?
@pmmywest Aha this is true (sort of). I said that in the application season I decided I didn’t want to go so I didn’t send them my test scores, but now I’ve been accepted regardless so now the offer is tempting. Good eye though.
again, where would the $50k come from?/
@mom2collegekids I’d have to get the money from 3 places. 1. Scholarships (I intend to just go bananas trying to get as many as possible) 2. Private loans 3. I have extended family which could loan me a fair amount. Not that I feel comfortable accepting this, but this is a last resort option.
- it is too late to get any sizable scholarships, they are gone for this year, no dice Last fall would have been a good time for that plan
- Are you crazy? Your parents would have to take the loans and I am an atheist but I am praying they are not that stupid or if so, that they just don't qualify Oh, and you have to start repaying a private loan right away, you likely can't defer it, like your student loan.
- Are they crazy? They will never see that money--I am ashamed that you would do that to a family member.
Now I am assuming you don’t have rocks for brains having got into a couple of good uni’s, so why can’t you explain the gap year will allow you to earn a bit of money somewhere and save 50k, surely they understand the advantage of saving 50k?
Sorry to be a bit flip here but this plan is only something a teenager would dream up with the idea that this is all just funny money.
This is what a 50k loan looks like being paid over 10 years. And this isn’t including the 4 years it would sit accruing interest until you graduate, that adds another 10k.
Loan Balance: $50,000.00
Adjusted Loan Balance: $50,000.00
Loan Interest Rate: 6.80%
Loan Fees: 0.00%
Loan Term: 10 years
Minimum Payment: $50.00
Monthly Loan Payment: $575.40
Number of Payments: 120
Cumulative Payments: $69,048.28
Total Interest Paid: $19,048.28
The problem with borrowing $50k for the first year and getting 3 basically free years after that is that the degree is still costing $50k (which is roughly double the maximum amount students should borrow for a degree). Paying $50k, even if you could borrow it, when you can go to the Univ. of WA for nearly free or go to Emory for nearly free if you take a gap year makes no fiscal sense.
If you didn’t get your financial aid paperwork in to Emory on time, how do you know you’d get to go for nearly free? Is that what the net price calculator said? I think your real choices are to either go to the Univ. of WA or ask Emory for a deferral and get the paperwork in as early as possible after taking your gap year.
If you “could” go to Emory for $1000/yr that sounds like need, not merit aid, so your family must be very low income. Where would you come up with $50K to attend? Something does not make any sense.
Are you from Washington state? I’m assuming yes since I doubt they’d be so generous to an out-of-state student. If so, do you have a plan to cover the significant cost of air travel to and from Atlanta?
University of Washington appears to be a terrific school. It stinks that you kind of blew it with Emory by not getting the documents in on time, but what’s done is done. If you were my kid I’d be telling you to go to UW and not look back.
@BrownParent Referring to #3, A. I did say this was a last resort B. They said they’d be willing to let me borrow this C. They’d never see this money? I’d make sure to pay them back for every dime.
@austinmshauri Yes that’s what their net price calculator said. So you believe taking the gap year (assuming they’d approve it but I’m not sure why they wouldn’t) is the best option here?
I think going to the University of Washington is your best option, personally.
UW is a great university. The campus is beautiful; the students are above-average, based upon their high school grades and test scores (1110-1350 CR+M 50% middle range, and 60% of students had a 3.75 or higher in high school). They have a high freshman retention rate and a high graduation rate, especially for a public university - it’s actually pretty close to Emory’s. And although it’s not a perfect indicator of the quality of an undergraduate major (and you might change your mind), UW has a top 20 PhD program in political science. That’s an indicator that the faculty quality is excellent and that they are active in top-notch research. It’s an excellent school that many students from both inside and outside Washington state vie to get into; I’m not sure why taking a gap year on the hope that you can save up $50,000 is the preferred alternative to going to an excellent state flagship university.
You don’t have a last resort, really. There’s little chance that you’ll get enough scholarship aid between now and August to pay the cost, so that’s not an option, not even a last resort. Borrowing $50,000 in private loans is way too much; your parents would have to co-sign those loans. Private bank loans do not have the kinds of protections that federal loans do - there’s no income-based repayment, there’s no loan forgiveness, and there’s no guaranteed periods of deferment and forbearance. Every decision about repayment is in the hands of the private bank, and the loans are undischargeable with bankruptcy. Let’s say that you struggle to find a first position and you take about 6 months to do so; that’s enough time to ruin your credit and spend 7 years rebuilding it. And even if you do find one, $50K at 6.8% interest over a standard repayment period is $575/month. If you’re making $35,000 in your first job (very likely), that kind of debt will be a big burden. Similarly with your family lending you money - you might intend to pay back every penny, but the reality of life might get in the way.
Also, has Emory confirmed that if you pay $50K your first year that everything will be fixed in your second year and you’ll get grants? If that’s the case, then why can’t they fix it THIS year? If the only obstacle is that you submitted a form a bit late…I mean, it’s late March, students haven’t even accepted or declined for 2015 yet. If you haven’t already, I would ask these questions of Emory’s financial aid office. Remember that net price calculators are just estimates; they aren’t guarantees of how much you’ll pay. The amounts can change from year to year, and some universities lock in whatever your award was for freshman year on subsequent years as well.
But even given the scenario in which you have to pay $50K this year and virtually nothing your next three years, I think I would still choose the University of Washington. Like I said…it’s an excellent state flagship school, and your family will pay almost nothing.
Take a year off.
Sounds like UW, unless a gap year to be eligible for $1000/year at Emory. It doesn’t seem likely you could go one year to UW and then be eligible for $1000/year at Emory - they want to count you in their freshman stats. You need to try to get UG with as little loans as possible - you do not want to have financial regrets.
I don’t believe Emory is BETTER, it is more expensive and do not dream on $1000/year at Emory.
Go Udubb.
No, actually I don’t think taking a gap year is your best option. Without a firm offer from Emory, it’s not an option at all. If you turn down the Univ. of WA and defer Emory, what happens if Emory doesn’t give you the money you need? You have no options.
I agree with @juillet. If you have a firm offer from the University of WA, I’d take that over an estimate from a net price calculator. It’s risky to borrow money from family for Emory and assume that the college will give you grants for years 2, 3, and 4. My bet is that they wouldn’t. Why? If you can get family to contribute $50k for year 1, why wouldn’t they contribute for years 2-4? I’m sure they can’t afford to loan that kind of money every year, but I’m not sure Emory will care. I think taking the offer from the University of Washington is your best bet.