<p>I was just accepted to Stanford. I'll be majoring in political science with a concentration in international relations. I may switch to economics, depending on what happens when I get there. There's no chance of me majoring in a typical Silicon Valley major that would pay highly after graduation (comp sci, engineering). </p>
<p>My parents will only pay $20,000 (cost of a state school) for any college. Stanford has offered me a whopping $0 in aid due to a complicated financial situation. There's no chance I can get any more money out of my parents - the rest is on me. This will mean that I will graduate with about $165k in private loans, and that's before interest. </p>
<p>However, I was also accepted to (and originally committed to, until today) Northeastern as part of the University Scholars program, which offers a full tuition scholarship. My parents will cover the room and board and will also buy me a car and help me with grad school. It's far closer to my home. I'd major in International Affairs there. I'd have access to 18 months of international co-ops at the UN and a faculty mentor who is the head of the department and used to work at the UN. My summer programs abroad with faculty will also be paid for. </p>
<p>Should I go to Stanford and graduate with $165k in loans, or should I go to Northeastern for free and pass up the potential opportunity of a lifetime?</p>
<p>It sounds like your parent’s are rich? If so, you might be playing in the rareified air of a trust fund? Anyway, if applicable you might want to get clear on the expected amount before deciding.</p>
<p>I’m not rich. I applied, but my parents’ stock options (which they’re intending on selling for retirement at some point in the future) count as income on their W2s, making their income appear to be about three times more than it actually is (~200,000). Our area also has a really high cost of living, so what they make is enough to be upper middle class around here, no more. Definitely not trust-fund wealthy - I wish!</p>
<p>Stanford is not “the potential opportunity of a lifetime.” It is just another school. They teach the same things there as anywhere else. True, the kids at your high school may be more impressed if you go there . . .</p>
<p>No, Stanford has determined that this student’s parents have sufficient assets to make need-based aid unnecessary. So if the parents aren’t willing/able to pay, then the student will have to take out huge loans. </p>
<p>I agree with other posters. No school in the world is worth 165K of debt. Go to Northeastern and don’t look back.</p>
<p>PS are your parents willing to co-sign such large loans? If so, they should just borrow the money themselves. If they aren’t willing to, then you should not put yourself under that heavy level of obligation. Start your post-college life with a debt-free clean slate. You will be so happy you did so.</p>
<p>$165,000 in student loan debt is too much (even if you did major in CS at Stanford).</p>
<p>If the stock option exercise is a one time event, then it may be possible for their income to be lower in subsequent years to get better financial aid. But that would still be unaffordable, since you would have to take a loan amount more than four years’ worth of Stafford loans just for the first year.</p>
<p>You can’t go to Stanford without help from your parents, because you can’t borrow that kind of money on your own. So just kick it to the curb, and move on.</p>
<p>You are limited to the federal/Stafford loan amounts of $5,500 freshman year, $6,500 sophomore year, $7,500 junior year, and $7,500 senior year. That comes to a whopping $27,000. To take on more debt than that you would need a qualified co-signer (that is to say someone who is willing to pay off your loans if you don’t including paying them for you if you die or become disabled), and your co-signer would have to re-qualify each and every year. Which is to say that you could get to year four, up past your eyeballs in debt, and find out that your co-signer can’t be approved and you would end up with 3/4 of a Stanford degree but only a thin chance of completing a full diploma.</p>
<p>I think Northeastern would be the better. It won’t kill you if you pass up Stanford, and you want to stay out of much debt at possible, especially if you want to go to grad school. (& especially in this country).</p>
<p>will graduate with about $165k in private loans,</p>
<p>I doubt that your parents are going to cosign such crazy loans, so the question is probably moot. No one is going to even lend you half of that money without cosigners. </p>
<p>BTW…a free tuition scholarship is not a “full ride”. It’s a free tuition scholarship. A full ride includes room, board, etc.</p>